Private company
MADISON GAS & ELECTRIC CO
MADISON GAS & ELECTRIC CO is an American electric and services combined company.1
Last updated Oct 20, 2026.
Overview
- IndustryElectric & Other Services Combined1
- HeadquartersMadison, Wisconsin1
- Incorporated inWI2
- Business address133 South Blair Street, Po Box 1231, Madison, Wi 53701-12312
- Filer categoryLarge accelerated filer2
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Regulated electric utility operations – generating, purchasing, and distributing electricity through MGE.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating income | $146.4M5 | $146.3M5 | $170.7M5 | ||
| Income tax | $27.8M5 | $10.6M5 | $20.8M5 | ||
| Net income | $117.7M5 | $120.6M5 | $135.9M5 | ||
| Earnings per share | $3.255 | $3.335 | $3.725 | ||
| Earnings per share (diluted) | $3.255 | $3.335 | $3.725 | ||
| Shares (weighted, basic) | 36.2M shares5 | 36.2M shares5 | 36.5M shares5 | ||
| Shares (weighted, diluted) | 36.2M shares5 | 36.2M shares5 | 36.6M shares5 |
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash | $21.3M5 | $5.7M5 | |||
| Receivables | $51.3M5 | $57.6M5 | |||
| Current assets | $227.3M5 | $228.5M5 | |||
| Property, plant and equipment | $2.3B5 | $2.6B5 | |||
| Total assets | $2.8B5 | $3.2B5 | |||
| Accounts payable | $77.5M5 | $117.7M5 | |||
| Short-term debt | $5.3M5 | $21.6M5 | |||
| Current liabilities | $125.6M5 | $296.7M5 | |||
| Long-term debt | $763.7M5 | $792.2M5 | |||
| Long-term liabilities | $708.6M5 | $762.6M5 | |||
| Retained earnings | $764.1M5 | $832.4M5 | |||
| Shareholders’ equity | $1.1B5 | $1.1B5 | $1.2B5 | $1.3B5 | |
| Shares outstanding | 36.5M shares5 | 36.5M shares5 | 17.3M shares5 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash from operations | $237.6M5 | $277.8M5 | $263.2M5 | ||
| Stock-based compensation | $2.7M5 | $4.5M5 | $3.3M5 | ||
| Capital spending | $222.1M5 | $236.9M5 | $343.2M5 | ||
| Free cash flow | $15.5M | $40.9M | -$80.0M | ||
| Cash from investing | -$230.0M5 | -$241.5M5 | -$350.6M5 | ||
| Dividends paid | $60.4M5 | $63.6M5 | $67.6M5 | ||
| Cash from financing | -$10.5M5 | -$26.8M5 | $71.6M5 | ||
| Dividend per share | $1.675 | $1.765 | $1.855 |
Corporate structure
MADISON GAS & ELECTRIC CO sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
- MADISON GAS & ELECTRIC CO Madison, Wisconsin
- • MGE Transco Investment LLC – owns a minority equity interest in American Transmission Company LLC, which owns and operates electric transmission facilities in Subsidiary · Wisconsin, United States
- • MGEE Transco LLC – owns a minority equity interest in ATC Holdco LLC, which will facilitate electric transmission development and investments outside of Subsidiary · Wisconsin, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What MADISON GAS & ELECTRIC CO reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Construction in progress | $293.0M5 Dec 31, 2025 | $138.2M5 Dec 31, 2024 | +112.0% |
| Property and equipment, net | $2.6B5 Dec 31, 2025 | $2.3B5 Dec 31, 2024 | +12.5% |
| Finance-lease assets | $15.1M5 Dec 31, 2025 | $15.6M5 Dec 31, 2024 | −3.3% |
| Operating-lease assets (leased space) | $7.2M5 Dec 31, 2025 | $7.4M5 Dec 31, 2024 | −2.0% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $5.7M5 Dec 31, 2025 | $21.3M5 Dec 31, 2024 | −73.4% |
| Stakes in other companies (equity method) | $103.0M5 Dec 31, 2025 | $92.6M5 Dec 31, 2024 | +11.2% |
Inventory
Properties, in its own words
Electric Generation
Net summer rated capacity in service as of December 31, 2025, was as follows:
The rest of Item 2
Plants(b) · Location · CommercialOperation Date · Fuel · NameplateCapacity (MW) · Net SummerRatedCapacity (MW)(a) · No. ofUnits
Coal Facilities:
Columbia(c) · Portage, WI · 1975 & 1978 · Low-sulfur Coal · 211 · 213 · 2
Elm Road Units(c) · Oak Creek, WI · 2010 & 2011 · Coal · 106 · 109 · 2
Natural Gas Facilities:
Blount · Madison, WI · 1957 & 1961 · Natural Gas · 100 · 96 · 2
Nine Springs · Madison, WI · 1964 · Natural Gas · 16 · 14 · 1
Sycamore · Madison, WI · 1967 & 1971 · Natural Gas · 38 · 30 · 2
Fitchburg · Fitchburg, WI · 1973 · Natural Gas · 53 · 34 · 2
West Marinette · Marinette, WI · 2000 · Natural Gas/Oil · 90 · 71 · 1
WCCF(c) · Madison, WI · 2005 · Natural Gas/Oil · 157 · 132 · 2
West Riverside(c) · Beloit, WI · 2020 · Natural Gas · 50 · 47 · 2
Distributed Generators:
Multiple Locations · Madison, WI · 1998-2021 · ULSFO(d) · 70 · 53 · 60
Wind Facilities:
Lincoln-Red River · Kewaunee County, WI · 1999 · Wind · 11 · 1 · 17
Top of Iowa · Brookfield, IA · 2008 · Wind · 30 · 4 · 18
Forward(c) · Dodge & Fond du Lac Counties, WI · 2008 · Wind · 18 · 3 · 86
Saratoga · Howard County, IA · 2019 · Wind · 66 · 17 · 33
Red Barn(c) · Grant County, WI · 2023 · Wind · 9 · 2 · 28
Solar Facilities:
Morey Field · Middleton, WI · 2020 · Solar · 6 · 3 · 4
Two Creeks(c) · Two Creeks, WI · 2020 · Solar · 50 · 36 · 48
Dane County · Madison, WI · 2020 · Solar · 10 · 7 · 4
O'Brien · Fitchburg, WI · 2021 · Solar · 22 · 14 · 8
Badger Hollow I & II(c) · Monfort, WI · 2021 & 2023 · Solar · 100 · 72 · 400
Hermsdorf · Madison, WI · 2022 · Solar · 8 · 6 · 64
Tyto · Fitchburg, WI · 2024 · Solar · 6 · 4 · 24
Paris(c) · Paris, WI · 2024 · Solar · 20 · 15 · 53
Strix · Fitchburg, WI · 2025 · Solar · 6 · 2 · 24
Darien(c) · Rock & Walworth Counties, WI · 2025 · Solar · 25 · 17 · 65
Energy Storage:
Paris(c) · Paris, WI · 2025 · Battery · 11 · 10 · 30
Total · 1,289 · 1,012
Net summer rated capacity is determined by annual testing (measured in June, July or August) and may vary from year to year due to, among other things, the operating and physical conditions of the units.
All facilities shown are owned by MGE unless footnoted otherwise.
MGE jointly owns these facilities with various other utilities. The capacity shown represents MGE's ownership share:
Columbia is jointly-owned by MGE, WPSC and WPL, which operates the facility. MGE's ownership interest is 19%. See "Columbia" below for further information.
Elm Road Units is jointly owned by MGE, WPPI Energy, Inc, and WEC, which operates the units. MGE's ownership interest is 8.33%. See "Elm Road Units" below for further information.
WCCF is jointly-owned by MGE and UW. Per the joint plant agreement, the UW is allocated 17 MW of the net capability of these units during the summer cooling season. The net summer-rated capacity shown reflects this decrease. MGE's ownership interest is 55%. See "WCCF" below for further information.
West Riverside is jointly owned by multiple parties including MGE and WPL, which operates the facility. Power from this facility is shared in proportion to each owner's ownership interest. Commercial operation date of facility was 2020. MGE purchased its ownership interest of 6.9% in 2023 and 2024.
Forward is jointly owned by MGE, WPL and WPSC, which operates the facility. Power from this facility is shared in proportion to each owner's ownership interest. Commercial operation date of facility was 2008. MGE purchased its 12.8% ownership interest in 2018.
Red Barn is jointly owned by MGE and WPSC, which operates the facility. MGE's ownership interest is 10%.
Two Creeks and Badger Hollow I and II are both jointly owned with WPSC, which operates the facilities. MGE's ownership interest is 33%.
Paris and Darien are both jointly owned by MGE, WPSC and WEPCO, which operates the facilities. MGE's ownership interest is 10%.
ULSFO is ultra low-sulfur fuel oil.
Columbia
MGE and two other utilities jointly own Columbia, a coal-fired generating facility consisting of two units, which, as of December 31, 2025, accounted for 21% of MGE's net summer rated capacity. Power from this facility is shared in proportion to each owner's ownership interest. As of December 31, 2025, MGE had a 19% ownership interest in Columbia. The other owners are WPL, which operates Columbia, and WPSC. Operational, regulatory, and environmental regulation considerations have impacted and continue to impact Columbia's generation planning. MGE, as a minority owner, and Columbia's other co-owners continue to evaluate transitioning away from coal and continue to evaluate replacing the generation from Columbia while maintaining electric service reliability. MGE and Columbia's co-owners are exploring converting Columbia to natural gas.
The Columbia units burn low-sulfur sub-bituminous coal obtained from the Powder River Basin coal fields located in Wyoming. The coal inventory supply for the Columbia units was approximately 87 days as of December 31, 2024, and approximately 84 days as of December 31, 2025.
Elm Road Units and WCCF
Item 2 of the 10-K filed Mar 2, 2026.4
Leadership
Who has led MADISON GAS & ELECTRIC CO, and when. Pick a name to see everywhere that person has worked.
Chief financial officer
- Chief financial officerJeffrey C. Newman Mar 3, 2011 to Mar 3, 20117
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- • MGE Transco Investment LLC – owns a minority equity interest in American Transmission Company LLC, which owns and operates electric transmission facilities in Wisconsin.3
- • MGEE Transco LLC – owns a minority equity interest in ATC Holdco LLC, which will facilitate electric transmission development and investments outside of Wisconsin.3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Filings
2 filings to the SEC since October 2021: 1 annual reports, 1 other. The latest 2:
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
SEC filer profile
How MADISON GAS & ELECTRIC CO is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARMADISON GAS & ELECTRIC CO1
- CIK0000061339
- Employer ID (EIN)39-04440254
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inWisconsin4
- Fiscal year endsOctober 251
- Industry code (SIC)4931 Electric & Other Services Combined1
- SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
- Business address133 South Blair Street, Po Box 1231, Madison, WI 53701-12311
- Mailing addressPo Box 1231, Madison, WI 53701-12311
- Phone(608) 252-70001
- Shares outstanding37,784,012 as of Jul 31, 20266
- AuditorPricewaterhouseCoopers LLP, Chicago, Illinois PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceMar 2, 19941
- Filings430 in all: 8-K (202), 10-Q (98), 10-K (25), 424B2 (9), 425 (9), DEF 14A (9), 10-K405 (8), UPLOAD (8)1
All 32 form types
S-3ASR (7), SC 13G/A (6), S-3 (5), ARS (4), CORRESP (4), U-1/A (4), 10-Q/A (3), 424B5 (3), 8-K/A (3), U-3A-2 (3), 15-12G (2), 424B3 (2), 8-A12G (2), FWP (2), PRE 14A (2), U-3A-2/A (2), 10-C (1), 10-K405/A (1), 4 (1), 424B1 (1), EFFECT (1), S-8 (1), SC 13G (1), U-1 (1)
- Latest filingsAnnual report (10-K) Mar 2, 2026
Quarterly report (10-Q) Aug 5, 2026
Proxy statement (DEF 14A) Mar 29, 2023
Latest 8-K (8-K) Oct 5, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $1 Par Value Per Share | MGEE | NASDAQ |
From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks MADISON GAS & ELECTRIC CO names in Item 1A of its 10-K filed Mar 2, 2026: 26 risks under these headings, as written.4
- Regulatory Risk
- We are subject to extensive government regulation in our business, which affects our costs and ability to respond to changing events and circumstances.
- Our utility revenues are subject to regulatory proceedings and/or negotiated settlements, which can affect our ability to recover, and the timing of recovery of, costs that we incur in our operations.
- We could be subject to higher costs and potential penalties resulting from mandatory reliability standards.
- We are subject to changing environmental laws and regulations that may affect our costs and business plans.
- We may be subject to future laws, regulations, or actions associated with public concern with fossil-fuel generation, greenhouse gases, and the effects of global climate change.
- We face risk regarding the recovery of fuel and purchased power costs.
- Changes in federal income tax policy, including provisions under the Inflation Reduction Act (IRA) and One Big Beautiful Bill Act (OBBBA), or our inability to use or generate tax credits, may adversely affect our financial condition, results of operations, and cash flows, and credit ratings.
- Operating Risk
- We are affected by weather, which affects customer demand and can affect the operation of our facilities.
- Demand for electricity and gas associated with existing data centers, and data centers developed in the future, could have a material impact on our operations.
- We could be adversely affected by changes in the development, and utilization by our customers, of power generation, storage, and use technologies, as well as emerging technologies such as AI.
The other 16 risks
- We are affected by local, national, and worldwide economic activity.
- Our operations could be adversely affected by global climate change.
- The ability to obtain an adequate supply of coal could limit the ability to operate the co-owned coal-fired facilities from which we receive a significant portion of our electric supply.
- Our ability to manage our purchased power costs is influenced by a number of uncontrollable factors.
- The equipment and facilities in our operational system are subject to risks that may adversely affect our financial performance.
- Our operations and confidential information are subject to the risk of physical or cyber attacks, which could have an adverse effect on our business and performance.
- Catastrophic and unpredictable events, including, but not limited to, terrorist or other physical attacks, could have a material adverse effect on our business.
- We face risk in connection with the completion of significant capital projects.
- Our stated long-term goals are based on various assumptions and beliefs that may not prove to be achievable in the time frame projected.
- Failure to attract and retain an appropriately qualified workforce could affect our operations.
- Financial Risk
- We are exposed to commodity price risk relating to our purchases of natural gas, electricity, coal, oil, and environmental allowances.
- Interest rate movements and market performance affects our employee benefit plan costs.
- We are exposed to interest rate risk.
- We are exposed to counterparty credit risk primarily through our regulated energy business.
- As a holding company, we are dependent on upstream cash flows from our subsidiaries for the payment of dividends on our common stock.
- Disruptions in the financial markets or changes to our credit ratings may affect our ability to finance at a reasonable cost and in accordance with our planned schedule.
Legal proceedings
MGE Energy and its subsidiaries, including MGE, from time to time are involved in various legal proceedings that are handled and defended in the ordinary course of business.
See "Environmental Regulations" under Part I, Item 1. Business and Footnote 16.a. of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Report for a description of several environmental proceedings affecting MGE. See Footnote 16b. of the Notes to Consolidated Financial Statements under Part II, Item 8. Financial Statements and Supplementary Data in this Report for a description of other legal matters.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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