The EPS beat is largely non-recurring (investment gains); core operating income declined. Monitor next quarter for whether electric segment growth can sustain earnings without one-time gains. The lack of guidance leaves uncertainty about full-year trajectory.
Price Chart
Executive Summary
MGE Energy reported Q2 2026 GAAP EPS of $0.89, beating consensus of $0.77 by 15.6%, driven by $3.9M in investment gains and electric segment growth from renewable investments. However, operating income declined 4.6% YoY to $32.6M, and revenue grew only 1.1% to $161.2M, signaling underlying core weakness beneath the headline beat.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP diluted EPS $0.89 vs $0.77 consensus (beat 15.6%)
- Net income $33.4M vs $26.5M in Q2 2025 (+26%)
- Operating income $32.6M vs $34.2M in Q2 2025 (-4.6%)
- Operating revenue $161.2M vs $159.5M in Q2 2025 (+1.1%)
- Earnings benefited from ~$3.9M in investment gains (venture capital returns)
- Electric segment earnings increased $3.0M YoY on rate base growth from renewable projects
- No forward guidance provided in the release
Financial Impact
EPS beat of $0.12 per share (15.6%) vs consensus, but $0.10 of the beat is attributable to non-recurring investment gains
Risk Factors
- Investment gains ($3.9M) may not recur, masking underlying earnings weakness
- Operating income decline suggests margin pressure or higher costs
- No forward guidance limits visibility into H2 2026 performance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-334011 |
| Document: mgee-20260805.htm | 0001193125-26-334011 |
| Document: 0001193125-26-334011-index-headers.html | 0001193125-26-334011 |
| Document: 0001193125-26-334011-index.html | 0001193125-26-334011 |
| Document: 0001193125-26-334011.txt | 0001193125-26-334011 |
| 8-K Data (Synthetic) | 0001193125-26-334011 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 21, 2026 6w ago | 8-K | $78.66 $72.86 | ▼ −7.37% | ▼ −6.85% | $70.77 (−10.03%) |
Aug 5, 2026 8w ago | 8-K | $80.21 $77.01 | ▼ −3.99% | ▼ −3.39% | $70.77 (−11.77%) |
May 8, 2026 21w ago | 8-K | $73.83 $76.96 | ▲ +4.24% | ▲ +4.54% | $70.77 (−4.14%) |
May 8, 2026 21w ago | 8-K | $73.83 $76.96 | ▼ −4.24% | ▼ −4.54% | $70.77 (+4.14%) |
May 6, 2026 21w ago | 424B5 | $74.65 $73.41 | ▲ +1.66% | ▲ +4.80% | $70.77 (+5.20%) |
May 5, 2026 21w ago | 8-K | $80.75 $74.40 | ▼ −7.86% | ▼ −12.82% | $70.77 (−12.36%) |
Apr 23, 2026 23w ago | DEFA14A | $80.55 $75.82 | ▼ −5.87% | ▼ −10.51% | $70.77 (−12.14%) |
Apr 2, 2026 26w ago | DEFA14A | $78.81 $80.22 | ▲ +1.79% | ▼ −8.09% | $70.77 (−10.20%) |
Apr 2, 2026 26w ago | DEFA14A | $78.81 $80.22 | ▲ +1.79% | ▼ −8.09% | $70.77 (−10.20%) |
Feb 24, 2026 31w ago | 8-K | $81.09 $76.21 | ▼ −6.02% | ▼ −0.78% | $70.77 (−12.73%) |
US Market Status
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