01—Abstract
Summary
Summary of the 10-Q filed May 7, 2026. Cited figures are marked; the original filing is the authoritative source.
WEC Energy Group, Inc. reported net income attributed to common shareholders of $804.4 milliona, or $2.45 diluted EPS, for the three months ended March 31, 2026, up from $724.2 million, or $2.27 diluted EPS, a year earlier.
Operating revenues rose to $3,434.2 millionb from $3,149.5 million. The filing attributes the $80.2 million earnings increase mainly to higher margins at the Wisconsin segment from rate orders effective January 1, 2026, along with gains at the non-utility energy infrastructure and Illinois segments. The company is pursuing a large capital plan.
It expects total capital expenditures for its regulated utilities of approximately $33.4 billionc from 2026 to 2030, and about $4.1 billion for its share of ATC's capital expenditures over the same period. The filing also cites expected load growth from data centers, including up to 2.6 GWs in the Milwaukee-to-Chicago corridor through 2030, and the PSCW's verbal approval on April 24, 2026 of new Very Large Customer and Bespoke Resources tariffs, with a final written order expected by the end of May 2026. Pending regulatory matters include Wisconsin 2027 and 2028 rate requests and a PGL/NSG Illinois rate request filed in January 2026.
Balance sheet leverage is notable. Total debt was $21,947.4 milliond at March 31, 2026, a 60.8% ratio of debt to total capitalization on an actual basis, or 58.9% on the company's adjusted basis that treats certain Junior Notes partly as equity.
Current liabilities exceeded current assets by $1,408.4 million. The company also disclosed an April 1, 2026 decision to extend the operating lives of Oak Creek Units 7 and 8 through 2027.
02—Key points
Key Highlights
- Net income attributed to common shareholders rose to $804.4 million ($2.45 diluted EPS) from $724.2 million ($2.27 diluted EPS) in Q1 2025.
- Operating revenues were $3,434.2 million, up from $3,149.5 million; cost of sales rose to $1,391.0 million from $1,165.7 million.
- Wisconsin segment net income was $408.1 million, up $48.2 million, driven by 2026 Wisconsin rate orders effective January 1, 2026.
- Capital expenditures were $817.9 million in Q1 2026; the plan calls for approximately $37.5 billion in capital investment from 2026 to 2030 including ATC's share.
- Total debt was $21,947.4 million, a 60.8% debt-to-total-capitalization ratio (58.9% on the adjusted basis).
- Pending PSCW approval of new Very Large Customer and Bespoke Resources tariffs, with verbal approval received April 24, 2026 and a final written order expected by the end of May 2026.
- Dividend declared at $0.9525 per share quarterly, payable June 1, 2026; the company had no shares issued yet under its October 2025 at-the-market program, but had forward sale contracts covering about 3.8 million shares.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q1 FY2026, Wec Energy Group kept $0.23.
- Revenue$3.43B100.0%
- Cost of revenue−$1.39B40.5%
- Gross profit$2.04B59.5%
- Operating costs−$1.06B31.0%
- Operating income$980.0M28.5%
- Interest, other & tax−$175.6M5.1%
- Net income$804.4M23.4%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed May 7, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $3.43B$3.15B | +9.0% |
| Cost of Revenue | $1.39B$1.17B | +19.3% |
| Gross Profit | $2.04B$1.98B | +3.0% |
| Operating Expenses | $2.45B$2.21B | +10.9% |
| Operating Income | $980.00M$937.50M | +4.5% |
| Interest Expense | $228.50M$223.00M | +2.5% |
| Net Income | $804.40M$724.20M | +11.1% |
| EPS (Basic) | $2.47$2.28 | +8.3% |
| EPS (Diluted) | $2.45$2.27 | +7.9% |
| Shares Outstanding (Basic) | 325.60M318.20M | +2.3% |
| Shares Outstanding (Diluted) | 328.30M319.30M | +2.8% |
05—Questions
Frequently Asked Questions
What drove the increase in WEC's first-quarter 2026 earnings?
Net income attributed to common shareholders increased $80.2 million, mainly from the Wisconsin segment (up $48.2 million) on higher margins from the Wisconsin rate orders effective January 1, 2026, plus higher AFUDC-Equity. Non-utility energy infrastructure rose $11.8 million on higher operating income at WECI, and Illinois rose $10.8 million, helped by an $11.9 million gain on the sale of PGL real estate.
How large is WEC's capital plan and where is it focused?
The company expects total capital expenditures for its regulated utility businesses of approximately $33.4 billion from 2026 to 2030, plus about $4.1 billion for its share of ATC's projected capital expenditures. Planned generation investments include 3,300 MWs of combustion turbines, 3,850 MWs of utility-scale solar, 2,130 MWs of battery storage, and 555 MWs of wind.
What is the status of the data center and large customer tariffs?
The PSCW verbally approved the VLC Tariff and Bespoke Resources Tariff, with modifications, on April 24, 2026. The filing expects a final written order by the end of May 2026. Under the tariffs, VLCs with new demand above 100 MWs pay for the electricity and the related facilities built to serve them, and certain costs are excluded from future rate cases.
How leveraged is WEC's balance sheet?
At March 31, 2026, total debt was $21,947.4 million and the debt-to-total-capitalization ratio was 60.8% on an actual basis, or 58.9% on the company's adjusted basis, which treats $675.0 million of Junior Notes as equity. The company stated it was in compliance with all debt covenants.
What are the major pending rate matters investors should watch?
WE, WPS, and WG filed on April 1, 2026 for 2027 and 2028 rate increases, with a proposed 9.9% ROE, and a PSCW decision is expected in Q4 2026. PGL and NSG requested natural gas rate increases of $201.3 million (20.95%) and $12.7 million (12.2%) with a decision expected in Q4 2026. A proposed Illinois settlement would resolve the UEA and QIP riders, with PGL removing $130.0 million of investment from rate base starting in 2027 and refunding $75.0 million to customers.
06—Continue