MGE ENERGY INC (MGEE) FY2025 10-K Annual Report
MGE ENERGY INC (MGEE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
MGE ENERGY INC FY2025 10-K Analysis
Business Overview
- • Core business model: Electric and natural gas utility service providing regulated energy distribution primarily through subsidiaries
- • New emphasized transaction: Asset Sale Agreement dated Feb 19, 2026 with Dairyland Power Cooperative indicating potential asset divestiture
- • Strategic shift: Increased equity in earnings of investments $136.2M in 2025 vs $121.3M in 2024 showing improved affiliate profitability
- • Notable quantitative metric: Parent company net income $135.9M in 2025 up from $120.6M in 2024; retained earnings rose to $832.4M
- • Unusual fact: No stock options authorized in 2021 Long-term Incentive Plan; all awards in restricted stock, units, or performance units only
Management Discussion & Analysis
- • Revenue and YoY change not explicitly stated in provided text
- • No specific profitability or margin % figures disclosed
- • Segment descriptions: Regulated electric (170,000 customers), regulated gas (180,000 customers), nonregulated energy, transmission investments, others
- • No segment-specific performance or dollar amounts detailed
- • No cash flow, buybacks, dividends, or capex figures provided
- • Forward-looking focus on net-zero carbon by 2050, coal reduction, renewable expansion, strong credit rating, and operational efficiency
Risk Factors
- • Regulatory risk from PSCW 2024/2025 rate order with 9.7% authorized ROE and earnings sharing mechanism impacting excess earnings return to customers
- • Macroeconomic exposure to weather variability, with 18% increase in heating degree days raising 2025 gas utility sales 14% YoY
- • Operational risk from large scale renewable projects, $584M solar and $224.3M battery costs with $185.4M and $85.1M incurred by 2025 year-end
- • Competitive challenge from increasing residential electric demand growth tied to regional customer base expansion impacting electric utility earnings
- • Financial risk from $7.1M deferred 2025 fuel savings subject to PSCW annual fuel cost review completion in 2026
MGE ENERGY INC FY2025 Key Financial MetricsXBRL
Revenue
$744M
▲ +9.9% YoY
Net Income
$136M
▲ +12.7% YoY
Operating Margin
22.9%
▲ +134bp YoY
Net Margin
18.3%
▲ +46bp YoY
ROE
10.4%
▲ +62bp YoY
Total Assets
$3.2B
▲ +11.6% YoY
EPS (Diluted)
$3.72
▲ +11.7% YoY
Operating Cash Flow
$263M
▼ -5.2% YoY
Source: XBRL data from MGE ENERGY INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on MGE ENERGY INC
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.