MADISON GAS & ELECTRIC CO
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
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| United StatesSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-Q☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the quarterly period ended:September 30, 2026☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the transition period from _______________ to _______________ | ||
|---|---|---|
| CommissionFile No. | Name of Registrant, State of Incorporation, Addressof Principal Executive Offices, and Telephone No. | IRS EmployerIdentification No. |
| 000-49965 | MGE Energy, Inc.(a Wisconsin Corporation)133 South Blair StreetMadison, Wisconsin 53788(608) 252-7000 | mgeenergy.com | 39-2040501 |
| 000-1125 | Madison Gas and Electric Company(a Wisconsin Corporation)133 South Blair StreetMadison, Wisconsin 53788(608) 252-7000 | mge.com | 39-0444025 |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $1 Par Value Per Share | MGEE | The NASDAQ Stock Market |
Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days:
| MGE Energy, Inc. Yes ☒ No ☐ | Madison Gas and Electric Company Yes ☒ No ☐ |
|---|
Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files):
| MGE Energy, Inc. Yes ☒ No ☐ | Madison Gas and Electric Company Yes ☒ No ☐ |
|---|
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large Accelerated Filer | AcceleratedFiler | Non-accelerated Filer | Smaller Reporting Company | Emerging Growth Company | |
| MGE Energy, Inc. | ☒ | ☐ | ☐ | ☐ | ☐ |
|---|---|---|---|---|---|
| Madison Gas and Electric Company | ☐ | ☐ | ☒ | ☐ | ☐ |
If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| MGE Energy, Inc. ☐ | Madison Gas and Electric Company ☐ |
|---|
Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act):
| MGE Energy, Inc. Yes ☐ No ☒ | Madison Gas and Electric Company Yes ☐ No ☒ |
|---|
| Number of Shares Outstanding of Each Class of Common Stock as of October 30, 2026 | |
|---|---|
| MGE Energy, Inc. | Common stock, $1.00 par value, 37,823,515 shares outstanding. |
| Madison Gas and Electric Company | Common stock, $1.00 par value, 17,347,894 shares outstanding (all of which are owned beneficially and of record by MGE Energy, Inc.). |
Table of Contents
| PART I. FINANCIAL INFORMATION. | 3 |
|---|---|
| Filing Format. | 3 |
| Forward-Looking Statements. | 3 |
| Where to Find More Information. | 3 |
| Definitions, Abbreviations, and Acronyms Used in the Text and Notes of this Report. | 4 |
| Item 1. Financial Statements. | 6 |
| MGE Energy, Inc. | 6 |
| Consolidated Statements of Income (unaudited). | 6 |
| Consolidated Statements of Cash Flows (unaudited). | 7 |
| Consolidated Balance Sheets (unaudited). | 8 |
| Consolidated Statements of Common Equity (unaudited). | 9 |
| Madison Gas and Electric Company. | 10 |
| Consolidated Statements of Income (unaudited). | 10 |
| Consolidated Statements of Cash Flows (unaudited). | 11 |
| Consolidated Balance Sheets (unaudited). | 12 |
| Consolidated Statements of Equity (unaudited). | 13 |
| MGE Energy, Inc., and Madison Gas and Electric Company - Notes to Consolidated Financial Statements (unaudited). | 14 |
| 1. Summary of Significant Accounting Policies. | 14 |
| 2. New Accounting Standards. | 15 |
| 3. Investment in ATC and ATC Holdco. | 15 |
| 4. Taxes. | 16 |
| 5. Pension and Other Postretirement Plans. | 16 |
| 6. Equity and Financing Arrangements. | 17 |
| 7. Share-Based Compensation. | 19 |
| 8. Commitments and Contingencies. | 19 |
| 9. Rate Matters. | 23 |
| 10. Derivative and Hedging Instruments. | 24 |
| 11. Fair Value of Financial Instruments. | 26 |
| 12. Joint Plant Construction Project Ownership. | 28 |
| 13. Revenue. | 29 |
| 14. Segment Information. | 29 |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. | 33 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk. | 49 |
| Item 4. Controls and Procedures. | 50 |
| PART II. OTHER INFORMATION. | 51 |
| Item 1. Legal Proceedings. | 51 |
| Item 1A. Risk Factors. | 51 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. | 51 |
| Item 3. Defaults Upon Senior Securities. | 51 |
| Item 4. Mine Safety Disclosures. | 51 |
| Item 5. Other Information. | 51 |
| Item 6. Exhibits. | 52 |
| Signatures - MGE Energy, Inc. | 53 |
| Signatures - Madison Gas and Electric Company. | 54 |
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