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WEC Energy Group (NYSE: WEC) lifts Q2 profit and reaffirms 2026 EPS guidance

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

WEC Energy Group reported stronger Q2 2026 results, with net income attributed to common shareholders of $299.2 million, or $0.91 per diluted share, up from $245.4 million, or $0.76, a year earlier. For the first six months, net income attributed to common shareholders was $1.1 billion, or $3.36 per diluted share, compared with $969.6 million, or $3.02, in the prior-year period. Consolidated revenues for the first half were $5.5 billion, up $337.3 million from the first half of 2025.

Retail electricity deliveries excluding an iron ore mine and Very Large Customers were essentially flat in Q2, with small commercial and industrial usage down 0.2%, large commercial and industrial up 0.9%, and residential down 1.1%; on a weather-normal basis, deliveries increased 1.2%. Cash from operating activities for the first half was $2,210.7 million, funding capital expenditures of $2,079.9 million. The company reaffirmed its 2026 earnings guidance of $5.51 to $5.61 per share.

Positive

  • Q2 2026 diluted EPS rose to $0.91 from $0.76, with net income attributed to common shareholders increasing to $299.2 million from $245.4 million.
  • First-half 2026 diluted EPS increased to $3.36 from $3.02, and the company reaffirmed full-year earnings guidance of $5.51–$5.61 per share.

Negative

  • None.

Filing Explained

June 30 results include a completed net common-stock issuance, increasing reported shares outstanding and mechanically diluting existing ownership.

The July 29 Form 8-K reports WEC Energy Group’s unaudited second-quarter and six-month results under Item 2.02.

The financing section records net common-stock issuance during the six months ended June 30, 2026, while common shares outstanding were 325,849,383 at June 30 versus 325,461,519 at December 31, 2025.

Because issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes, this disclosed issuance is mechanically dilutive to existing common holders; the filing does not establish a dilution percentage.

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.
Q2 2026 net income attributed to common shareholders $299.2 million Three months ended June 30, 2026
Q2 2026 diluted earnings per share $0.91 Three months ended June 30, 2026
First-half 2026 net income attributed to common shareholders $1,103.6 million Six months ended June 30, 2026
First-half 2026 diluted earnings per share $3.36 Six months ended June 30, 2026
First-half 2026 operating revenues $5,496.3 million Six months ended June 30, 2026
Cash from operating activities $2,210.7 million Six months ended June 30, 2026
Capital expenditures $2,079.9 million Six months ended June 30, 2026
Total assets $52,750.4 million Balance sheet at June 30, 2026
weather-normal basis financial
"On a weather-normal basis, retail deliveries of electricity during the second quarter..."
Very Large Customers (VLCs) financial
"excluding the iron ore mine in Michigan’s Upper Peninsula and Very Large Customers (VLCs)..."
AFUDC-Equity financial
"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.
asset retirement obligations financial
"Asset retirement obligations | | 668.6 | | | 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.
regulatory assets financial
"Regulatory assets (June 30, 2026 and December 31, 2025 include $63.6 and $67.5...)"
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 | | (1.5) | | | 2.7"
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.
Q2 2026 net income attributed to common shareholders $299.2 million up from $245.4 million in Q2 2025
Q2 2026 diluted EPS $0.91 up from $0.76 in Q2 2025
First-half 2026 net income attributed to common shareholders $1,103.6 million up from $969.6 million in the first half of 2025
First-half 2026 diluted EPS $3.36 up from $3.02 in the first half of 2025
First-half 2026 operating revenues $5.5 billion up $337.3 million from the first half of 2025
Guidance

The company is reaffirming its 2026 earnings guidance of $5.51 to $5.61 per share.

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FAQ

How did WEC (WEC Energy Group) perform financially in Q2 2026?
WEC reported Q2 2026 net income attributed to common shareholders of $299.2 million, or $0.91 diluted EPS, up from $245.4 million, or $0.76, in Q2 2025, reflecting higher profitability.

What were WEC (WEC Energy Group) results for the first half of 2026?
For the first six months of 2026, WEC recorded net income attributed to common shareholders of $1.1 billion, or $3.36 diluted EPS, compared with $969.6 million, or $3.02, in the same period of 2025.

How much revenue did WEC (WEC Energy Group) generate in the first half of 2026?
Consolidated revenues for the first half of 2026 totaled $5.5 billion, which was $337.3 million higher than in the first half of 2025, indicating growth in the company’s overall business activity.

What earnings guidance did WEC (WEC Energy Group) provide for 2026?
WEC reaffirmed its 2026 earnings guidance of $5.51 to $5.61 per share, assuming normal weather for the remainder of the year, providing investors with a targeted full-year earnings range.

What were WEC (WEC Energy Group) cash flow and capital spending in early 2026?
For the first six months of 2026, WEC generated $2,210.7 million in cash from operating activities and spent $2,079.9 million on capital expenditures, reflecting significant ongoing investment in its infrastructure.
0000783325false00007833252026-07-292026-07-29

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):

July 29, 2026
____________________
Commission
File Number		Registrant; State of Incorporation;
Address; and Telephone Number		IRS Employer
Identification No.
001-09057WEC 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 Par ValueWECNew 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 Wednesday, July 29, 2026, WEC Energy Group, Inc. issued a press release announcing its financial results for the quarter and six months ended June 30, 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 July 29, 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
July 29, 2026William J. Guc, Vice President and Controller


Exhibit 99.1
wecmediaheader.jpg

From:    Brendan Conway (media)
414-221-4444
brendan.conway@wecenergygroup.com

    Beth Straka (investment community)
414-221-4639
beth.straka@wecenergygroup.com

July 29, 2026            

WEC Energy Group reports second-quarter results

MILWAUKEE – 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.

1
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, 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
2
Exhibit 99.1
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
3
Exhibit 99.1
WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)Three Months EndedSix Months Ended
June 30June 30
(in millions, except per share amounts)2026202520262025
Operating revenues$2,062.1 $2,009.5 $5,496.3 $5,159.0 
Operating expenses
Cost of sales555.6 570.5 1,946.6 1,736.2 
Other operation and maintenance617.1 596.2 1,225.8 1,204.2 
Depreciation and amortization384.9 368.9 764.7 728.8 
Property and revenue taxes71.7 69.0 146.4 147.4 
Total operating expenses1,629.3 1,604.6 4,083.5 3,816.6 
Operating income432.8 404.9 1,412.8 1,342.4 
Equity in earnings of transmission affiliates62.6 51.9 122.1 105.5 
Other income, net61.5 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 taxes328.0 262.5 1,187.2 1,048.7 
Income tax expense27.0 19.5 80.1 80.2 
Net income301.0 243.0 1,107.1 968.5 
Preferred stock dividends of subsidiary0.3 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
Basic325.8320.3325.7319.3
Diluted328.9322.2328.6320.7
Dividends per share of common stock$0.9525 $0.8925 $1.9050 $1.7850 
4
Exhibit 99.1
WEC ENERGY GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions, except share and per share amounts)
June 30, 2026December 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 inventories744.6 803.4 
Prepaid taxes203.2 178.8 
Other prepayments57.8 92.4 
Other197.0 119.8 
Current assets2,781.8 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 affiliates2,420.7 2,280.4 
Goodwill3,052.8 3,052.8 
Pension and OPEB assets1,115.6 1,082.4 
Other421.5 383.6 
Long-term assets49,968.6 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 payable1,018.6 1,140.1 
Other842.2 1,009.2 
Current liabilities5,208.4 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 obligations415.8 372.0 
Deferred income taxes6,165.3 5,891.7 
Deferred revenue, net305.0 314.2 
Regulatory liabilities4,229.6 4,121.3 
Intangible liabilities550.3 580.3 
Environmental remediation liabilities466.2 484.1 
Asset retirement obligations668.6 647.0 
Other951.9 963.4 
Long-term liabilities32,969.0 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 capital5,162.3 5,124.4 
Retained earnings8,976.8 8,493.5 
Accumulated other comprehensive loss(7.5)(7.6)
Common shareholders' equity14,134.9 13,613.6 
Preferred stock of subsidiary30.4 30.4 
Noncontrolling interests407.7 408.8 
Total liabilities and equity$52,750.4 $51,518.3 
5
Exhibit 99.1
WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)Six Months Ended
June 30
(in millions)20262025
Operating activities
Net income$1,107.1 $968.5 
Reconciliation to cash provided by operating activities
Depreciation and amortization764.7 728.8 
Deferred income taxes and ITCs, net189.9 220.0 
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, net479.5 136.4 
Materials, supplies, and inventories58.8 110.2 
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 activities2,210.7 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 assets21.7 0.7 
Reimbursement for American Transmission Company LLC's transmission infrastructure upgrades10.4 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 options9.1 24.7 
Issuance of common stock, net23.8 398.8 
Dividends paid on common stock(620.3)(568.7)
Issuance of long-term debt1,804.2 1,025.0 
Retirement of long-term debt(1,189.1)(567.6)
Change in commercial paper8.0 (308.0)
Other, net(20.9)(20.3)
Net cash provided by (used in) financing activities14.8 (16.1)
Net change in cash, cash equivalents, and restricted cash25.0 27.0 
Cash, cash equivalents, and restricted cash at beginning of period70.9 42.2 
Cash, cash equivalents, and restricted cash at end of period$95.9 $69.2 

6

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