WEC ENERGY GROUP, INC. WEC
WEC Energy Group, Inc.
We were incorporated in the state of Wisconsin in 1981 and became a diversified holding company in 1986. We maintain our principal executive offices in Milwaukee, Wisconsin. On June 29, 2015, we acquired 100% of the outstanding common shares of Integrys and changed our name to WEC Energy Group, Inc. Our wholly owned subsidiaries provide or invest in regulated natural gas and electricity, and renewable energy, as well as nonregulated renewable energy. We have an approximately 60% equity interest in ATC (an electric transmission company operating in Illinois, Michigan, Minnesota, and Wisconsin). At December 31, 2025, we had six reportable segments, which are discussed below. For additional information about our reportable segments, see Note 22, Segment Information.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.80B | $8.60B | $8.89B | $9.60B | $8.32B | $7.24B | $7.52B | $7.68B | $7.65B | $7.47B |
| Cost of revenue | $3.27B | $2.66B | $3.19B | $4.36B | $3.31B | $2.32B | $2.68B | $2.90B | $2.82B | $2.65B |
| Gross profit | $6.53B | $5.94B | $5.70B | $5.24B | $5.00B | $4.92B | $4.84B | $4.78B | $4.83B | $4.82B |
| Total operating expenses | $7.56B | $6.45B | $6.99B | $7.67B | $6.60B | $5.54B | $5.99B | $6.21B | $5.87B | $5.78B |
| Operating income | $2.24B | $2.15B | $1.91B | $1.92B | $1.71B | $1.71B | $1.53B | $1.47B | $1.78B | $1.70B |
| Interest expense | $895.1M | $815.3M | $727.4M | $515.1M | $471.1M | $493.7M | $501.5M | $445.1M | $415.7M | $402.7M |
| Pre-tax income | $1.67B | $1.75B | $1.54B | $1.73B | $1.50B | $1.43B | $1.26B | $1.23B | $1.59B | $1.51B |
| Income tax | $118.0M | $222.0M | $204.6M | $322.9M | $200.3M | $227.9M | $125.0M | $169.8M | $383.5M | $566.5M |
| Net income | $1.56B | $1.52B | $1.33B | $1.41B | $1.30B | $1.20B | $1.13B | $1.06B | $1.20B | — |
| EPS, basic | 4.84 | 4.83 | 4.22 | 4.46 | 4.12 | 3.80 | 3.60 | 3.36 | 3.81 | 2.98 |
| EPS, diluted | 4.81 | 4.83 | 4.22 | 4.45 | 4.11 | 3.79 | 3.58 | 3.34 | 3.79 | 2.96 |
| Shares, diluted (wtd. avg.) | $323.8M | $316.5M | $315.9M | $316.1M | $316.3M | $316.5M | $316.7M | $316.9M | $317.2M | $316.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $27.6M | $9.8M | $42.9M | $182.2M | $87.5M | $72.6M | $82.3M | $146.1M | $58.6M | $72.7M |
| Receivables | $2.06B | $1.67B | $1.50B | $1.82B | $1.51B | $1.20B | $1.18B | $1.28B | $1.35B | $1.24B |
| Total current assets | $3.28B | $2.91B | $2.80B | $3.19B | $2.66B | $2.08B | $2.09B | $2.25B | $2.21B | $2.17B |
| Property, plant and equipment | $38.28B | $34.65B | $31.58B | $29.11B | $26.98B | $25.71B | $23.62B | $22.00B | $21.35B | $19.92B |
| Goodwill | $3.05B | $3.05B | $3.05B | $3.05B | $3.05B | $3.05B | $3.05B | $3.05B | $3.05B | $3.05B |
| Total assets | $51.52B | $47.36B | $43.94B | $41.87B | $38.99B | $37.03B | $34.95B | $33.48B | $31.59B | $30.12B |
| Accounts payable | $1.14B | $1.14B | $896.6M | $1.20B | $1.01B | $880.7M | $908.1M | $876.4M | $859.9M | $861.5M |
| Short-term debt | $1.52B | $1.73B | $1.26B | $808.5M | $91.0M | $777.7M | $686.9M | $360.1M | $1.44B | $860.2M |
| Total current liabilities | $5.59B | $4.84B | $5.11B | $4.61B | $3.75B | $4.15B | $3.18B | $3.33B | $3.87B | $2.43B |
| Long-term debt | $18.50B | $17.18B | $15.37B | $14.66B | $13.47B | $11.67B | $11.17B | $9.98B | $8.75B | $9.16B |
| Retained earnings | $8.49B | $8.08B | $7.61B | $7.27B | $6.78B | $6.33B | $5.93B | $5.54B | $5.18B | $4.61B |
| Total equity | $14.05B | $12.80B | $12.07B | $11.62B | $11.11B | $10.66B | $10.25B | — | $9.49B | $8.96B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.38B | $3.21B | $3.02B | $2.06B | $2.03B | $2.20B | $2.35B | $2.45B | $2.08B | $2.10B |
| Depreciation and amortisation | $1.48B | $1.35B | $1.26B | $1.12B | $1.07B | $975.9M | $926.3M | $845.8M | $798.6M | $762.6M |
| Capital expenditure | — | — | — | $2.70B | $2.37B | $2.87B | $2.53B | $2.42B | $1.96B | $1.42B |
| Investing cash flow | -$4.87B | -$3.80B | -$3.56B | -$2.64B | -$2.31B | -$2.81B | -$2.49B | -$2.38B | -$2.25B | -$1.35B |
| Financing cash flow | $1.52B | $467.7M | $522.8M | $676.4M | $294.0M | $601.1M | $85.6M | $26.4M | $161.4M | -$845.7M |
| Dividends paid | $1.15B | $1.06B | $984.2M | $917.9M | $854.8M | $798.0M | $744.5M | $697.3M | $656.5M | $624.9M |
| Buybacks | $1.3M | $3.2M | $16.6M | $69.2M | $33.1M | $99.2M | $140.1M | $72.4M | $71.3M | $108.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000783325-26-000018.
Others in SIC 4931
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|---|---|---|---|---|
| DUK | Duke Energy CORP | $93.72B | 19.1x | 5.6% |
| XEL | XCEL ENERGY INC | $47.30B | 22.1x | — |
| EXC | EXELON CORP | $44.65B | — | 5.3% |
| ED | CONSOLIDATED EDISON INC | $39.54B | 19.0x | 10.2% |
| PCG | PG&E Corp | $38.33B | 12.1x | 2.1% |
| PEG | PUBLIC SERVICE ENTERPRISE GROUP INC | $36.73B | 17.5x | 22.8% |
| AEE | AMEREN CORP | $29.48B | 19.9x | 15.4% |
| NI | NISOURCE INC. | $19.85B | 21.2x | 23.5% |