What is WEC Energy Group's operating income?

WEC Energy Group's total operating income in 2025 was $2.24 billion, based on the following breakdown: Total Gross Profit: $6.53 billion Total Operating Expenses: $4.29 billion

WEC Energy Group (WEC) Financials

$106.33 -2.18 (-2.01%)

As of 08/21/2026 03:58 PM Eastern

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Annual Income Statements for WEC Energy Group

This table shows WEC Energy Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	639	939	1,204	1,059	1,134	1,200	1,300	1,408	1,332	1,527	1,558
Consolidated Net Income / (Loss)	640	940	1,205	1,061	1,135	1,201	1,299	1,410	1,332	1,524	1,556
Net Income / (Loss) Continuing Operations	640	940	1,205	1,061	1,135	1,201	1,299	1,410	1,332	1,524	1,556
Total Pre-Tax Income	1,074	1,507	1,588	1,230	1,260	1,429	1,499	1,733	1,536	1,746	1,674
Total Operating Income	1,251	1,696	1,776	1,468	1,531	1,706	1,715	1,924	1,908	2,153	2,245
Total Gross Profit	1,977	4,825	4,826	4,782	4,844	4,922	5,005	5,239	5,702	5,944	6,534
Total Revenue	5,926	7,472	7,649	7,680	7,523	7,242	8,316	9,597	8,893	8,600	9,800
Operating Revenue	5,926	7,472	7,649	7,680	7,523	7,242	8,316	9,597	8,893	8,600	9,800
Total Cost of Revenue	3,949	2,647	2,823	2,898	2,679	2,320	3,311	4,359	3,191	2,656	3,266
Operating Cost of Revenue	3,949	2,647	2,823	2,898	2,679	2,320	3,311	4,359	3,191	2,656	3,266
Total Operating Expenses	726	3,129	3,050	3,313	3,313	3,216	3,290	3,314	3,794	3,779	4,289
Selling, General & Admin Expense	-	2,171	2,056	2,271	2,185	2,032	2,006	1,938	2,101	2,158	2,401
Depreciation Expense	562	763	799	846	926	976	1,074	1,123	1,264	1,355	1,479
Other Operating Expenses / (Income)	164	195	195	197	202	208	210	254	250	267	280
Impairment Charge	-	-	-	-	-	-	0.00	0.00	179	-	130
Total Other Income / (Expense), net	-176	-190	-188	-238	-272	-277	-216	-192	-372	-407	-571
Interest Expense	331	403	416	445	502	532	507	515	727	792	895
Interest & Investment Income	96	147	154	137	128	176	158	195	178	208	216
Other Income / (Expense), net	59	67	74	70	102	80	133	129	178	178	108
Income Tax Expense	434	567	384	170	125	228	200	323	205	222	118
Preferred Stock Dividends Declared	1.80	-	1.20	1.20	1.20	1.20	1.20	1.20	1.20	1.20	1.20
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	-0.50	0.30	-3.00	0.40	-1.20	-4.10	-3.20
Basic Earnings per Share	$2.36	-	$3.81	$3.36	$3.60	$3.80	$4.12	$4.46	$4.22	$4.83	$4.84
Weighted Average Basic Shares Outstanding	271.10M	315.60M	315.60M	315.50M	315.40M	315.40M	315.40M	315.40M	315.40M	316.20M	321.90M
Diluted Earnings per Share	$2.34	-	$3.79	$3.34	$3.58	$3.79	$4.11	$4.45	$4.22	$4.83	$4.81
Weighted Average Diluted Shares Outstanding	272.70M	316.90M	317.20M	316.90M	316.70M	316.50M	316.30M	316.10M	315.90M	316.50M	323.80M
Weighted Average Basic & Diluted Shares Outstanding	269.80M	314.70M	316.20M	315.60M	315.43M	315.43M	315.43M	315.43M	315.56M	317.75M	325.53M
Cash Dividends to Common per Share	$1.74	$1.98	$2.08	$2.21	$2.36	$2.53	$2.71	$2.91	$3.12	$3.34	$3.57

This table shows WEC Energy Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	219	622	211	240	454	724	245	271	317	804	299
Consolidated Net Income / (Loss)	219	623	210	239	453	726	243	270	317	806	301
Net Income / (Loss) Continuing Operations	219	623	210	239	453	726	243	270	317	806	301
Total Pre-Tax Income	240	710	252	270	514	786	263	305	320	859	328
Total Operating Income	341	813	365	384	591	938	405	450	453	980	433
Total Gross Profit	1,456	1,753	1,302	1,343	1,546	1,984	1,439	1,496	1,616	2,043	1,507
Total Revenue	2,218	2,680	1,772	1,864	2,284	3,150	2,010	2,104	2,537	3,434	2,062
Operating Revenue	2,218	2,680	1,772	1,864	2,284	3,150	2,010	2,104	2,537	3,434	2,062
Total Cost of Revenue	761	927	470	521	738	1,166	571	608	922	1,391	556
Operating Cost of Revenue	761	927	470	521	738	1,166	571	608	922	1,391	556
Total Operating Expenses	1,115	940	938	959	955	1,046	1,034	1,046	1,163	1,063	1,074
Selling, General & Admin Expense	554	531	533	567	527	608	596	605	592	609	617
Depreciation Expense	325	333	337	341	344	360	369	373	376	380	385
Other Operating Expenses / (Income)	58	76	68	52	72	78	69	68	65	75	72
Total Other Income / (Expense), net	-101	-103	-113	-114	-77	-151	-142	-145	-133	-121	-105
Interest Expense	194	192	201	204	195	223	221	224	228	229	229
Interest & Investment Income	45	45	47	47	69	54	52	55	56	60	63
Other Income / (Expense), net	47	44	41	44	50	18	27	24	40	48	62
Income Tax Expense	22	88	42	32	61	61	20	34	3.40	53	27
Preferred Stock Dividends Declared	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.30	0.00	-1.60	-1.80	-0.70	1.00	-2.70	-1.40	-0.10	1.40	1.50
Weighted Average Basic Shares Outstanding	315.40M	315.60M	315.90M	316.20M	316.20M	318.20M	320.30M	323.50M	321.90M	325.60M	325.80M
Weighted Average Diluted Shares Outstanding	315.90M	315.90M	316.20M	316.50M	316.50M	319.30M	322.20M	325.60M	323.80M	328.30M	328.90M
Weighted Average Basic & Diluted Shares Outstanding	315.56M	315.82M	316.08M	316.35M	317.75M	319.13M	321.87M	325.29M	325.53M	325.73M	325.85M

This table details how cash moves in and out of WEC Energy Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-12	-96	-14	88	-64	-9.70	15	95	-17	-123	29
Net Cash From Operating Activities	1,294	2,104	2,079	2,446	2,346	2,196	2,033	2,061	3,018	3,212	3,379
Net Cash From Continuing Operating Activities	1,294	2,104	2,079	2,446	2,346	2,196	2,033	2,061	3,018	3,202	3,379
Net Income / (Loss) Continuing Operations	640	940	1,205	1,061	1,135	1,201	1,299	1,410	1,332	1,524	1,556
Consolidated Net Income / (Loss)	640	940	1,205	1,061	1,135	1,201	1,299	1,410	1,332	1,524	1,556
Depreciation Expense	584	763	799	846	926	976	1,074	1,123	1,264	1,355	1,479
Non-Cash Adjustments To Reconcile Net Income	-132	-75	-125	-96	-39	-145	-180	-156	129	-72	87
Changes in Operating Assets and Liabilities, net	202	476	200	635	324	164	-160	-316	293	395	258
Net Cash From Investing Activities	-2,518	-1,354	-2,254	-2,384	-2,495	-2,807	-2,312	-2,642	-3,558	-3,803	-4,875
Net Cash From Continuing Investing Activities	-2,518	-1,354	-2,254	-2,384	-2,495	-2,807	-2,312	-2,642	-3,558	-3,803	-4,875
Purchase of Property, Plant & Equipment	-1,266	-1,424	-1,960	-2,116	-2,261	-2,479	-2,253	-2,315	-2,936	-2,781	-4,398
Acquisitions	-1,330	0.00	-226	-301	-268	-365	-120	-382	-429	-992	-406
Purchase of Investments	-8.70	-102	-113	-119	-53	-59	0.00	-46	-64	-46	-142
Other Investing Activities, net	58	3.00	12	21	49	19	20	31	-130	16	72
Net Cash From Financing Activities	1,212	-846	161	26	86	601	294	676	523	468	1,524
Net Cash From Continuing Financing Activities	1,212	-846	161	26	86	601	294	676	523	468	1,524
Repayment of Debt	-386	-554	-161	-973	-992	-1,228	-1,677	-117	-653	-2,190	-972
Repurchase of Common Equity	-75	-108	-71	-72	-140	-130	-33	-69	-17	-3.20	-1.30
Payment of Dividends	-455	-625	-657	-697	-745	-798	-855	-918	-984	-1,084	-1,148
Issuance of Debt	2,150	400	1,019	1,740	1,895	2,714	2,843	1,747	2,170	3,558	2,845
Issuance of Common Equity	-	-	-	-	-	-	-	0.00	0.00	163	762
Other Financing Activities, net	30	42	31	29	67	44	16	34	6.30	24	39

This table details how cash moves in and out of WEC Energy Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	24	-49	187	58	-319	101	-74	49	-47	36	-11
Net Cash From Operating Activities	480	864	1,037	729	582	1,163	853	939	425	1,218	992
Net Cash From Continuing Operating Activities	480	864	1,037	729	582	1,163	853	939	425	1,218	992
Net Income / (Loss) Continuing Operations	219	623	210	239	453	726	243	270	317	806	301
Consolidated Net Income / (Loss)	219	623	210	239	453	726	243	270	317	806	301
Depreciation Expense	325	333	337	341	344	360	369	373	376	380	385
Non-Cash Adjustments To Reconcile Net Income	115	-13	-31	-30	15	-1.70	-77	-17	115	-17	-113
Changes in Operating Assets and Liabilities, net	-178	-79	522	180	-231	79	319	313	-383	50	419
Net Cash From Investing Activities	-787	-436	-815	-802	-1,749	-1,102	-871	-1,598	-1,304	-886	-1,314
Net Cash From Continuing Investing Activities	-787	-436	-815	-802	-1,749	-1,102	-871	-1,598	-1,304	-886	-1,314
Purchase of Property, Plant & Equipment	-763	-445	-694	-796	-846	-701	-829	-1,565	-1,303	-818	-1,262
Purchase of Investments	-12	-12	-18	-15	-	-42	-46	-55	-	-76	-37
Divestitures	2.40	-	-	0.30	0.50	-406	-	-	-	0.00	-3.00
Other Investing Activities, net	-139	5.60	-5.20	8.50	5.10	48	3.90	22	16	-14	-13
Net Cash From Financing Activities	330	-477	-36	132	849	40	-57	707	833	-296	310
Net Cash From Continuing Financing Activities	330	-477	-36	132	849	40	-57	707	833	-296	310
Repayment of Debt	-13	-759	-52	-60	-2,222	-24	-564	-734	348	-1,130	-80
Payment of Dividends	-246	-292	-264	-264	-265	-284	-285	-289	-290	-310	-310
Issuance of Debt	592	553	261	434	3,213	210	508	1,369	758	1,124	688
Issuance of Common Equity	-	19	19	13	112	117	282	348	15	13	11
Other Financing Activities, net	3.30	3.70	1.00	8.70	10	21	3.50	13	1.50	7.40	1.70

This table presents WEC Energy Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	29,355	30,123	31,591	33,476	34,952	37,028	38,989	41,872	43,940	47,363	51,518
Total Current Assets	2,207	2,169	2,214	2,248	2,094	2,083	2,657	3,188	2,796	2,912	3,285
Cash & Equivalents	50	38	39	85	38	25	16	29	43	9.80	28
Accounts Receivable	1,029	1,242	1,351	1,281	1,177	1,203	1,506	1,818	1,503	1,669	2,063
Inventories, net	687	588	539	548	550	529	636	807	775	813	803
Prepaid Expenses	286	204	210	257	262	263	63	70	77	83	92
Current Deferred & Refundable Income Taxes	-	-	-	-	-	-	182	202	174	215	179
Other Current Assets	156	98	75	77	68	63	253	262	224	122	120
Plant, Property, & Equipment, net	19,190	19,916	21,347	22,001	23,620	25,707	26,982	29,114	31,582	34,645	38,278
Total Noncurrent Assets	7,959	8,039	8,030	9,227	9,238	9,238	9,349	9,571	9,563	9,806	9,956
Long-Term Investments	1,381	1,444	1,553	1,665	1,721	1,764	1,789	1,909	2,006	2,109	2,280
Goodwill	3,024	3,046	3,054	3,053	3,053	3,053	3,053	3,053	3,053	3,053	3,053
Employee Benefit Assets	-	-	-	-	-	601	881	917	871	969	1,082
Other Noncurrent Operating Assets	3,554	3,549	3,423	4,509	4,465	3,820	3,626	3,692	3,633	3,676	3,540
Total Liabilities & Shareholders' Equity	29,355	30,123	31,591	33,476	34,952	37,028	38,989	41,872	43,940	47,363	51,518
Total Liabilities	20,670	21,163	22,099	23,633	24,697	26,366	27,875	30,256	31,868	34,561	37,466
Total Current Liabilities	2,709	2,432	3,869	3,332	3,183	4,148	3,753	4,611	5,115	4,842	5,593
Short-Term Debt	1,253	1,017	2,287	1,805	1,524	2,563	2,066	2,528	3,285	2,846	3,444
Accounts Payable	815	862	860	876	908	881	1,006	1,198	897	1,137	1,140
Other Current Liabilities	471	389	554	465	551	705	681	885	933	859	1,009
Total Noncurrent Liabilities	17,961	18,731	18,229	20,301	21,515	22,218	24,122	25,645	26,753	29,719	31,872
Long-Term Debt	9,124	9,158	8,747	9,994	11,211	11,728	13,524	14,766	15,367	17,178	18,498
Asset Retirement Reserve & Litigation Obligation	2,020	2,197	4,336	4,868	4,582	4,461	4,479	4,714	4,536	4,984	5,252
Noncurrent Deferred Revenue	579	566	543	520	497	412	389	371	356	335	314
Noncurrent Deferred & Payable Income Tax Liabilities	4,622	5,147	3,000	3,388	3,769	4,060	4,309	4,626	4,919	5,515	5,892
Other Noncurrent Operating Liabilities	1,072	1,164	1,206	1,108	1,129	1,229	1,203	996	1,576	1,708	1,916
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	0.00	23	111	162	170	209	317	377	409
Total Equity & Noncontrolling Interests	8,685	8,960	9,492	9,819	10,144	10,500	10,944	11,407	11,755	12,425	13,644
Total Preferred & Common Equity	8,685	8,960	9,492	9,819	10,144	10,500	10,944	11,407	11,755	12,425	13,644
Preferred Stock	30	30	30	30	30	30	30	30	30	30	30
Total Common Equity	8,655	8,930	9,461	9,789	10,113	10,470	10,913	11,377	11,724	12,395	13,614
Common Stock	4,350	4,313	4,282	4,253	4,190	4,147	4,141	4,118	4,119	4,319	5,128
Retained Earnings	4,300	4,614	5,177	5,538	5,928	6,330	6,775	7,265	7,613	8,084	8,494
Accumulated Other Comprehensive Income / (Loss)	4.60	2.90	2.90	-2.60	-4.10	-6.80	-3.20	-6.80	-7.70	-7.80	-7.60

This table presents WEC Energy Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	43,442	43,940	43,927	44,582	45,197	47,363	48,232	48,524	49,809	51,734	52,750
Total Current Assets	2,444	2,796	2,605	2,584	2,619	2,912	2,943	2,599	2,515	2,981	2,782
Cash & Equivalents	46	43	39	224	323	9.80	82	23	51	46	50
Accounts Receivable	1,243	1,503	1,557	1,243	1,176	1,669	1,812	1,496	1,270	1,914	1,529
Inventories, net	750	775	609	696	790	813	576	703	843	612	745
Prepaid Expenses	41	77	71	53	51	83	76	51	82	81	58
Current Deferred & Refundable Income Taxes	158	174	143	183	125	215	172	209	126	125	203
Other Current Assets	206	224	186	186	156	122	225	116	144	203	197
Plant, Property, & Equipment, net	31,468	31,582	31,730	32,264	32,853	34,645	35,448	36,061	37,354	38,707	39,828
Total Noncurrent Assets	9,531	9,563	9,593	9,734	9,724	9,806	9,841	9,864	9,939	10,046	10,141
Long-Term Investments	1,984	2,006	2,027	2,056	2,081	2,109	2,149	2,200	2,269	2,370	2,421
Goodwill	3,053	3,053	3,053	3,053	3,053	3,053	3,053	3,053	3,053	3,053	3,053
Employee Benefit Assets	919	871	884	901	918	969	984	1,000	1,016	1,099	1,116
Other Noncurrent Operating Assets	3,575	3,633	3,629	3,725	3,673	3,676	3,655	3,611	3,601	3,525	3,552
Total Liabilities & Shareholders' Equity	43,442	43,940	43,927	44,582	45,197	47,363	48,232	48,524	49,809	51,734	52,750
Total Liabilities	31,341	31,868	31,501	32,188	32,805	34,561	34,805	34,854	35,798	37,165	38,177
Total Current Liabilities	4,074	5,115	4,710	3,492	4,009	4,842	5,863	4,698	5,050	4,389	5,208
Short-Term Debt	2,262	3,285	3,215	1,919	2,421	2,846	4,057	3,061	3,162	2,566	3,348
Accounts Payable	868	897	641	800	741	1,137	792	817	917	831	1,019
Other Current Liabilities	944	933	854	594	646	859	1,014	820	971	729	842
Total Noncurrent Liabilities	27,268	26,753	26,791	28,696	28,796	29,719	28,942	30,157	30,748	32,775	32,969
Long-Term Debt	15,957	15,367	15,376	16,908	16,889	17,178	16,162	17,110	17,663	19,382	19,216
Asset Retirement Reserve & Litigation Obligation	4,682	4,536	4,557	4,815	4,868	4,984	5,088	5,094	5,002	5,250	5,364
Noncurrent Deferred Revenue	360	356	351	346	340	335	329	324	318	310	305
Noncurrent Deferred & Payable Income Tax Liabilities	4,832	4,919	5,120	5,265	5,322	5,515	5,577	5,740	5,814	5,967	6,165
Other Noncurrent Operating Liabilities	1,437	1,576	1,388	1,362	1,377	1,708	1,786	1,889	1,950	1,867	1,918
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	317	317	283	281	279	377	421	417	412	408	408
Total Equity & Noncontrolling Interests	11,783	11,755	12,143	12,113	12,112	12,425	13,006	13,254	13,599	14,161	14,165
Total Preferred & Common Equity	11,783	11,755	12,143	12,113	12,112	12,425	13,006	13,254	13,599	14,161	14,165
Preferred Stock	30	30	30	30	30	30	30	30	30	30	30
Total Common Equity	11,753	11,724	12,113	12,083	12,082	12,395	12,976	13,223	13,568	14,131	14,135
Common Stock	4,120	4,119	4,149	4,172	4,195	4,319	4,459	4,746	5,109	5,151	5,166
Retained Earnings	7,640	7,613	7,972	7,919	7,895	8,084	8,524	8,485	8,467	8,988	8,977
Accumulated Other Comprehensive Income / (Loss)	-7.00	-7.70	-7.80	-7.80	-7.90	-7.80	-7.90	-7.90	-7.90	-7.50	-7.50

This table displays calculated financial ratios and metrics derived from WEC Energy Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.59%	26.09%	2.36%	0.41%	-2.04%	-3.74%	14.83%	15.41%	-7.34%	-3.30%	13.96%
EBITDA Growth	22.72%	33.42%	4.87%	-9.96%	7.36%	7.88%	5.83%	8.66%	5.49%	10.02%	3.96%
EBIT Growth	16.34%	34.63%	4.93%	-16.82%	6.17%	9.30%	3.50%	11.09%	1.59%	11.76%	0.94%
NOPAT Growth	8.16%	42.00%	27.28%	-6.05%	8.98%	3.96%	3.60%	5.38%	5.64%	13.62%	11.04%
Net Income Growth	8.62%	46.84%	28.15%	-11.98%	7.00%	5.88%	8.08%	8.56%	-5.53%	14.46%	2.05%
EPS Growth	-9.65%	0.00%	0.00%	-11.87%	7.19%	5.87%	8.44%	8.27%	-5.17%	14.46%	-0.41%
Operating Cash Flow Growth	7.90%	62.63%	-1.20%	17.65%	-4.09%	-6.37%	-7.44%	1.38%	46.47%	6.41%	5.22%
Free Cash Flow Firm Growth	-108.56%	120.75%	-93.35%	345.02%	-86.91%	-1,342.76%	50.33%	-105.71%	90.62%	-220.23%	-483.69%
Invested Capital Growth	48.20%	0.13%	7.24%	5.07%	6.73%	9.10%	7.48%	8.34%	6.31%	7.09%	9.71%
Revenue Q/Q Growth	11.89%	1.56%	1.22%	0.28%	-1.69%	-0.19%	3.34%	3.86%	-3.69%	0.78%	2.65%
EBITDA Q/Q Growth	14.70%	-1.58%	3.34%	-4.94%	4.59%	0.52%	-0.07%	2.00%	0.39%	7.96%	-2.93%
EBIT Q/Q Growth	13.34%	-1.62%	3.44%	-8.14%	6.10%	0.06%	-1.48%	2.64%	-1.27%	12.13%	-5.92%
NOPAT Q/Q Growth	9.74%	2.12%	22.75%	-15.15%	3.66%	0.12%	-1.57%	0.93%	0.00%	12.70%	-3.34%
Net Income Q/Q Growth	9.83%	1.60%	24.64%	-17.67%	3.55%	-0.38%	-1.20%	2.06%	-2.47%	18.19%	-8.06%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	4.43%	8.38%	-2.30%	4.46%	2.96%	225.29%	-49.59%	-1.19%	18.85%	3.27%	-4.44%
Free Cash Flow Firm Q/Q Growth	58.24%	-80.11%	-83.87%	125.59%	-42.01%	-246.97%	38.24%	3.93%	94.22%	-133.54%	-4.22%
Invested Capital Q/Q Growth	-18.39%	1.26%	4.57%	2.22%	2.46%	6.18%	4.94%	4.52%	1.36%	4.09%	3.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.36%	64.57%	63.09%	62.26%	64.39%	67.97%	60.19%	54.58%	64.12%	69.12%	66.68%
EBITDA Margin	31.94%	33.80%	34.63%	31.05%	34.03%	38.13%	35.14%	33.09%	37.67%	42.86%	39.09%
Operating Margin	21.10%	22.70%	23.22%	19.12%	20.36%	23.56%	20.62%	20.05%	21.46%	25.03%	22.91%
EBIT Margin	22.10%	23.59%	24.19%	20.04%	21.71%	24.66%	22.22%	21.39%	23.45%	27.11%	24.01%
Profit (Net Income) Margin	10.80%	12.58%	15.75%	13.81%	15.08%	16.59%	15.61%	14.69%	14.97%	17.72%	15.87%
Tax Burden Percent	59.61%	62.40%	75.86%	86.20%	90.08%	84.06%	86.64%	81.36%	86.68%	87.29%	92.95%
Interest Burden Percent	82.03%	85.47%	85.87%	79.96%	77.11%	80.05%	81.10%	84.39%	73.66%	74.92%	71.13%
Effective Tax Rate	40.39%	37.60%	24.14%	13.80%	9.92%	15.94%	13.36%	18.64%	13.32%	12.71%	7.05%
Return on Invested Capital (ROIC)	5.05%	6.00%	7.36%	6.52%	6.71%	6.46%	6.18%	6.04%	5.94%	6.33%	6.48%
ROIC Less NNEP Spread (ROIC-NNEP)	4.04%	4.66%	5.79%	4.41%	4.38%	4.48%	4.76%	4.97%	3.93%	4.27%	3.65%
Return on Net Nonoperating Assets (RNNOA)	9.64%	4.66%	5.70%	4.45%	4.58%	5.03%	5.74%	6.37%	5.30%	5.93%	5.10%
Return on Equity (ROE)	14.69%	10.66%	13.06%	10.97%	11.29%	11.49%	11.93%	12.40%	11.24%	12.26%	11.58%
Cash Return on Invested Capital (CROIC)	-33.79%	5.87%	0.38%	1.58%	0.20%	-2.25%	-1.03%	-1.97%	-0.17%	-0.52%	-2.78%
Operating Return on Assets (OROA)	5.92%	5.93%	5.99%	4.73%	4.77%	4.96%	4.86%	5.08%	4.86%	5.11%	4.76%
Return on Assets (ROA)	2.89%	3.16%	3.90%	3.26%	3.32%	3.34%	3.42%	3.49%	3.10%	3.34%	3.15%
Return on Common Equity (ROCE)	14.59%	10.62%	13.02%	10.92%	11.18%	11.30%	11.71%	12.16%	10.97%	11.88%	11.22%
Return on Equity Simple (ROE_SIMPLE)	7.37%	10.49%	12.69%	10.80%	11.19%	11.44%	11.87%	12.36%	11.33%	12.27%	0.00%
Net Operating Profit after Tax (NOPAT)	745	1,059	1,347	1,266	1,379	1,434	1,486	1,566	1,654	1,879	2,087
NOPAT Margin	12.58%	14.17%	17.62%	16.48%	18.34%	19.80%	17.87%	16.31%	18.60%	21.85%	21.29%
Net Nonoperating Expense Percent (NNEP)	1.01%	1.34%	1.57%	2.11%	2.33%	1.98%	1.42%	1.07%	2.02%	2.06%	2.83%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.45%	5.44%	5.79%	5.86%
Cost of Revenue to Revenue	66.64%	35.43%	36.91%	37.74%	35.61%	32.03%	39.81%	45.42%	35.88%	30.88%	33.32%
SG&A Expenses to Revenue	0.00%	29.06%	26.88%	29.57%	29.04%	28.06%	24.12%	20.19%	23.62%	25.09%	24.50%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.25%	41.87%	39.87%	43.14%	44.04%	44.41%	39.56%	34.53%	42.66%	44.08%	43.77%
Earnings before Interest and Taxes (EBIT)	1,309	1,763	1,850	1,539	1,634	1,786	1,848	2,053	2,086	2,331	2,353
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,893	2,526	2,648	2,385	2,560	2,762	2,922	3,176	3,350	3,686	3,831
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.40	1.61	1.77	1.85	2.45	2.43	2.53	2.39	2.16	2.38	2.50
Price to Tangible Book Value (P/TBV)	2.15	2.44	2.62	2.69	3.51	3.43	3.51	3.27	2.92	3.16	3.22
Price to Revenue (P/Rev)	2.05	1.92	2.19	2.36	3.30	3.51	3.32	2.84	2.85	3.43	3.47
Price to Earnings (P/E)	19.00	15.26	13.94	17.09	21.87	21.18	21.24	19.34	19.02	19.31	21.84
Dividend Yield	4.54%	4.36%	3.91%	3.85%	3.00%	3.14%	3.10%	4.21%	3.89%	3.58%	3.41%
Earnings Yield	5.26%	6.55%	7.17%	5.85%	4.57%	4.72%	4.71%	5.17%	5.26%	5.18%	4.58%
Enterprise Value to Invested Capital (EV/IC)	1.20	1.31	1.39	1.42	1.69	1.65	1.67	1.59	1.47	1.56	1.61
Enterprise Value to Revenue (EV/Rev)	3.56	3.09	3.43	3.67	4.77	5.26	5.00	4.46	4.75	5.56	5.52
Enterprise Value to EBITDA (EV/EBITDA)	11.15	9.13	9.91	11.83	14.03	13.80	14.24	13.49	12.62	12.97	14.12
Enterprise Value to EBIT (EV/EBIT)	16.12	13.08	14.19	18.33	21.99	21.34	22.51	20.86	20.27	20.51	22.99
Enterprise Value to NOPAT (EV/NOPAT)	28.32	21.78	19.49	22.28	26.04	26.58	28.00	27.36	25.56	25.44	25.92
Enterprise Value to Operating Cash Flow (EV/OCF)	16.32	10.96	12.63	11.53	15.31	17.36	20.47	20.78	14.01	14.88	16.01
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	22.27	381.15	92.01	894.86	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.19	1.14	1.16	1.20	1.24	1.34	1.40	1.49	1.55	1.56	1.56
Long-Term Debt to Equity	1.05	1.02	0.92	1.02	1.09	1.10	1.22	1.27	1.27	1.34	1.32
Financial Leverage	2.39	1.00	0.98	1.01	1.05	1.12	1.21	1.28	1.35	1.39	1.40
Leverage Ratio	5.08	3.37	3.34	3.37	3.40	3.44	3.49	3.56	3.62	3.67	3.68
Compound Leverage Factor	4.16	2.88	2.87	2.69	2.63	2.75	2.83	3.00	2.67	2.75	2.62
Debt to Total Capital	54.44%	53.18%	53.76%	54.52%	55.39%	57.27%	58.38%	59.82%	60.71%	61.00%	60.96%
Short-Term Debt to Total Capital	6.57%	5.32%	11.14%	8.34%	6.63%	10.27%	7.74%	8.75%	10.69%	8.67%	9.57%
Long-Term Debt to Total Capital	47.87%	47.86%	42.61%	46.18%	48.77%	47.00%	50.64%	51.07%	50.02%	52.33%	51.39%
Preferred Equity to Total Capital	0.16%	0.16%	0.15%	0.14%	0.13%	0.12%	0.11%	0.11%	0.10%	0.09%	0.08%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.11%	0.48%	0.65%	0.64%	0.72%	1.03%	1.15%	1.14%
Common Equity to Total Capital	45.40%	46.67%	46.10%	45.23%	43.99%	41.96%	40.87%	39.35%	38.16%	37.76%	37.82%
Debt to EBITDA	5.48	4.03	4.17	4.95	4.97	5.18	5.33	5.45	5.57	5.43	5.73
Net Debt to EBITDA	4.73	3.44	3.56	4.21	4.29	4.53	4.72	4.84	4.96	4.86	5.12
Long-Term Debt to EBITDA	4.82	3.63	3.30	4.19	4.38	4.25	4.63	4.65	4.59	4.66	4.83
Debt to NOPAT	13.92	9.61	8.19	9.32	9.23	9.97	10.49	11.05	11.28	10.66	10.52
Net Debt to NOPAT	12.00	8.21	7.01	7.94	7.96	8.72	9.28	9.81	10.04	9.53	9.41
Long-Term Debt to NOPAT	12.24	8.65	6.49	7.90	8.13	8.18	9.10	9.43	9.29	9.14	8.87
Altman Z-Score	0.89	1.05	1.06	1.03	1.17	1.11	1.17	1.13	1.02	1.05	1.06
Noncontrolling Interest Sharing Ratio	0.70%	0.34%	0.33%	0.44%	0.97%	1.60%	1.80%	1.93%	2.48%	3.03%	3.15%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.81	0.89	0.57	0.67	0.66	0.50	0.71	0.69	0.55	0.60	0.59
Quick Ratio	0.40	0.53	0.36	0.41	0.38	0.30	0.41	0.40	0.30	0.35	0.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,989	1,035	69	307	40	-499	-248	-510	-48	-153	-893
Operating Cash Flow to CapEx	102.16%	147.77%	106.08%	115.59%	103.75%	88.59%	90.23%	89.02%	102.82%	115.49%	76.84%
Free Cash Flow to Firm to Interest Expense	-15.05	2.57	0.17	0.69	0.08	-0.94	-0.49	-0.99	-0.07	-0.19	-1.00
Operating Cash Flow to Interest Expense	3.90	5.22	5.00	5.49	4.68	4.13	4.01	4.00	4.15	4.05	3.78
Operating Cash Flow Less CapEx to Interest Expense	0.08	1.69	0.29	0.74	0.17	-0.53	-0.43	-0.49	0.11	0.54	-1.14
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.25	0.25	0.24	0.22	0.20	0.22	0.24	0.21	0.19	0.20
Accounts Receivable Turnover	7.09	6.58	5.90	5.84	6.12	6.09	6.14	5.77	5.35	5.42	5.25
Inventory Turnover	7.26	4.15	5.01	5.33	4.88	4.30	5.69	6.04	4.03	3.34	4.04
Fixed Asset Turnover	0.39	0.38	0.37	0.35	0.33	0.29	0.32	0.34	0.29	0.26	0.27
Accounts Payable Turnover	6.70	3.16	3.28	3.34	3.00	2.59	3.51	3.96	3.05	2.61	2.87
Days Sales Outstanding (DSO)	51.49	55.45	61.86	62.54	59.61	59.96	59.44	63.21	68.17	67.32	69.50
Days Inventory Outstanding (DIO)	50.26	87.87	72.84	68.47	74.80	84.85	64.18	60.41	90.49	109.14	90.34
Days Payable Outstanding (DPO)	54.47	115.60	111.29	109.35	121.57	140.74	103.98	92.27	119.79	139.74	127.25
Cash Conversion Cycle (CCC)	47.28	27.72	23.40	21.66	12.84	4.07	19.64	31.35	38.86	36.73	32.58
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	17,631	17,654	18,933	19,892	21,231	23,164	24,898	26,973	28,675	30,707	33,687
Invested Capital Turnover	0.40	0.42	0.42	0.40	0.37	0.33	0.35	0.37	0.32	0.29	0.30
Increase / (Decrease) in Invested Capital	5,735	23	1,278	959	1,339	1,933	1,734	2,075	1,702	2,032	2,980
Enterprise Value (EV)	21,108	23,058	26,255	28,205	35,919	38,112	41,602	42,829	42,278	47,806	54,092
Market Capitalization	12,132	14,334	16,783	18,102	24,801	25,417	27,618	27,233	25,328	29,494	34,019
Book Value per Share	$27.42	$28.29	$29.98	$31.02	$32.06	$33.19	$34.60	$36.07	$37.17	$39.18	$41.85
Tangible Book Value per Share	$17.84	$18.64	$20.31	$21.35	$22.38	$23.51	$24.92	$26.39	$27.49	$29.53	$32.47
Total Capital	19,062	19,136	20,525	21,642	22,990	24,953	26,703	28,911	30,724	32,826	35,995
Total Debt	10,377	10,176	11,033	11,799	12,735	14,291	15,590	17,295	18,652	20,024	21,942
Total Long-Term Debt	9,124	9,158	8,747	9,994	11,211	11,728	13,524	14,766	15,367	17,178	18,498
Net Debt	8,946	8,694	9,441	10,049	10,977	12,502	13,784	15,356	16,603	17,905	19,634
Capital Expenditures (CapEx)	1,266	1,424	1,960	2,116	2,261	2,479	2,253	2,315	2,936	2,781	4,398
Debt-free, Cash-free Net Working Capital (DFCFNWC)	701	717	592	637	397	473	954	1,076	923	906	1,108
Debt-free Net Working Capital (DFNWC)	751	755	631	721	435	498	970	1,105	966	915	1,135
Net Working Capital (NWC)	-502	-263	-1,656	-1,084	-1,089	-2,065	-1,096	-1,423	-2,319	-1,930	-2,309
Net Nonoperating Expense (NNE)	105	118	142	205	245	233	187	156	322	355	531
Net Nonoperating Obligations (NNO)	8,946	8,694	9,441	10,049	10,977	12,502	13,784	15,356	16,603	17,905	19,634
Total Depreciation and Amortization (D&A)	584	763	799	846	926	976	1,074	1,123	1,264	1,355	1,479
Debt-free, Cash-free Net Working Capital to Revenue	11.82%	9.60%	7.74%	8.29%	5.28%	6.53%	11.47%	11.21%	10.38%	10.53%	11.30%
Debt-free Net Working Capital to Revenue	12.66%	10.10%	8.25%	9.39%	5.78%	6.87%	11.67%	11.51%	10.86%	10.64%	11.59%
Net Working Capital to Revenue	-8.47%	-3.52%	-21.65%	-14.12%	-14.48%	-28.52%	-13.18%	-14.83%	-26.08%	-22.44%	-23.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.36	$2.98	$3.81	$0.00	$3.60	$3.80	$4.12	$4.46	$4.22	$4.83	$4.84
Adjusted Weighted Average Basic Shares Outstanding	271.10M	315.60M	315.60M	315.50M	315.40M	315.40M	315.40M	315.40M	315.40M	316.20M	321.90M
Adjusted Diluted Earnings per Share	$2.34	$2.96	$3.79	$0.00	$3.58	$3.79	$4.11	$4.45	$4.22	$4.83	$4.81
Adjusted Weighted Average Diluted Shares Outstanding	272.70M	316.90M	317.20M	316.90M	316.70M	316.50M	316.30M	316.10M	315.90M	316.50M	323.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$3.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	315.65M	315.59M	315.54M	315.46M	315.43M	315.43M	315.43M	315.43M	315.56M	317.75M	325.53M
Normalized Net Operating Profit after Tax (NOPAT)	745	1,059	1,347	1,266	1,379	1,434	1,486	1,566	1,809	1,890	2,207
Normalized NOPAT Margin	12.58%	14.17%	17.62%	16.48%	18.34%	19.80%	17.87%	16.31%	20.34%	21.97%	22.52%
Pre Tax Income Margin	18.12%	20.16%	20.77%	16.02%	16.74%	19.74%	18.02%	18.05%	17.28%	20.31%	17.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.95	4.38	4.45	3.46	3.26	3.36	3.64	3.99	2.87	2.94	2.63
NOPAT to Interest Expense	2.25	2.63	3.24	2.84	2.75	2.70	2.93	3.04	2.28	2.37	2.33
EBIT Less CapEx to Interest Expense	0.13	0.84	-0.26	-1.30	-1.25	-1.30	-0.80	-0.51	-1.17	-0.57	-2.29
NOPAT Less CapEx to Interest Expense	-1.57	-0.91	-1.47	-1.91	-1.76	-1.96	-1.51	-1.45	-1.76	-1.14	-2.58
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	71.12%	66.46%	54.49%	65.75%	65.61%	66.42%	65.83%	65.11%	73.91%	71.13%	73.79%
Augmented Payout Ratio	82.79%	77.95%	60.40%	72.58%	77.96%	77.26%	68.38%	70.02%	75.15%	71.34%	73.87%

This table displays calculated financial ratios and metrics derived from WEC Energy Group's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	325,725,678.00	325,849,383.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	325,725,678.00	325,849,383.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	2.47	0.92
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.32%	-7.20%	-3.17%	-4.80%	3.01%	17.51%	13.40%	12.91%	11.07%	9.04%	2.62%
EBITDA Growth	1.86%	17.26%	-5.78%	-7.90%	38.12%	10.46%	7.86%	10.23%	-11.75%	7.03%	9.86%
EBIT Growth	-6.48%	20.76%	-14.40%	-16.76%	64.97%	11.44%	6.41%	10.69%	-23.11%	7.60%	14.58%
NOPAT Growth	0.78%	22.08%	-16.43%	-14.48%	67.59%	21.34%	23.10%	17.71%	-13.94%	6.28%	5.96%
Net Income Growth	-13.36%	22.66%	-27.59%	-24.40%	107.37%	16.53%	15.71%	13.24%	-30.08%	11.11%	23.87%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	39,900.00%	8.48%	8.27%	-7.03%	21.21%	34.62%	-17.75%	28.79%	-27.02%	4.80%	16.29%
Free Cash Flow Firm Growth	21.28%	87.81%	80.82%	58.18%	-8.66%	-368.84%	-303.81%	-200.11%	-67.51%	-27.07%	-15.15%
Invested Capital Growth	6.31%	3.78%	3.12%	4.28%	7.09%	8.51%	9.25%	10.22%	9.71%	9.39%	9.64%
Revenue Q/Q Growth	13.29%	20.87%	-33.89%	5.16%	22.58%	37.88%	-36.20%	4.70%	20.58%	35.36%	-39.95%
EBITDA Q/Q Growth	-14.55%	67.10%	-37.69%	3.53%	28.14%	33.63%	-39.16%	5.81%	2.59%	62.08%	-37.56%
EBIT Q/Q Growth	-24.45%	120.89%	-52.72%	5.50%	49.73%	49.22%	-54.86%	9.74%	4.01%	108.81%	-51.93%
NOPAT Q/Q Growth	-21.58%	129.48%	-57.29%	11.28%	53.67%	66.15%	-56.67%	6.40%	12.35%	105.19%	-56.80%
Net Income Q/Q Growth	-30.77%	184.94%	-66.27%	13.62%	89.90%	60.12%	-66.51%	11.19%	17.25%	154.45%	-62.66%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-38.78%	79.92%	20.13%	-29.73%	-20.19%	99.83%	-26.60%	10.03%	-54.78%	186.95%	-18.56%
Free Cash Flow Firm Q/Q Growth	33.30%	77.81%	-67.18%	-52.96%	-73.32%	-5.78%	-43.99%	-13.68%	3.25%	19.76%	-30.48%
Invested Capital Q/Q Growth	1.36%	0.45%	-0.03%	1.93%	4.09%	2.30%	0.65%	2.84%	3.60%	2.01%	0.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.68%	65.41%	73.49%	72.05%	67.67%	62.99%	71.61%	71.10%	63.68%	59.50%	73.06%
EBITDA Margin	32.14%	44.43%	41.87%	41.22%	43.10%	41.77%	39.83%	40.25%	34.24%	41.00%	42.64%
Operating Margin	15.40%	30.35%	20.59%	20.59%	25.87%	29.77%	20.15%	21.37%	17.85%	28.54%	20.99%
EBIT Margin	17.51%	31.99%	22.88%	22.95%	28.04%	30.34%	21.47%	22.50%	19.41%	29.94%	23.97%
Profit (Net Income) Margin	9.85%	23.23%	11.85%	12.80%	19.84%	23.04%	12.09%	12.84%	12.49%	23.47%	14.60%
Tax Burden Percent	91.00%	87.65%	83.47%	88.31%	88.12%	92.28%	92.57%	88.71%	98.94%	93.82%	91.77%
Interest Burden Percent	61.85%	82.83%	62.06%	63.18%	80.29%	82.27%	60.85%	64.34%	65.03%	83.56%	66.36%
Effective Tax Rate	9.00%	12.35%	16.53%	11.70%	11.88%	7.72%	7.43%	11.29%	1.06%	6.18%	8.23%
Return on Invested Capital (ROIC)	4.48%	8.13%	5.20%	5.37%	6.60%	8.25%	5.73%	5.84%	5.38%	8.21%	5.89%
ROIC Less NNEP Spread (ROIC-NNEP)	3.90%	7.57%	4.62%	4.77%	6.21%	7.44%	4.97%	5.11%	4.68%	7.61%	5.39%
Return on Net Nonoperating Assets (RNNOA)	5.26%	10.08%	6.18%	6.48%	8.62%	9.94%	6.58%	6.90%	6.54%	10.27%	7.25%
Return on Equity (ROE)	9.74%	18.21%	11.38%	11.85%	15.22%	18.19%	12.31%	12.73%	11.91%	18.48%	13.15%
Cash Return on Invested Capital (CROIC)	-0.17%	2.57%	2.98%	1.58%	-0.52%	-1.43%	-1.91%	-2.76%	-2.78%	-2.46%	-2.67%
Operating Return on Assets (OROA)	3.63%	6.41%	4.51%	4.42%	5.28%	5.97%	4.29%	4.52%	3.85%	6.04%	4.80%
Return on Assets (ROA)	2.04%	4.65%	2.33%	2.47%	3.74%	4.53%	2.42%	2.58%	2.48%	4.74%	2.92%
Return on Common Equity (ROCE)	9.50%	17.74%	11.08%	11.53%	14.76%	17.65%	11.95%	12.37%	11.54%	17.89%	12.73%
Return on Equity Simple (ROE_SIMPLE)	0.00%	11.91%	11.28%	10.65%	0.00%	12.51%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	311	713	304	339	521	865	375	399	448	919	397
NOPAT Margin	14.01%	26.60%	17.18%	18.18%	22.80%	27.47%	18.65%	18.96%	17.66%	26.77%	19.26%
Net Nonoperating Expense Percent (NNEP)	0.58%	0.56%	0.58%	0.60%	0.39%	0.81%	0.76%	0.72%	0.70%	0.60%	0.51%
Return On Investment Capital (ROIC_SIMPLE)	1.02%	-	-	-	1.60%	2.60%	1.12%	1.16%	1.26%	2.55%	1.08%
Cost of Revenue to Revenue	34.32%	34.59%	26.51%	27.95%	32.33%	37.01%	28.39%	28.90%	36.32%	40.50%	26.94%
SG&A Expenses to Revenue	24.98%	19.80%	30.10%	30.42%	23.07%	19.30%	29.67%	28.76%	23.31%	17.72%	29.93%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	50.28%	35.06%	52.91%	51.46%	41.80%	33.22%	51.46%	49.73%	45.83%	30.96%	52.07%
Earnings before Interest and Taxes (EBIT)	388	858	405	428	640	956	431	473	492	1,028	494
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	713	1,191	742	768	984	1,316	800	847	869	1,408	879
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.16	2.10	2.03	2.52	2.38	2.67	2.51	2.72	2.50	2.67	2.69
Price to Tangible Book Value (P/TBV)	2.92	2.80	2.72	3.37	3.16	3.49	3.27	3.51	3.22	3.40	3.43
Price to Revenue (P/Rev)	2.85	2.93	2.85	3.56	3.43	3.82	3.57	3.86	3.47	3.74	3.75
Price to Earnings (P/E)	19.02	17.57	17.94	23.53	19.31	21.26	19.99	21.77	21.84	23.01	22.49
Dividend Yield	3.89%	3.94%	4.16%	3.42%	3.58%	3.12%	3.32%	3.07%	3.41%	3.14%	3.16%
Earnings Yield	5.26%	5.69%	5.57%	4.25%	5.18%	4.70%	5.00%	4.59%	4.58%	4.35%	4.45%
Enterprise Value to Invested Capital (EV/IC)	1.47	1.46	1.43	1.61	1.56	1.69	1.63	1.72	1.61	1.68	1.69
Enterprise Value to Revenue (EV/Rev)	4.75	4.86	4.80	5.58	5.56	5.85	5.55	5.85	5.52	5.72	5.78
Enterprise Value to EBITDA (EV/EBITDA)	12.62	11.98	11.90	13.95	12.97	13.93	13.35	14.15	14.12	14.69	14.63
Enterprise Value to EBIT (EV/EBIT)	20.27	18.92	19.13	22.91	20.51	21.85	21.04	22.33	22.99	23.77	23.54
Enterprise Value to NOPAT (EV/NOPAT)	25.56	23.69	24.00	28.56	25.44	26.10	24.61	25.86	25.92	26.91	27.06
Enterprise Value to Operating Cash Flow (EV/OCF)	14.01	13.69	13.08	15.31	14.88	15.12	15.53	15.79	16.01	16.78	16.39
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	57.94	48.70	104.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.55	1.50	1.52	1.56	1.56	1.51	1.48	1.49	1.56	1.51	1.55
Long-Term Debt to Equity	1.27	1.24	1.36	1.36	1.34	1.20	1.25	1.26	1.32	1.33	1.32
Financial Leverage	1.35	1.33	1.34	1.36	1.39	1.33	1.32	1.35	1.40	1.35	1.35
Leverage Ratio	3.62	3.56	3.59	3.62	3.67	3.56	3.57	3.60	3.68	3.57	3.59
Compound Leverage Factor	2.24	2.95	2.23	2.29	2.95	2.93	2.17	2.32	2.39	2.98	2.38
Debt to Total Capital	60.71%	59.94%	60.30%	60.91%	61.00%	60.09%	59.61%	59.78%	60.96%	60.10%	60.76%
Short-Term Debt to Total Capital	10.69%	10.36%	6.15%	7.64%	8.67%	12.06%	9.04%	9.08%	9.57%	7.03%	9.01%
Long-Term Debt to Total Capital	50.02%	49.57%	54.16%	53.28%	52.33%	48.04%	50.56%	50.70%	51.39%	53.08%	51.74%
Preferred Equity to Total Capital	0.10%	0.10%	0.10%	0.10%	0.09%	0.09%	0.09%	0.09%	0.08%	0.08%	0.08%
Noncontrolling Interests to Total Capital	1.03%	0.91%	0.90%	0.88%	1.15%	1.25%	1.23%	1.18%	1.14%	1.12%	1.10%
Common Equity to Total Capital	38.16%	39.05%	38.70%	38.11%	37.76%	38.57%	39.07%	38.95%	37.82%	38.70%	38.06%
Debt to EBITDA	5.57	5.27	5.41	5.66	5.43	5.31	5.21	5.28	5.73	5.59	5.64
Net Debt to EBITDA	4.96	4.69	4.76	4.95	4.86	4.72	4.64	4.69	5.12	4.98	5.02
Long-Term Debt to EBITDA	4.59	4.36	4.86	4.95	4.66	4.24	4.42	4.48	4.83	4.94	4.80
Debt to NOPAT	11.28	10.43	10.91	11.58	10.66	9.94	9.61	9.65	10.52	10.24	10.42
Net Debt to NOPAT	10.04	9.27	9.59	10.14	9.53	8.85	8.55	8.57	9.41	9.12	9.28
Long-Term Debt to NOPAT	9.29	8.62	9.80	10.13	9.14	7.95	8.15	8.18	8.87	9.05	8.88
Altman Z-Score	0.89	0.94	0.91	0.98	0.93	1.03	0.99	1.02	0.94	1.08	1.00
Noncontrolling Interest Sharing Ratio	2.48%	2.60%	2.59%	2.68%	3.03%	2.96%	2.91%	2.85%	3.15%	3.18%	3.13%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.55	0.55	0.74	0.65	0.60	0.50	0.55	0.50	0.59	0.68	0.53
Quick Ratio	0.30	0.34	0.42	0.37	0.35	0.32	0.32	0.26	0.37	0.45	0.30
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,391	-341	-570	-872	-1,512	-1,599	-2,302	-2,617	-2,532	-2,032	-2,651
Operating Cash Flow to CapEx	62.88%	194.29%	149.50%	91.55%	68.74%	165.83%	102.88%	60.01%	32.59%	153.03%	78.63%
Free Cash Flow to Firm to Interest Expense	-7.19	-1.78	-2.84	-4.27	-7.74	-7.17	-10.43	-11.70	-11.12	-8.89	-11.58
Operating Cash Flow to Interest Expense	2.48	4.50	5.17	3.57	2.98	5.21	3.86	4.20	1.86	5.33	4.34
Operating Cash Flow Less CapEx to Interest Expense	-1.46	2.18	1.71	-0.33	-1.35	2.07	0.11	-2.80	-3.86	1.85	-1.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.20	0.20	0.19	0.19	0.20	0.20	0.20	0.20	0.20	0.20
Accounts Receivable Turnover	5.35	5.20	6.75	7.06	5.42	5.38	6.80	7.81	5.25	5.41	6.70
Inventory Turnover	4.03	4.96	4.23	3.48	3.34	4.89	4.28	3.78	4.04	5.88	4.80
Fixed Asset Turnover	0.29	0.28	0.27	0.27	0.26	0.27	0.27	0.27	0.27	0.27	0.27
Accounts Payable Turnover	3.05	4.25	3.55	3.33	2.61	4.04	3.71	3.72	2.87	4.30	3.79
Days Sales Outstanding (DSO)	68.17	70.13	54.11	51.73	67.32	67.80	53.71	46.74	69.50	67.44	54.47
Days Inventory Outstanding (DIO)	90.49	73.56	86.39	104.91	109.14	74.69	85.22	96.66	90.34	62.12	76.00
Days Payable Outstanding (DPO)	119.79	85.83	102.93	109.58	139.74	90.31	98.48	98.14	127.25	84.81	96.34
Cash Conversion Cycle (CCC)	38.86	57.87	37.56	47.06	36.73	52.18	40.45	45.26	32.58	44.75	34.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	28,675	28,951	28,941	29,500	30,707	31,415	31,618	32,516	33,687	34,366	34,666
Invested Capital Turnover	0.32	0.31	0.30	0.30	0.29	0.30	0.31	0.31	0.30	0.31	0.31
Increase / (Decrease) in Invested Capital	1,702	1,054	875	1,211	2,032	2,464	2,677	3,016	2,980	2,951	3,048
Enterprise Value (EV)	42,278	42,249	41,406	47,616	47,806	53,067	51,649	55,830	54,092	57,657	58,566
Market Capitalization	25,328	25,411	24,548	30,401	29,494	34,629	33,254	36,883	34,019	37,687	38,035
Book Value per Share	$37.17	$38.38	$38.26	$38.22	$39.18	$40.84	$41.43	$42.16	$41.85	$43.41	$43.40
Tangible Book Value per Share	$27.49	$28.71	$28.59	$28.57	$29.53	$31.23	$31.87	$32.67	$32.47	$34.03	$34.02
Total Capital	30,724	31,017	31,221	31,701	32,826	33,646	33,841	34,836	35,995	36,517	37,137
Total Debt	18,652	18,591	18,827	19,310	20,024	20,219	20,171	20,825	21,942	21,947	22,564
Total Long-Term Debt	15,367	15,376	16,908	16,889	17,178	16,162	17,110	17,663	18,498	19,382	19,216
Net Debt	16,603	16,525	16,547	16,907	17,905	17,988	17,948	18,505	19,634	19,532	20,093
Capital Expenditures (CapEx)	763	445	694	796	846	701	829	1,565	1,303	796	1,262
Debt-free, Cash-free Net Working Capital (DFCFNWC)	923	1,071	787	708	906	1,055	939	576	1,108	1,112	871
Debt-free Net Working Capital (DFNWC)	966	1,110	1,011	1,031	915	1,137	962	627	1,135	1,157	921
Net Working Capital (NWC)	-2,319	-2,105	-908	-1,390	-1,930	-2,920	-2,099	-2,535	-2,309	-1,408	-2,427
Net Nonoperating Expense (NNE)	92	90	94	100	68	140	132	129	131	113	96
Net Nonoperating Obligations (NNO)	16,603	16,525	16,547	17,109	17,905	17,988	17,948	18,505	19,634	19,796	20,093
Total Depreciation and Amortization (D&A)	325	333	337	341	344	360	369	373	376	380	385
Debt-free, Cash-free Net Working Capital to Revenue	10.38%	12.33%	9.12%	8.30%	10.53%	11.64%	10.09%	6.03%	11.30%	11.02%	8.59%
Debt-free Net Working Capital to Revenue	10.86%	12.78%	11.72%	12.08%	10.64%	12.54%	10.34%	6.57%	11.59%	11.47%	9.09%
Net Working Capital to Revenue	-26.08%	-24.24%	-10.52%	-16.29%	-22.44%	-32.19%	-22.55%	-26.55%	-23.56%	-13.97%	-23.94%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	315.40M	315.60M	315.90M	316.20M	316.20M	318.20M	320.30M	323.50M	321.90M	325.60M	325.80M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	315.90M	315.90M	316.20M	316.50M	316.50M	319.30M	322.20M	325.60M	323.80M	328.30M	328.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	315.56M	315.82M	316.08M	316.35M	317.75M	319.13M	321.87M	325.29M	325.53M	325.73M	325.85M
Normalized Net Operating Profit after Tax (NOPAT)	311	713	304	339	521	865	375	399	448	919	397
Normalized NOPAT Margin	14.01%	26.60%	17.18%	18.18%	22.80%	27.47%	18.65%	18.96%	17.66%	26.77%	19.26%
Pre Tax Income Margin	10.83%	26.50%	14.20%	14.50%	22.51%	24.96%	13.06%	14.48%	12.62%	25.02%	15.91%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.01	4.47	2.02	2.09	3.28	4.29	1.95	2.12	2.16	4.50	2.16
NOPAT to Interest Expense	1.61	3.71	1.52	1.66	2.66	3.88	1.70	1.78	1.97	4.02	1.74
EBIT Less CapEx to Interest Expense	-1.94	2.15	-1.44	-1.81	-1.05	1.14	-1.80	-4.88	-3.56	1.02	-3.35
NOPAT Less CapEx to Interest Expense	-2.34	1.40	-1.94	-2.24	-1.67	0.74	-2.06	-5.21	-3.75	0.54	-3.78
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	73.91%	71.18%	76.64%	82.61%	71.13%	66.14%	66.12%	66.34%	73.79%	71.77%	70.80%
Augmented Payout Ratio	75.15%	71.98%	77.39%	83.31%	71.34%	66.30%	66.20%	66.42%	73.87%	71.77%	70.80%

Financials Breakdown Chart

Key Financial Trends

WEC Energy Group’s latest quarter shows steady earnings, solid operating cash flow, and a balance sheet that continues to grow with the business. In Q1 2026, revenue rose sharply year over year, net income improved, and operating cash flow remained healthy despite heavy capital spending typical of a regulated utility.

Q1 2026 operating revenue increased to $3.43 billion from $2.68 billion in Q1 2025, a strong year-over-year jump.
Net income climbed to $806.1 million in Q1 2026 from $725.5 million a year earlier, showing improved profitability.
Operating cash flow was $1.22 billion in Q1 2026, well above the $863.6 million generated in Q1 2025.
Gross profit improved to $2.04 billion from $1.98 billion in Q1 2025, indicating better top-line conversion.
WEC continued to support its dividend, paying $310.1 million in Q1 2026, consistent with its utility-income profile.
Capital spending remained elevated at $817.9 million in Q1 2026, which is normal for a utility but keeps free cash flow under pressure.
The company also spent $75.8 million on investments, while continuing to manage a large regulated asset base.
Cash and equivalents were relatively modest at $45.6 million at the end of Q1 2026, reflecting the capital-intensive nature of the business.
Total assets increased to $51.7 billion, up from $48.5 billion in Q2 2025 and $47.4 billion at year-end 2024, showing ongoing growth in the asset base.
Total liabilities rose to $37.2 billion, keeping leverage high and leaving the company dependent on stable regulated earnings and capital market access.

On the balance sheet, WEC looks like a classic utility: large property, plant and equipment, substantial debt, and thin cash balances. That structure is not unusual for the sector, but it does mean interest expense and refinancing conditions matter a lot.

Debt remains a key watch item. At the end of Q1 2026, short-term debt was $2.57 billion and long-term debt was $19.38 billion. While the company did issue $1.12 billion of debt in the quarter, it also repaid $1.13 billion, suggesting active balance sheet management rather than a one-way increase in borrowing.

Compared with the same quarter last year, WEC’s profitability trend is positive. Q1 2025 net income was $725.5 million, Q1 2026 was $806.1 million, and operating revenue also moved higher. That said, rising interest expense remains a drag, and the business still relies on large-scale capital investment to grow the rate base over time.

Bottom line: WEC Energy Group’s recent results point to a stable, growing utility with improving earnings and strong operating cash generation, but also with the usual utility drawbacks of high leverage and heavy capital spending.

08/23/26 04:49 AM ETAI Generated. May Contain Errors.

WEC Energy Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, WEC Energy Group's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

WEC Energy Group's net income appears to be on an upward trend, with a most recent value of $1.56 billion in 2025, rising from $640.30 million in 2015. The previous period was $1.52 billion in 2024. See where experts think WEC Energy Group is headed by visiting WEC Energy Group's forecast page.

WEC Energy Group's total operating income in 2025 was $2.24 billion, based on the following breakdown:

Total Gross Profit: $6.53 billion
Total Operating Expenses: $4.29 billion

Over the last 10 years, WEC Energy Group's total revenue changed from $5.93 billion in 2015 to $9.80 billion in 2025, a change of 65.4%.

WEC Energy Group's total liabilities were at $37.47 billion at the end of 2025, a 8.4% increase from 2024, and a 81.3% increase since 2015.

In the past 10 years, WEC Energy Group's cash and equivalents has ranged from $9.80 million in 2024 to $84.50 million in 2018, and is currently $27.60 million as of their latest financial filing in 2025.

Over the last 10 years, WEC Energy Group's book value per share changed from 27.42 in 2015 to 41.85 in 2025, a change of 52.6%.

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Financial statements for NYSE:WEC last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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WEC Energy Group (WEC) Financials

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WEC Energy Group (WEC) Financials

Annual Income Statements for WEC Energy Group

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Quarterly Cash Flow Statements for WEC Energy Group

Annual Balance Sheets for WEC Energy Group

Quarterly Balance Sheets for WEC Energy Group

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Quarterly Metrics And Ratios for WEC Energy Group

Financials Breakdown Chart

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WEC Energy Group Financials - Frequently Asked Questions

When does WEC Energy Group's financial year end?

How has WEC Energy Group's net income changed over the last 10 years?

What is WEC Energy Group's operating income?

How has WEC Energy Group's revenue changed over the last 10 years?

How much debt does WEC Energy Group have?

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How has WEC Energy Group's book value per share changed over the last 10 years?

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