01—Abstract
Summary
Summary of the 10-Q filed October 30, 2026. Cited figures are marked; the original filing is the authoritative source.
WEC Energy Group, Inc. reported third-quarter 2026 net income attributed to common shareholders of $389.3 milliona, or $1.18 diluted EPS, compared with $271.3 million, or $0.83 diluted EPS, in the third quarter of 2025.
Operating revenues rose to $2,290.6 millionb from $2,104.0 million. For the nine months ended September 30, 2026, net income attributed to common shareholders was $1,492.9 million, or $4.54 diluted EPS, versus $1,240.9 million, or $3.85 diluted EPS a year earlier. The Wisconsin segment drove most of the increase, citing the Wisconsin rate orders effective January 1, 2026, higher retail sales from very large customers, and higher AFUDC-Equity.
The company continues an aggressive capital plan. Capital expenditures including AFUDC-Debt were $3,318.7 millionc for the nine months ended September 30, 2026, and the company estimates total capital expenditures of $5,286.0 million for 2026, $8,408.0 million for 2027, and $9,078.0 million for 2028. Regulated utility capital expenditures are expected to be about $42.2 billion from 2027 to 2031.
Long-term debt rose to $19,717.2 milliond noncurrent, and total debt was $22,756.0 million, or 60.9% of total capitalization on a GAAP basis (59.1% on the company's adjusted basis that treats certain junior notes as equity). Common equity issuances under the at-the-market program provided $382.5 million of net cash in the nine months.
Key pending items include rate requests at WE, WPS and WG with decisions expected in the fourth quarter of 2026, PGL and NSG rate requests with an ICC decision anticipated in the fourth quarter of 2026, and the proposed Weston Unit 4 and Whitetail Wind acquisitions. The company also reported a $130.0 million PGL impairment recorded in the fourth quarter of 2025 tied to a QIP rider settlement, and continued storm-related impairments at its solar facilities.
02—Key points
Key Highlights
- Q3 2026 net income attributed to common shareholders was $389.3 million ($1.18 diluted EPS), up from $271.3 million ($0.83 diluted EPS) in Q3 2025.
- Nine-month 2026 net income attributed to common shareholders was $1,492.9 million ($4.54 diluted EPS), compared with $1,240.9 million ($3.85 diluted EPS) for the same period in 2025.
- Wisconsin segment net income rose $154.4 million for the nine months, driven by the Wisconsin rate orders effective January 1, 2026 and higher sales tied to very large customers.
- Capital expenditures including AFUDC-Debt were $3,318.7 million for the nine months ended September 30, 2026; total capital expenditures are estimated at $8,408.0 million for 2027 and $9,078.0 million for 2028.
- Long-term debt was $20,851.7 million including current portion, and the debt-to-total-capitalization ratio was 60.9% on an actual basis and 59.1% on the adjusted basis.
- Pending rate decisions from the PSCW (WE, WPS, WG) and the ICC (PGL, NSG) are expected in the fourth quarter of 2026.
- The quarterly dividend was declared at $0.9525 per share on October 15, 2026, payable December 1, 2026.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2026, Wec Energy Group kept $0.17.
- Revenue$2.29B100.0%
- Cost of revenue−$651.2M28.4%
- Gross profit$1.64B71.6%
- Operating costs−$1.08B47.0%
- Operating income$563.7M24.6%
- Interest, other & tax−$174.4M7.6%
- Net income$389.3M17.0%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed October 30, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $2.29B$2.10B | +8.9% |
| Cost of Revenue | $651.20M$608.10M | +7.1% |
| Gross Profit | $1.64B$1.50B | +9.6% |
| Operating Expenses | $1.73B$1.65B | +4.4% |
| Operating Income | $563.70M$449.60M | +25.4% |
| Interest Expense | $241.70M$223.60M | +8.1% |
| Net Income | $389.30M$271.30M | +43.5% |
| EPS (Basic) | $1.19$0.84 | +41.7% |
| EPS (Diluted) | $1.18$0.83 | +42.2% |
| Shares Outstanding (Basic) | 326.60M323.50M | +1.0% |
| Shares Outstanding (Diluted) | 328.80M325.60M | +1.0% |
05—Questions
Frequently Asked Questions
How did WEC's earnings change in the third quarter of 2026?
Net income attributed to common shareholders was $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. The filing attributes the $118.0 million increase mainly to the Wisconsin segment, which rose $80.4 million on higher margins from Wisconsin rate orders, warmer summer weather, and VLC impacts.
What is driving WEC's capital spending?
The company reported capital expenditures including AFUDC-Debt of $3,318.7 million for the first nine months of 2026. Its capital plan calls for about $42.2 billion of regulated utility capital expenditures from 2027 to 2031, including investments in natural gas-fired generation, renewables, battery storage, and gas and electric distribution reliability projects.
How is WEC financing its growth?
During the nine months, the company issued $2,395.6 million of long-term debt and $382.5 million of common stock on a net basis, and retired $1,558.5 million of long-term debt. Short-term commercial paper outstanding was $1,899.4 million at September 30, 2026, against $3,900.0 million of total short-term credit capacity.
What regulatory decisions are pending that could affect future earnings?
WE, WPS and WG requested rate increases effective January 1, 2027 and 2028, with a PSCW decision expected in the fourth quarter of 2026. PGL and NSG requested natural gas rate increases of $144.0 million and $8.7 million, with an ICC decision anticipated in the fourth quarter of 2026 and new rates expected by January 1, 2027.
Were there any notable one-time items or impairments?
In the fourth quarter of 2025, PGL recorded a $130.0 million impairment to property, plant, and equipment tied to a QIP rider settlement. In 2026, the company recorded a $11.9 million pre-tax gain on the sale of PGL real estate and storm-related impairments at its Delilah I solar facility totaling $3.0 million, with an increase of $1.3 million recorded in the third quarter.
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