WEC Energy Group reports first-quarter results
Rhea-AI Summary
WEC Energy Group (NYSE: WEC) reported first-quarter 2026 net income of $804.4 million (fully diluted $2.45 per share) versus $724.2 million ($2.27) a year earlier. Consolidated revenues were $3.4 billion, up $284.7 million year‑over‑year. Retail electricity deliveries excluding the Michigan iron ore mine rose ~1.1% (weather‑normal +1.3%). Natural gas deliveries in Wisconsin declined 3.5% (weather‑normal −2.1%). The company reaffirmed 2026 EPS guidance of $5.51–$5.61. A conference call and webcast are scheduled for May 5, 2026.
Positive
- Net income rose to $804.4M, up about 11% year‑over‑year
- Consolidated revenues of $3.4B, up $284.7M from prior year
- Company reaffirmed 2026 EPS guidance of $5.51–$5.61
- Retail electricity deliveries (ex mine) increased ~1.1% (weather‑normal +1.3%)
Negative
- Natural gas deliveries in Wisconsin decreased 3.5% (weather‑normal −2.1%)
Key Figures
Market Reality Check
Peers on Argus
Peers showed mixed moves: ED (-0.37%), PCG (-0.55%), XEL (-0.95%) were down while ETR (+0.71%) and PEG (+1.14%) were up. Scanner only flagged ED with a larger downside move (-9.34%), suggesting stock-specific dynamics rather than a uniform utilities sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 28 | Earnings date notice | Neutral | +0.6% | Set timing for Q1 2026 results and investor conference call logistics. |
| Apr 16 | Subsidiary dividends | Positive | -0.5% | Wisconsin Electric declared cash dividends on two preferred share series. |
| Apr 16 | Common dividend | Positive | +1.4% | WEC declared a quarterly dividend, continuing a long-running payment streak. |
| Feb 05 | Full-year results | Positive | -1.2% | Reported 2025 earnings growth, reaffirmed 2026 guidance and raised dividend. |
| Jan 29 | Earnings date notice | Neutral | +0.3% | Announced timing of Q4 and full-year 2025 results and call details. |
Recent news shows generally mild price reactions, with some negative moves even following clearly positive financial updates and dividend actions.
Over the last six months, WEC has focused on steady earnings communication, dividend consistency and long-term capital planning. A February update reported 2025 GAAP net income of $1.56 billion and $5.27 adjusted EPS, alongside reaffirmed 2026 EPS guidance of $5.51–$5.61 and a higher dividend. April brought announcements of the Q1 2026 earnings date and two dividend declarations, extending a long dividend streak. Today’s Q1 results and reaffirmed guidance build directly on that message of stable growth and capital plan execution.
Market Pulse Summary
This announcement highlights stronger Q1 results, with net income of $804.4 million, EPS of $2.45 and consolidated revenues of $3.4 billion, all above the prior-year quarter. Retail electricity deliveries grew modestly while natural gas volumes declined. Management reaffirmed 2026 EPS guidance of $5.51–$5.61, consistent with earlier communications on growth and capital plans. Investors may watch subsequent quarters for demand trends, execution of the capital program and any shifts in guidance or regulatory conditions.
Key Terms
fully diluted financial
AI-generated analysis. Not financial advice.
Consolidated revenues totaled
"The continued execution of our capital plan and focus on operating efficiencies led to solid first-quarter results," said Scott Lauber, president and CEO. "As we build for a growing economy, we remain committed to delivering reliable, safe energy to the customers and communities we serve."
Retail deliveries of electricity — excluding the iron ore mine in
Electricity consumption by small commercial and industrial customers was 0.7 percent higher. Electricity use by large commercial and industrial customers — excluding the iron ore mine — increased by 2.7 percent.
Residential electricity use rose by 0.2 percent.
On a weather-normal basis, retail deliveries of electricity — excluding the iron ore mine — increased by 1.3 percent.
For the quarter, natural gas deliveries in
The company is reaffirming its 2026 earnings guidance of
Earnings per share listed in this news release are on a fully diluted basis.
Conference call
A conference call is scheduled for 1 p.m. Central time, Tuesday, May 5. The call will review 2026 first-quarter earnings and the company's outlook for the future.
All interested parties, including stockholders, news media and the general public, are invited to listen. Access the call at 888-330-2443 up to 15 minutes before it begins. The number for international callers is 240-789-2728. The conference ID is 3088105.
Conference call access also is available at wecenergygroup.com. Under 'Webcasts,' select 'Q1 Earnings.' In conjunction with this earnings announcement, WEC Energy Group will post on its website a package of detailed financial information on its first-quarter performance. The materials will be available at 6:30 a.m. Central time, Tuesday, May 5.
Replay
A replay will be available on the website and by phone. Access to the webcast replay will be available on the website about two hours after the call. Access to a phone replay also will be available approximately two hours after the call and remain accessible through May 19, 2026. Domestic callers should dial 800-770-2030. International callers should dial 647-362-9199. The replay conference ID is 3088105.
WEC Energy Group (NYSE: WEC), based in
The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a fleet of renewable generation facilities in states ranging from
WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 32,000 stockholders of record, 7,000 employees and more than
Forward-looking statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management's current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding earnings, earnings growth rates, dividend payments and future results. In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as "anticipates," "believes," "estimates," "expects," "forecasts," "guidance," "intends," "may," "objectives," "plans," "possible," "potential," "projects," "should," "targets," "will" or similar terms or variations of these terms.
Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company's service territories; timing, resolution and impact of rate cases and other regulatory decisions, including rider reconciliations; the company's ability to continue to successfully integrate the operations of its subsidiaries; availability of the company's generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; unusual, varying or severe weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; electrification initiatives, mandates and other efforts to reduce the use of natural gas; the company's ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan, including projects related to serving data centers and other large-scale customers; terrorist, physical or cyber-security threats or attacks and data security breaches; construction risks; labor disruptions; equity and bond market fluctuations; changes in the company's and its subsidiaries' ability to access the capital markets; changes in tax legislation or our ability to use certain tax benefits and carryforwards; changes in and uncertainty around federal, state, and local legislation and regulation, including changes in rate-setting policies or procedures and environmental standards, in the enforcement of these laws and regulations and in the interpretation of regulations or permit conditions by regulatory agencies; supply chain disruptions; inflation; political or geopolitical developments impacting the global economy, supply chain and fuel prices generally, including as a result of changes to government trade policies, geopolitical tensions between the
Tables follow
WEC ENERGY GROUP, INC. | ||||
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) | Three Months Ended | |||
March 31 | ||||
(in millions, except per share amounts) | 2026 | 2025 | ||
Operating revenues | $ 3,434.2 | $ 3,149.5 | ||
Operating expenses | ||||
Cost of sales | 1,391.0 | 1,165.7 | ||
Other operation and maintenance | 608.7 | 608.0 | ||
Depreciation and amortization | 379.8 | 359.9 | ||
Property and revenue taxes | 74.7 | 78.4 | ||
Total operating expenses | 2,454.2 | 2,212.0 | ||
Operating income | 980.0 | 937.5 | ||
Equity in earnings of transmission affiliates | 59.5 | 53.6 | ||
Other income, net | 48.2 | 18.1 | ||
Interest expense | 228.5 | 223.0 | ||
Other expense | (120.8) | (151.3) | ||
Income before income taxes | 859.2 | 786.2 | ||
Income tax expense | 53.1 | 60.7 | ||
Net income | 806.1 | 725.5 | ||
Preferred stock dividends of subsidiary | 0.3 | 0.3 | ||
Net income attributed to noncontrolling interests | (1.4) | (1.0) | ||
Net income attributed to common shareholders | $ 804.4 | $ 724.2 | ||
Earnings per share | ||||
Basic | $ 2.47 | $ 2.28 | ||
Diluted | $ 2.45 | $ 2.27 | ||
Weighted average common shares outstanding | ||||
Basic | 325.6 | 318.2 | ||
Diluted | 328.3 | 319.3 | ||
Dividends per share of common stock | $ 0.9525 | $ 0.8925 | ||
WEC ENERGY GROUP, INC. | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share amounts) | March 31, 2026 | December 31, 2025 | ||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ 45.6 | $ 27.6 | ||
Accounts receivable and unbilled revenues, net of reserves of | 1,914.4 | 2,062.7 | ||
Materials, supplies, and inventories | 612.3 | 803.4 | ||
Prepaid taxes | 125.2 | 178.8 | ||
Other prepayments | 80.5 | 92.4 | ||
Other | 203.0 | 119.8 | ||
Current assets | 2,981.0 | 3,284.7 | ||
Long-term assets | ||||
Property, plant, and equipment, net of accumulated depreciation and amortization of | 38,707.0 | 38,278.1 | ||
Regulatory assets (March 31, 2026 and December 31, 2025 include related to WEPCo Environmental Trust Finance I, LLC) | 3,111.3 | 3,156.3 | ||
Equity investment in transmission affiliates | 2,369.5 | 2,280.4 | ||
Goodwill | 3,052.8 | 3,052.8 | ||
Pension and OPEB assets | 1,098.5 | 1,082.4 | ||
Other | 413.9 | 383.6 | ||
Long-term assets | 48,753.0 | 48,233.6 | ||
Total assets | $ 51,734.0 | $ 51,518.3 | ||
Liabilities and Equity | ||||
Current liabilities | ||||
Short-term debt | $ 2,045.2 | $ 1,924.7 | ||
Current portion of long-term debt (March 31, 2026 and December 31, 2025 include WEPCo Environmental Trust Finance I, LLC) | 520.4 | 1,519.4 | ||
Accounts payable | 830.8 | 1,140.1 | ||
Accrued interest | 264.1 | 161.3 | ||
Other | 728.9 | 847.9 | ||
Current liabilities | 4,389.4 | 5,593.4 | ||
Long-term liabilities | ||||
Long-term debt (March 31, 2026 and December 31, 2025 include Environmental Trust Finance I, LLC) | 19,381.8 | 18,498.1 | ||
Finance lease obligations | 370.4 | 372.0 | ||
Deferred income taxes | 5,967.2 | 5,891.7 | ||
Deferred revenue, net | 309.6 | 314.2 | ||
Regulatory liabilities | 4,114.7 | 4,121.3 | ||
Intangible liabilities | 565.3 | 580.3 | ||
Environmental remediation liabilities | 474.3 | 484.1 | ||
Asset retirement obligations | 660.6 | 647.0 | ||
Other | 931.4 | 963.4 | ||
Long-term liabilities | 32,775.3 | 31,872.1 | ||
Commitments and contingencies | ||||
Common shareholders' equity | ||||
Common stock – shares outstanding, respectively | 3.3 | 3.3 | ||
Additional paid in capital | 5,147.4 | 5,124.4 | ||
Retained earnings | 8,987.8 | 8,493.5 | ||
Accumulated other comprehensive loss | (7.5) | (7.6) | ||
Common shareholders' equity | 14,131.0 | 13,613.6 | ||
Preferred stock of subsidiary | 30.4 | 30.4 | ||
Noncontrolling interests | 407.9 | 408.8 | ||
Total liabilities and equity | $ 51,734.0 | $ 51,518.3 | ||
WEC ENERGY GROUP, INC. | ||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | Three Months Ended | |||
March 31 | ||||
(in millions) | 2026 | 2025 | ||
Operating activities | ||||
Net income | $ 806.1 | $ 725.5 | ||
Reconciliation to cash provided by operating activities | ||||
Depreciation and amortization | 379.8 | 359.9 | ||
Deferred income taxes and ITCs, net | 27.8 | 55.6 | ||
Contributions and payments related to pension and OPEB plans | (3.8) | (3.9) | ||
Equity income in transmission affiliates, net of distributions | (13.3) | 2.2 | ||
Change in – | ||||
Accounts receivable and unbilled revenues, net | 77.9 | (180.3) | ||
Materials, supplies, and inventories | 191.1 | 237.2 | ||
Other current assets | (10.2) | 13.0 | ||
Accounts payable | (201.0) | (195.4) | ||
Accrued interest | 102.8 | 83.5 | ||
Other current liabilities | (47.9) | 74.2 | ||
Other, net | (90.9) | (8.9) | ||
Net cash provided by operating activities | 1,218.4 | 1,162.6 | ||
Investing activities | ||||
Capital expenditures | (817.9) | (701.1) | ||
Acquisition of Hardin Solar Energy III LLC, net of cash acquired of | — | (406.1) | ||
Capital contributions to transmission affiliates | (75.8) | (42.3) | ||
Proceeds from the sale of assets | 21.7 | — | ||
Reimbursement for American Transmission Company LLC's transmission infrastructure upgrades | — | 39.7 | ||
Other, net | (14.4) | 8.0 | ||
Net cash used in investing activities | (886.4) | (1,101.8) | ||
Financing activities | ||||
Exercise of stock options | 7.4 | 21.2 | ||
Issuance of common stock, net | 12.8 | 117.1 | ||
Dividends paid on common stock | (310.1) | (283.6) | ||
Issuance of long-term debt | 1,005.2 | — | ||
Retirement of long-term debt | (1,118.9) | (17.9) | ||
Change in commercial paper | 119.2 | 209.5 | ||
Other, net | (11.2) | (5.9) | ||
Net cash provided by (used in) financing activities | (295.6) | 40.4 | ||
Net change in cash, cash equivalents, and restricted cash | 36.4 | 101.2 | ||
Cash, cash equivalents, and restricted cash at beginning of period | 70.9 | 42.2 | ||
Cash, cash equivalents, and restricted cash at end of period | $ 107.3 | $ 143.4 | ||
View original content:https://www.prnewswire.com/news-releases/wec-energy-group-reports-first-quarter-results-302761810.html
SOURCE WEC Energy Group