10-Q · August 4, 2026
WEC posted Q2 revenue of $2.062 billion and EPS of $0.91, with EPS up from $0.76 in the prior-year quarter, driven principally by Wisconsin rate relief and materially stronger non-utility infrastructure results.…
Earnings analysis · 10-Q
WEC earnings analysis
Filed October 30, 2026 · Our reading of the company's report
The latest report
WEC delivered a strong third quarter, with revenue of $2.29 billion and diluted EPS of $1.18 versus $2.10 billion and $0.83 in 2025Q3. Earnings growth was led by Wisconsin rate relief, warmer weather, very large…
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WEC delivered a strong third quarter, with revenue of $2.29 billion and diluted EPS of $1.18 versus $2.10 billion and $0.83 in 2025Q3. Earnings growth was led by Wisconsin rate relief, warmer weather, very large customer demand and continued capital investment, while operating cash flow improved to $3,413.1 million for the first nine months. The principal offsets are a $22,756.0 million debt burden, a $2,438.4 million current-liability deficit and substantial regulatory, tariff and project-execution exposure associated with the company’s large capital plan.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.18
What stood out
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Revenue and EPS increased materially
Third-quarter revenue was $2.29 billion, approximately 9.1% above $2.10 billion in 2025Q3, while diluted EPS increased to $1.18 from $0.83, a $0.35 or 42.2% year-over-year improvement.
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Wisconsin drove earnings growth
Net income attributed to common shareholders rose $118.0 million to $389.3 million from $271.3 million. Wisconsin contributed $361.7 million, up $80.4 million or 28.6%, supported by rate orders, warmer weather, VLC demand and Bespoke Resources carrying costs.
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Large-customer demand strengthened
Electric retail sales in Wisconsin increased 693.9 thousand MWh to 10,853.4 thousand MWh, including a 401.0 thousand MWh increase in large commercial and industrial sales; combined WE and WG cooling degree days were 5.6% higher year over year.
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Energy infrastructure improved
Non-utility energy infrastructure net income increased $4.9 million to $92.8 million. Operating income rose $11.5 million, including an $8.8 million increase in capacity revenues and a $6.1 million reduction in operation and maintenance expense.
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Operating cash flow strengthened
Operating cash flow increased $458.3 million year over year to $3,413.1 million for the nine months ended September 30, 2026. Cash generation benefited from $445.5 million of higher customer collections and $106.8 million of lower operating and maintenance payments.
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Data-center load outlook is strong
Management is positioning for substantial demand growth, expecting up to 3.2 GW of load growth in the Milwaukee-to-Chicago corridor through 2031 and forecasting up to 3.5 GW of potential demand from the Vantage Port Washington campus over time.
What to watch
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Heavy capital plan and leverage
Capital intensity remains high: nine-month capital expenditures increased $198.7 million to $3,318.7 million, while projected capital expenditures are $8,408.0 million in 2027 and $9,078.0 million in 2028. Total debt was $22,756.0 million, equal to 60.9% of total capitalization.
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Negative working capital
At September 30, 2026, current liabilities exceeded current assets by $2,438.4 million. Management relies on $3,413.1 million of nine-month operating cash flow, revolving credit capacity and capital-market access to meet liquidity needs.
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Higher interest burden
Interest expense increased in the Wisconsin segment by $16.1 million in the quarter, primarily from long-term debt issuances, and corporate interest expense increased $3.4 million due to higher average short-term debt balances.
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Illinois regulatory recovery exposure
PGL and NSG must refund $50.0 million to customers over 2026-2028 under the Illinois UEA settlement, while the QIP settlement requires a $130.0 million rate-base reduction and $75.0 million of customer refunds.
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Solar tariffs threaten project costs
Solar supply-chain costs and timing remain exposed to trade actions: the DOC set duties on solar imports from India, Indonesia and Laos in September 2026, and estimated project costs already reflect some tariff impacts.
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Transmission permitting uncertainty
The PSCW rescinded the prior completeness determination for ATC's Ozaukee County Distribution Interconnection Project on September 10, 2026; ATC refiled the application on September 14, 2026, creating potential timing risk for data-center-related infrastructure.
Management's outlook
The 10-Q does not provide explicit EPS or revenue guidance. Management expects a 2026 annual effective tax rate of 8.0% to 9.0%; projected capital expenditures are $5,286.0 million for 2026, $8,408.0 million for 2027, and $9,078.0 million for 2028. The longer-term 2027-2031 plan calls for approximately $47.5 billion of regulated utility and ATC capital investment.
Earlier filings 4
10-Q · May 6, 2026
WEC Energy Group reported strong Q1 2026 results, with revenue up to $3.4 billion, exceeding analyst expectations. The company's earnings per share hit $2.45, surpassing estimates by approximately 6%, driven by growth…
10-K · February 20, 2026
WEC Energy Group's 2025 results show revenue expansion while earnings per share were essentially flat and free cash flow swung materially negative. Quarterly data show 2025 total revenue of about $9.80 billion (sum of…
10-Q · October 31, 2025
WEC reported a beat in the quarter: operating revenues of $2,104.0 million and diluted EPS of $0.83 (vs $1,863.5 million and $0.76 in 2024Q3). Operating income rose to $449.6 million and equity earnings from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.