| Segment Information |
Segment Information - MGE Energy and MGE. MGE Energy operates in the following business segments: electric utility, gas utility, nonregulated energy, transmission investment, and all other. See Footnote 22 to the consolidated financial statements included in Part II, Item 8 of the 2025 Annual Report on Form 10-K for additional discussion of each of these segments. Fuel and purchased power and Purchased gas costs are significant segment expenses as defined in Segment Reporting. The Chief Operating Decision Maker does not review disaggregated assets on a segment basis; therefore, such information is not presented. The following tables show segment information for MGE Energy's and MGE's operations:
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|
(In thousands)
MGE Energy |
|
Electric |
|
|
Gas |
|
|
Non-Regulated Energy |
|
|
Transmission Investment |
|
|
Total Reportable Segments |
|
|
All Others |
|
|
Consolidation/
Elimination |
|
|
Consolidated Total |
|
Three Months Ended March 31, 2026 |
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
|
$ |
131,380 |
|
|
$ |
111,263 |
|
|
$ |
60 |
|
|
$ |
— |
|
|
$ |
242,703 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
242,703 |
|
Interdepartmental revenues |
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|
(8 |
) |
|
|
9,014 |
|
|
|
11,418 |
|
|
|
— |
|
|
|
20,424 |
|
|
|
— |
|
|
|
(20,424 |
) |
|
|
— |
|
Total operating revenues |
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|
131,372 |
|
|
|
120,277 |
|
|
|
11,478 |
|
|
|
— |
|
|
|
263,127 |
|
|
|
— |
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|
|
(20,424 |
) |
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|
242,703 |
|
Fuel and purchased power |
|
|
(24,073 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24,073 |
) |
|
|
— |
|
|
|
1,297 |
|
|
|
(22,776 |
) |
Purchased gas costs |
|
|
— |
|
|
|
(78,554 |
) |
|
|
— |
|
|
|
— |
|
|
|
(78,554 |
) |
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|
— |
|
|
|
7,731 |
|
|
|
(70,823 |
) |
Depreciation and amortization |
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|
(21,254 |
) |
|
|
(4,865 |
) |
|
|
(1,970 |
) |
|
|
— |
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|
|
(28,089 |
) |
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|
— |
|
|
|
— |
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|
|
(28,089 |
) |
Interest expense |
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|
(8,079 |
) |
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|
(2,223 |
) |
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|
(836 |
) |
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|
— |
|
|
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(11,138 |
) |
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|
— |
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|
|
— |
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|
|
(11,138 |
) |
Other segment items(a) |
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|
(55,274 |
) |
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|
(15,605 |
) |
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|
(51 |
) |
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— |
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|
(70,930 |
) |
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|
453 |
|
|
|
11,396 |
|
|
|
(59,081 |
) |
Income tax benefit (provision) |
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|
2,981 |
|
|
|
(5,263 |
) |
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|
(2,348 |
) |
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|
(965 |
) |
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(5,595 |
) |
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|
(261 |
) |
|
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— |
|
|
|
(5,856 |
) |
Equity in earnings of investments |
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|
— |
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|
|
— |
|
|
|
— |
|
|
|
3,541 |
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|
|
3,541 |
|
|
|
— |
|
|
|
— |
|
|
|
3,541 |
|
Net income |
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|
25,673 |
|
|
|
13,767 |
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|
|
6,273 |
|
|
|
2,576 |
|
|
|
48,289 |
|
|
|
192 |
|
|
|
— |
|
|
|
48,481 |
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Three Months Ended March 31, 2025 |
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|
|
|
|
|
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|
|
|
|
|
|
|
|
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Operating revenues |
|
$ |
125,454 |
|
|
$ |
93,481 |
|
|
$ |
35 |
|
|
$ |
— |
|
|
$ |
218,970 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
218,970 |
|
Interdepartmental revenues |
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|
(48 |
) |
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|
6,472 |
|
|
|
11,104 |
|
|
|
— |
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|
|
17,528 |
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|
|
— |
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|
|
(17,528 |
) |
|
|
— |
|
Total operating revenues |
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|
125,406 |
|
|
|
99,953 |
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|
|
11,139 |
|
|
|
— |
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|
|
236,498 |
|
|
|
— |
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|
|
(17,528 |
) |
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|
218,970 |
|
Fuel and purchased power |
|
|
(23,106 |
) |
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|
— |
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|
|
— |
|
|
|
— |
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|
|
(23,106 |
) |
|
|
— |
|
|
|
1,159 |
|
|
|
(21,947 |
) |
Purchased gas costs |
|
|
— |
|
|
|
(59,290 |
) |
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|
— |
|
|
|
— |
|
|
|
(59,290 |
) |
|
|
— |
|
|
|
5,326 |
|
|
|
(53,964 |
) |
Depreciation and amortization |
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|
(21,535 |
) |
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|
(4,232 |
) |
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|
(1,911 |
) |
|
|
— |
|
|
|
(27,678 |
) |
|
|
— |
|
|
|
— |
|
|
|
(27,678 |
) |
Interest expense |
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|
(6,493 |
) |
|
|
(1,763 |
) |
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|
(906 |
) |
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|
— |
|
|
|
(9,162 |
) |
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|
— |
|
|
|
— |
|
|
|
(9,162 |
) |
Other segment items(a) |
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|
(55,979 |
) |
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|
(16,096 |
) |
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|
(44 |
) |
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|
— |
|
|
|
(72,119 |
) |
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|
(436 |
) |
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|
11,043 |
|
|
|
(61,512 |
) |
Income tax benefit (provision) |
|
|
1,902 |
|
|
|
(4,987 |
) |
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|
(2,255 |
) |
|
|
(867 |
) |
|
|
(6,207 |
) |
|
|
(89 |
) |
|
|
— |
|
|
|
(6,296 |
) |
Equity in earnings of investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,181 |
|
|
|
3,181 |
|
|
|
— |
|
|
|
— |
|
|
|
3,181 |
|
Net income (loss) |
|
|
20,195 |
|
|
|
13,585 |
|
|
|
6,023 |
|
|
|
2,314 |
|
|
|
42,117 |
|
|
|
(525 |
) |
|
|
— |
|
|
|
41,592 |
|
(a)Other segment items include AFUDC Income, Other Income, Net, Other Operations and Maintenance, Other General Taxes, and Interest Revenue.
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|
(In thousands)
MGE |
|
Electric |
|
|
Gas |
|
|
Non-Regulated Energy |
|
|
Total Reportable Segments |
|
|
Consolidation/
Elimination |
|
|
Consolidated Total |
|
Three Months Ended March 31, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
|
$ |
131,380 |
|
|
$ |
111,263 |
|
|
$ |
60 |
|
|
$ |
242,703 |
|
|
$ |
— |
|
|
$ |
242,703 |
|
Interdepartmental revenues |
|
|
(8 |
) |
|
|
9,014 |
|
|
|
11,418 |
|
|
|
20,424 |
|
|
|
(20,424 |
) |
|
|
— |
|
Total operating revenues |
|
|
131,372 |
|
|
|
120,277 |
|
|
|
11,478 |
|
|
|
263,127 |
|
|
|
(20,424 |
) |
|
|
242,703 |
|
Fuel and purchased power |
|
|
(24,073 |
) |
|
|
— |
|
|
|
— |
|
|
|
(24,073 |
) |
|
|
1,297 |
|
|
|
(22,776 |
) |
Purchased gas costs |
|
|
— |
|
|
|
(78,554 |
) |
|
|
— |
|
|
|
(78,554 |
) |
|
|
7,731 |
|
|
|
(70,823 |
) |
Depreciation and amortization |
|
|
(21,254 |
) |
|
|
(4,865 |
) |
|
|
(1,970 |
) |
|
|
(28,089 |
) |
|
|
— |
|
|
|
(28,089 |
) |
Interest expense |
|
|
(8,079 |
) |
|
|
(2,223 |
) |
|
|
(836 |
) |
|
|
(11,138 |
) |
|
|
— |
|
|
|
(11,138 |
) |
Other segment items(b) |
|
|
(55,274 |
) |
|
|
(15,605 |
) |
|
|
(51 |
) |
|
|
(70,930 |
) |
|
|
11,396 |
|
|
|
(59,534 |
) |
Income tax benefit (provision) |
|
|
2,981 |
|
|
|
(5,263 |
) |
|
|
(2,348 |
) |
|
|
(4,630 |
) |
|
|
— |
|
|
|
(4,630 |
) |
Net income attributable to noncontrolling interest, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,606 |
) |
|
|
(5,606 |
) |
Net income attributable to MGE |
|
|
25,673 |
|
|
|
13,767 |
|
|
|
6,273 |
|
|
|
45,713 |
|
|
|
(5,606 |
) |
|
|
40,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
|
$ |
125,454 |
|
|
$ |
93,481 |
|
|
$ |
35 |
|
|
$ |
218,970 |
|
|
$ |
— |
|
|
$ |
218,970 |
|
Interdepartmental revenues |
|
|
(48 |
) |
|
|
6,472 |
|
|
|
11,104 |
|
|
|
17,528 |
|
|
|
(17,528 |
) |
|
|
— |
|
Total operating revenues |
|
|
125,406 |
|
|
|
99,953 |
|
|
|
11,139 |
|
|
|
236,498 |
|
|
|
(17,528 |
) |
|
|
218,970 |
|
Fuel and purchased power |
|
|
(23,106 |
) |
|
|
— |
|
|
|
— |
|
|
|
(23,106 |
) |
|
|
1,159 |
|
|
|
(21,947 |
) |
Purchased gas costs |
|
|
— |
|
|
|
(59,290 |
) |
|
|
— |
|
|
|
(59,290 |
) |
|
|
5,326 |
|
|
|
(53,964 |
) |
Depreciation and amortization |
|
|
(21,535 |
) |
|
|
(4,232 |
) |
|
|
(1,911 |
) |
|
|
(27,678 |
) |
|
|
— |
|
|
|
(27,678 |
) |
Interest expense |
|
|
(6,493 |
) |
|
|
(1,763 |
) |
|
|
(906 |
) |
|
|
(9,162 |
) |
|
|
— |
|
|
|
(9,162 |
) |
Other segment items(b) |
|
|
(55,979 |
) |
|
|
(16,096 |
) |
|
|
(44 |
) |
|
|
(72,119 |
) |
|
|
11,043 |
|
|
|
(61,076 |
) |
Income tax benefit (provision) |
|
|
1,902 |
|
|
|
(4,987 |
) |
|
|
(2,255 |
) |
|
|
(5,340 |
) |
|
|
— |
|
|
|
(5,340 |
) |
Net income attributable to noncontrolling interest, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,599 |
) |
|
|
(5,599 |
) |
Net income attributable to MGE |
|
|
20,195 |
|
|
|
13,585 |
|
|
|
6,023 |
|
|
|
39,803 |
|
|
|
(5,599 |
) |
|
|
34,204 |
|
(b)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:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility |
|
|
Consolidated |
|
(In thousands)
MGE Energy |
|
Electric |
|
|
Gas |
|
|
Non-regulated Energy |
|
|
Transmission Investment |
|
|
All Others |
|
|
Consolidation/ Elimination Entries |
|
|
Total |
|
Three Months Ended March 31, 2026 |
|
$ |
84,901 |
|
|
$ |
12,191 |
|
|
$ |
4,048 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
101,140 |
|
Three Months Ended March 31, 2025 |
|
|
31,322 |
|
|
|
14,017 |
|
|
|
2,314 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
47,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility |
|
|
Consolidated |
|
(In thousands)
MGE |
|
Electric |
|
|
Gas |
|
|
Non-regulated Energy |
|
|
Consolidation/ Elimination Entries |
|
|
Total |
|
Three Months Ended March 31, 2026 |
|
$ |
84,901 |
|
|
$ |
12,191 |
|
|
$ |
4,048 |
|
|
$ |
— |
|
|
$ |
101,140 |
|
Three Months Ended March 31, 2025 |
|
|
31,322 |
|
|
|
14,017 |
|
|
|
2,314 |
|
|
|
— |
|
|
|
47,653 |
|
|