How did WEC Energy Group perform in the first quarter of 2025?

The company reported net income attributed to common shareholders of $724.2 million, or $2.27 per diluted share, compared with $622.3 million, or $1.97 per share, in the first quarter of 2024. Operating revenues were $3,149.5 million, up from $2,680.2 million.

Did WEC change its 2025 earnings guidance?

No. WEC reaffirmed its 2025 earnings guidance of $5.17 to $5.27 per share, assuming normal weather for the remainder of the year.

What drove electricity and gas demand during the quarter?

Retail electricity deliveries excluding the iron ore mine rose 2.9%, with residential use up 5.5%, small commercial and industrial use up 2.1%, and large commercial and industrial use (excluding the mine) up 1.1%. Wisconsin natural gas deliveries excluding gas used for power generation rose 15.5%, though they were 0.5% lower on a weather-normal basis. The company cited continued economic growth in its region.

What major investments and acquisitions did WEC make in the quarter?

WEC spent $701.1 million on capital expenditures and $406.1 million, net of cash acquired, to acquire the Hardin Solar III Energy Center. It also made $42.3 million of capital contributions to transmission affiliates.

How did WEC's debt and cash position change?

Short-term debt increased to $1,327.1 million from $1,116.6 million at December 31, 2024, and the current portion of long-term debt rose to $2,729.9 million from $1,729.0 million. Long-term debt decreased to $16,161.8 million from $17,178.1 million. Cash and cash equivalents rose to $82.2 million from $9.8 million, and net cash from operating activities was $1,162.6 million.

WEC 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed May 6, 2025. Cited figures are marked; the original filing is the authoritative source.

WEC Energy Group, Inc. reported net income attributed to common shareholders of $724.2 million^a, or $2.27 per diluted share, for the first quarter of 2025, compared with $622.3 million, or $1.97 per share, in the first quarter of 2024.

Consolidated operating revenues were $3,149.5 million^b, compared with $2,680.2 million a year earlier. The company attributed the results to continued economic growth in its region and a focus on operating excellence. The filing furnishes the press release as Exhibit 99.1 and does not state a change from the company's prior-year figures beyond the amounts shown.

Retail electricity deliveries excluding the iron ore mine rose 2.9%^c in the quarter, with residential use up 5.5% and small commercial and industrial use up 2.1%. Natural gas deliveries in Wisconsin, excluding gas used for power generation, rose 15.5%, but were 0.5% lower on a weather-normal basis. Weather-normal retail electricity deliveries excluding the iron ore mine increased 0.7%.

WEC reaffirmed its 2025 earnings guidance of $5.17 to $5.27^d per share, assuming normal weather for the rest of the year. Balance sheet activity in the quarter included an acquisition of the Hardin Solar III Energy Center for $406.1 million net of cash acquired, capital expenditures of $701.1 million, and a rise in short-term debt to $1,327.1 million. Cash from operating activities was $1,162.6 million.

02—Key points

Key Highlights

Net income attributed to common shareholders of $724.2 million, or $2.27 per diluted share, versus $622.3 million, or $1.97 per share, in Q1 2024
Operating revenues of $3,149.5 million, versus $2,680.2 million in Q1 2024
2025 earnings guidance reaffirmed at $5.17 to $5.27 per share, assuming normal weather for the remainder of the year
Retail electricity deliveries excluding the iron ore mine up 2.9%; residential use up 5.5%; weather-normal retail electricity deliveries up 0.7%
Wisconsin natural gas deliveries (excluding gas for power generation) up 15.5%, but 0.5% lower on a weather-normal basis
Capital expenditures of $701.1 million and acquisition of Hardin Solar III Energy Center for $406.1 million net of cash acquired
Short-term debt rose to $1,327.1 million from $1,116.6 million at December 31, 2024; long-term debt declined to $16,161.8 million from $17,178.1 million

03—Questions

Frequently Asked Questions

How did WEC Energy Group perform in the first quarter of 2025?
The company reported net income attributed to common shareholders of $724.2 million, or $2.27 per diluted share, compared with $622.3 million, or $1.97 per share, in the first quarter of 2024. Operating revenues were $3,149.5 million, up from $2,680.2 million.
Did WEC change its 2025 earnings guidance?
No. WEC reaffirmed its 2025 earnings guidance of $5.17 to $5.27 per share, assuming normal weather for the remainder of the year.
What drove electricity and gas demand during the quarter?
Retail electricity deliveries excluding the iron ore mine rose 2.9%, with residential use up 5.5%, small commercial and industrial use up 2.1%, and large commercial and industrial use (excluding the mine) up 1.1%. Wisconsin natural gas deliveries excluding gas used for power generation rose 15.5%, though they were 0.5% lower on a weather-normal basis. The company cited continued economic growth in its region.
What major investments and acquisitions did WEC make in the quarter?
WEC spent $701.1 million on capital expenditures and $406.1 million, net of cash acquired, to acquire the Hardin Solar III Energy Center. It also made $42.3 million of capital contributions to transmission affiliates.
How did WEC's debt and cash position change?
Short-term debt increased to $1,327.1 million from $1,116.6 million at December 31, 2024, and the current portion of long-term debt rose to $2,729.9 million from $1,729.0 million. Long-term debt decreased to $16,161.8 million from $17,178.1 million. Cash and cash equivalents rose to $82.2 million from $9.8 million, and net cash from operating activities was $1,162.6 million.

04—Continue

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