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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information

The following tables show segment information for MGE Energy's and MGE's operations:

(In thousands)
MGE Energy

 

Electric

 

 

Gas

 

 

Non-Regulated Energy

 

 

Transmission Investment

 

 

Total Reportable Segments

 

 

All Others

 

 

Consolidation/
Elimination Entries

 

 

Consolidated Total

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

531,554

 

 

$

211,423

 

 

$

677

 

 

$

—

 

 

$

743,654

 

 

$

—

 

 

$

—

 

 

$

743,654

 

Interdepartmental revenues

 

 

(76

)

 

 

20,876

 

 

 

44,743

 

 

 

—

 

 

 

65,543

 

 

 

—

 

 

 

(65,543

)

 

 

—

 

Total operating revenues

 

 

531,478

 

 

 

232,299

 

 

 

45,420

 

 

 

—

 

 

 

809,197

 

 

 

—

 

 

 

(65,543

)

 

 

743,654

 

Fuel and purchased power

 

 

(95,150

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(95,150

)

 

 

—

 

 

 

4,299

 

 

 

(90,851

)

Purchased gas costs

 

 

—

 

 

 

(123,648

)

 

 

—

 

 

 

—

 

 

 

(123,648

)

 

 

—

 

 

 

16,622

 

 

 

(107,026

)

Depreciation and amortization

 

 

(89,212

)

 

 

(17,376

)

 

 

(7,736

)

 

 

—

 

 

 

(114,324

)

 

 

—

 

 

 

—

 

 

 

(114,324

)

Interest expense

 

 

(27,035

)

 

 

(7,388

)

 

 

(3,519

)

 

 

—

 

 

 

(37,942

)

 

 

—

 

 

 

—

 

 

 

(37,942

)

Other segment items(a)

 

 

(232,227

)

 

 

(61,630

)

 

 

(131

)

 

 

—

 

 

 

(293,988

)

 

 

(500

)

 

 

44,622

 

 

 

(249,866

)

Income tax (provision) benefit

 

 

(2,077

)

 

 

(6,000

)

 

 

(9,271

)

 

 

(3,545

)

 

 

(20,893

)

 

 

128

 

 

 

—

 

 

 

(20,765

)

Equity in earnings of investments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,009

 

 

 

13,009

 

 

 

—

 

 

 

—

 

 

 

13,009

 

Net income (loss)

 

 

85,777

 

 

 

16,257

 

 

 

24,763

 

 

 

9,464

 

 

 

136,261

 

 

 

(372

)

 

 

—

 

 

 

135,889

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

497,673

 

 

$

178,587

 

 

$

684

 

 

$

—

 

 

$

676,944

 

 

$

—

 

 

$

—

 

 

$

676,944

 

Interdepartmental revenues

 

 

(194

)

 

 

14,983

 

 

 

43,831

 

 

 

—

 

 

 

58,620

 

 

 

—

 

 

 

(58,620

)

 

 

—

 

Total operating revenues

 

 

497,479

 

 

 

193,570

 

 

 

44,515

 

 

 

—

 

 

 

735,564

 

 

 

—

 

 

 

(58,620

)

 

 

676,944

 

Fuel and purchased power

 

 

(90,726

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(90,726

)

 

 

—

 

 

 

3,880

 

 

 

(86,846

)

Purchased gas costs

 

 

—

 

 

 

(93,834

)

 

 

—

 

 

 

—

 

 

 

(93,834

)

 

 

—

 

 

 

11,141

 

 

 

(82,693

)

Depreciation and amortization

 

 

(84,264

)

 

 

(16,779

)

 

 

(7,538

)

 

 

—

 

 

 

(108,581

)

 

 

—

 

 

 

—

 

 

 

(108,581

)

Interest expense

 

 

(25,616

)

 

 

(6,943

)

 

 

(3,793

)

 

 

—

 

 

 

(36,352

)

 

 

—

 

 

 

—

 

 

 

(36,352

)

Other segment items(a)

 

 

(225,985

)

 

 

(60,290

)

 

 

(113

)

 

 

—

 

 

 

(286,388

)

 

 

(793

)

 

 

43,599

 

 

 

(243,582

)

Income tax (provision) benefit

 

 

3,620

 

 

 

(1,995

)

 

 

(9,009

)

 

 

(3,345

)

 

 

(10,729

)

 

 

133

 

 

 

—

 

 

 

(10,596

)

Equity in earnings of investments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,275

 

 

 

12,275

 

 

 

—

 

 

 

—

 

 

 

12,275

 

Net income (loss)

 

 

74,508

 

 

 

13,729

 

 

 

24,062

 

 

 

8,930

 

 

 

121,229

 

 

 

(660

)

 

 

—

 

 

 

120,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

489,729

 

 

$

200,012

 

 

$

690

 

 

$

—

 

 

$

690,431

 

 

$

—

 

 

$

—

 

 

$

690,431

 

Interdepartmental revenues

 

 

922

 

 

 

15,501

 

 

 

41,586

 

 

 

—

 

 

 

58,009

 

 

 

—

 

 

 

(58,009

)

 

 

—

 

Total operating revenues

 

 

490,651

 

 

 

215,513

 

 

 

42,276

 

 

 

—

 

 

 

748,440

 

 

 

—

 

 

 

(58,009

)

 

 

690,431

 

Fuel and purchased power

 

 

(102,520

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(102,520

)

 

 

—

 

 

 

3,669

 

 

 

(98,851

)

Purchased gas costs

 

 

—

 

 

 

(118,509

)

 

 

—

 

 

 

—

 

 

 

(118,509

)

 

 

—

 

 

 

11,862

 

 

 

(106,647

)

Depreciation and amortization

 

 

(77,440

)

 

 

(15,531

)

 

 

(7,381

)

 

 

—

 

 

 

(100,352

)

 

 

—

 

 

 

—

 

 

 

(100,352

)

Interest expense

 

 

(22,883

)

 

 

(6,146

)

 

 

(4,062

)

 

 

—

 

 

 

(33,091

)

 

 

—

 

 

 

—

 

 

 

(33,091

)

Other segment items(a)

 

 

(201,680

)

 

 

(54,084

)

 

 

(107

)

 

 

2

 

 

 

(255,869

)

 

 

(3,228

)

 

 

42,478

 

 

 

(216,619

)

Income tax (provision) benefit

 

 

(10,182

)

 

 

(7,175

)

 

 

(8,370

)

 

 

(2,897

)

 

 

(28,624

)

 

 

821

 

 

 

—

 

 

 

(27,803

)

Equity in earnings of investments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,631

 

 

 

10,631

 

 

 

—

 

 

 

—

 

 

 

10,631

 

Net income (loss)

 

 

75,946

 

 

 

14,068

 

 

 

22,356

 

 

 

7,736

 

 

 

120,106

 

 

 

(2,407

)

 

 

—

 

 

 

117,699

 

 

(a)
Other segment items include AFUDC Income, Other Income, Net, Other Operations and Maintenance, Other General Taxes, and Interest Revenue.

(In thousands)
MGE

 

Electric

 

 

Gas

 

 

Non-Regulated Energy

 

 

Total Reportable Segments

 

 

Consolidation/ Elimination Entries

 

 

Consolidated Total

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

531,554

 

 

$

211,423

 

 

$

677

 

 

$

743,654

 

 

$

—

 

 

$

743,654

 

Interdepartmental revenues

 

 

(76

)

 

 

20,876

 

 

 

44,743

 

 

 

65,543

 

 

 

(65,543

)

 

 

—

 

Total operating revenues

 

 

531,478

 

 

 

232,299

 

 

 

45,420

 

 

 

809,197

 

 

 

(65,543

)

 

 

743,654

 

Fuel and purchased power

 

 

(95,150

)

 

 

—

 

 

 

—

 

 

 

(95,150

)

 

 

4,299

 

 

 

(90,851

)

Purchased gas costs

 

 

—

 

 

 

(123,648

)

 

 

—

 

 

 

(123,648

)

 

 

16,622

 

 

 

(107,026

)

Depreciation and amortization

 

 

(89,212

)

 

 

(17,376

)

 

 

(7,736

)

 

 

(114,324

)

 

 

—

 

 

 

(114,324

)

Interest expense

 

 

(27,035

)

 

 

(7,388

)

 

 

(3,519

)

 

 

(37,942

)

 

 

—

 

 

 

(37,942

)

Other segment items(a)

 

 

(232,227

)

 

 

(61,630

)

 

 

(131

)

 

 

(293,988

)

 

 

44,622

 

 

 

(249,366

)

Income tax provision

 

 

(2,077

)

 

 

(6,000

)

 

 

(9,271

)

 

 

(17,348

)

 

 

—

 

 

 

(17,348

)

Net income attributable to noncontrolling interest, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(22,652

)

 

 

(22,652

)

Net income attributable to MGE

 

 

85,777

 

 

 

16,257

 

 

 

24,763

 

 

 

126,797

 

 

 

(22,652

)

 

 

104,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

497,673

 

 

$

178,587

 

 

$

684

 

 

$

676,944

 

 

$

—

 

 

$

676,944

 

Interdepartmental revenues

 

 

(194

)

 

 

14,983

 

 

 

43,831

 

 

 

58,620

 

 

 

(58,620

)

 

 

—

 

Total operating revenues

 

 

497,479

 

 

 

193,570

 

 

 

44,515

 

 

 

735,564

 

 

 

(58,620

)

 

 

676,944

 

Fuel and purchased power

 

 

(90,726

)

 

 

—

 

 

 

—

 

 

 

(90,726

)

 

 

3,880

 

 

 

(86,846

)

Purchased gas costs

 

 

—

 

 

 

(93,834

)

 

 

—

 

 

 

(93,834

)

 

 

11,141

 

 

 

(82,693

)

Depreciation and amortization

 

 

(84,264

)

 

 

(16,779

)

 

 

(7,538

)

 

 

(108,581

)

 

 

—

 

 

 

(108,581

)

Interest expense

 

 

(25,616

)

 

 

(6,943

)

 

 

(3,793

)

 

 

(36,352

)

 

 

—

 

 

 

(36,352

)

Other segment items(a)

 

 

(225,985

)

 

 

(60,290

)

 

 

(113

)

 

 

(286,388

)

 

 

43,599

 

 

 

(242,789

)

Income tax (provision) benefit

 

 

3,620

 

 

 

(1,995

)

 

 

(9,009

)

 

 

(7,384

)

 

 

—

 

 

 

(7,384

)

Net income attributable to noncontrolling interest, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(22,855

)

 

 

(22,855

)

Net income attributable to MGE

 

 

74,508

 

 

 

13,729

 

 

 

24,062

 

 

 

112,299

 

 

 

(22,855

)

 

 

89,444

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

489,729

 

 

$

200,012

 

 

$

690

 

 

$

690,431

 

 

$

—

 

 

$

690,431

 

Interdepartmental revenues

 

 

922

 

 

 

15,501

 

 

 

41,586

 

 

 

58,009

 

 

 

(58,009

)

 

 

—

 

Total operating revenues

 

 

490,651

 

 

 

215,513

 

 

 

42,276

 

 

 

748,440

 

 

 

(58,009

)

 

 

690,431

 

Fuel and purchased power

 

 

(102,520

)

 

 

—

 

 

 

—

 

 

 

(102,520

)

 

 

3,669

 

 

 

(98,851

)

Purchased gas costs

 

 

—

 

 

 

(118,509

)

 

 

—

 

 

 

(118,509

)

 

 

11,862

 

 

 

(106,647

)

Depreciation and amortization

 

 

(77,440

)

 

 

(15,531

)

 

 

(7,381

)

 

 

(100,352

)

 

 

—

 

 

 

(100,352

)

Interest expense

 

 

(22,883

)

 

 

(6,146

)

 

 

(4,062

)

 

 

(33,091

)

 

 

—

 

 

 

(33,091

)

Other segment items(a)

 

 

(201,680

)

 

 

(54,084

)

 

 

(107

)

 

 

(255,871

)

 

 

42,478

 

 

 

(213,393

)

Income tax provision

 

 

(10,182

)

 

 

(7,175

)

 

 

(8,370

)

 

 

(25,727

)

 

 

—

 

 

 

(25,727

)

Net income attributable to noncontrolling interest, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(21,868

)

 

 

(21,868

)

Net income attributable to MGE

 

 

75,946

 

 

 

14,068

 

 

 

22,356

 

 

 

112,370

 

 

 

(21,868

)

 

 

90,502

 

 

(a)
Other segment items include AFUDC Income, Other Income, Net, Other Operations and Maintenance, Other General Taxes, and Interest Revenue.

 

The following tables show segment information for MGE Energy's and MGE's capital expenditures:

 

 

Utility

 

 

Consolidated

 

(In thousands)
MGE Energy

 

Electric

 

 

Gas

 

 

Non-regulated Energy

 

 

Transmission Investment

 

 

All Others

 

 

Consolidation/ Elimination Entries

 

 

Total

 

Year ended Dec. 31, 2025

 

$

285,576

 

 

$

48,003

 

 

$

9,641

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

343,220

 

Year ended Dec. 31, 2024

 

 

192,469

 

 

 

38,101

 

 

 

6,355

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

236,925

 

Year ended Dec. 31, 2023

 

 

180,743

 

 

 

36,402

 

 

 

4,926

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

222,071

 

 

 

Utility

 

 

Consolidated

 

(In thousands)
MGE

 

Electric

 

 

Gas

 

 

Non-regulated Energy

 

 

Consolidation/ Elimination Entries

 

 

Total

 

Year ended Dec. 31, 2025

 

$

285,576

 

 

$

48,003

 

 

$

9,641

 

 

$

—

 

 

$

343,220

 

Year ended Dec. 31, 2024

 

 

192,469

 

 

 

38,101

 

 

 

6,355

 

 

 

—

 

 

 

236,925

 

Year ended Dec. 31, 2023

 

 

180,743

 

 

 

36,402

 

 

 

4,926

 

 

 

—

 

 

 

222,071