Every material Form 8-K MGE Energy has filed with the SEC since November 06, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
MGE Energy posted a financial presentation on its investor relations website on November 5, 2026, attached as Exhibit 99.1. The company said representatives will attend investor meetings at the 2026 EEI Financial Conference in Phoenix, Arizona, November 8-10, 2026. The filing contains no financial results, guidance or other new figures in the text provided, so it is largely administrative for shareholders.
Presentation posted on the investor relations website on November 5, 2026 (Exhibit 99.1)
Company representatives to attend investor meetings at the 2026 EEI Financial Conference in Phoenix, Arizona, November 8-10, 2026
Filing is furnished under Regulation FD, not filed with the SEC; the presentation's contents were not included in the text provided
MGE Energy reported third-quarter 2026 GAAP net income of $56.4 million, or $1.48 per diluted share, up from $44.5 million, or $1.22 per diluted share, a year earlier. Electric segment growth from renewable and capital projects, higher AFUDC equity and investment gains drove the increase, while gas net income was flat.
Q3 2026 operating revenues were $190.4 million, up from $175.7 million in Q3 2025.
Q3 2026 operating income was $58.1 million, compared with $51.1 million a year earlier.
Electric segment earnings rose $11.6 million, and investment gains were about $2.2 million higher than in Q3 2025.
Nine-month 2026 net income was $138.2 million, or $3.70 per diluted share, compared with $112.6 million, or $3.08, a year earlier.
On October 1, 2026, MGE Energy and Madison Gas and Electric amended and restated their credit agreements, extending maturities to October 1, 2031. The JPMorgan facility for MGE rose from $90 million to $210 million, while the MGEE facility is capped at $50 million and the MGE USB facility at $40 million, and the agreements keep substantially the same covenants.
MGEE revolving credit facility capped at $50 million, with a possible $25 million increase.
MGE JPMorgan facility commitments raised from $90 million to $210 million.
MGE USB facility capped at $40 million; all three agreements mature October 1, 2031, extendable to October 1, 2033 at lender discretion.
Agreements require a debt-to-capitalization ratio of no more than 65%; a change of control is an event of default.
MGE Energy reported second-quarter 2026 GAAP net income of $33.4 million, or $0.89 per diluted share, up from $26.5 million, or $0.72 per share, a year earlier. Operating revenues rose to $161.2 million from $159.5 million, but operating income fell to $32.6 million from $34.2 million, and the company credited about $3.9 million of investment gains for part of the profit increase.
Q2 2026 GAAP net income was $33.4 million, or $0.89 per diluted share, versus $26.5 million, or $0.72 per share, in Q2 2025.
Operating revenues were $161.2 million, compared with $159.5 million a year earlier.
Operating income was $32.6 million, compared with $34.2 million in the prior-year quarter.
Earnings included approximately $3.9 million of investment gains, including returns from venture capital funds; the Electric segment earnings rose $3.0 million, and Gas net income was stable.
MGE Energy's subsidiary Madison Gas and Electric Company said Vice President – Energy Operations James J. Lorenz intends to retire effective December 31, 2026, and will stay in his role until then. John T. Robson, currently Assistant Vice President – Energy Engineering and Production, will succeed him effective January 1, 2027. This is a planned executive transition with no financial figures disclosed.
James J. Lorenz gave notice of retirement on June 19, 2026, effective December 31, 2026
Lorenz continues in his current role until his retirement date
John T. Robson to be appointed Vice President – Energy Operations effective January 1, 2027
MGE Energy entered an underwriting agreement on May 6, 2026 for a public offering of 3,300,331 shares of common stock, of which the company itself sold 990,099 shares and the rest were borrowed from third parties and sold by forward sellers. The company also entered forward sale agreements covering 2,310,232 shares, with settlement no later than January 8, 2028, at an initial forward sale price of $72.9094 per share. The filing says the company expects no dilution to earnings per share except when the average market price is above the adjusted forward sale price, and that physical or net share settlement would dilute earnings per share.
Offering of 3,300,331 shares; company sold 990,099 shares directly, and 2,310,232 shares were borrowed from third parties and sold by forward sellers
Initial forward sale price of $72.9094 per share, subject to adjustment based on an overnight bank funding rate less a spread and to expected dividend-related decreases
Forward sale agreements settle on a date at the company's discretion no later than January 8, 2028
Company intends to use net proceeds for general corporate purposes, including short-term debt repayment and capital expenditures
MGE Energy reported first-quarter 2026 GAAP earnings of $48.5 million, or $1.32 per share, up from $41.6 million, or $1.14 per share, a year earlier. Operating revenues rose to $242.7 million from $219.0 million, and the company said electric segment earnings increased $5.5 million on growth in rate base from renewable energy projects.
Q1 2026 net income: $48.5 million, or $1.32 per share, vs. $41.6 million, or $1.14 per share, in Q1 2025
Operating revenues: $242.7 million vs. $219.0 million a year earlier
Operating income: $53.2 million vs. $52.9 million a year earlier
Electric segment earnings rose $5.5 million; gas net income was roughly flat year over year
MGE Energy's boards promoted Jared Bushek, the current vice president, chief financial officer and treasurer, to executive vice president, chief financial officer and treasurer, effective May 1, 2026. He received a one-time retention award of restricted stock units covering 25,000 shares that cliff vests on the fifth anniversary of the grant date, which signals continuity in the finance leadership role for shareholders.
Promotion decided April 17, 2026; effective May 1, 2026
Retention award of restricted stock units covering 25,000 shares of MGE Energy common stock
Award cliff vests on the fifth anniversary of the grant date, subject to continued employment
Early vesting possible on death, disability, or termination without cause or resignation for good reason within 24 months after a change in control
MGE Energy reported fourth-quarter and full-year 2025 results on February 24, 2026, with net income rising in both periods versus 2024. Electric segment growth was driven mainly by the Darien Solar Project and the Paris Battery Energy Storage System, both of which became operational in 2025.
Full-year 2025 net income was $135.9 million, or $3.72 per diluted share, versus $120.6 million, or $3.33 per share, in 2024.
Fourth-quarter 2025 net income was $23.3 million, or 64 cents per diluted share, versus $22.0 million, or 61 cents, a year earlier.
Full-year 2025 operating revenues were $743.7 million, up from $676.9 million in 2024.
Electric segment earnings rose $11.3 million in 2025, while gas segment earnings rose $2.5 million.
Madison Gas and Electric, a subsidiary of MGE Energy, issued $90 million of unsecured senior notes on January 22, 2026, under a Note Purchase Agreement. The notes carry fixed rates from 5.05% to 5.79% and mature between 2036 and 2056, and MGE expects to use the proceeds for capital expenditures and other corporate obligations.
Three $30 million tranches: Series A at 5.05% due January 31, 2036; Series B at 5.25% due January 31, 2041; Series C at 5.79% due January 31, 2056
Interest is payable semi-annually on January 31 and July 31, starting July 31, 2026
Agreement requires a consolidated indebtedness-to-capitalization ratio of no more than 65%
MGE Energy reported GAAP net income of $44.5 million, or $1.22 per share, for the third quarter of 2025, up from $40.9 million, or $1.13 per share, a year earlier. The company credited rate base growth from renewable projects and about $2.2 million in venture capital investment gains, which give shareholders a higher reported profit for the quarter.
Q3 2025 GAAP net income of $44.5 million, or $1.22 per share, versus $40.9 million, or $1.13 per share, in Q3 2024
Q3 2025 operating revenues of $175.7 million versus $168.5 million; operating income of $51.1 million versus $48.1 million
Nine-month 2025 net income of $112.6 million, or $3.08 per share, versus $98.5 million, or $2.72 per share, in the same period of 2024
Venture capital investment gains of approximately $2.2 million; Darien Solar Project operational in March 2025 and Paris battery storage system in June 2025
On October 14, 2025, Madison Gas and Electric Company, a subsidiary of MGE Energy, agreed to issue $50 million of unsecured senior notes in two series, with closing expected November 13, 2025, subject to customary conditions. MGE expects to use the net proceeds to cover capital expenditures and other corporate obligations. The agreement also sets a maximum ratio of consolidated indebtedness to total capitalization of 65%.
$25 million of 5.12% Senior Notes, Series A, due November 15, 2036
$25 million of 5.76% Senior Notes, Series B, due November 15, 2055
Closing expected November 13, 2025; semi-annual interest payments begin May 15, 2026
Net proceeds to cover capital expenditures and other corporate obligations
MGE Energy reported second-quarter 2025 GAAP net income of $26.5 million, or $0.72 per diluted share, up from $23.8 million, or $0.66 per share, a year earlier. The company said rate base investment growth and weather drove the results, and new solar and battery projects that entered service in 2025 added to electric earnings.
Q2 2025 net income $26.5 million ($0.72 diluted EPS) vs. $23.8 million ($0.66) in Q2 2024
Q2 operating revenues $159.5 million vs. $145.7 million; operating income $34.2 million vs. $29.7 million
Six-month net income $68.1 million ($1.86 diluted EPS) vs. $57.6 million ($1.59) a year earlier
Electric residential sales rose about 5% in Q2, largely due to warmer-than-normal weather; Paris BESS went into service in June 2025
MGE Energy reported first-quarter 2025 GAAP earnings of $41.6 million, or $1.14 per share, up from $33.8 million, or $0.93 per share, a year earlier. The company said rate base investment growth and weather impacts drove the results, with operating revenues rising to $219.0 million from $191.3 million.
Net income of $41.6 million, or $1.14 per share, versus $33.8 million, or $0.93 per share, in Q1 2024
Operating revenues of $219.0 million versus $191.3 million; operating income of $52.9 million versus $40.7 million
Gas retail sales rose 19% and electric retail sales rose 3% in the first quarter of 2025
Darien solar project became operational in March 2025; MGE owns 25 MW of its solar capacity
MGE Energy's subsidiary Madison Gas and Electric Company said Executive Vice President – Marketing and Communications Lynn Hobbie informed the company on February 21, 2025 that she plans to retire by the end of 2025. The filing does not name a successor or describe any financial effect, so the change appears administrative.
Lynn Hobbie, EVP – Marketing and Communications, plans to retire by end of 2025
Notice given to Madison Gas and Electric Company on February 21, 2025
Filing does not name a successor or disclose compensation terms
MGE Energy reported full-year 2024 net income of $120.6 million, or $3.33 per share, up from $117.7 million, or $3.25 per share, in 2023. Fourth-quarter net income rose to $22.0 million, or 61 cents per share, from $20.1 million, or 55 cents per share, a year earlier. Full-year operating revenues fell to $676.9 million from $690.4 million, which the company attributed in part to warmer-than-normal weather reducing gas deliveries.
Full-year 2024 net income $120.6 million ($3.33 per share) vs. $117.7 million ($3.25) in 2023
Q4 2024 net income $22.0 million (61 cents per share) vs. $20.1 million (55 cents) in Q4 2023
Full-year 2024 operating revenues $676.9 million vs. $690.4 million; Q4 revenues $171.4 million vs. $164.7 million
Gas retail therm deliveries decreased approximately 4% in 2024, mainly due to warmer-than-normal weather
MGE Energy reported third-quarter 2024 GAAP earnings of $40.9 million, or $1.13 per share, up from $37.9 million, or $1.05 per share, a year earlier, on operating revenues of $168.5 million versus $160.5 million. The company said higher electric investments in rate base and lower fuel costs drove the electric earnings gain, while gas net income was flat. For shareholders, the quarter shows higher profit, though nine-month operating revenues declined to $505.5 million from $525.8 million.
Q3 2024 GAAP net income was $40.9 million, or $1.13 per diluted share, versus $37.9 million, or $1.05, in Q3 2023.
Q3 2024 operating revenues were $168.5 million, up from $160.5 million; operating income was $48.1 million versus $43.8 million.
Electric net income rose $3.9 million, driven by electric investments in rate base and lower fuel costs; gas net income was relatively flat.
For the nine months ended September 30, 2024, EPS was $2.72 versus $2.70, while operating revenues were $505.5 million versus $525.8 million.
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