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- Earnings-quality Divergence: Net Income +25.9% Vs Operating Income -4.6% (worsened) — The net income and EPS growth did not come from operations; the below-the-line driver is not disclosed in the filing.
- Forward Sale Agreements and Potential Dilution (new) — New risk factor warns that forward sales may dilute EPS, ROE, and dividends per share, and could require cash settlement if accelerated.
MGE Energy Q2 net income rises 26% to $33.4M on higher rates and venture gains; operating income slips 5%
Filed August 5, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 6, 2025 · ~1 min read
Key Changes
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Net income rose 25.9% to $33.4M ($0.89 diluted EPS) while operating income fell 4.6% to $32.6M — the earnings beat came from below-the-line items, not operations.
MD&A: Earnings verify on EDGAR → -
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Capital expenditures nearly doubled to $210.9M in H1 2026, driven by electric utility spending, supporting large-load growth from data-intensive customers.
Notes: Capex verify on EDGAR → -
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PSCW approved a unanimous rate settlement: 2026 electric increase cut to 0.15% (from 4.89% proposed) and gas at 2.77%; 2027 electric 3.63% and gas 2.04%.
MD&A: Rate Case verify on EDGAR →
1 more material change behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 1, 2026 · How we verify