Skip to content
AnalystLens

Wec Energy GroupWEC

Legal name
Wec Energy Group, Inc.
Sector
Energy
Industry
Electric & Other Services Combined
Exchange
NYSE

Stock Price $WEC

Latest filings

You are here#14 of 28 in Utilities by market cap

Filing record · 2016–202610-K1110-Q338-K260

WEC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 260 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Jan ’22Jan ’22
  3. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  15. $9.80B
YoY changeLargest recent move+26.1%in FY16Latest +14.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All WEC Financial Metrics57 metrics

Income Statement14

Balance Sheet23

Cash Flow15

Per Share5

02—Overview

Wec Energy Group Financial Overview 2021–2025

Updated Nov 4, 2026

WEC Energy Group's capital spending jumped to $4,398.1 milliona in FY2025, up from $2,781.1 million in FY2024, a 58% increase in one year. That matters because the utility is borrowing and issuing equity to fund a build-out, and earnings have to keep pace. The core thesis: WEC is trading near-term balance-sheet strain for a much larger regulated asset base, driven by Wisconsin rate increases and data center demand.

The long-term arc is steady. Net income attributed to common shareholders grew from $1,300.3 million in FY2021 to $1,557.5 millionb in FY2025. Diluted EPS moved from $4.11 to $4.81, though it slipped from $4.83 in FY2024 because of a $205.0 million pre-tax Illinois settlement charge. Wisconsin did the heavy lifting in FY2025, with segment income up $191.7 million to $1,054.8 million. Operating revenues climbed from $8,316.0 million in FY2021 to $9,597.4 million in FY2022, with later years higher still.

The cost is leverage. Total debt rose from $15,590.1 million in FY2021 to $21,942.2 millionc in FY2025, holding at 61.7% of total capitalization. The dividend rose to $3.81 annually in January 2026, a 6.7% increase. The market priced the stock at $105.46 at the close of FY2025, or 21.9x earnings, for a market cap of $34.3 billion. Investors were paying a premium multiple for a company whose growth now depends on $33.4 billion of planned regulated utility spending from 2026 to 2030.

Recent Developments (Q2 and Q3 2026)

Earnings accelerated through the period. Q3 2026 net income attributed to common shareholders reached $389.3 milliond, or $1.18 per diluted share, versus $0.83 a year earlier. Q2 2026 came in at $299.2 million, up from $245.4 million. Management raised and narrowed 2026 EPS guidance to $5.60 to $5.64 from $5.51 to $5.61. Wisconsin rate orders and very large customer sales drove the gain. The PSCW approved the Very Large Customer tariff on May 21, 2026, and WEC agreed to a 20-year Point Beach nuclear power purchase agreement. Gale Klappa also retired as Chairman in May 2026.

Bull case: guidance rose, and data center load supports 7.0% to 8.0% long-term EPS growth. Bear case: debt reached $22,756.0 millione, and the Very Large Customer contracts carry about $7 billion of peak collateral. At 24.1x trailing earnings as of the Q3 2026 filing date (not today), the stock looks richly valued.

What to watch: Q4 2026 Wisconsin and Illinois rate decisions; PSCW approval of the Point Beach agreement

03—Filings

Recent SEC Filings

  1. 8-KWec Energy Group 8-K Report, Corporate Update (Nov 4, 2026)
  2. 8-KWec Energy Group 8-K Report, Financial Results (Oct 29, 2026)WEC Energy Group, Inc. reported third-quarter 2026 net income attributed to common shareholders of $389.3 million, or $1.18 per diluted share, compared with $271.3 million, or $0.83 per diluted share, in the third quarter of 2025. For the nine months ended September 30, 2026, net income attributed to common shareholders was $1.49 billion, or $4.54 per diluted share, versus $1.24 billion, or $3.85 per diluted share, a year earlier. Consolidated revenues for the nine months were $7.8 billion, up $523.9 million from the prior-year period. Management attributed the results to warmer-than-normal weather, execution of its capital plan and operating efficiency. The company raised and narrowed its 2026 earnings guidance to $5.60 to $5.64 per diluted share, from the previously announced range of $5.51 to $5.61. The filing states the revision is largely due to favorable weather and capital investment supported by Very Large Customers (VLCs), and assumes normal weather for the remainder of the year. Retail electricity deliveries, excluding the iron ore mine in Michigan's Upper Peninsula and VLCs in Wisconsin, rose 3.3 percent in the third quarter, or 0.4 percent on a weather-normal basis. The nine-month cash flow statement shows net cash provided by operating activities of $3,413.1 million, up from $2,954.8 million, while capital expenditures, including AFUDC-Debt, were $3,318.7 million versus $3,120.0 million. Long-term debt stood at $19,717.2 million at September 30, 2026, up from $18,498.1 million at December 31, 2025. The filing furnishes the full earnings press release as Exhibit 99.1.
  3. 8-KWec Energy Group 8-K Report, Regulation FD Disclosure (Sep 4, 2026)WEC Energy Group, Inc. filed this Form 8-K on September 4, 2026 under Item 7.01 (Regulation FD Disclosure) to furnish an investor update presentation (Exhibit 99.1) for upcoming meetings with investors. The filing itself contains no new financial results, guidance changes, or transactions beyond what the slides present. The September 2026 investor update reiterates a 2026 adjusted EPS guidance midpoint of $5.56 per share, a dividend raised 6.7% in January to an annualized $3.81 per share, and an expected dividend growth rate of 6.5-7%. The company projects a 2026-2030 capital plan of $37.5 billion, described as its largest five-year plan, supporting long-term EPS growth of 7.0% to 8.0%. It also shows an average asset base projected to reach $59.6 billion in 2030, up from $34.2 billion in 2025. Key pending regulatory items include Wisconsin and Illinois rate reviews with decisions expected in Q4 2026 for new rates effective January 1, 2027, the Point Beach power purchase agreement extension with NextEra (seeking PSCW approval), and the Oak Creek combustion turbine project. Load growth is driven largely by data center demand along the I-94 corridor, with the slides citing 2.6 GW of forecasted demand through 2030.
  4. 8-KWec Energy Group 8-K Report, Material Agreement (Aug 18, 2026)WEC Energy Group, Inc. and Wisconsin Electric Power Company (WEPCO) filed this Form 8-K under Item 1.01 (Entry into a Material Definitive Agreement) to report that on August 14, 2026, WEPCO entered into a Power Purchase Agreement with NextEra Energy Point Beach LLC (NEPB) to purchase 86% of the capacity, energy, ancillary services and environmental attributes of each of Unit 1 and Unit 2 of the Point Beach Nuclear Power Plant. The PPA has a 20-year term for each unit: Unit 1 from October 6, 2030 through October 5, 2050, and Unit 2 from March 9, 2033 through March 8, 2053. The agreement is subject to approval by the Public Service Commission of Wisconsin (PSCW), which WEPCO is actively seeking. Either party may terminate the PPA if PSCW approval has not been obtained by January 1, 2028, though that date extends automatically to July 1, 2028 if approval is still obtainable and WEPCO is pursuing it in good faith. The filing states that, if approved, the new PPA will produce savings for customers compared with the current NEPB-WEPCO power purchase agreement, which expires October 5, 2030 for Unit 1 and March 8, 2033 for Unit 2. No dollar amounts of savings are quantified in the filing.
  5. 8-KWec Energy Group 8-K Report, Executive Changes (Aug 11, 2026)WEC Energy Group, Inc. filed this Form 8-K dated August 11, 2026 under Item 5.02 to announce a senior leadership change in its finance organization. The filing states that Caroline Garcia, age 50, will serve as Vice President and Controller effective August 31, 2026. She currently serves as Director of Audit Services at TXNM Energy, a position she has held since 2024, and previously spent nearly 25 years at KPMG LLP, most recently as an Audit Partner, with a primary focus on the energy, utility and natural resources sectors. She is a Certified Public Accountant. In connection with the appointment, the filing sets Ms. Garcia's annual base salary at $335,000, with a target award under the Company's short-term performance plan of 50% of base salary and a long-term incentive plan target of 70% of base salary. Both the short-term award and base salary are prorated to her August 31, 2026 start date, and her first long-term awards will be made effective with the 2027 award. She will be eligible to participate in the Company's 401(k) Plan, Executive Deferred Compensation Plan and other benefit plans. Ms. Garcia succeeds William J. Guc, who, as previously reported, notified the Company that he intends to retire in early 2027. Effective August 31, 2026, Mr. Guc will become special advisor to the Chief Financial Officer to help ensure a smooth transition. The filing is signed by Mr. Guc in his current capacity as Vice President and Controller.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.