01—Abstract
Summary
Summary of the 10-Q filed August 1, 2025. Cited figures are marked; the original filing is the authoritative source.
WEC Energy Group, Inc. reported second-quarter 2025 net income attributed to common shareholders of $245.4 milliona, or $0.76 per diluted share, compared with $211.3 million, or $0.67 per diluted share, in the second quarter of 2024.
Operating revenues rose to $2,009.5 millionb from $1,772.0 million. For the six months ended June 30, 2025, net income attributed to common shareholders was $969.6 million, or $3.02 per diluted share, versus $833.6 million, or $2.64 per diluted share, a year earlier. The Wisconsin segment drove the increase, with net income attributed to common shareholders of $182.4 million in the quarter, up $50.3 million, which the filing attributes primarily to Wisconsin rate orders effective January 1, 2025 and higher retail sales volumes.
The Illinois and non-utility energy infrastructure segments declined in the quarter. Cash flow from operations was $2,015.9 millionc for the first six months of 2025, up from $1,901.0 million. Capital expenditures increased to $1,530.5 million from $1,138.4 million, and the company acquired a 90% interest in the 250 MW Hardin III solar facility for $406.1 million.
The company issued $900.0 milliond of 3.375% convertible senior notes due 2028 and raised $466.0 million in net proceeds under its at-the-market equity program. At June 30, 2025, current liabilities exceeded current assets by $2,098.5 million, and the debt-to-total-capitalization ratio was 60.3%, or 59.2% on the adjusted basis that treats the 2024 Junior Notes partly as equity. The company's capital plan calls for $24.4 billion of regulated utility capital expenditures from 2025 to 2029.
The filing also highlights regulatory and policy developments. The company announced plans to extend the lives of Oak Creek Power Plant Units 7 and 8 through the end of 2026, and it stated that it would reconsider its near-term CO2 emission reduction goals in the third quarter of 2025 while keeping its long-term goal of net carbon neutral electric generation by 2050. In Illinois, the ICC issued an order in February 2025 setting expectations for PGL's gas infrastructure replacement, and ICC staff and intervenors have recommended significant disallowances in a pending QIP reconciliation covering open-year capital costs of approximately $2.9 billion.
02—Key points
Key Highlights
- Q2 2025 net income attributed to common shareholders was $245.4 million ($0.76 diluted EPS), up from $211.3 million ($0.67) in Q2 2024; the filing states the quarterly earnings increase was $34.1 million.
- Six-month net income attributed to common shareholders rose to $969.6 million ($3.02 diluted EPS) from $833.6 million ($2.64), an increase of $136.0 million.
- Wisconsin segment net income attributed to common shareholders increased $50.3 million to $182.4 million, driven by Wisconsin rate orders effective January 1, 2025 and higher retail sales volumes.
- Capital expenditures for the six months were $1,530.5 million, up from $1,138.4 million, and the company acquired a 90% interest in Hardin III for $406.1 million.
- The company issued $900.0 million of 3.375% convertible senior notes due 2028 in June 2025 and received $466.0 million in net proceeds under its at-the-market program.
- Current liabilities exceeded current assets by $2,098.5 million at June 30, 2025; the debt-to-total-capitalization ratio was 60.3% as reported (59.2% adjusted).
- Pending Illinois QIP reconciliations covering open-year capital costs of approximately $2.9 billion could result in material disallowances if the ICC rules against the company.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2025, Wec Energy Group kept $0.12.
- Revenue$2.01B100.0%
- Cost of revenue−$570.5M28.4%
- Gross profit$1.44B71.6%
- Operating costs−$1.03B51.5%
- Operating income$404.9M20.1%
- Interest, other & tax−$159.5M7.9%
- Net income$245.4M12.2%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed August 1, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $2.01B$1.77B | +13.4% |
| Cost of Revenue | $570.50M$469.70M | +21.5% |
| Gross Profit | $1.44B$1.30B | +10.5% |
| Operating Expenses | $1.60B$1.41B | +14.0% |
| Operating Income | $404.90M$364.80M | +11.0% |
| Interest Expense | $220.80M$200.60M | +10.1% |
| Net Income | $245.40M$211.30M | +16.1% |
| EPS (Basic) | $0.77$0.67 | +14.9% |
| EPS (Diluted) | $0.76$0.67 | +13.4% |
| Shares Outstanding (Basic) | 320.30M315.90M | +1.4% |
| Shares Outstanding (Diluted) | 322.20M316.20M | +1.9% |
05—Questions
Frequently Asked Questions
What drove the increase in WEC Energy Group's earnings in the second quarter of 2025?
The filing attributes the $34.1 million earnings increase primarily to a $50.3 million increase at the Wisconsin segment, driven by higher margins from the Wisconsin rate orders effective January 1, 2025 and higher retail sales volumes. These gains were partly offset by an $11.0 million decrease at the non-utility energy infrastructure segment and a $9.2 million increase in the corporate and other segment's net loss, mainly from higher interest expense.
How is the company funding its large capital program?
The company cites internal cash generation from operations and access to capital markets. In the first half of 2025 it issued $1,025.0 million of long-term debt, issued $398.8 million of common stock on a net basis, and repaid $567.6 million of long-term debt. It expects total capital expenditures for its regulated utility businesses of approximately $24.4 billion from 2025 to 2029.
What changed in the company's emissions strategy?
In the third quarter of 2025, the company decided to reconsider its near-term CO2 emission reduction goals, citing tightened energy supply requirements in the Midwest power market and the need for reliable, affordable energy. Its long-term goal of net carbon neutral electric generation by 2050 remains intact. The company also reassessed its standalone goal for methane emissions from natural gas distribution.
What are the main regulatory risks disclosed?
Key regulatory risks include the ICC's pending review of PGL's QIP reconciliations from 2017 through 2023, where ICC staff and intervenors recommended significant disallowances in July 2025, and the UEA rider reconciliations for PGL and NSG for open years 2019 through 2024. The filing states that disallowances, if any, could be material and have a material adverse impact on results of operations.
06—Continue