01—Abstract
Summary
Summary of the 10-Q filed August 4, 2026. Cited figures are marked; the original filing is the authoritative source.
WEC Energy Group, Inc. reported net income attributed to common shareholders of $299.2 milliona, or $0.91 diluted EPS, for the three months ended June 30, 2026, compared with $245.4 million, or $0.76 diluted EPS, a year earlier.
For the six months, net income attributed to common shareholders was $1,103.6 millionb, or $3.36 diluted EPS, versus $969.6 million, or $3.02 diluted EPS. The Wisconsin segment drove much of the increase, citing higher margins from Wisconsin rate orders effective January 1, 2026, while the non-utility energy infrastructure segment also improved on higher WECI operating income. Capital spending rose sharply, with capital expenditures of $2,079.9 million in the first six months of 2026 versus $1,530.5 million a year earlier.
The company's capital plan now totals $37.5 billionc, with $33.4 billion of regulated utility capital expenditures forecast from 2026 to 2030. Total debt was $22,563.9 million at June 30, 2026, a debt-to-total-capitalization ratio of 61.4% on an actual basis, and the company issued $1,804.2 million of long-term debt in the first half. Current liabilities exceeded current assets by $2,426.6 million.
Key pending items include Wisconsin electric and gas rate requests for 2027 and 2028, with a PSCW decision expected in the fourth quarter of 2026, and a PGL/NSG natural gas rate request with an ICC decision anticipated in the fourth quarter of 2026. The Very Large Customer and Bespoke Resources tariffs were approved by the PSCW on May 21, 2026, and the filing notes a peak collateral requirement of approximately $7 billiond for the related customer contracts.
02—Key points
Key Highlights
- Q2 2026 net income attributed to common shareholders was $299.2 million ($0.91 diluted EPS), up from $245.4 million ($0.76) in Q2 2025.
- Six-month net income attributed to common shareholders was $1,103.6 million ($3.36 diluted EPS), up from $969.6 million ($3.02 diluted EPS).
- Wisconsin segment earnings rose $25.8 million in Q2 to $208.2 million, driven by higher margins from Wisconsin rate orders effective January 1, 2026.
- Capital expenditures for the six months were $2,079.9 million, compared with $1,530.5 million a year earlier; the capital plan totals $37.5 billion.
- Long-term debt issuances totaled $1,804.2 million in the first six months, and the debt-to-total-capitalization ratio was 61.4% on an actual basis (59.6% adjusted).
- The PSCW approved VLC and Bespoke Resources tariffs on May 21, 2026, with Microsoft entering a service agreement under the VLC tariff; the filing cites a peak collateral requirement of approximately $7 billion for the Oracle-related VLC contracts.
- The quarterly dividend was declared at $0.9525 per share on July 16, 2026, payable September 1, 2026.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2026, Wec Energy Group kept $0.15.
- Revenue$2.06B100.0%
- Cost of revenue−$555.6M26.9%
- Gross profit$1.51B73.1%
- Operating costs−$1.07B52.1%
- Operating income$432.8M21.0%
- Interest, other & tax−$133.6M6.5%
- Net income$299.2M14.5%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 4, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $2.06B$2.01B | +2.6% |
| Cost of Revenue | $555.60M$570.50M | −2.6% |
| Gross Profit | $1.51B$1.44B | +4.7% |
| Operating Expenses | $1.63B$1.60B | +1.5% |
| Operating Income | $432.80M$404.90M | +6.9% |
| Interest Expense | $228.90M$220.80M | +3.7% |
| Net Income | $299.20M$245.40M | +21.9% |
| EPS (Basic) | $0.92$0.77 | +19.5% |
| EPS (Diluted) | $0.91$0.76 | +19.7% |
| Shares Outstanding (Basic) | 325.80M320.30M | +1.7% |
| Shares Outstanding (Diluted) | 328.90M322.20M | +2.1% |
05—Questions
Frequently Asked Questions
What drove the increase in earnings in the second quarter of 2026?
Net income attributed to common shareholders increased $53.8 million, led by a $36.4 million increase at the non-utility energy infrastructure segment and a $25.8 million increase at the Wisconsin segment. The Wisconsin increase reflected higher margins from Wisconsin rate orders effective January 1, 2026, along with higher AFUDC-Equity. These gains were partly offset by an $11.6 million larger loss at the corporate and other segment.
How much is WEC planning to invest in its capital plan?
The filing states that the company's capital plan totals $37.5 billion, with approximately $33.4 billion of expected capital expenditures for regulated utility businesses from 2026 to 2030. It also forecasts about $4.1 billion of its share of ATC's capital expenditures over the next five years.
What regulatory decisions are pending?
WE, WPS, and WG filed requests on April 1, 2026 for rate increases effective January 1, 2027 and January 1, 2028, with a PSCW decision expected in the fourth quarter of 2026. PGL and NSG requested natural gas rate increases of $144.0 million (14.6%) and $8.7 million (8.4%), respectively, with an ICC decision anticipated in the fourth quarter of 2026.
Did the company change its plans for Oak Creek Power Plant Units 7 and 8?
Yes. On April 1, 2026, the company announced plans to extend the operating lives of OCPP Units 7 and 8, which were previously scheduled to retire at the end of 2026, and expects them to be available through 2027. The total net book value of the units was $604.6 million at June 30, 2026. The company cites reliability and affordability for WE's customers, with new dispatchable generation expected to come online in late 2027.
06—Continue