$WEC earnings report

WEC Energy Group reported higher third-quarter operating revenues of $ 2,290.6 (in millions), net income attributed to common shareholders of $ 389.3 (in millions), and diluted earnings per share of $ 1.18, compared with $ 2,104.0 (in millions), $ 271.3 (in millions), and $ 0.83, respectively, in the prior-year quarter. Nine-month operating revenues totaled $ 7,786.9 (in millions), up $523.9 million from the comparable 2025 period, while net income attributed to common shareholders was $ 1,492.9 (in millions) and diluted earnings per share was $ 4.54.

Management attributed the quarter’s result to warmer-than-normal weather, capital-plan execution and operating efficiency. Reported retail electricity deliveries, excluding the iron ore mine and VLCs, were up by 3.3 percent. The reported mix included a 5.1 percent increase in residential use, a 3.5 percent increase for small commercial and industrial customers, and a 1.0 percent increase for large commercial and industrial customers excluding the iron ore mine and VLCs. On a weather-normal basis, the same retail-delivery measure increased by 0.4 percent, highlighting the role of weather in the reported demand result.

Operating income for the third quarter was 563.7 (in millions), compared with 449.6 (in millions) a year earlier. Cost of sales, other operation and maintenance, depreciation and amortization, property and revenue taxes, and interest expense were also higher than in the prior-year quarter. Equity in earnings of transmission affiliates was 65.8 (in millions), compared with 54.8 (in millions), and other income, net was 49.5 (in millions), compared with 23.8 (in millions).

Cash flow from operations for the first nine months was 3,413.1 (in millions), while capital expenditures, including AFUDC-Debt, were (3,318.7) (in millions). Financing activity included 2,395.6 (in millions) of long-term debt issuance, (1,558.5) (in millions) of long-term debt retirement, and (930.8) (in millions) of common dividends paid. Cash and cash equivalents were $ 58.8 (in millions) at September 30, 2026, and long-term debt was 19,717.2 (in millions).

The company raised and narrowed its 2026 fully diluted earnings-per-share guidance to $5.60 to $5.64 per share from its previously announced range of $5.51 to $5.61 per share. Management cited favorable weather and capital investment supported by VLCs, and the updated outlook assumes normal weather for the remainder of the year. The key reported swing factor is whether demand and operating performance continue under that weather assumption while the company funds its capital program and manages interest expense.

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.