MGE Energy, Inc. (MGEE) Income Statement

The quarterly series shows revenue growth lumpy, with Q1 2026 up 10.8% and Q2 2026 up only 1.1%, which is consistent with the timing of rate case implementations rather than steady demand. Because the Madison service territory is anchored by government and university load, weather-normalized volume growth is likely modest, so the top-line trajectory appears to depend heavily on the current rate case cycle. Investors should monitor whether future rate orders sustain this pace once the existing construction-driven rate base additions are fully reflected.

The wide quarterly swing in margins, from 16.6% in Q4 2025 to 30.5% in Q3 2026, reflects seasonal load and the weighting of fixed regulated costs rather than pricing power. Earned returns cannot be cleanly isolated from the reported data, so the gap between earned and authorized ROE remains unverified and warrants further investigation. Stability of net margin near 18% suggests regulatory recovery is functioning, but the absence of an authorized-versus-earned ROE disclosure limits confidence in the durability of that cushion.

If incremental renewable investment is placed in service and earns the allowed ROE, EPS growth could accelerate beyond the historical trajectory visible in the quarterly data. However, construction work in progress carries a timing lag before earnings convert, and the reported interest expense line appears unavailable, limiting assessment of financing drag. The growth thesis therefore depends on execution and regulatory approval rather than on demonstrated current capital efficiency.