MGE Energy, Inc. (MGEE)

MGE Energy Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	135.89	120.57	117.7	110.95	105.76
Depreciation & Amortization	104.22	98.08	89.95	74.75	71.28
Other Amortization	10.1	10.5	10.4	10.8	5.7
Loss (Gain) on Equity Investments	-2.4	-3.64	-2.23	-2.05	-1.44
Change in Accounts Receivable	-21.75	-6.57	11.17	-16.73	-24.65
Change in Inventory	5.07	5.54	-0.85	-22.23	-6.34
Change in Accounts Payable	8.48	6.49	-5.21	5.1	2.73
Change in Income Taxes	-0.92	3.92	-3.18	1.08	-5.04
Change in Other Net Operating Assets	9.77	21.89	8.48	-9.29	-6.93
Other Operating Activities	-5.03	-6.31	9.57	-0.43	-5.1
Operating Cash Flow	263.23	277.78	237.56	153.74	137.53
Operating Cash Flow Growth	-5.24%	16.93%	54.53%	11.79%	-20.25%
Capital Expenditures	-343.22	-236.93	-222.07	-175.03	-153.17
Investment in Securities	-9.5	-4.79	-7	-5.19	-4.03
Other Investing Activities	2.16	0.23	-0.95	0.07	0.22
Investing Cash Flow	-350.56	-241.49	-230.02	-180.15	-156.98
Short-Term Debt Issued	92.53	-	-	65	-
Long-Term Debt Issued	50	50	139.3	25	100
Total Debt Issued	142.53	50	139.3	90	100
Short-Term Debt Repaid	-	-38	-32.5	-	-47
Long-Term Debt Repaid	-5.29	-5.15	-54.31	-4.89	-4.77
Total Debt Repaid	-5.29	-43.15	-86.81	-4.89	-51.77
Net Debt Issued (Repaid)	137.24	6.85	52.49	85.11	48.23
Issuance of Common Stock	3.75	31.61	-	-	-
Common Dividends Paid	-67.59	-63.6	-60.39	-57.5	-54.79
Other Financing Activities	-1.84	-1.69	-2.58	-2.07	-2.2
Financing Cash Flow	71.57	-26.83	-10.48	25.54	-8.76
Net Cash Flow	-15.76	9.47	-2.94	-0.87	-28.2
Free Cash Flow	-79.99	40.86	15.49	-21.3	-15.64
Free Cash Flow Growth	-	163.78%	-	-	-
Free Cash Flow Margin	-11.01%	6.19%	2.30%	-3.04%	-2.64%
Free Cash Flow Per Share	-2.19	1.13	0.43	-0.59	-0.43
Cash Interest Paid	35.76	34.31	29.53	25.96	23.5
Cash Income Tax Paid	6.35	-13.1	9.8	3.17	4
Levered Free Cash Flow	-89.25	-19.61	-24.55	-63.73	-47.99
Unlevered Free Cash Flow	-68.13	0.97	-5.53	-47.08	-32.92
Change in Working Capital	11.64	49.78	10.41	-42.06	-40.23

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.

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