WEC Energy Group reports third-quarter results

Operating cash flow increased, while interest expense and long-term debt also rose.

Rhea-AI Summary

WEC Energy Group (NYSE: WEC) reported third-quarter diluted earnings of $1.18 per share, up from the same quarter last year. Net income attributable to common shareholders rose to $389.3 million from $271.3 million, while diluted earnings increased from $0.83 per share. Revenue reached $2,290.6 million, versus $2,104.0 million.

Nine-month earnings attributable to common shareholders increased to $1,492.9 million from $1,240.9 million; diluted earnings rose to $4.54 from $3.85 per share. Operating cash flow increased to $3,413.1 million from $2,954.8 million. Retail electricity deliveries, excluding the Michigan iron ore mine and Wisconsin Very Large Customers, rose 3.3%, or 0.4% on a weather-normal basis.

WEC raised and narrowed its 2026 earnings guidance to $5.60–$5.64 per share from $5.51–$5.61, assuming normal weather for the remainder of the year.

24 points · 1 major

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0 major · 12 points

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Positive

• Major point. Forward-looking: it has not happened yet and may not happen.WEC raised and narrowed 2026 earnings guidance to $5.60–$5.64 per share, from $5.51–$5.61, assuming normal remaining-year weather.
• Moderate pointThird-quarter diluted earnings rose to $1.18 per share from $0.83 a year earlier.
• Moderate pointThird-quarter revenue rose to $2,290.6 million from $2,104.0 million a year earlier.
• Moderate pointThird-quarter operating income increased to $563.7 million from $449.6 million.
• Moderate pointNine-month operating cash flow increased to $3,413.1 million from $2,954.8 million.
• Moderate pointRetail electricity deliveries rose 3.3% year over year, excluding the Michigan iron ore mine and Wisconsin Very Large Customers.
• Moderate pointNine-month common stock issuance provided $382.5 million in net financing proceeds. 1.1% of market cap
• Moderate pointNine-month long-term debt issuance provided $2,395.6 million in financing. 6.7% of market cap
• Moderate pointNine-month long-term debt retirement totaled $1,558.5 million. 4.3% of market cap

15 minor points

• Minor pointThird-quarter net income attributable to common shareholders increased to $389.3 million from $271.3 million.
• Minor pointNine-month diluted earnings increased to $4.54 per share from $3.85 a year earlier.
• Minor pointNine-month net income attributable to common shareholders rose to $1,492.9 million from $1,240.9 million.
• Minor pointNine-month revenue increased to $7,786.9 million from $7,263.0 million.
• Minor pointNine-month operating income rose to $1,976.5 million from $1,792.0 million.
• Minor pointWeather-normal retail electricity deliveries rose 0.4% year over year, excluding the iron ore mine and Very Large Customers.
• Minor pointThird-quarter residential electricity use increased 5.1% year over year.
• Minor pointThird-quarter small commercial and industrial electricity consumption increased 3.5% year over year.
• Minor pointLarge commercial and industrial electricity use rose 1.0%, excluding the iron ore mine and Very Large Customers.
• Minor pointTransmission affiliate earnings increased to $65.8 million quarterly and $187.9 million year-to-date, from $54.8 million and $160.3 million.
• Minor pointOther income, net, increased to $49.5 million quarterly and $159.2 million year-to-date, from $23.8 million and $68.4 million.
• Minor pointQuarterly dividends per share increased to $0.9525 from $0.8925 a year earlier.
• Minor pointShort-term debt declined to $1,904.3 million from $1,924.7 million at December 31, 2025.
• Minor pointThe current portion of long-term debt declined to $1,134.5 million from $1,519.4 million at year-end.
• Minor pointCash and cash equivalents increased to $58.8 million from $27.6 million at December 31, 2025.

Negative

• Moderate pointLong-term debt increased to $19,717.2 million from $18,498.1 million at December 31, 2025.
• Moderate pointNine-month capital expenditures increased to $3,318.7 million from $3,120.0 million.
• Minor pointInterest expense rose to $241.7 million quarterly and $699.1 million year-to-date, from $223.6 million and $667.4 million.
• Minor pointCost of sales increased to $651.2 million quarterly and $2,597.8 million year-to-date, from $608.1 million and $2,344.3 million.
• Minor pointOperation and maintenance expense rose to $614.4 million quarterly and $1,840.2 million year-to-date, from $605.1 million and $1,809.3 million.

7 minor points

• Minor pointDepreciation and amortization increased to $389.0 million quarterly and $1,153.7 million year-to-date, from $373.4 million and $1,102.2 million.
• Minor pointProperty and revenue taxes rose to $72.3 million quarterly and $218.7 million year-to-date, from $67.8 million and $215.2 million.
• Minor pointIncome tax expense increased to $47.0 million quarterly and $127.1 million year-to-date, from $34.4 million and $114.6 million.
• Minor pointNine-month payments for an option to acquire projects totaled $170.8 million.
• Minor pointNine-month capital contributions to transmission affiliates increased to $173.0 million from $142.4 million.
• Minor pointCommon shares outstanding increased to 328,992,329 from 325,461,519 at December 31, 2025, diluting existing ownership.
• Minor pointFinance lease obligations increased to $417.8 million from $372.0 million at December 31, 2025.

News Explained

WEC reports common shares outstanding increased from 325,461,519 at December 31, 2025, to 328,992,329 at September 30, 2026. A higher share count reduces existing holders’ percentage ownership, absent offsetting changes.

Key Figures

Third-quarter net income: $389.3 million vs. $271.3 million Third-quarter diluted EPS: $1.18 vs. $0.83 Nine-month diluted EPS: $4.54 vs. $3.85 +2 more

Third-quarter net income

$389.3 million vs. $271.3 million

Third quarter 2026 vs. third quarter 2025

Third-quarter diluted EPS

$1.18 vs. $0.83

Third quarter 2026 vs. third quarter 2025

Nine-month diluted EPS

$4.54 vs. $3.85

Nine months ended September 30, 2026 vs. 2025

2026 EPS guidance

$5.60–$5.64 per share

Raised and narrowed from $5.51–$5.61; assumes normal weather for the remainder of the year

Nine-month consolidated revenues

$7.8 billion, up $523.9 million

Nine months ended September 30, 2026

Historical Context

1 past event · Latest: Jul 29

1 event

1. Jul 29

   Q2 earnings

   24h Move

   -2.0%

   Q2 net income and diluted EPS rose year over year; full-year guidance was reaffirmed.

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

Key Terms

fully diluted basis, afudc-equity, weighted average common shares outstanding

3 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.

afudc-equity technical

"AFUDC-Equity"

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.

weighted average common shares outstanding financial

"Weighted average common shares outstanding"

Weighted average common shares outstanding is the average number of a company’s common stock shares that were available during a reporting period, adjusted for share issuances, buybacks, splits or conversions that happened at different times. Investors use it to fairly calculate per‑share figures like earnings per share, because it’s like averaging how many cars were on a road over time rather than counting only a snapshot—giving a truer picture of value per share.

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

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MILWAUKEE, Oct. 29, 2026 /PRNewswire/ -- WEC Energy Group (NYSE: WEC) today reported net income of $389.3 million, or $1.18 per share, for the third quarter of 2026 — up from $271.3 million, or 83 cents per share, in last year's third quarter.

For the nine months ended Sept. 30, 2026, the company recorded net income of $1.49 billion, or $4.54 per share — up from $1.24 billion, or $3.85 per share, in the corresponding period a year ago.

Consolidated revenues totaled $7.8 billion, up $523.9 million from the nine months ended Sept. 30, 2025.

"Our strong results were driven by warmer-than-normal weather, execution of our capital plan and operating efficiency," said Scott Lauber, chairman, president and CEO. "Our continued focus on the fundamentals of our business is creating value for our customers and stockholders. We remain on track to deliver solid financial and operational performance in 2026."

Retail deliveries of electricity — excluding the iron ore mine in Michigan's Upper Peninsula and Very Large Customers (VLCs) in Wisconsin — were up by 3.3 percent in the third quarter of 2026, compared to the third quarter last year.

Electricity consumption by small commercial and industrial customers was 3.5 percent higher. Electricity use by large commercial and industrial customers — excluding the iron ore mine and VLCs — increased by 1.0 percent.

Residential electricity use rose by 5.1 percent.

On a weather-normal basis, retail deliveries of electricity during the third quarter of this year — excluding the iron ore mine and VLCs — increased by 0.4 percent.

Largely due to favorable weather and capital investment supported by the VLCs, the company is raising and narrowing its earnings guidance for 2026 to a range of $5.60 to $5.64 per share. This assumes normal weather for the remainder of the year. The company had previously announced earnings guidance for 2026 in a range of $5.51 to $5.61 per share.

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, Thursday, Oct. 29. The call will review 2026 third-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 833-461-5787 up to 15 minutes before it begins. The number for international callers is 585-542-9983. The conference ID is 840581506.

Conference call access also is available at wecenergygroup.com. Under 'Webcasts,' select 'Q3 Earnings.' In conjunction with this earnings announcement, WEC Energy Group will post on its website a package of detailed financial information on its third-quarter performance. The materials will be available at 6:30 a.m. Central time, Thursday, Oct. 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 Nov. 12, 2026. Domestic callers should dial 833-309-1852. International callers should dial 929-828-5978. The replay conference ID is 840581506.

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 $53 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				Nine Months Ended
		September 30				September 30
(in millions, except per share amounts)		2026		2025		2026		2025
Operating revenues		$                   2,290.6		$                   2,104.0		$                   7,786.9		$                   7,263.0
Operating expenses
Cost of sales		651.2		608.1		2,597.8		2,344.3
Other operation and maintenance		614.4		605.1		1,840.2		1,809.3
Depreciation and amortization		389.0		373.4		1,153.7		1,102.2
Property and revenue taxes		72.3		67.8		218.7		215.2
Total operating expenses		1,726.9		1,654.4		5,810.4		5,471.0
Operating income		563.7		449.6		1,976.5		1,792.0
Equity in earnings of transmission affiliates		65.8		54.8		187.9		160.3
Other income, net		49.5		23.8		159.2		68.4
Interest expense		241.7		223.6		699.1		667.4
Other expense		(126.4)		(145.0)		(352.0)		(438.7)
Income before income taxes		437.3		304.6		1,624.5		1,353.3
Income tax expense		47.0		34.4		127.1		114.6
Net income		390.3		270.2		1,497.4		1,238.7
Preferred stock dividends of subsidiary		0.3		0.3		0.9		0.9
Net (income) loss attributed to noncontrolling interests		(0.7)		1.4		(3.6)		3.1
Net income attributed to common shareholders		$                      389.3		$                      271.3		$                   1,492.9		$                   1,240.9
Earnings per share
Basic		$                        1.19		$                        0.84		$                        4.58		$                         3.87
Diluted		$                        1.18		$                        0.83		$                        4.54		$                         3.85
Weighted average common shares outstanding
Basic		326.6		323.5		326.0		320.7
Diluted		328.8		325.6		328.7		322.4
Dividends per share of common stock		$                    0.9525		$                    0.8925		$                    2.8575		$                    2.6775

 

WEC ENERGY GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share amounts)		September 30, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents		$                           58.8		$                           27.6
Accounts receivable and unbilled revenues, net of reserves of $139.9 and $148.7, respectively		1,403.8		2,062.7
Materials, supplies, and inventories		865.2		803.4
Prepaid taxes		154.3		178.8
Other prepayments		45.7		92.4
Other		223.3		119.8
Current assets		2,751.1		3,284.7
Long-term assets
Property, plant, and equipment, net of accumulated depreciation and amortization of $13,025.9 and $12,411.5, respectively		40,791.3		38,278.1
Regulatory assets (September 30, 2026 and December 31, 2025 include $60.9 and $67.5, respectively, related to WEPCo Environmental Trust Finance I, LLC)		3,140.7		3,156.3
Equity investment in transmission affiliates		2,497.0		2,280.4
Goodwill		3,052.8		3,052.8
Pension and OPEB assets		1,050.3		1,082.4
Other		614.3		383.6
Long-term assets		51,146.4		48,233.6
Total assets		$                   53,897.5		$                   51,518.3
Liabilities and Equity
Current liabilities
Short-term debt		$                     1,904.3		$                     1,924.7
Current portion of long-term debt (September 30, 2026 and December 31, 2025 include $9.4 and $9.3, respectively, related to WEPCo Environmental Trust Finance I, LLC)		1,134.5		1,519.4
Accounts payable		1,119.2		1,140.1
Other		1,031.5		1,009.2
Current liabilities		5,189.5		5,593.4
Long-term liabilities
Long-term debt (September 30, 2026 and December 31, 2025 include $62.8 and $67.4, respectively, related to WEPCo Environmental Trust Finance I, LLC)		19,717.2		18,498.1
Finance lease obligations		417.8		372.0
Deferred income taxes		6,341.0		5,891.7
Deferred revenue, net		300.3		314.2
Regulatory liabilities		4,292.2		4,121.3
Intangible liabilities		535.2		580.3
Environmental remediation liabilities		457.9		484.1
Asset retirement obligations		676.0		647.0
Other		960.3		963.4
Long-term liabilities		33,697.9		31,872.1
Commitments and contingencies
Common shareholders' equity
Common stock – $0.01 par value; 650,000,000 shares authorized; 328,992,329 and 325,461,519 shares outstanding, respectively		3.3		3.3
Additional paid in capital		5,523.9		5,124.4
Retained earnings		9,055.6		8,493.5
Accumulated other comprehensive loss		(7.4)		(7.6)
Common shareholders' equity		14,575.4		13,613.6
Preferred stock of subsidiary		30.4		30.4
Noncontrolling interests		404.3		408.8
Total liabilities and equity		$                   53,897.5		$                   51,518.3

 

WEC ENERGY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)		Nine Months Ended
		September 30
(in millions)		2026		2025
Operating activities
Net income		$                   1,497.4		$                   1,238.7
Reconciliation to cash provided by operating activities
Depreciation and amortization		1,153.7		1,102.2
Deferred income taxes and ITCs, net		335.7		296.2
AFUDC-Equity		(139.5)		(63.7)
Contributions and payments related to pension and OPEB plans		(10.5)		(10.3)
Equity income in transmission affiliates, net of distributions		(43.6)		(17.5)
Change in –
Accounts receivable and unbilled revenues, net		587.8		368.0
Materials, supplies, and inventories		(61.8)		(29.4)
Prepaid taxes		24.5		89.4
Other current assets		(14.3)		6.1
Accounts payable		(93.1)		(145.3)
Accrued interest		96.5		88.8
Other current liabilities		(25.4)		7.1
Other, net		105.7		24.5
Net cash provided by operating activities		3,413.1		2,954.8
Investing activities
Capital expenditures, including AFUDC-Debt		(3,318.7)		(3,120.0)
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		(173.0)		(142.4)
Payment for option to acquire projects		(170.8)		—
Proceeds from the sale of assets		23.3		5.1
Proceeds from the sale of investments held in rabbi trust		2.9		16.9
Reimbursement for American Transmission Company LLC's transmission infrastructure upgrades		10.4		39.7
Other, net		29.1		36.3
Net cash used in investing activities		(3,599.8)		(3,570.5)
Financing activities
Exercise of stock options		9.9		37.6
Issuance of common stock, net		382.5		746.6
Dividends paid on common stock		(930.8)		(857.4)
Issuance of long-term debt		2,395.6		1,944.6
Retirement of long-term debt		(1,558.5)		(1,285.9)
Change in commercial paper		(21.9)		141.7
Payments for debt issuance costs		(20.8)		(28.9)
Other, net		(9.7)		(7.1)
Net cash provided by financing activities		246.3		691.2
Net change in cash, cash equivalents, and restricted cash		59.6		75.5
Cash, cash equivalents, and restricted cash at beginning of period		70.9		42.2
Cash, cash equivalents, and restricted cash at end of period		$                      130.5		$                      117.7

 

View original content:https://www.prnewswire.com/news-releases/wec-energy-group-reports-third-quarter-results-302922792.html

SOURCE WEC Energy Group

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were WEC Energy Group's third-quarter 2026 earnings?

WEC Energy Group earned $1.18 per diluted share in the third quarter of 2026, compared with $0.83 a year earlier. Net income attributable to common shareholders increased to $389.3 million from $271.3 million.

What is WEC Energy Group's updated 2026 earnings guidance?

WEC Energy Group raised and narrowed its 2026 earnings guidance to $5.60 to $5.64 per share, from $5.51 to $5.61. The outlook assumes normal weather for the remainder of the year.

Why did WEC Energy Group raise its 2026 earnings guidance?

WEC attributed the guidance increase largely to favorable weather and capital investment supported by Very Large Customers. The company identifies these customers as VLCs in Wisconsin.