Stronger Q1 2026 results for WEC Energy Group (NYSE: WEC)

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(High)

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Form Type

8-K

Rhea-AI Filing Summary

WEC Energy Group reported stronger results for the quarter ended March 31, 2026. Net income attributed to common shareholders rose to $804.4 million, or $2.45 diluted earnings per share, compared with $724.2 million, or $2.27, a year earlier.

Operating revenues increased to $3.43 billion from $3.15 billion, with operating income improving to $980.0 million. Retail electricity deliveries excluding the Michigan iron ore mine grew modestly, led by a 2.7% increase from large commercial and industrial customers and a 0.7% rise from small commercial and industrial customers.

Natural gas deliveries in Wisconsin excluding power generation declined 3.5%, and were 2.1% lower on a weather-normal basis. The company generated $1.22 billion in cash from operating activities and continued significant capital investment with $817.9 million in capital expenditures. WEC reaffirmed its 2026 earnings guidance of $5.51 to $5.61 per share, assuming normal weather.

Insights

WEC delivers higher Q1 earnings and reaffirms full-year guidance.

WEC Energy Group showed year-over-year growth, with net income attributed to common shareholders of $804.4 million and diluted EPS of $2.45, up from $2.27. Operating revenues rose to $3.434 billion, supporting higher operating income of $980.0 million.

Electricity volumes excluding the Michigan iron ore mine increased modestly, particularly among large commercial and industrial customers, while Wisconsin natural gas deliveries declined on both actual and weather-normal bases. Even with $817.9 million in capital expenditures and higher long-term debt of $19.3818 billion, the company generated strong operating cash flow of $1.2184 billion.

The reaffirmed 2026 EPS guidance range of $5.51–$5.61 per share, assuming normal weather, signals management’s confidence in the existing plan rather than a change in outlook. Subsequent quarterly reports for periods after March 31, 2026 will show whether these trends persist against evolving demand and regulatory conditions.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net income to common shareholders: $804.4 million Diluted EPS: $2.45 per share Operating revenues: $3.4342 billion +5 more

8 metrics

Net income to common shareholders $804.4 million Quarter ended March 31, 2026 vs. $724.2 million in 2025

Diluted EPS $2.45 per share Q1 2026 vs. $2.27 per share in Q1 2025

Operating revenues $3.4342 billion Q1 2026 vs. $3.1495 billion in Q1 2025

Operating cash flow $1.2184 billion Net cash provided by operating activities, Q1 2026

Capital expenditures $817.9 million Net cash used in investing activities, Q1 2026

Dividends per share $0.9525 per share Common stock dividend for Q1 2026 vs. $0.8925 in Q1 2025

Total assets $51.7340 billion Balance sheet at March 31, 2026

Long-term debt $19.3818 billion Long-term debt outstanding at March 31, 2026

Key Terms

weather-normal basis, regulatory assets, asset retirement obligations, deferred income taxes, +1 more

5 terms

weather-normal basis financial

"On a weather-normal basis, retail deliveries of electricity – excluding the iron ore mine – increased by 1.3 percent."

regulatory assets financial

"Regulatory assets (March 31, 2026 and December 31, 2025 include $65.5 and $67.5, respectively, related to WEPCo Environmental Trust Finance I, LLC)"

asset retirement obligations financial

"Asset retirement obligations | 660.6 | | | 647.0 |"

Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.

deferred income taxes financial

"Deferred income taxes | 5,967.2 | | | 5,891.7 |"

Deferred income taxes are accounting entries that record taxes a company will owe or reclaim in the future because the company's financial accounting and its tax returns recognize income or expenses at different times. They matter to investors because deferred taxes affect future cash flow and can change a company’s real profit picture—think of them as a postponed tax bill or credit that shifts when and how much cash actually leaves or enters the business.

other comprehensive loss financial

"Accumulated other comprehensive loss | (7.5) | | | (7.6) |"

Earnings Snapshot

Net income to common shareholders: $804.4 million · Guidance included

Q1 2026

Net income to common shareholders $804.4 million

Diluted EPS $2.45

Operating revenues $3.4342 billion

Guidance

Reaffirmed 2026 earnings guidance of $5.51 to $5.61 per share, assuming normal weather.

Understanding 8-K Material Events →

05/05/2026 - 07:26 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):

May 5, 2026

____________________

Commission
File Number

Registrant; State of Incorporation;
Address; and Telephone Number

IRS Employer
Identification No.

001-09057

WEC ENERGY GROUP, INC.

39-1391525

(A Wisconsin Corporation)

231 West Michigan Street

P.O. Box 1331

Milwaukee, WI 53201

(414) 221-2345

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $.01 Par Value

WEC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On Tuesday, May 5, 2026, WEC Energy Group, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is being furnished to the Securities and Exchange Commission as Exhibit 99.1 attached hereto and incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

99.1 Press Release dated May 5, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



			WEC ENERGY GROUP, INC.
			(Registrant)

			/s/ WILLIAM J. GUC
May 5, 2026			William J. Guc, Vice President and Controller

Exhibit 99.1

From: Brendan Conway (media)

414-221-4444

brendan.conway@wecenergygroup.com

Beth Straka (investment community)

414-221-4639

beth.straka@wecenergygroup.com

May 5, 2026

WEC Energy Group reports first-quarter results

MILWAUKEE – WEC Energy Group (NYSE: WEC) today reported net income of $804.4 million, or $2.45 per share, for the first quarter of 2026 - up from $724.2 million, or $2.27 per share, for last year's first quarter.

Consolidated revenues totaled $3.4 billion, up $284.7 million from the first quarter a year ago.

“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 Michigan’s Upper Peninsula – were up by 1.1 percent in the first quarter of 2026, compared to the first quarter last year.

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 Wisconsin – excluding natural gas used for power generation – decreased by 3.5 percent compared to the first quarter of 2025. On a weather normal basis, these natural gas deliveries were 2.1 percent lower.

Exhibit 99.1

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, 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 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 32,000 stockholders of record, 7,000 employees and more than $51 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

Exhibit 99.1

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, 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

Exhibit 99.1

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

Exhibit 99.1

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 $156.0 and $148.7, respectively	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 $12,667.5 and $12,411.5, respectively	38,707.0		38,278.1
Regulatory assets (March 31, 2026 and December 31, 2025 include $65.5 and $67.5, respectively, 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 $9.3 related to 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 $67.4 related to WEPCo 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 – $0.01 par value; 650,000,000 shares authorized; 325,725,678 and 325,461,519 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

Exhibit 99.1

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 $0.2	—		(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

Source: View Original Filing on SEC EDGAR

FAQ

How did WEC (NYSE: WEC) perform in the first quarter of 2026?

WEC reported net income attributed to common shareholders of $804.4 million for Q1 2026, up from $724.2 million a year earlier. Diluted earnings per share rose to $2.45 from $2.27 as higher revenues and operating income supported stronger profitability.

What were WEC Energy Group’s Q1 2026 revenues and operating income?

WEC’s operating revenues reached $3.4342 billion in Q1 2026, up from $3.1495 billion in 2025’s first quarter. Operating income increased to $980.0 million from $937.5 million, reflecting higher revenue and controlled operating expenses, including relatively stable operation and maintenance costs.

What earnings guidance did WEC Energy Group provide for 2026?

WEC reaffirmed its 2026 earnings guidance of $5.51 to $5.61 per share. This range is based on fully diluted earnings per share and assumes normal weather conditions for the remainder of the year, indicating no change from prior guidance levels in this update.

How did WEC’s electricity and natural gas volumes change in Q1 2026?

Retail electricity deliveries excluding the Michigan iron ore mine rose 1.1% year over year, led by 2.7% growth from large commercial and industrial customers. Wisconsin natural gas deliveries excluding power generation fell 3.5%, and were 2.1% lower on a weather-normal basis compared to Q1 2025.

What was WEC Energy Group’s cash flow and capital spending in Q1 2026?

Net cash provided by operating activities totaled $1.2184 billion in Q1 2026, up from $1.1626 billion a year earlier. Capital expenditures were $817.9 million, reflecting continued investment in infrastructure and projects while still leaving a positive net change in cash and restricted cash.

How did WEC’s balance sheet change between December 2025 and March 2026?

Total assets increased slightly to $51.7340 billion at March 31, 2026, from $51.5183 billion at year-end 2025. Long-term debt rose to $19.3818 billion, while common shareholders’ equity climbed to $14.1310 billion, supported by retained earnings growth over the period.

Filing Exhibits & Attachments

4 documents

Press Releases

EX-99.1 WEC ENERGY GROUP Q1 2026 EXHIBIT 99.1 160.9 KB

Stronger Q1 2026 results for WEC Energy Group (NYSE: WEC)

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