01—Abstract
Summary
Summary of the 10-Q filed October 31, 2025. Cited figures are marked; the original filing is the authoritative source.
WEC Energy Group, Inc. reported third-quarter 2025 net income attributed to common shareholders of $271.3 milliona, or $0.83 diluted EPS, up from $240.1 million and $0.76 a year earlier.
For the nine months ended September 30, 2025, net income attributed to common shareholders was $1,240.9 millionb, or $3.85 diluted EPS, compared with $1,073.7 million, or $3.40, in the prior-year period. Operating revenues were $7.26 billion for the nine months, versus $6.32 billion, and the Wisconsin segment drove most of the earnings improvement, with higher margins from the Wisconsin rate orders effective January 1, 2025, higher retail sales volumes, and increased income tax benefits. Capital spending accelerated sharply, with capital expenditures of $3.10 billion for the nine months versus $1.93 billion a year earlier, and the company's capital plan targets approximately $32.4 billion of regulated utility capital expenditures from 2026 to 2030.
Operating cash flow rose to $2.95 billionc from $2.63 billion. Total long-term debt including current portion reached $19.56 billion at September 30, 2025, and the company issued common stock under an at-the-market program, with net proceeds of $797.3 million from the EDA as of September 30, 2025. Current liabilities exceeded current assets by $2.54 billion.
Investors should note several open regulatory and legal items: the ICC could disallow costs in PGL's QIP reconciliations (approximately $2.9 billiond of aggregate capital costs under review), the UMERC and PGL rate and rider matters remain pending, and WE has proposed Very Large Customer and Bespoke Resources tariffs tied to large data center load, with a PSCW decision expected in the second quarter of 2026. The company also reconsidered its near-term CO2 emission reduction goals in the third quarter of 2025 while keeping its 2050 net carbon neutral electric generation goal.
02—Key points
Key Highlights
- Net income attributed to common shareholders rose to $271.3 million ($0.83 diluted EPS) in Q3 2025 from $240.1 million ($0.76) in Q3 2024; nine-month net income was $1,240.9 million ($3.85 diluted EPS) versus $1,073.7 million ($3.40).
- Wisconsin segment net income increased $43.5 million in Q3 and $187.3 million year-to-date, driven by Wisconsin rate orders effective January 1, 2025.
- Capital expenditures were $3,095.1 million for the nine months ended September 30, 2025, versus $1,934.7 million a year earlier; the Hardin III 90% interest was acquired for $406.1 million in February 2025.
- The company projects approximately $32.4 billion of regulated utility capital expenditures from 2026 through 2030 and approximately $36.5 billion in its overall capital plan.
- Long-term debt including current portion was $19,564.7 million at September 30, 2025, and short-term debt was $1,260.6 million; the company issued $900.0 million of 3.375% convertible 2028 Notes in June 2025.
- Common stock issuance raised $746.6 million net in the nine months, and 7,610,457 shares had been sold under the $1.5 billion equity distribution agreement as of September 30, 2025.
- Pending items include ICC review of PGL QIP reconciliations covering approximately $2.9 billion of capital costs and a PSCW decision on WE's Very Large Customer tariff expected in the second quarter of 2026.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Wec Energy Group kept $0.13.
- Revenue$2.10B100.0%
- Cost of revenue−$608.1M28.9%
- Gross profit$1.50B71.1%
- Operating costs−$1.05B49.7%
- Operating income$449.6M21.4%
- Interest, other & tax−$178.3M8.5%
- Net income$271.3M12.9%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 31, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $2.10B$1.86B | +12.9% |
| Cost of Revenue | $608.10M$520.80M | +16.8% |
| Gross Profit | $1.50B$1.34B | +11.4% |
| Operating Expenses | $1.65B$1.48B | +11.8% |
| Operating Income | $449.60M$383.70M | +17.2% |
| Interest Expense | $223.60M$204.20M | +9.5% |
| Net Income | $271.30M$240.10M | +13.0% |
| EPS (Basic) | $0.84$0.76 | +10.5% |
| EPS (Diluted) | $0.83$0.76 | +9.2% |
| Shares Outstanding (Basic) | 323.50M316.20M | +2.3% |
| Shares Outstanding (Diluted) | 325.60M316.50M | +2.9% |
05—Questions
Frequently Asked Questions
How did WEC Energy's earnings change in the third quarter and first nine months of 2025?
Net income attributed to common shareholders was $271.3 million ($0.83 diluted EPS) for the third quarter of 2025, compared with $240.1 million ($0.76) in the third quarter of 2024. For the nine months ended September 30, 2025, it was $1,240.9 million ($3.85 diluted EPS), compared with $1,073.7 million ($3.40).
What drove the increase in earnings?
The filing attributes the increase mainly to the Wisconsin segment, where higher margins from Wisconsin rate orders effective January 1, 2025, higher retail sales volumes, and increased certain income tax benefits raised net income. Illinois results improved in the quarter because the prior-year period included a $25.3 million pre-tax QIP disallowance charge. These gains were partly offset by higher corporate and other interest expense.
How much is WEC investing in capital projects?
Capital expenditures totaled $3,095.1 million for the nine months ended September 30, 2025. The company projects $4,762.1 million for 2025, $5,018.1 million for 2026 and $6,949.5 million for 2027 across segments, and expects approximately $32.4 billion of regulated utility capital expenditures from 2026 to 2030.
What regulatory risks could affect results?
The ICC could disallow costs in PGL's QIP reconciliations from 2017 through 2023, which the filing says total approximately $2.9 billion in aggregate capital costs. Disallowances, if any, could be material. The UEA rider reconciliations for PGL and NSG for 2019 through 2024 are also open, and the filing states that disallowances could have a material adverse impact on results of operations.
What is the status of the data center-related tariffs?
In March 2025, WE filed for a Very Large Customer Tariff and a Bespoke Resources Tariff covering customers using 500 MW or more. WE filed modified testimony in October 2025, and the company expects a PSCW decision in the second quarter of 2026. Under the proposal, VLCs would pay for the resources built to serve them, and the filing notes WE is incurring significant engineering and equipment costs before approval.
06—Continue