WEC Energy Group reports second-quarter results

Rhea-AI Summary

WEC Energy Group (NYSE: WEC) reported second-quarter 2026 net income of $299.2 million, or $0.91 diluted EPS, up from $245.4 million, or $0.76, a year earlier. For the first six months, net income rose to $1.10 billion, or $3.36 diluted EPS, compared with $969.6 million, or $3.02, in 2025. First-half consolidated revenues reached $5.50 billion, up from $5.16 billion.

Q2 operating income increased to $432.8 million, with higher equity earnings from transmission affiliates and other income. Retail electricity deliveries, excluding certain large customers, were flat, but rose 1.2% on a weather-normal basis. The company reaffirmed its 2026 earnings guidance of $5.51–$5.61 per share, assuming normal weather, and reported strong operating cash flow of $2.21 billion for the first half alongside capital expenditures of $2.08 billion and long-term debt of $19.22 billion.

Positive

• Q2 2026 diluted EPS rose to $0.91 from $0.76
• First-half 2026 net income increased to $1.10 billion from $969.6 million
• First-half revenues grew to $5.50 billion from $5.16 billion
• Operating cash flow reached $2.21 billion for first-half 2026 vs. $2.02 billion
• Weather-normal retail electricity deliveries up 1.2% in Q2 2026
• 2026 EPS guidance reaffirmed at $5.51 to $5.61 per share

Negative

• Capital expenditures increased to $2.08 billion from $1.53 billion
• Long-term debt rose to $19.22 billion from $18.50 billion
• Residential electricity use decreased 1.1% in Q2 2026
• Cost of sales for first half increased to $1.95 billion from $1.74 billion

News Explained

At June 30, WEC reported 325,849,383 shares outstanding alongside its reported debt balances.

In its reported second-quarter results, WEC Energy Group disclosed June 30, 2026 common shares outstanding of 325,849,383, versus 325,461,519 at year-end.

Issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes; the reported higher share count therefore adds a dilution consideration for existing common holders.

The June 30, 2026 balance sheet also reported $1,934.1 million of short-term debt and $19,216.3 million of long-term debt.

Market Context

WEC's earnings-date notice preceded a 1.47% 24-hour gain, while later operating updates were mixed. ...

Analysis

WEC's earnings-date notice preceded a 1.47% 24-hour gain, while later operating updates were mixed. The current report provides stronger profit data; recent insider net selling remains a risk to monitor.

Key Figures

Q2 net income: $299.2 million vs. $245.4 million Q2 diluted EPS: 91 cents per share vs. 76 cents Six-month net income: $1.1 billion vs. $969.6 million +5 more

8 metrics

Q2 net income $299.2 million vs. $245.4 million Second quarter 2026 vs. second quarter 2025

Q2 diluted EPS 91 cents per share vs. 76 cents Second quarter 2026 vs. second quarter 2025

Six-month net income $1.1 billion vs. $969.6 million First six months of 2026 vs. corresponding 2025 period

Six-month diluted EPS $3.36 per share vs. $3.02 First six months of 2026 vs. corresponding 2025 period

Consolidated revenues $5.5 billion, up $337.3 million First half of 2026 vs. first half of 2025

2026 EPS guidance $5.51 to $5.61 per share 2026 guidance reaffirmed

Weather-normal retail deliveries Increased by 1.2% Second quarter 2026, excluding iron ore mine and VLCs

Residential electricity use Decreased by 1.1% Second quarter 2026

Historical Context

5 past events · Latest: Jul 22 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 22	Earnings date notice	Neutral	+1.5%	Announced July 29 second-quarter earnings release and conference call schedule.
Jul 16	Preferred dividend declaration	Positive	+1.4%	Declared quarterly preferred-stock dividends payable in September and October 2026.
Jul 16	Common dividend declaration	Positive	+1.4%	Declared $0.9525 quarterly common dividend and continued 336-quarter payment record.
Jul 01	Energy efficiency award	Positive	-0.5%	Recognized Mercy Housing energy-efficiency projects across more than 2,000 affordable units.
May 07	Annual meeting update	Positive	-1.0%	Highlighted capital execution, renewable projects, shareholder returns and leadership transition.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

WEC's recent positive announcements produced mixed outcomes, with dividend news aligning positively while broader corporate updates diverged.

Key Terms

fully diluted basis, regulatory assets, noncontrolling interests, afudc-equity

4 terms

fully diluted basis financial

"Earnings per share listed in this news release are on a fully diluted basis."

A fully diluted basis counts every share that could exist if all outstanding options, warrants, convertible securities and other rights were exercised or converted into common stock, showing the maximum number of shares outstanding. For investors this matters because it spreads ownership and earnings across that larger share count, like slicing a pie into every possible piece before deciding how big each investor’s slice will be, which affects per-share value and ownership percentage.

regulatory assets regulatory

"Regulatory assets (June 30, 2026 and December 31, 2025 include"

Costs or expenses that a regulated company is allowed by a regulator to recover from customers in future rates, recorded on the balance sheet as assets because the company expects to collect them later. Think of it like an IOU the regulator permits the company to collect from future bills; it matters to investors because it affects reported assets, future cash flow timing, and the risk that some or all of those costs may not be approved for recovery.

noncontrolling interests financial

"Net (income) loss attributed to noncontrolling interests"

The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.

afudc-equity technical

"AFUDC-Equity | (94.8) | (38.6)"

AFUDC‑equity is the accounting credit that a regulated company adds to the cost of building long‑lived assets to recognize a notional return on the portion of construction financed by shareholders’ equity. Think of it like paying the company’s owners a running “interest” on their money while a project is being built; it boosts reported profits and the capitalized cost of the asset today and can influence future regulated rates and cash flows received by investors.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MILWAUKEE, July 29, 2026 /PRNewswire/ -- WEC Energy Group (NYSE: WEC) today reported net income of $299.2 million, or 91 cents per share, for the second quarter of 2026 — up from $245.4 million, or 76 cents per share, for last year's second quarter.

For the first six months of 2026, the company recorded net income of $1.1 billion, or $3.36 per share — up from $969.6 million, or $3.02 per share, in the corresponding period a year ago.

Consolidated revenues totaled $5.5 billion, up $337.3 million from the first half of 2025.

"Our focus on customer service, financial discipline and operating efficiency — while continuing to execute on our capital plan — helped deliver a strong quarter," said Scott Lauber, chairman, president and CEO.

Retail deliveries of electricity — excluding the iron ore mine in Michigan's Upper Peninsula and Very Large Customers (VLCs) in Wisconsin — were essentially flat in the second quarter of 2026, compared to the second quarter last year.

Electricity consumption by small commercial and industrial customers was 0.2 percent lower. Electricity use by large commercial and industrial customers — excluding the iron ore mine and VLCs — increased by 0.9 percent.

Residential electricity use decreased by 1.1 percent.

On a weather-normal basis, retail deliveries of electricity during the second quarter of this year — excluding the iron ore mine and VLCs — increased by 1.2 percent.

The company is reaffirming its 2026 earnings guidance of $5.51 to $5.61 per share. This assumes normal weather for the remainder of the year.

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, Wednesday, July 29. The call will review 2026 second-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 'Q2 Earnings.' In conjunction with this earnings announcement, WEC Energy Group will post on its website a package of detailed financial information on its second-quarter performance. The materials will be available at 6:30 a.m. Central time, Wednesday, July 29.

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 Aug. 12, 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 Milwaukee, is one of the nation's premier energy companies, serving 4.8 million customers in Wisconsin, Illinois, Michigan and Minnesota.

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 South Dakota to Texas.

WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 31,000 stockholders of record, 7,000 employees and more than $52 billion of assets.

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 U.S. and other countries, such as the war with Iran, or other new, protracted or escalating regional or international conflicts; the impact from any health crises, including epidemics and pandemics; current and future litigation and regulatory investigations, proceedings or inquiries; the ability of the Company to successfully and/or timely adopt new technologies, including artificial intelligence; changes in accounting standards; the financial performance of the American Transmission Company as well as projects in which the company's energy infrastructure business invests; the ability of the company to obtain additional generating capacity at competitive prices; goodwill and its possible impairment; and other factors described under the heading "Factors Affecting Results, Liquidity and Capital Resources" in Management's Discussion and Analysis of Financial Condition and Results of Operations and under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" contained in the company's Form 10-K for the year ended Dec. 31, 2025, and in subsequent reports filed with the Securities and Exchange Commission. Except as may be required by law, the company expressly disclaims any obligation to publicly update or revise any forward-looking information.

Tables follow

 

WEC ENERGY GROUP, INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)		Three Months Ended				Six Months Ended
		June 30				June 30
(in millions, except per share amounts)		2026		2025		2026		2025
Operating revenues		$                   2,062.1		$                   2,009.5		$                   5,496.3		$                   5,159.0
Operating expenses
Cost of sales		555.6		570.5		1,946.6		1,736.2
Other operation and maintenance		617.1		596.2		1,225.8		1,204.2
Depreciation and amortization		384.9		368.9		764.7		728.8
Property and revenue taxes		71.7		69.0		146.4		147.4
Total operating expenses		1,629.3		1,604.6		4,083.5		3,816.6
Operating income		432.8		404.9		1,412.8		1,342.4
Equity in earnings of transmission affiliates		62.6		51.9		122.1		105.5
Other income, net		61.5		26.5		109.7		44.6
Interest expense		228.9		220.8		457.4		443.8
Other expense		(104.8)		(142.4)		(225.6)		(293.7)
Income before income taxes		328.0		262.5		1,187.2		1,048.7
Income tax expense		27.0		19.5		80.1		80.2
Net income		301.0		243.0		1,107.1		968.5
Preferred stock dividends of subsidiary		0.3		0.3		0.6		0.6
Net (income) loss attributed to noncontrolling interests		(1.5)		2.7		(2.9)		1.7
Net income attributed to common shareholders		$                      299.2		$                      245.4		$                   1,103.6		$                      969.6
Earnings per share
Basic		$                        0.92		$                        0.77		$                        3.39		$                         3.04
Diluted		$                        0.91		$                        0.76		$                        3.36		$                         3.02
Weighted average common shares outstanding
Basic		325.8		320.3		325.7		319.3
Diluted		328.9		322.2		328.6		320.7
Dividends per share of common stock		$                    0.9525		$                    0.8925		$                    1.9050		$                    1.7850

 

WEC ENERGY GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share amounts)		June 30, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents		$                           50.0		$                           27.6
Accounts receivable and unbilled revenues, net of reserves of $148.9 and $148.7, respectively		1,529.2		2,062.7
Materials, supplies, and inventories		744.6		803.4
Prepaid taxes		203.2		178.8
Other prepayments		57.8		92.4
Other		197.0		119.8
Current assets		2,781.8		3,284.7
Long-term assets
Property, plant, and equipment, net of accumulated depreciation and amortization of $12,783.3 and $12,411.5, respectively		39,827.6		38,278.1
Regulatory assets (June 30, 2026 and December 31, 2025 include $63.6 and $67.5, respectively, related to WEPCo Environmental Trust Finance I, LLC)		3,130.4		3,156.3
Equity investment in transmission affiliates		2,420.7		2,280.4
Goodwill		3,052.8		3,052.8
Pension and OPEB assets		1,115.6		1,082.4
Other		421.5		383.6
Long-term assets		49,968.6		48,233.6
Total assets		$                   52,750.4		$                   51,518.3
Liabilities and Equity
Current liabilities
Short-term debt		$                     1,934.1		$                     1,924.7
Current portion of long-term debt (June 30, 2026 and December 31, 2025 include $9.4 and $9.3, respectively, related to WEPCo Environmental Trust Finance I, LLC)		1,413.5		1,519.4
Accounts payable		1,018.6		1,140.1
Other		842.2		1,009.2
Current liabilities		5,208.4		5,593.4
Long-term liabilities
Long-term debt (June 30, 2026 and December 31, 2025 include $62.8 and $67.4, respectively, related to WEPCo Environmental Trust Finance I, LLC)		19,216.3		18,498.1
Finance lease obligations		415.8		372.0
Deferred income taxes		6,165.3		5,891.7
Deferred revenue, net		305.0		314.2
Regulatory liabilities		4,229.6		4,121.3
Intangible liabilities		550.3		580.3
Environmental remediation liabilities		466.2		484.1
Asset retirement obligations		668.6		647.0
Other		951.9		963.4
Long-term liabilities		32,969.0		31,872.1
Commitments and contingencies
Common shareholders' equity
Common stock – $0.01 par value; 650,000,000 shares authorized; 325,849,383 and 325,461,519 shares outstanding, respectively		3.3		3.3
Additional paid in capital		5,162.3		5,124.4
Retained earnings		8,976.8		8,493.5
Accumulated other comprehensive loss		(7.5)		(7.6)
Common shareholders' equity		14,134.9		13,613.6
Preferred stock of subsidiary		30.4		30.4
Noncontrolling interests		407.7		408.8
Total liabilities and equity		$                   52,750.4		$                   51,518.3

 

WEC ENERGY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)		Six Months Ended
		June 30
(in millions)		2026		2025
Operating activities
Net income		$                   1,107.1		$                      968.5
Reconciliation to cash provided by operating activities
Depreciation and amortization		764.7		728.8
Deferred income taxes and ITCs, net		189.9		220.0
AFUDC-Equity		(94.8)		(38.6)
Contributions and payments related to pension and OPEB plans		(7.2)		(7.1)
Equity income in transmission affiliates, net of distributions		(27.8)		(3.4)
Change in –
Accounts receivable and unbilled revenues, net		479.5		136.4
Materials, supplies, and inventories		58.8		110.2
Other current assets		(39.5)		65.4
Accounts payable		(102.1)		(172.1)
Other current liabilities		(104.2)		(44.8)
Other, net		(13.7)		52.6
Net cash provided by operating activities		2,210.7		2,015.9
Investing activities
Capital expenditures		(2,079.9)		(1,530.5)
Acquisition of Hardin Solar Energy III Center, net of cash acquired of $ – and $0.2, respectively		(3.0)		(406.1)
Capital contributions to transmission affiliates		(112.4)		(87.8)
Proceeds from the sale of assets		21.7		0.7
Reimbursement for American Transmission Company LLC's transmission infrastructure upgrades		10.4		39.7
Other, net		(37.3)		11.2
Net cash used in investing activities		(2,200.5)		(1,972.8)
Financing activities
Exercise of stock options		9.1		24.7
Issuance of common stock, net		23.8		398.8
Dividends paid on common stock		(620.3)		(568.7)
Issuance of long-term debt		1,804.2		1,025.0
Retirement of long-term debt		(1,189.1)		(567.6)
Change in commercial paper		8.0		(308.0)
Other, net		(20.9)		(20.3)
Net cash provided by (used in) financing activities		14.8		(16.1)
Net change in cash, cash equivalents, and restricted cash		25.0		27.0
Cash, cash equivalents, and restricted cash at beginning of period		70.9		42.2
Cash, cash equivalents, and restricted cash at end of period		$                        95.9		$                        69.2

 

View original content:https://www.prnewswire.com/news-releases/wec-energy-group-reports-second-quarter-results-302836953.html

SOURCE WEC Energy Group

FAQ

How did WEC Energy Group (WEC) perform in Q2 2026?

WEC Energy Group reported Q2 2026 net income of $299.2 million, or $0.91 diluted EPS, up from $245.4 million, or $0.76. According to WEC Energy Group, operating income rose to $432.8 million, supported by higher equity earnings and other income.

What were WEC Energy Group’s first-half 2026 earnings and revenue results (WEC)?

For the first six months of 2026, WEC Energy Group earned $1.10 billion, or $3.36 diluted EPS, versus $969.6 million, or $3.02. According to WEC Energy Group, consolidated revenues increased to $5.50 billion from $5.16 billion in the first half of 2025.

Did WEC Energy Group (WEC) change its 2026 earnings guidance after Q2 results?

WEC Energy Group reaffirmed its 2026 earnings guidance at $5.51 to $5.61 per share. According to WEC Energy Group, this outlook assumes normal weather for the remainder of the year and reflects ongoing execution of its capital plan and operating strategy.

How did electricity demand trend for WEC Energy Group in Q2 2026?

Retail electricity deliveries were essentially flat year over year in Q2 2026, excluding certain large customers. According to WEC Energy Group, weather-normal deliveries rose 1.2%, with residential use down 1.1% and large commercial and industrial usage up 0.9%.

What is WEC Energy Group’s cash flow and capital spending profile for first-half 2026?

WEC Energy Group generated $2.21 billion in operating cash flow in first-half 2026 and spent $2.08 billion on capital expenditures. According to WEC Energy Group, net cash used in investing activities was $2.20 billion, reflecting significant infrastructure and generation investments.

How has WEC Energy Group’s debt and balance sheet changed by June 30, 2026?

As of June 30, 2026, WEC Energy Group reported $19.22 billion in long-term debt and $1.93 billion in short-term debt. According to WEC Energy Group, total assets reached $52.75 billion, with common shareholders’ equity increasing to $14.13 billion.

What dividend did WEC Energy Group (WEC) pay in Q2 and first-half 2026?

WEC Energy Group paid a Q2 2026 dividend of $0.9525 per share, up from $0.8925. According to WEC Energy Group, first-half 2026 dividends totaled $1.9050 per share, compared with $1.7850 per share in the first half of 2025.