second quarter of 2026
Filed Jul 29, 2026WEC Energy Group reports second-quarter results
Second-quarter net income attributed to common shareholders increased to $299.2 million from $245.4 million, while diluted earnings per share increased to $0.91 from $0.76. Operating income, equity earnings from transmission affiliates and other income were higher than the prior-year quarter, and the company reaffirmed its 2026 earnings guidance of $5.51 to $5.61 per share.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Operating revenues, three months ended June 30, 2026GAAP | $2,062.1 million | – | – |
| Cost of sales, three months ended June 30, 2026GAAP | $555.6 million | – | – |
| Other operation and maintenance, three months ended June 30, 2026GAAP | $617.1 million | – | – |
| Depreciation and amortization, three months ended June 30, 2026GAAP | $384.9 million | – | – |
| Property and revenue taxes, three months ended June 30, 2026GAAP | $71.7 million | – | – |
| Total operating expenses, three months ended June 30, 2026GAAP | $1,629.3 million | – | – |
| Operating income, three months ended June 30, 2026GAAP | $432.8 million | – | – |
| Equity in earnings of transmission affiliates, three months ended June 30, 2026GAAP | $62.6 million | – | – |
| Other income, net, three months ended June 30, 2026GAAP | $61.5 million | – | – |
| Interest expense, three months ended June 30, 2026GAAP | $228.9 million | – | – |
| Other expense, three months ended June 30, 2026GAAP | $(104.8) million | – | – |
| Income before income taxes, three months ended June 30, 2026GAAP | $328.0 million | – | – |
| Income tax expense, three months ended June 30, 2026GAAP | $27.0 million | – | – |
| Net income, three months ended June 30, 2026GAAP | $301.0 million | – | – |
| Preferred stock dividends of subsidiary, three months ended June 30, 2026GAAP | $0.3 million | – | – |
| Net (income) loss attributed to noncontrolling interests, three months ended June 30, 2026GAAP | $(1.5) million | – | – |
| Net income attributed to common shareholders, three months ended June 30, 2026GAAP | $299.2 million | – | – |
| Basic earnings per share, three months ended June 30, 2026GAAP | $0.92 | – | – |
| Diluted earnings per share, three months ended June 30, 2026GAAP | $0.91 | – | – |
| Weighted average common shares outstanding, basic, three months ended June 30, 2026GAAP | 325.8 million | – | – |
| Weighted average common shares outstanding, diluted, three months ended June 30, 2026GAAP | 328.9 million | – | – |
| Dividends per share of common stock, three months ended June 30, 2026GAAP | $0.9525 | – | – |
| Operating revenues, six months ended June 30, 2026GAAP | $5,496.3 million | – | $337.3 million |
| Total operating expenses, six months ended June 30, 2026GAAP | $4,083.5 million | – | – |
| Operating income, six months ended June 30, 2026GAAP | $1,412.8 million | – | – |
| Equity in earnings of transmission affiliates, six months ended June 30, 2026GAAP | $122.1 million | – | – |
| Other income, net, six months ended June 30, 2026GAAP | $109.7 million | – | – |
| Interest expense, six months ended June 30, 2026GAAP | $457.4 million | – | – |
| Income before income taxes, six months ended June 30, 2026GAAP | $1,187.2 million | – | – |
| Income tax expense, six months ended June 30, 2026GAAP | $80.1 million | – | – |
| Net income attributed to common shareholders, six months ended June 30, 2026GAAP | $1,103.6 million | – | – |
| Diluted earnings per share, six months ended June 30, 2026GAAP | $3.36 | – | – |
| Dividends per share of common stock, six months ended June 30, 2026GAAP | $1.9050 | – | – |
2026 outlook
- NoteEarnings guidance of $5.51 to $5.61 per share.
- NoteThis assumes normal weather for the remainder of the year.
Capital returns
- Dividends per share of common stock were $0.9525 for the three months ended June 30, 2026, compared with $0.8925 for the three months ended June 30, 2025.
- Dividends per share of common stock were $1.9050 for the six months ended June 30, 2026, compared with $1.7850 for the six months ended June 30, 2025.
What drove it
- Retail deliveries of electricity, excluding the iron ore mine in Michigan’s Upper Peninsula and Very Large Customers in Wisconsin, were essentially flat in the second quarter of 2026 compared to the second quarter last year.
- On a weather-normal basis, retail deliveries of electricity during the second quarter, excluding the iron ore mine and Very Large Customers, increased by 1.2 percent.
- Electricity use by large commercial and industrial customers, excluding the iron ore mine and Very Large Customers, increased by 0.9 percent.
- Operating income was $432.8 million in the second quarter of 2026, compared with $404.9 million in the second quarter of 2025.
- Equity in earnings of transmission affiliates was $62.6 million in the second quarter of 2026, compared with $51.9 million in the second quarter of 2025.
- Other income, net was $61.5 million in the second quarter of 2026, compared with $26.5 million in the second quarter of 2025.
Concerns
- Residential electricity use decreased by 1.1 percent in the second quarter of 2026.
- Electricity consumption by small commercial and industrial customers was 0.2 percent lower.
- Other operation and maintenance expense was $617.1 million in the second quarter of 2026, compared with $596.2 million in the second quarter of 2025.
- Depreciation and amortization was $384.9 million in the second quarter of 2026, compared with $368.9 million in the second quarter of 2025.
- Interest expense was $228.9 million in the second quarter of 2026, compared with $220.8 million in the second quarter of 2025.
- The earnings guidance assumes normal weather for the remainder of the year.
What to watch
- Execution on the company’s capital plan.
- Retail electricity deliveries, including weather-normal deliveries and demand from large commercial and industrial customers.
- The company’s ability to obtain additional generating capacity at competitive prices.
- Timing, resolution and impact of rate cases and other regulatory decisions.
- 2026 earnings performance against reaffirmed guidance of $5.51 to $5.61 per share.
Balance sheet and cash flow
- Cash and cash equivalents were $50.0 million at June 30, 2026, compared with $27.6 million at December 31, 2025.
- Short-term debt was $1,934.1 million at June 30, 2026, compared with $1,924.7 million at December 31, 2025.
- Current portion of long-term debt was $1,413.5 million at June 30, 2026, compared with $1,519.4 million at December 31, 2025.
- Long-term debt was $19,216.3 million at June 30, 2026, compared with $18,498.1 million at December 31, 2025.
- Total assets were $52,750.4 million at June 30, 2026, compared with $51,518.3 million at December 31, 2025.
- Property, plant, and equipment, net was $39,827.6 million at June 30, 2026, compared with $38,278.1 million at December 31, 2025.
Analysis
WEC Energy Group reported higher second-quarter GAAP earnings. Net income attributed to common shareholders was $299.2 million, or $0.91 per diluted share, compared with $245.4 million, or $0.76 per diluted share, in last year's second quarter. Operating revenues were $2,062.1 million versus $2,009.5 million, while operating income was $432.8 million versus $404.9 million.
Operating expense trends were mixed. Cost of sales declined to $555.6 million from $570.5 million, while other operation and maintenance expense increased to $617.1 million from $596.2 million and depreciation and amortization increased to $384.9 million from $368.9 million. Interest expense increased to $228.9 million from $220.8 million. Higher equity in earnings of transmission affiliates and other income also supported the period, at $62.6 million and $61.5 million, respectively.
Underlying electricity delivery trends were subdued on a reported basis. Retail deliveries of electricity, excluding the iron ore mine and Very Large Customers, were essentially flat. Residential use decreased by 1.1 percent and small commercial and industrial consumption was 0.2 percent lower, while large commercial and industrial use increased by 0.9 percent. Weather-normal retail deliveries under the same exclusions increased by 1.2 percent.
For the first six months of 2026, operating revenues were $5,496.3 million, up $337.3 million from the first half of 2025, and net income attributed to common shareholders was $1,103.6 million, or $3.36 per diluted share, compared with $969.6 million, or $3.02 per diluted share. The company reaffirmed 2026 earnings guidance of $5.51 to $5.61 per share, assuming normal weather for the remainder of the year.
The balance sheet reflects continued capital deployment. Property, plant, and equipment, net was $39,827.6 million at June 30, 2026, compared with $38,278.1 million at December 31, 2025. Long-term debt was $19,216.3 million, compared with $18,498.1 million, while cash and cash equivalents were $50.0 million. Dividends per share of common stock were $0.9525 for the second quarter, compared with $0.8925 in the prior-year quarter.
Management, verbatim
Our focus on customer service, financial discipline and operating efficiency — while continuing to execute on our capital plan — helped deliver a strong quarter.
Scott Lauber, chairman, president and CEO
Not in the filing
stated, not guessed- Segment revenue and segment profitability disclosures
- GAAP gross margin
- Non-GAAP financial measures and reconciliations
- Operating cash flow
- Free cash flow
- Share repurchases
- Revenue guidance
- Gross margin guidance
- Operating expense guidance
- Tax-rate guidance
- Prior-quarter comparisons for reported income-statement metrics
- Percentage year-over-year changes for reported income-statement metrics
- Complete balance-sheet information, as the supplied filing text is truncated during the balance-sheet table
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.