WEC Energy Group reports second-quarter results

Rhea-AI Summary

WEC Energy Group (NYSE: WEC) reported strong second-quarter 2025 results, with net income rising to $245.4 million ($0.76 per share), up from $211.3 million ($0.67 per share) in Q2 2024. The company's consolidated revenues reached $5.2 billion, increasing by $706.8 million from H1 2024.

Key operational highlights include a 1.0% increase in retail electricity deliveries (excluding the Michigan iron ore mine), with residential electricity use up 1.6%. The company reaffirmed its 2025 earnings guidance of $5.17 to $5.27 per share, assuming normal weather conditions for the remainder of the year.

WEC Energy Group serves 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota, with over $48 billion in assets and approximately 7,000 employees.

Positive

• Net income increased by 16.2% to $245.4 million in Q2 2025
• Consolidated revenues grew by $706.8 million from H1 2024
• Retail electricity deliveries rose 1.0% year-over-year
• Residential electricity use increased by 1.6%
• Company reaffirmed strong 2025 earnings guidance of $5.17-$5.27 per share

Negative

• Operating expenses increased by 14% to $1.6 billion in Q2 2025
• Interest expense rose by 10% to $220.8 million in Q2
• Short-term debt remains significant at $810.3 million

Insights

Financial Analyst

WEC Energy reported strong Q2 results with 13.4% EPS growth, driven by warm weather and operational efficiency while maintaining 2025 guidance.

WEC Energy Group delivered impressive Q2 2025 results, with earnings per share reaching $0.76, a 13.4% increase from $0.67 in Q2 2024. Net income grew to $245.4 million, up from $211.3 million in the prior-year period. For the first half of 2025, EPS rose to $3.02, representing a 14.4% increase year-over-year.

The company's revenue performance was equally strong, with consolidated revenues totaling $5.2 billion for the first half of 2025, up $706.8 million or approximately 15.9% from the same period in 2024. Q2 revenues reached $2.01 billion, compared to $1.77 billion in Q2 2024, marking a 13.4% increase.

Several key operational factors contributed to these results. Retail electricity deliveries increased by 1.0% in Q2 2025 compared to Q2 2024 (excluding the iron ore mine in Michigan's Upper Peninsula). Residential electricity use showed the strongest growth at 1.6%, while small commercial and industrial customers increased usage by 0.6%. Large commercial and industrial customers increased consumption by 0.8%. On a weather-normalized basis, retail electricity deliveries grew by 1.1%.

Management cited three main drivers behind the strong quarterly performance: a warm start to summer (boosting cooling demand), steady execution of their capital plan, and continued focus on operational efficiency. The balance sheet remains solid with total assets of $48.5 billion as of June 30, 2025.

Despite the strong results, WEC has maintained its 2025 earnings guidance of $5.17 to $5.27 per share, assuming normal weather for the remainder of the year. This guidance range would represent approximately 7-9% growth over 2024 results, aligning with the company's long-term growth targets.

MILWAUKEE, July 30, 2025 /PRNewswire/ -- WEC Energy Group (NYSE: WEC) today reported net income of $245.4 million, or 76 cents per share, for the second quarter of 2025 — up from $211.3 million, or 67 cents per share, in last year's second quarter.

For the first six months of 2025, the company recorded net income of $969.6 million, or $3.02 per share — up from $833.6 million, or $2.64 per share, in the corresponding period a year ago.

Consolidated revenues totaled $5.2 billion, up $706.8 million from the first half of 2024.

"A warm start to the summer, steady execution of our capital plan and a continued focus on operating efficiency were major factors that shaped a strong quarter," said Scott Lauber, president and CEO.

Retail deliveries of electricity – excluding the iron ore mine in Michigan's Upper Peninsula — were up by 1.0 percent in the second quarter of 2025, compared to the second quarter last year.

Electricity consumption by small commercial and industrial customers was 0.6 percent higher. Electricity use by large commercial and industrial customers — excluding the iron ore mine — increased by 0.8 percent.

Residential electricity use rose by 1.6 percent.

On a weather-normal basis, retail deliveries of electricity during the second quarter of this year — excluding the iron ore mine — increased by 1.1 percent.

The company is reaffirming its 2025 earnings guidance of $5.17 to $5.27 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 30. The call will review 2025 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 30.

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. 13, 2025. 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 4.7 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 33,000 stockholders of record, 7,000 employees and more than $48 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; 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 resulting from the current U.S. presidential administration, as well as 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 U.S. and foreign government trade policies or from ongoing, escalating, or expanding 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 December 31, 2024, 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)		2025		2024		2025		2024
Operating revenues		$                   2,009.5		$                   1,772.0		$                   5,159.0		$                   4,452.2
Operating expenses
Cost of sales		570.5		469.7		1,736.2		1,396.8
Other operation and maintenance		596.2		533.4		1,204.2		1,064.2
Depreciation and amortization		368.9		336.6		728.8		670.0
Property and revenue taxes		69.0		67.5		147.4		143.0
Total operating expenses		1,604.6		1,407.2		3,816.6		3,274.0
Operating income		404.9		364.8		1,342.4		1,178.2
Equity in earnings of transmission affiliates		51.9		46.8		105.5		91.6
Other income, net		26.5		40.6		44.6		84.7
Interest expense		220.8		200.6		443.8		392.6
Other expense		(142.4)		(113.2)		(293.7)		(216.3)
Income before income taxes		262.5		251.6		1,048.7		961.9
Income tax expense		19.5		41.6		80.2		129.3
Net income		243.0		210.0		968.5		832.6
Preferred stock dividends of subsidiary		0.3		0.3		0.6		0.6
Net loss attributed to noncontrolling interests		2.7		1.6		1.7		1.6
Net income attributed to common shareholders		$                      245.4		$                      211.3		$                      969.6		$                      833.6
Earnings per share
Basic		$                        0.77		$                        0.67		$                        3.04		$                        2.64
Diluted		$                        0.76		$                        0.67		$                        3.02		$                        2.64
Weighted average common shares outstanding
Basic		320.3		315.9		319.3		315.8
Diluted		322.2		316.2		320.7		316.1
Dividends per share of common stock		$                    0.8925		$                    0.8350		$                    1.7850		$                    1.6700

 

WEC ENERGY GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share amounts)		June 30, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents		$                           23.0		$                             9.8
Accounts receivable and unbilled revenues, net of reserves of $142.2 and $162.8, respectively		1,496.4		1,669.3
Materials, supplies, and inventories		703.0		813.2
Prepaid taxes		209.0		214.9
Other prepayments		51.4		82.6
Other		116.3		121.9
Current assets		2,599.1		2,911.7
Long-term assets
Property, plant, and equipment, net of accumulated depreciation and amortization of $12,025.9 and $11,611.9, respectively		36,060.8		34,645.4
Regulatory assets (June 30, 2025 and December 31, 2024 include $72.2 and $76.5, respectively, related to WEPCo Environmental Trust Finance I, LLC)		3,231.8		3,339.7
Equity investment in transmission affiliates		2,200.1		2,108.9
Goodwill		3,052.8		3,052.8
Pension and OPEB assets		1,000.4		968.5
Other		379.3		336.2
Long-term assets		45,925.2		44,451.5
Total assets		$                   48,524.3		$                   47,363.2
Liabilities and Equity
Current liabilities
Short-term debt		$                         810.3		$                     1,116.6
Current portion of long-term debt (June 30, 2025 and December 31, 2024 include $9.2, related to WEPCo Environmental Trust Finance I, LLC)		2,250.4		1,729.0
Accounts payable		816.5		1,137.1
Other		820.4		859.2
Current liabilities		4,697.6		4,841.9
Long-term liabilities
Long-term debt (June 30, 2025 and December 31, 2024 include $71.9 and $76.4, respectively, related to WEPCo Environmental Trust Finance I, LLC)		17,110.4		17,178.1
Finance lease obligations		361.8		303.3
Deferred income taxes		5,739.5		5,514.7
Deferred revenue, net		323.9		334.6
Regulatory liabilities		4,039.0		3,958.0
Intangible liabilities		609.7		566.8
Environmental remediation liabilities		438.9		445.8
Asset retirement obligations		616.4		580.0
Other		917.0		838.1
Long-term liabilities		30,156.6		29,719.4
Commitments and contingencies
Common shareholders' equity
Common stock – $0.01 par value; 650,000,000 shares authorized; 321,866,395 and 317,680,855 shares outstanding, respectively		3.2		3.2
Additional paid in capital		4,743.1		4,315.8
Retained earnings		8,484.7		8,083.8
Accumulated other comprehensive loss		(7.9)		(7.8)
Common shareholders' equity		13,223.1		12,395.0
Preferred stock of subsidiary		30.4		30.4
Noncontrolling interests		416.6		376.5
Total liabilities and equity		$                   48,524.3		$                   47,363.2

 

WEC ENERGY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)		Six Months Ended
		June 30
(in millions)		2025		2024
Operating activities
Net income		$                      968.5		$                      832.6
Reconciliation to cash provided by operating activities
Depreciation and amortization		728.8		670.0
Deferred income taxes and ITCs, net		220.0		321.5
Contributions and payments related to pension and OPEB plans		(7.1)		(7.5)
Equity income in transmission affiliates, net of distributions		(3.4)		(19.6)
Change in –
Accounts receivable and unbilled revenues, net		136.4		254.2
Materials, supplies, and inventories		110.2		79.4
Other current assets		65.4		49.5
Accounts payable		(172.1)		(90.3)
Customer credit balances		(38.4)		(57.4)
Other current liabilities		(6.4)		(53.1)
Other, net		14.0		(78.3)
Net cash provided by operating activities		2,015.9		1,901.0
Investing activities
Capital expenditures		(1,530.5)		(1,138.4)
Acquisition of Hardin Solar III Energy Center, net of cash acquired of $0.2		(406.1)		—
Acquisition of West Riverside Energy Center		—		(98.2)
Capital contributions to transmission affiliates		(87.8)		(30.3)
Proceeds from the sale of investments held in rabbi trust		16.9		14.8
Reimbursement for American Transmission Company LLC's transmission infrastructure upgrades		39.7		6.2
Other, net		(5.0)		(4.9)
Net cash used in investing activities		(1,972.8)		(1,250.8)
Financing activities
Exercise of stock options		24.7		4.7
Issuance of common stock, net		398.8		38.2
Purchase of common stock		(1.3)		(3.2)
Dividends paid on common stock		(568.7)		(527.2)
Issuance of long-term debt		1,025.0		2,074.2
Retirement of long-term debt		(567.6)		(785.4)
Change in commercial paper		(308.0)		(1,260.4)
Purchase of additional ownership interest in Samson I Solar Energy Center LLC from noncontrolling interest		—		(28.1)
Payments for debt extinguishment and issuance costs		(16.7)		(23.6)
Other, net		(2.3)		(1.7)
Net cash used in financing activities		(16.1)		(512.5)
Net change in cash, cash equivalents, and restricted cash		27.0		137.7
Cash, cash equivalents, and restricted cash at beginning of period		42.2		165.2
Cash, cash equivalents, and restricted cash at end of period		$                        69.2		$                      302.9

 

View original content:https://www.prnewswire.com/news-releases/wec-energy-group-reports-second-quarter-results-302516446.html

SOURCE WEC Energy Group

FAQ

What were WEC Energy Group's Q2 2025 earnings per share?

WEC Energy Group reported earnings of $0.76 per share in Q2 2025, up from $0.67 per share in Q2 2024.

How much did WEC Energy Group's revenue increase in the first half of 2025?

WEC's consolidated revenues increased by $706.8 million compared to the first half of 2024, reaching $5.2 billion.

What is WEC Energy Group's earnings guidance for 2025?

WEC Energy Group reaffirmed its 2025 earnings guidance of $5.17 to $5.27 per share, assuming normal weather conditions.

How many customers does WEC Energy Group serve?

WEC Energy Group serves 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota.

What was the increase in WEC's residential electricity usage in Q2 2025?

Residential electricity use increased by 1.6% compared to Q2 2024.