WEC Energy Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
WEC Energy has an operating margin of 25.0%, meaning the company retains $25 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 21.5% the prior year.
WEC Energy's revenue declined 3.3% year-over-year, from $8.9B to $8.6B. This contraction results in a growth score of 19/100.
WEC Energy has a moderate D/E ratio of 1.34. This balance of debt and equity financing earns a leverage score of 61/100.
WEC Energy's current ratio of 0.60 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 4/100, which could limit financial flexibility.
WEC Energy's ROE of 11.9% shows moderate profitability relative to equity, earning a score of 48/100. This is up from 11.0% the prior year.
WEC Energy scores 1.18, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($37.7B) relative to total liabilities ($34.6B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
WEC Energy passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, WEC Energy generates $2.11 in operating cash flow ($3.2B OCF vs $1.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
WEC Energy earns $2.6 in operating income for every $1 of interest expense ($2.2B vs $815.3M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
This page shows WEC Energy (WEC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
WEC Energy generated $8.6B in revenue in fiscal year 2024. This represents a decrease of 3.3% from the prior year.
WEC Energy's EBITDA was $3.5B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.6% from the prior year.
WEC Energy reported $1.5B in net income in fiscal year 2024. This represents an increase of 14.5% from the prior year.
WEC Energy earned $4.83 per diluted share (EPS) in fiscal year 2024. This represents an increase of 14.5% from the prior year.
WEC Energy held $9.8M in cash against $17.2B in long-term debt as of fiscal year 2024.
WEC Energy paid $3.34 per share in dividends in fiscal year 2024. This represents an increase of 7.1% from the prior year.
WEC Energy had 318M shares outstanding in fiscal year 2024. This represents an increase of 0.7% from the prior year.
WEC Energy's gross margin was 69.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 5.0 percentage points from the prior year.
WEC Energy's operating margin was 25.0% in fiscal year 2024, reflecting core business profitability. This is up 3.6 percentage points from the prior year.
WEC Energy's net profit margin was 17.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 2.7 percentage points from the prior year.
WEC Energy's ROE was 11.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the prior year.
WEC Energy spent $3.2M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 80.7% from the prior year.
WEC Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1B+4.7% | $2.0B-36.2% | $3.1B+37.9% | $2.3B+28.9% | $1.8B-33.9% | $2.7B+20.9% | $2.2B+13.3% | $2.0B |
| Cost of Revenue | $608.1M+6.6% | $570.5M-51.1% | $1.2B+57.9% | $738.4M+57.2% | $469.7M-49.3% | $927.1M+21.8% | $761.1M+29.6% | $587.4M |
| Gross Profit | $1.5B+4.0% | $1.4B-27.5% | $2.0B+28.3% | $1.5B+18.7% | $1.3B-25.7% | $1.8B+20.4% | $1.5B+6.3% | $1.4B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $449.6M+11.0% | $404.9M-56.8% | $937.5M+58.7% | $590.9M+62.0% | $364.8M-55.2% | $813.4M+138.3% | $341.4M-27.7% | $472.0M |
| Interest Expense | $223.6M+1.3% | $220.8M-1.0% | $223.0M+2.1% | $218.5M+8.9% | $200.6M+4.5% | $192.0M-0.8% | $193.5M+6.0% | $182.5M |
| Income Tax | $34.4M+76.4% | $19.5M-67.9% | $60.7M-0.7% | $61.1M+46.9% | $41.6M-52.6% | $87.7M+306.0% | $21.6M-64.2% | $60.4M |
| Net Income | $270.2M+11.2% | $243.0M-66.5% | $725.5M+60.1% | $453.1M+115.8% | $210.0M-66.3% | $622.6M+184.9% | $218.5M-30.8% | $315.6M |
| EPS (Diluted) | $0.83+9.2% | $0.76-66.5% | $2.27+58.7% | $1.43+113.4% | $0.67-66.0% | $1.97+185.5% | $0.69-31.0% | $1.00 |
WEC Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $49.8B+2.6% | $48.5B+0.6% | $48.2B+1.8% | $47.4B+6.2% | $44.6B+1.5% | $43.9B0.0% | $43.9B+1.1% | $43.4B |
| Current Assets | $2.5B-3.2% | $2.6B-11.7% | $2.9B+1.1% | $2.9B+12.7% | $2.6B-0.8% | $2.6B-6.8% | $2.8B+14.4% | $2.4B |
| Cash & Equivalents | $51.1M+122.2% | $23.0M-72.0% | $82.2M+738.8% | $9.8M-95.6% | $224.0M+475.8% | $38.9M-9.3% | $42.9M-6.5% | $45.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.3B-15.2% | $1.5B-17.4% | $1.8B+8.6% | $1.7B+34.3% | $1.2B-20.2% | $1.6B+3.6% | $1.5B+20.9% | $1.2B |
| Goodwill | $3.1B0.0% | $3.1B0.0% | $3.1B0.0% | $3.1B0.0% | $3.1B0.0% | $3.1B0.0% | $3.1B0.0% | $3.1B |
| Total Liabilities | $35.8B+2.7% | $34.9B+0.1% | $34.8B+0.7% | $34.6B+7.4% | $32.2B+2.2% | $31.5B-1.2% | $31.9B+1.7% | $31.3B |
| Current Liabilities | $5.1B+7.5% | $4.7B-19.9% | $5.9B+21.1% | $4.8B+38.7% | $3.5B-25.9% | $4.7B-7.9% | $5.1B+25.6% | $4.1B |
| Long-Term Debt | $17.7B+3.2% | $17.1B+5.9% | $16.2B-5.9% | $17.2B+1.6% | $16.9B+10.0% | $15.4B+0.1% | $15.4B-3.7% | $16.0B |
| Total Equity | $14.0B+2.5% | $13.7B+1.8% | $13.4B+4.9% | $12.8B+3.3% | $12.4B-0.3% | $12.4B+2.9% | $12.1B-0.2% | $12.1B |
| Retained Earnings | $8.5B-0.2% | $8.5B-0.5% | $8.5B+5.5% | $8.1B+2.1% | $7.9B-0.7% | $8.0B+4.7% | $7.6B-0.4% | $7.6B |
WEC Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $938.9M+10.0% | $853.3M-26.6% | $1.2B+99.8% | $581.8M-43.9% | $1.0B+20.1% | $863.6M+79.9% | $480.0M-38.8% | $784.1M |
| Capital Expenditures | $1.6B+88.6% | $829.4M+18.3% | $701.1M-12.0% | $796.3M+14.8% | $693.9M+56.1% | $444.5M | N/A | $655.8M |
| Free Cash Flow | -$625.7M-2718.0% | $23.9M-94.8% | $461.5M+785.7% | -$67.3M-119.6% | $343.5M-18.0% | $419.1M | N/A | $128.3M |
| Investing Cash Flow | -$1.6B-83.4% | -$871.0M+20.9% | -$1.1B+37.0% | -$1.7B-114.7% | -$814.6M-86.7% | -$436.2M+44.5% | -$786.5M-17.3% | -$670.3M |
| Financing Cash Flow | $707.3M+1351.9% | -$56.5M-239.9% | $40.4M-95.2% | $848.7M+2457.5% | -$36.0M+92.4% | -$476.5M-244.3% | $330.3M+393.6% | -$112.5M |
| Dividends Paid | $288.7M+1.3% | $285.1M+0.5% | $283.6M+7.0% | $265.0M+0.5% | $263.7M+0.1% | $263.5M+7.1% | $246.1M0.0% | $246.0M |
| Share Buybacks | $0 | $0-100.0% | $1.3M | $0-100.0% | $1.2M-40.0% | $2.0M-66.1% | $5.9M+391.7% | $1.2M |
WEC Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.1%-0.5pp | 71.6%+8.6pp | 63.0%-4.7pp | 67.7%-5.8pp | 73.5%+8.1pp | 65.4%-0.3pp | 65.7%-4.3pp | 70.0% |
| Operating Margin | 21.4%+1.2pp | 20.2%-9.6pp | 29.8%+3.9pp | 25.9%+5.3pp | 20.6%-9.8pp | 30.3%+14.9pp | 15.4%-8.7pp | 24.1% |
| Net Margin | 12.8%+0.7pp | 12.1%-10.9pp | 23.0%+3.2pp | 19.8%+8.0pp | 11.8%-11.4pp | 23.2%+13.4pp | 9.8%-6.3pp | 16.1% |
| Return on Equity | 1.9%+0.2pp | 1.8%-3.6pp | 5.4%+1.9pp | 3.5%+1.9pp | 1.7%-3.3pp | 5.0%+3.2pp | 1.8%-0.8pp | 2.6% |
| Return on Assets | 0.5%+0.0pp | 0.5%-1.0pp | 1.5%+0.5pp | 1.0%+0.5pp | 0.5%-1.0pp | 1.4%+0.9pp | 0.5%-0.2pp | 0.7% |
| Current Ratio | 0.50-0.1 | 0.55+0.1 | 0.50-0.1 | 0.60-0.1 | 0.74+0.2 | 0.550.0 | 0.55-0.1 | 0.60 |
| Debt-to-Equity | 1.260.0 | 1.25+0.0 | 1.20-0.1 | 1.34-0.0 | 1.36+0.1 | 1.24-0.0 | 1.27-0.0 | 1.32 |
| FCF Margin | -29.7%-30.9pp | 1.2%-13.5pp | 14.6%+18.3pp | -3.6%-23.0pp | 19.4%+3.7pp | 15.6% | N/A | 6.6% |
Note: The current ratio is below 1.0 (0.60), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is WEC Energy's annual revenue?
WEC Energy (WEC) reported $8.6B in total revenue for fiscal year 2024. This represents a -3.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is WEC Energy's revenue growing?
WEC Energy (WEC) revenue declined by 3.3% year-over-year, from $8.9B to $8.6B in fiscal year 2024.
Is WEC Energy profitable?
Yes, WEC Energy (WEC) reported a net income of $1.5B in fiscal year 2024, with a net profit margin of 17.7%.
What is WEC Energy's earnings per share (EPS)?
WEC Energy (WEC) reported diluted earnings per share of $4.83 for fiscal year 2024. This represents a 14.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is WEC Energy's EBITDA?
WEC Energy (WEC) had EBITDA of $3.5B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does WEC Energy have?
As of fiscal year 2024, WEC Energy (WEC) had $9.8M in cash and equivalents against $17.2B in long-term debt.
What is WEC Energy's gross margin?
WEC Energy (WEC) had a gross margin of 69.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is WEC Energy's operating margin?
WEC Energy (WEC) had an operating margin of 25.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is WEC Energy's net profit margin?
WEC Energy (WEC) had a net profit margin of 17.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does WEC Energy pay dividends?
Yes, WEC Energy (WEC) paid $3.34 per share in dividends during fiscal year 2024.
What is WEC Energy's return on equity (ROE)?
WEC Energy (WEC) has a return on equity of 11.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is WEC Energy's operating cash flow?
WEC Energy (WEC) generated $3.2B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are WEC Energy's total assets?
WEC Energy (WEC) had $47.4B in total assets as of fiscal year 2024, including both current and long-term assets.
Does WEC Energy buy back shares?
Yes, WEC Energy (WEC) spent $3.2M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does WEC Energy have outstanding?
WEC Energy (WEC) had 318M shares outstanding as of fiscal year 2024.
What is WEC Energy's current ratio?
WEC Energy (WEC) had a current ratio of 0.60 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is WEC Energy's debt-to-equity ratio?
WEC Energy (WEC) had a debt-to-equity ratio of 1.34 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is WEC Energy's return on assets (ROA)?
WEC Energy (WEC) had a return on assets of 3.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is WEC Energy's Altman Z-Score?
WEC Energy (WEC) has an Altman Z-Score of 1.18, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is WEC Energy's Piotroski F-Score?
WEC Energy (WEC) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are WEC Energy's earnings high quality?
WEC Energy (WEC) has an earnings quality ratio of 2.11x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can WEC Energy cover its interest payments?
WEC Energy (WEC) has an interest coverage ratio of 2.6x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is WEC Energy?
WEC Energy (WEC) scores 46 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.