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MADISON GAS & ELECTRIC CO

What Do They Do?

Provides electric and natural gas utility service to residential, commercial, industrial, and municipal customers.

How Do They Make Money?

Customers pay for electricity and gas as they receive it and are billed after meter readings; wholesale buyers pay for electricity sold into the market.

FY2025 revenue by reportable segment revenue
SegmentShareRevenue
Corporate And Other Member
71%
Gas
31%
Non Regulated Energy
6.1%
Transmission Investment
0.0%
Total Reportable Segments
109%
All Others [Members]
0.0%

Who Are Their Customers?

MGE serves households, businesses, and municipalities with electric and natural gas utility service.

Do Revenues Turn Into Profits?

Yes. It kept 18 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$80M.

Operating income, FY2025
23% of revenue
▲ +17% vs FY2024 ($146.3M, 22%)
Net income, FY2025
18% of revenue
▲ +13% vs FY2024 ($120.6M, 18%)
Free cash flow, FY2025
−11% of revenue
▼ Now a loss vs FY2024 ($40.9M, 6%)

How Are They Changing?

Growing. Revenue grew 8% in 2 years, from $690.4M in FY2023 to $743.7M in FY2025, about 4% a year.

Revenue over time
Corporate And Other Member Gas Non Regulated Energy Transmission Investment Total Reportable Segments All Others [Members]
$1B$500M$0
FY2023 FY2024 FY2025

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