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WEC

WEC Energy Group, Inc.

WEC

WEC Energy Group, Inc. • NYSE
$112.07 ▼ -0.15% (-0.17)
Market Cap $35.84 B
52w High $118.19
52w Low $91.94
Dividend Yield 3.57%
P/E 21.23
Volume 930.94K
Outstanding Shares 319.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.104B ▲ $1.046B ▲ $271.3M ▲ 12.894% ▲ $0.84 ▲ $901.6M ▲
Q2-2025 $2.01B ▼ $437.9M ▼ $245.7M ▼ 12.227% ▼ $0.77 ▼ $852.2M ▼
Q1-2025 $3.15B ▲ $438.3M ▲ $724.5M ▲ 23.004% ▲ $2.28 ▲ $1.369B ▲
Q4-2024 $2.284B ▲ $427.9M ▲ $453.8M ▲ 19.867% ▲ $1.43 ▲ $1.077B ▲
Q3-2024 $1.863B $392.2M $240.4M 12.9% $0.76 $814.9M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $51.1M ▲ $49.809B ▲ $35.798B ▲ $13.599B ▲
Q2-2025 $23M ▼ $48.524B ▲ $34.854B ▲ $13.254B ▲
Q1-2025 $82.2M ▲ $48.232B ▲ $34.805B ▲ $13.006B ▲
Q4-2024 $9.8M ▼ $47.363B ▲ $34.561B ▲ $12.425B ▲
Q3-2024 $322.5M $45.197B $32.805B $12.112B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $270.2M ▲ $938.9M ▲ $-1.598B ▼ $707.3M ▲ $48.5M ▲ $-625.7M ▼
Q2-2025 $243M ▼ $853.3M ▼ $-871M ▲ $-56.5M ▼ $-74.2M ▼ $23.9M ▼
Q1-2025 $725.5M ▲ $1.163B ▲ $-1.102B ▲ $40.4M ▼ $101.2M ▲ $461.5M ▲
Q4-2024 $453.1M ▲ $581.8M ▼ $-1.749B ▼ $848.7M ▲ $-318.8M ▼ $-264.6M ▼
Q3-2024 $238.6M $729M $-802.4M $131.5M $58.1M $-67.3M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Illinois
Illinois
 $490.00M ▲$790.00M ▲$270.00M ▼$180.00M ▼
NonUtility Energy Infrastructure
NonUtility Energy Infrastructure
 $180.00M ▲$190.00M ▲$190.00M ▲$190.00M ▲
Other States
Other States
 $140.00M ▲$230.00M ▲$80.00M ▼$50.00M ▼
Wisconsin
Wisconsin
 $1.59Bn ▲$2.06Bn ▲$1.59Bn ▼$1.79Bn ▲

Five-Year Company Overview

Income Statement

Income Statement WEC’s income statement shows a fairly steady story of improving profitability over the last several years. Sales have moved around a bit, but profit margins have generally trended higher, suggesting better cost control and constructive rate outcomes with regulators. Operating profit and EBITDA have climbed, indicating that the core utility operations are solid and relatively resilient to short‑term swings in demand or fuel prices. Net income and earnings per share have grown over time, with only minor bumps, which is typical of a mature, regulated utility executing a large capital plan.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive utility that has been investing heavily in its network and generation assets. Total assets have grown consistently, driven by spending on infrastructure, renewables, and grid modernization. Debt levels have also risen, which is common for regulated utilities but does increase financial leverage and sensitivity to interest rates. Shareholders’ equity has grown steadily as well, showing retained earnings and an expanding rate base, but the overall picture is still one of a business reliant on substantial borrowing to fund its long‑term projects.

Cash Flow

Cash Flow Underlying cash generation from operations has strengthened over time, which supports the idea of a stable, dependable utility franchise. However, capital spending has been very high, reflecting large investments in new plants, transmission, distribution, and clean energy projects. This has left free cash flow quite tight, turning negative in some years and only modestly positive more recently, meaning the company has relied on external financing to bridge the gap. The pattern is consistent with a long investment cycle: strong operating cash inflows, heavy reinvestment, and relatively limited excess cash after growth spending and dividends.

Competitive Edge

Competitive Edge WEC operates in largely regulated markets where it effectively holds monopoly or near‑monopoly positions in its service territories, giving it a stable and predictable customer base. Its extensive electric and gas infrastructure creates high barriers to entry, as replicating these networks would be extremely costly and time‑consuming. A diversified mix of natural gas and growing renewables, along with a planned exit from coal, helps manage environmental and fuel‑price risk compared with more concentrated peers. The main competitive pressures are less about new entrants and more about regulatory oversight, customer expectations for cleaner energy, and the pace of the energy transition, where WEC appears reasonably well positioned but must execute carefully.

Innovation and R&D

Innovation and R&D For a regulated utility, WEC is relatively active on the innovation front. It is investing in solar, wind, and battery storage, and experimenting with emerging technologies such as hydrogen co‑firing and long‑duration flow batteries, which could improve reliability as renewables expand. The company is also rolling out smart meters, using data and artificial intelligence to manage the grid more efficiently and improve customer service. Customer‑facing programs—such as renewable subscription options, rooftop solar partnerships, and electric vehicle charging pilots—differentiate WEC and may deepen customer relationships, though many of these efforts are still in the pilot or early‑scaling phase and their ultimate economic impact remains uncertain.

Summary

Overall, WEC looks like a mature, regulated utility steadily reshaping itself for a lower‑carbon future. Financially, it shows consistent earnings growth, strengthening operating cash flow, and a willingness to invest heavily in infrastructure and clean energy, funded in large part through higher debt. Its regulated monopoly positions, established networks, and constructive regulatory framework underpin stability, while its decarbonization and grid‑modernization plans could support long‑term growth in its asset base. Key uncertainties include regulatory decisions on cost recovery, the execution risk around large capital projects, the impact of higher interest rates on a leveraged balance sheet, and whether newer technologies like hydrogen and advanced storage ultimately pay off as expected.

NEWS

November 13, 2025 · 12:00 PM UTC

We Energies named best in the Upper Midwest for reliability

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October 30, 2025 · 7:00 AM UTC

WEC Energy Group reports third-quarter results

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October 23, 2025 · 12:00 PM UTC

WEC Energy Group to announce 2025 third-quarter results Oct. 30

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October 16, 2025 · 12:12 PM UTC

WEC Energy Group declares quarterly dividend

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