Short answer
MGE ENERGY INC (MGEE) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $744M (+9.9% year over year) and net income of $136M.
- Top risk flagged: Regulatory risk from PSCW 2024/2025 rate order with 9.7% authorized ROE and earnings sharing mechanism impacting excess earnings return to customers
FY2025 key financial metrics · XBRL
- Revenue
- $744M
- +9.9% YoY
- Net income
- $136M
- +12.7% YoY
- Operating margin
- 22.9%
- +1.3 pp YoY
- EPS (diluted)
- $3.72
- +11.7% YoY
- ROE
- 10.4%
- +0.6 pp YoY
- Operating cash flow
- $263M
- −5.2% YoY
Source: XBRL data from the MGE ENERGY INC (MGEE) FY2025 10-K on SEC EDGAR. USD.
MGE ENERGY INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- 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
- 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
Generated from the filing text; verify against the original. How to read a 10-K
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