MGE ENERGY INC Segments Disclosure
electric utility business purchases, generates and distributes electricity, and contracts for transmission service. The gas utility business purchases and distributes natural gas and contracts for the transportation of natural gas. Both the electric and gas segments operate through MGE Energy's principal subsidiary, MGE.
The nonregulated energy operations are conducted through MGE Energy's subsidiaries: MGE Power, MGE Power Elm Road, and MGE Power West Campus. These subsidiaries own electric generating capacity that they lease to MGE to assist MGE. MGE Power Elm Road has an ownership interest in two coal-fired generating units in Oak Creek, Wisconsin, which are leased to MGE, and MGE Power West Campus owns a controlling interest in the electric generation plant of a natural gas-fired cogeneration facility on the UW campus. MGE Power West Campus's portion is also leased to MGE.
The transmission investment segment invests in ATC, a company that provides electric transmission services primarily in Wisconsin, and ATC Holdco, a company formed to pursue electric transmission development and investments outside of Wisconsin. These investments are held in MGE Transco and MGEE Transco, respectively. See Footnote 7 for further discussion.
The "All Other" segment includes: corporate, CWDC, MAGAEL, MGE State Energy Services, MGE Services, and North Mendota. These entities' operations consist of investing in companies and property which relate to the regulated operations, and financing the regulated operations.
General corporate expenses include the cost of executive management, corporate accounting and finance, information technology, risk management, human resources and legal functions, and employee benefits that are allocated to electric and gas segments based on formulas prescribed by the PSCW. Identifiable assets are those used in MGE's operations in each segment.
Sales between our electric and gas segments are based on PSCW approved tariffed rates. Additionally, intersegment operations related to the leasing arrangement between our electric segment and MGE Power Elm Road/MGE Power West Campus are based on terms previously approved by the PSCW. Consistent with internal reporting, management has
presented the direct financing capital leases between MGE and MGE Power Elm Road/MGE Power West Campus based on actual lease payments included in rates. Lease payments made by MGE to MGE Power Elm Road and MGE Power West Campus are shown as operating expenses. The lease payments received by MGE Power Elm Road and MGE Power West Campus from MGE are shown as lease income in interdepartmental revenues. The depreciation expense associated with the Elm Road Units and WCCF is reflected in the nonregulated energy segment.
The Chief Executive Officer, Chief Operating Decision Maker (CODM), utilizes various reported measures of segment profit or loss to assess performance and allocate resources within the organization. Key metrics such as segment revenue, expenses, capital expenditures, and net income provide the CODM with valuable insights into each segment's financial health and operational efficiency. For instance, segment revenue helps gauge market performance and sales effectiveness, while net income reveals the profitability of core operations by accounting for both direct and indirect costs. By analyzing these measures, the CODM can identify high-performing segments that warrant increased investment, reallocate resources from underperforming areas, and implement strategic changes to optimize overall performance. This targeted approach ensures that resources are directed toward segments with the greatest potential for growth and profitability, aligning with the organization's broader strategic objectives.
Fuel and purchased power and Purchased gas costs are significant segment expenses as defined in Segment Reporting. The CODM 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:
(In thousands) |
|
Electric |
|
|
Gas |
|
|
Non-Regulated Energy |
|
|
Transmission Investment |
|
|
Total Reportable Segments |
|
|
All Others |
|
|
Consolidation/ |
|
|
Consolidated Total |
|
||||||||
Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
531,554 |
|
|
$ |
211,423 |
|
|
$ |
677 |
|
|
$ |
— |
|
|
$ |
743,654 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
743,654 |
|
Interdepartmental revenues |
|
|
(76 |
) |
|
|
20,876 |
|
|
|
44,743 |
|
|
|
— |
|
|
|
65,543 |
|
|
|
— |
|
|
|
(65,543 |
) |
|
|
— |
|
Total operating revenues |
|
|
531,478 |
|
|
|
232,299 |
|
|
|
45,420 |
|
|
|
— |
|
|
|
809,197 |
|
|
|
— |
|
|
|
(65,543 |
) |
|
|
743,654 |
|
Fuel and purchased power |
|
|
(95,150 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(95,150 |
) |
|
|
— |
|
|
|
4,299 |
|
|
|
(90,851 |
) |
Purchased gas costs |
|
|
— |
|
|
|
(123,648 |
) |
|
|
— |
|
|
|
— |
|
|
|
(123,648 |
) |
|
|
— |
|
|
|
16,622 |
|
|
|
(107,026 |
) |
Depreciation and amortization |
|
|
(89,212 |
) |
|
|
(17,376 |
) |
|
|
(7,736 |
) |
|
|
— |
|
|
|
(114,324 |
) |
|
|
— |
|
|
|
— |
|
|
|
(114,324 |
) |
Interest expense |
|
|
(27,035 |
) |
|
|
(7,388 |
) |
|
|
(3,519 |
) |
|
|
— |
|
|
|
(37,942 |
) |
|
|
— |
|
|
|
— |
|
|
|
(37,942 |
) |
Other segment items(a) |
|
|
(232,227 |
) |
|
|
(61,630 |
) |
|
|
(131 |
) |
|
|
— |
|
|
|
(293,988 |
) |
|
|
(500 |
) |
|
|
44,622 |
|
|
|
(249,866 |
) |
Income tax (provision) benefit |
|
|
(2,077 |
) |
|
|
(6,000 |
) |
|
|
(9,271 |
) |
|
|
(3,545 |
) |
|
|
(20,893 |
) |
|
|
128 |
|
|
|
— |
|
|
|
(20,765 |
) |
Equity in earnings of investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,009 |
|
|
|
13,009 |
|
|
|
— |
|
|
|
— |
|
|
|
13,009 |
|
Net income (loss) |
|
|
85,777 |
|
|
|
16,257 |
|
|
|
24,763 |
|
|
|
9,464 |
|
|
|
136,261 |
|
|
|
(372 |
) |
|
|
— |
|
|
|
135,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
497,673 |
|
|
$ |
178,587 |
|
|
$ |
684 |
|
|
$ |
— |
|
|
$ |
676,944 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
676,944 |
|
Interdepartmental revenues |
|
|
(194 |
) |
|
|
14,983 |
|
|
|
43,831 |
|
|
|
— |
|
|
|
58,620 |
|
|
|
— |
|
|
|
(58,620 |
) |
|
|
— |
|
Total operating revenues |
|
|
497,479 |
|
|
|
193,570 |
|
|
|
44,515 |
|
|
|
— |
|
|
|
735,564 |
|
|
|
— |
|
|
|
(58,620 |
) |
|
|
676,944 |
|
Fuel and purchased power |
|
|
(90,726 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(90,726 |
) |
|
|
— |
|
|
|
3,880 |
|
|
|
(86,846 |
) |
Purchased gas costs |
|
|
— |
|
|
|
(93,834 |
) |
|
|
— |
|
|
|
— |
|
|
|
(93,834 |
) |
|
|
— |
|
|
|
11,141 |
|
|
|
(82,693 |
) |
Depreciation and amortization |
|
|
(84,264 |
) |
|
|
(16,779 |
) |
|
|
(7,538 |
) |
|
|
— |
|
|
|
(108,581 |
) |
|
|
— |
|
|
|
— |
|
|
|
(108,581 |
) |
Interest expense |
|
|
(25,616 |
) |
|
|
(6,943 |
) |
|
|
(3,793 |
) |
|
|
— |
|
|
|
(36,352 |
) |
|
|
— |
|
|
|
— |
|
|
|
(36,352 |
) |
Other segment items(a) |
|
|
(225,985 |
) |
|
|
(60,290 |
) |
|
|
(113 |
) |
|
|
— |
|
|
|
(286,388 |
) |
|
|
(793 |
) |
|
|
43,599 |
|
|
|
(243,582 |
) |
Income tax (provision) benefit |
|
|
3,620 |
|
|
|
(1,995 |
) |
|
|
(9,009 |
) |
|
|
(3,345 |
) |
|
|
(10,729 |
) |
|
|
133 |
|
|
|
— |
|
|
|
(10,596 |
) |
Equity in earnings of investments |
|
|
|
|
|
|
|
|
|
|
|
12,275 |
|
|
|
12,275 |
|
|
|
|
|
|
|
|
|
12,275 |
|
|||||
Net income (loss) |
|
|
74,508 |
|
|
|
13,729 |
|
|
|
24,062 |
|
|
|
8,930 |
|
|
|
121,229 |
|
|
|
(660 |
) |
|
|
— |
|
|
|
120,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
489,729 |
|
|
$ |
200,012 |
|
|
$ |
690 |
|
|
$ |
— |
|
|
$ |
690,431 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
690,431 |
|
Interdepartmental revenues |
|
|
922 |
|
|
|
15,501 |
|
|
|
41,586 |
|
|
|
— |
|
|
|
58,009 |
|
|
|
— |
|
|
|
(58,009 |
) |
|
|
— |
|
Total operating revenues |
|
|
490,651 |
|
|
|
215,513 |
|
|
|
42,276 |
|
|
|
— |
|
|
|
748,440 |
|
|
|
— |
|
|
|
(58,009 |
) |
|
|
690,431 |
|
Fuel and purchased power |
|
|
(102,520 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(102,520 |
) |
|
|
— |
|
|
|
3,669 |
|
|
|
(98,851 |
) |
Purchased gas costs |
|
|
— |
|
|
|
(118,509 |
) |
|
|
— |
|
|
|
— |
|
|
|
(118,509 |
) |
|
|
— |
|
|
|
11,862 |
|
|
|
(106,647 |
) |
Depreciation and amortization |
|
|
(77,440 |
) |
|
|
(15,531 |
) |
|
|
(7,381 |
) |
|
|
— |
|
|
|
(100,352 |
) |
|
|
— |
|
|
|
— |
|
|
|
(100,352 |
) |
Interest expense |
|
|
(22,883 |
) |
|
|
(6,146 |
) |
|
|
(4,062 |
) |
|
|
— |
|
|
|
(33,091 |
) |
|
|
— |
|
|
|
— |
|
|
|
(33,091 |
) |
Other segment items(a) |
|
|
(201,680 |
) |
|
|
(54,084 |
) |
|
|
(107 |
) |
|
|
2 |
|
|
|
(255,869 |
) |
|
|
(3,228 |
) |
|
|
42,478 |
|
|
|
(216,619 |
) |
Income tax (provision) benefit |
|
|
(10,182 |
) |
|
|
(7,175 |
) |
|
|
(8,370 |
) |
|
|
(2,897 |
) |
|
|
(28,624 |
) |
|
|
821 |
|
|
|
— |
|
|
|
(27,803 |
) |
Equity in earnings of investments |
|
|
|
|
|
|
|
|
|
|
|
10,631 |
|
|
|
10,631 |
|
|
|
|
|
|
|
|
|
10,631 |
|
|||||
Net income (loss) |
|
|
75,946 |
|
|
|
14,068 |
|
|
|
22,356 |
|
|
|
7,736 |
|
|
|
120,106 |
|
|
|
(2,407 |
) |
|
|
— |
|
|
|
117,699 |
|
(In thousands) |
|
Electric |
|
|
Gas |
|
|
Non-Regulated Energy |
|
|
Total Reportable Segments |
|
|
Consolidation/ Elimination Entries |
|
|
Consolidated Total |
|
||||||
Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating revenues |
|
$ |
531,554 |
|
|
$ |
211,423 |
|
|
$ |
677 |
|
|
$ |
743,654 |
|
|
$ |
— |
|
|
$ |
743,654 |
|
Interdepartmental revenues |
|
|
(76 |
) |
|
|
20,876 |
|
|
|
44,743 |
|
|
|
65,543 |
|
|
|
(65,543 |
) |
|
|
— |
|
Total operating revenues |
|
|
531,478 |
|
|
|
232,299 |
|
|
|
45,420 |
|
|
|
809,197 |
|
|
|
(65,543 |
) |
|
|
743,654 |
|
Fuel and purchased power |
|
|
(95,150 |
) |
|
|
— |
|
|
|
— |
|
|
|
(95,150 |
) |
|
|
4,299 |
|
|
|
(90,851 |
) |
Purchased gas costs |
|
|
— |
|
|
|
(123,648 |
) |
|
|
— |
|
|
|
(123,648 |
) |
|
|
16,622 |
|
|
|
(107,026 |
) |
Depreciation and amortization |
|
|
(89,212 |
) |
|
|
(17,376 |
) |
|
|
(7,736 |
) |
|
|
(114,324 |
) |
|
|
— |
|
|
|
(114,324 |
) |
Interest expense |
|
|
(27,035 |
) |
|
|
(7,388 |
) |
|
|
(3,519 |
) |
|
|
(37,942 |
) |
|
|
— |
|
|
|
(37,942 |
) |
Other segment items(a) |
|
|
(232,227 |
) |
|
|
(61,630 |
) |
|
|
(131 |
) |
|
|
(293,988 |
) |
|
|
44,622 |
|
|
|
(249,366 |
) |
Income tax provision |
|
|
(2,077 |
) |
|
|
(6,000 |
) |
|
|
(9,271 |
) |
|
|
(17,348 |
) |
|
|
— |
|
|
|
(17,348 |
) |
Net income attributable to noncontrolling interest, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,652 |
) |
|
|
(22,652 |
) |
Net income attributable to MGE |
|
|
85,777 |
|
|
|
16,257 |
|
|
|
24,763 |
|
|
|
126,797 |
|
|
|
(22,652 |
) |
|
|
104,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Year Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating revenues |
|
$ |
497,673 |
|
|
$ |
178,587 |
|
|
$ |
684 |
|
|
$ |
676,944 |
|
|
$ |
— |
|
|
$ |
676,944 |
|
Interdepartmental revenues |
|
|
(194 |
) |
|
|
14,983 |
|
|
|
43,831 |
|
|
|
58,620 |
|
|
|
(58,620 |
) |
|
|
— |
|
Total operating revenues |
|
|
497,479 |
|
|
|
193,570 |
|
|
|
44,515 |
|
|
|
735,564 |
|
|
|
(58,620 |
) |
|
|
676,944 |
|
Fuel and purchased power |
|
|
(90,726 |
) |
|
|
— |
|
|
|
— |
|
|
|
(90,726 |
) |
|
|
3,880 |
|
|
|
(86,846 |
) |
Purchased gas costs |
|
|
— |
|
|
|
(93,834 |
) |
|
|
— |
|
|
|
(93,834 |
) |
|
|
11,141 |
|
|
|
(82,693 |
) |
Depreciation and amortization |
|
|
(84,264 |
) |
|
|
(16,779 |
) |
|
|
(7,538 |
) |
|
|
(108,581 |
) |
|
|
— |
|
|
|
(108,581 |
) |
Interest expense |
|
|
(25,616 |
) |
|
|
(6,943 |
) |
|
|
(3,793 |
) |
|
|
(36,352 |
) |
|
|
— |
|
|
|
(36,352 |
) |
Other segment items(a) |
|
|
(225,985 |
) |
|
|
(60,290 |
) |
|
|
(113 |
) |
|
|
(286,388 |
) |
|
|
43,599 |
|
|
|
(242,789 |
) |
Income tax (provision) benefit |
|
|
3,620 |
|
|
|
(1,995 |
) |
|
|
(9,009 |
) |
|
|
(7,384 |
) |
|
|
— |
|
|
|
(7,384 |
) |
Net income attributable to noncontrolling interest, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,855 |
) |
|
|
(22,855 |
) |
Net income attributable to MGE |
|
|
74,508 |
|
|
|
13,729 |
|
|
|
24,062 |
|
|
|
112,299 |
|
|
|
(22,855 |
) |
|
|
89,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating revenues |
|
$ |
489,729 |
|
|
$ |
200,012 |
|
|
$ |
690 |
|
|
$ |
690,431 |
|
|
$ |
— |
|
|
$ |
690,431 |
|
Interdepartmental revenues |
|
|
922 |
|
|
|
15,501 |
|
|
|
41,586 |
|
|
|
58,009 |
|
|
|
(58,009 |
) |
|
|
— |
|
Total operating revenues |
|
|
490,651 |
|
|
|
215,513 |
|
|
|
42,276 |
|
|
|
748,440 |
|
|
|
(58,009 |
) |
|
|
690,431 |
|
Fuel and purchased power |
|
|
(102,520 |
) |
|
|
— |
|
|
|
— |
|
|
|
(102,520 |
) |
|
|
3,669 |
|
|
|
(98,851 |
) |
Purchased gas costs |
|
|
— |
|
|
|
(118,509 |
) |
|
|
— |
|
|
|
(118,509 |
) |
|
|
11,862 |
|
|
|
(106,647 |
) |
Depreciation and amortization |
|
|
(77,440 |
) |
|
|
(15,531 |
) |
|
|
(7,381 |
) |
|
|
(100,352 |
) |
|
|
— |
|
|
|
(100,352 |
) |
Interest expense |
|
|
(22,883 |
) |
|
|
(6,146 |
) |
|
|
(4,062 |
) |
|
|
(33,091 |
) |
|
|
— |
|
|
|
(33,091 |
) |
Other segment items(a) |
|
|
(201,680 |
) |
|
|
(54,084 |
) |
|
|
(107 |
) |
|
|
(255,871 |
) |
|
|
42,478 |
|
|
|
(213,393 |
) |
Income tax provision |
|
|
(10,182 |
) |
|
|
(7,175 |
) |
|
|
(8,370 |
) |
|
|
(25,727 |
) |
|
|
— |
|
|
|
(25,727 |
) |
Net income attributable to noncontrolling interest, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21,868 |
) |
|
|
(21,868 |
) |
Net income attributable to MGE |
|
|
75,946 |
|
|
|
14,068 |
|
|
|
22,356 |
|
|
|
112,370 |
|
|
|
(21,868 |
) |
|
|
90,502 |
|
The following tables show segment information for MGE Energy's and MGE's capital expenditures:
|
|
Utility |
|
|
Consolidated |
|
||||||||||||||||||||||
(In thousands) |
|
Electric |
|
|
Gas |
|
|
Non-regulated Energy |
|
|
Transmission Investment |
|
|
All Others |
|
|
Consolidation/ Elimination Entries |
|
|
Total |
|
|||||||
Year ended Dec. 31, 2025 |
|
$ |
285,576 |
|
|
$ |
48,003 |
|
|
$ |
9,641 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
343,220 |
|
Year ended Dec. 31, 2024 |
|
|
192,469 |
|
|
|
38,101 |
|
|
|
6,355 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
236,925 |
|
Year ended Dec. 31, 2023 |
|
|
180,743 |
|
|
|
36,402 |
|
|
|
4,926 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
222,071 |
|
|
|
Utility |
|
|
Consolidated |
|
||||||||||||||
(In thousands) |
|
Electric |
|
|
Gas |
|
|
Non-regulated Energy |
|
|
Consolidation/ Elimination Entries |
|
|
Total |
|
|||||
Year ended Dec. 31, 2025 |
|
$ |
285,576 |
|
|
$ |
48,003 |
|
|
$ |
9,641 |
|
|
$ |
— |
|
|
$ |
343,220 |
|
Year ended Dec. 31, 2024 |
|
|
192,469 |
|
|
|
38,101 |
|
|
|
6,355 |
|
|
|
— |
|
|
|
236,925 |
|
Year ended Dec. 31, 2023 |
|
|
180,743 |
|
|
|
36,402 |
|
|
|
4,926 |
|
|
|
— |
|
|
|
222,071 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.