MGE ENERGY INC
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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Item 16. Form 10-K Summary
None.
Condensed Parent Company Financial Statements
Statements of Income
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating Expenses: | |||
| Other operations and maintenance | $969 | $818 | $868 |
| Total Operating Expenses | 969 | 818 | 868 |
| Operating Loss | (969) | (818) | (868) |
| Equity in earnings of investments | 136,204 | 121,310 | 120,394 |
| Other income (loss), net | 293 | (395) | (2,862) |
| Interest income, net | 252 | 296 | 105 |
| Income before income taxes | 135,780 | 120,393 | 116,769 |
| Income tax benefit | 109 | 175 | 930 |
| Net Income | $135,889 | $120,568 | $117,699 |
Statements of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net Cash Flows Provided by Operating Activities | $76,396 | $65,883 | $67,253 |
| Investing Activities: | |||
| Contributions to affiliates | (16,885) | (33,429) | (3,750) |
| Contributions to other investments | (1,037) | (1,964) | (3,080) |
| Other | 4,466 | 329 | 987 |
| Cash Used for Investing Activities | (13,456) | (35,064) | (5,843) |
| Financing Activities: | |||
| Issuance of common stock, net | 3,750 | 31,712 | — |
| Cash dividends paid on common stock | (67,587) | (63,595) | (60,393) |
| Other | — | (94) | — |
| Cash Used for Financing Activities | (63,837) | (31,977) | (60,393) |
| Change in cash, cash equivalents, and restricted cash | (897) | (1,158) | 1,017 |
| Cash, cash equivalents, and restricted cash at beginning of period | 3,195 | 4,353 | 3,336 |
| Cash, cash equivalents, and restricted cash at end of period | $2,298 | $3,195 | $4,353 |
Condensed Parent Company Financial Statements (continued)
Balance Sheets
| As of December 31, | ||
|---|---|---|
| ASSETS | 2025 | 2024 |
| Current Assets: | ||
| Cash and cash equivalents | $2,298 | $3,195 |
| Other current assets | 3,830 | 3,284 |
| Total Current Assets | 6,128 | 6,479 |
| Other deferred assets and other | 117 | 163 |
| Investments: | ||
| Investments in affiliates | 1,314,778 | 1,236,884 |
| Other investments | 22,227 | 22,785 |
| Total Investments | 1,337,005 | 1,259,669 |
| Total Assets | $1,343,250 | $1,266,311 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Current Liabilities: | ||
| Accounts payable to affiliates | $63 | $591 |
| Other current liabilities | 2,515 | 14 |
| Total Current Liabilities | 2,578 | 605 |
| Other Credits: | ||
| Deferred income taxes | 36,720 | 35,559 |
| Other deferred liabilities | 16 | 9 |
| Total Other Credits | 36,736 | 35,568 |
| Shareholders' Equity: | ||
| Common shareholders' equity | 471,501 | 466,005 |
| Retained earnings | 832,435 | 764,133 |
| Total Shareholders' Equity | 1,303,936 | 1,230,138 |
| Commitments and contingencies (see Footnote 3) | ||
| Total Liabilities and Shareholders' Equity | $1,343,250 | $1,266,311 |
Condensed Parent Company Financial Statements (continued)
Notes to Condensed Financial Statements
Basis of Presentation.
MGE Energy is a holding company and conducts substantially all of its business operations through its subsidiaries. For Parent Company only presentation, investment in subsidiaries are accounted for using the equity method. These condensed Parent Company financial statements and related notes have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X. These statements should be read in conjunction with the financial statements and the notes in Item 8. Financial Statements and Supplementary Data of the Annual Report on Form 10-K for the year ended December 31, 2025.
Credit Agreements.
As of December 31, 2025, MGE Energy had access to an unsecured, committed credit facility with aggregate bank commitments of $50.0 million. As of December 31, 2025 and 2024, no borrowings were outstanding under this facility. See Footnote 13 of the Notes to Consolidated Financial Statements in this Report for further information regarding MGE Energy's credit agreement.
Commitments and Contingencies.
See Footnote 16 of the Notes to Consolidated Financial Statements in this Report for information regarding commitments and contingencies.
Dividends from Affiliates.
| Dividends from Affiliates | |||
|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2023 |
| MGE | $51,500 | $34,500 | $41,000 |
| MAGAEL | — | 2,000 | — |
| CWDC | — | 2,000 | — |
| MGE Power Elm Road | 15,000 | 15,000 | 14,250 |
| MGE Power West Campus | 1,250 | 7,000 | 6,250 |
| MGE Transco | 7,157 | 5,230 | 5,533 |
| MGEE Transco | 287 | 260 | 79 |
| Total | $75,194 | $65,990 | $67,112 |
Dividend Restrictions
Dividend payments by MGE to MGE Energy are subject to restrictions arising under a PSCW rate order and, to a lesser degree, MGE's first mortgage bonds. The PSCW order restricts any dividends that MGE may pay MGE Energy if its common equity ratio, calculated in the manner used in the rate proceeding, is less than 55%. MGE's thirteen month rolling average common equity ratio as of December 31, 2025, is 58.0% as determined under the calculation used in the rate proceeding. This restriction did not impact MGE's payment of dividends in 2025. Cash dividends of $51.5 million and $34.5 million were paid by MGE to MGE Energy in 2025 and 2024, respectively. The rate proceeding calculation includes as indebtedness imputed amounts for MGE's outstanding purchase power capacity payments and other PSCW adjustments, but does not include the indebtedness associated with MGE Power Elm Road or MGE Power West Campus, which are consolidated into MGE's financial statements but are not direct obligations of MGE.
MGE has covenanted with the holders of its first mortgage bonds not to declare or pay any dividend or make any other distribution on or purchase any shares of its common stock unless, after giving effect thereto, the aggregate amount of all such dividends and distributions and all amounts applied to such purchases, after December 31, 1945, shall not exceed the earned surplus (retained earnings) accumulated subsequent to December 31, 1945. As of December 31, 2025, approximately $807.2 million was available for the payment of dividends under this covenant. On January 27, 2026, MGE completed a redemption of all outstanding first mortgage bonds, and delivered to the Trustee a satisfaction and discharge which, pursuant to the terms of the Indenture, effectively discharged the Indenture.
See Footnotes 13 and 14 of the Notes to Consolidated Financial Statements in this Report for more information on dividend restrictions appearing in credit agreements and long-term debt, respectively.
Schedule II
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