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WECWEC Energy Group

Utilities · Electric & Gas Utilities · NYSE

For more information about our business operations, including financial and geographic information, see Note 22, Segment Information, and Item 7. 10-K, Item 1

WEC quote by TradingView
Headquarters
Milwaukee, WI
Next results
around Jan 4, 2027
Compare with peers → Embed
All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)4.81Sales (ttm)10.3BNet income (ttm)1.8BSales growth+14.0%EPS growth-0.4%Sales Q/Q+8.9%
Free cash flow-Gross margin65.9%Oper. margin23.5%Net margin17.5%FCF margin-ROE12.1%
ROA3.4%R&D / sales-Dividend3.57Debt/Eq1.52Curr. ratio0.53Cash58.8M
Op. cash flow (ttm)3.8BEBITDA3.7BEBITDA margin38.0%Net debt22.7BQuick ratio0.53Interest cover2.51
ROIC5.5%Payout ratio74.2%Tax rate7.1%Stock pay / sales0.5%Shares out.329.0MShares Y/Y+2.3%
Book / share45.62Cash / share0.18Sales / share31.38Asset turnover0.19Days sales out.77Sales 3Y CAGR+0.7%
Sales 5Y CAGR+6.2%EPS 3Y CAGR+2.6%EPS 5Y CAGR+4.9%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +14.0%-3.3% → +14.0% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to 22.9%25.0% → 22.9% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

WEC against Utilities peers

Ten years, side by side → · All 31 →
GrowthProfitBalanceCleanInsiders
WECPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 31 companies, the better end on the right. Hover a dot for the company.

Sales growth
+14.0%6th of 31 · median +9.7%
Net margin
17.5%8th of 31 · median 13.8%
Return on equity
12.1%6th of 31 · median 10.3%
Debt / equity (less is better)
1.528th of 30 · median 1.70
WEC and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
WEC WEC Energy Group$10.3B +14.0%65.9%17.5%12.1%-1.52
PEG Public Service Enterprise Group$12.5B +18.3%-16.0%11.6%2.2%1.42
CNP CenterPoint Energy$9.4B +8.3%99.4%11.4%9.4%-28.4%1.96
PPL PPL Corporation$9.4B +8.6%-13.0%8.1%-17.2%1.35
CMS CMS Energy$8.8B +13.6%-11.6%10.5%-1.95
AEE Ameren$8.7B +15.4%-17.9%11.4%-16.0%1.59

From $8.3B of sales to $1.3B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $5.0BRevenue to Cost of revenue: $3.3BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $3.3BOperating profit to Net profit: $1.3BOperating profit to Tax & other: $414.6M Revenue: $8.3B Revenue$8.3B +15% Y/Y Gross profit: $5.0B · 60% margin Gross profit$5.0B60% margin Cost of revenue: $3.3B · 40% of revenue Cost of revenue$3.3B40% of revenue Operating profit: $1.7B · 21% margin Operating profit$1.7B21% margin +1% Y/Y Operating expenses: $3.3B · 40% of revenue Operating expenses$3.3B40% of revenue Net profit: $1.3B · 16% margin Net profit$1.3B16% margin +8% Y/Y Tax & other: $414.6M · 5% of revenue Tax & other$414.6M5% of revenue

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From $9.6B of sales to $1.4B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $5.2BRevenue to Cost of revenue: $4.4BGross profit to Operating profit: $1.9BGross profit to Operating expenses: $3.3BOperating profit to Net profit: $1.4BOperating profit to Tax & other: $516.1M Revenue: $9.6B Revenue$9.6B +15% Y/Y Gross profit: $5.2B · 55% margin Gross profit$5.2B55% margin Cost of revenue: $4.4B · 45% of revenue Cost of revenue$4.4B45% of revenue Operating profit: $1.9B · 20% margin Operating profit$1.9B20% margin +12% Y/Y Operating expenses: $3.3B · 35% of revenue Operating expenses$3.3B35% of revenue Net profit: $1.4B · 15% margin Net profit$1.4B15% margin +8% Y/Y Tax & other: $516.1M · 5% of revenue Tax & other$516.1M5% of revenue

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From $8.9B of sales to $1.3B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $5.7BRevenue to Cost of revenue: $3.2BGross profit to Operating profit: $1.9BGross profit to Operating expenses: $3.8BOperating profit to Net profit: $1.3BOperating profit to Tax & other: $576.3M Revenue: $8.9B Revenue$8.9B −7% Y/Y Gross profit: $5.7B · 64% margin Gross profit$5.7B64% margin Cost of revenue: $3.2B · 36% of revenue Cost of revenue$3.2B36% of revenue Operating profit: $1.9B · 21% margin Operating profit$1.9B21% margin −1% Y/Y Operating expenses: $3.8B · 43% of revenue Operating expenses$3.8B43% of revenue Net profit: $1.3B · 15% margin Net profit$1.3B15% margin −5% Y/Y Tax & other: $576.3M · 6% of revenue Tax & other$576.3M6% of revenue

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From $8.6B of sales to $1.5B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $5.9BRevenue to Cost of revenue: $2.7BGross profit to Operating profit: $2.2BGross profit to Operating expenses: $3.8BOperating profit to Net profit: $1.5BOperating profit to Tax & other: $625.6M Revenue: $8.6B Revenue$8.6B −3% Y/Y Gross profit: $5.9B · 69% margin Gross profit$5.9B69% margin Cost of revenue: $2.7B · 31% of revenue Cost of revenue$2.7B31% of revenue Operating profit: $2.2B · 25% margin Operating profit$2.2B25% margin +13% Y/Y Operating expenses: $3.8B · 44% of revenue Operating expenses$3.8B44% of revenue Net profit: $1.5B · 18% margin Net profit$1.5B18% margin +15% Y/Y Tax & other: $625.6M · 7% of revenue Tax & other$625.6M7% of revenue

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From $9.8B of sales to $1.6B of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $6.5BRevenue to Cost of revenue: $3.3BGross profit to Operating profit: $2.2BGross profit to Operating expenses: $4.3BOperating profit to Net profit: $1.6BOperating profit to Tax & other: $687.4M Revenue: $9.8B Revenue$9.8B +14% Y/Y Gross profit: $6.5B · 67% margin Gross profit$6.5B67% margin Cost of revenue: $3.3B · 33% of revenue Cost of revenue$3.3B33% of revenue Operating profit: $2.2B · 23% margin Operating profit$2.2B23% margin +4% Y/Y Operating expenses: $4.3B · 44% of revenue Operating expenses$4.3B44% of revenue Net profit: $1.6B · 16% margin Net profit$1.6B16% margin +2% Y/Y Tax & other: $687.4M · 7% of revenue Tax & other$687.4M7% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • ✓
    Net margin above the peer median17.5% vs 13.8%
  • !
    Return on equity below 15%12.1%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 12.6% → 15.9%

Balance sheet

0 of 3
  • !
    Interest covered less than 5 timesOperating income is 2.5× interest expense
  • !
    Debt larger than equityDebt / equity 1.52 on the latest balance sheet (peer median 1.70)
  • !
    Current ratio below 1Current ratio 0.53
Debt / equity at each year end, FY2016 to FY2025: 1.14 → 1.56
What the debt is made of ↓

Cash and shareholders

2 of 4
  • !
    Free cash flow positive in 3 of 7 years−$636.2M last year
  • !
    Share count up over 5 years+2.3%
  • ✓
    Dividend per share up over 5 years$2.53 → $3.57
  • ✓
    Cash from operations above net income$3.4B vs $1.6B
Free cash flow, FY2016 to FY2025: 680.1M → -636.2M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $22.8B Debt$22.8B Long-term debt: $19.7B · 87% Long-term debt$19.7B · 87% Due within a year: $1.1B · 5% Due within a year$1.1B · 5% Short-term borrowings: $1.9B · 8% Short-term borrowings$1.9B · 8% Next 12 months: $1.5B · 7% Next 12 months$1.5B · 7% Year 2: $2.1B · 9% Year 2$2.1B · 9% Year 3: $3.2B · 14% Year 3$3.2B · 14% Year 4: $2.9B · 13% Year 4$2.9B · 13% Year 5: $1.7B · 7% Year 5$1.7B · 7% After year 5: $8.6B · 38% After year 5$8.6B · 38%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $1.9B

Line, as the company names itKindRateFixed or floatingAmount
Commercial paperCommercial paper3.89%floating$1.9B

From the debt note in the 10-K's XBRL (0000783325-26-000018), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 9.8B Net income 1.6B
FY2016 revenue 7.5B · Revenues, 0000107815-19-000128 FY2016 net income 939.0M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000107815-19-000128 7.5B FY2016 FY2017 revenue 7.6B · Revenues, 0000107815-20-000089 FY2017 net income 1.2B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000107815-20-000089 7.6B FY2017 FY2018 revenue 7.7B · Revenues, 0000107815-21-000079 FY2018 net income 1.1B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000107815-21-000079 7.7B FY2018 FY2019 revenue 7.5B · Revenues, 0000107815-22-000116 FY2019 net income 1.1B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000107815-22-000116 7.5B FY2019 FY2020 revenue 7.2B · Revenues, 0000107815-23-000100 FY2020 net income 1.2B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000107815-23-000100 7.2B FY2020 FY2021 revenue 8.3B · Revenues, 0000107815-24-000095 FY2021 net income 1.3B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000107815-24-000095 8.3B FY2021 FY2022 revenue 9.6B · Revenues, 0000107815-25-000103 FY2022 net income 1.4B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000107815-25-000103 9.6B FY2022 FY2023 revenue 8.9B · Revenues, 0000783325-26-000018 FY2023 net income 1.3B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000783325-26-000018 8.9B FY2023 FY2024 revenue 8.6B · Revenues, 0000783325-26-000018 FY2024 net income 1.5B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000783325-26-000018 8.6B FY2024 FY2025 revenue 9.8B · Revenues, 0000783325-26-000018 FY2025 net income 1.6B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000783325-26-000018 9.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

WEC's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue9.8B
FY2016: 7.5BFY2017: 7.6BFY2018: 7.7BFY2019: 7.5BFY2020: 7.2BFY2021: 8.3BFY2022: 9.6BFY2023: 8.9BFY2024: 8.6BFY2025: 9.8B FY2017FY2019FY2021FY2023FY2025
Net income1.6B
FY2016: 939.0MFY2017: 1.2BFY2018: 1.1BFY2019: 1.1BFY2020: 1.2BFY2021: 1.3BFY2022: 1.4BFY2023: 1.3BFY2024: 1.5BFY2025: 1.6B FY2017FY2019FY2021FY2023FY2025
Free cash flow-636.2M
FY2016: 680.1MFY2017: 119.1MFY2018: 28.4MFY2019: -183.5MFY2020: -678.3MFY2021: -340.0MFY2022: -636.2MFY2023: -FY2024: -FY2025: - FY2017FY2019FY2021FY2023FY2025
EPS (diluted)4.81
FY2016: 2.96FY2017: 3.79FY2018: 3.34FY2019: 3.58FY2020: 3.79FY2021: 4.11FY2022: 4.45FY2023: 4.22FY2024: 4.83FY2025: 4.81 FY2017FY2019FY2021FY2023FY2025
Dividend per share3.57
FY2016: 1.98FY2017: 2.08FY2018: 2.21FY2019: 2.36FY2020: 2.53FY2021: 2.71FY2022: 2.91FY2023: 3.12FY2024: 3.34FY2025: 3.57 FY2017FY2019FY2021FY2023FY2025
Diluted shares323.8M
FY2016: 316.9MFY2017: 317.2MFY2018: 316.9MFY2019: 316.7MFY2020: 316.5MFY2021: 316.3MFY2022: 316.1MFY2023: 315.9MFY2024: 316.5MFY2025: 323.8M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Public Utility 9.5B97.0% +13.4%
Wisconsin 7.3B74.4% +15.2%
Illinois 1.7B17.2% +5.1%
Non Utility Energy Infrastructure 770.2M7.9% +11.4%
Other States 527.5M5.4% +17.3%
Corporate And Other 00.0% -

10-K 0000783325-26-000018, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue7.5B7.6B7.7B7.5B7.2B8.3B9.6B8.9B8.6B9.8B
Cost of revenue2.6B2.8B2.9B2.7B2.3B3.3B4.4B3.2B2.7B3.3B
Operating income1.7B1.8B1.5B1.5B1.7B1.7B1.9B1.9B2.2B2.2B
Interest expense402.7M415.7M445.1M501.5M493.7M471.1M515.1M726.9M815.3M895.1M
Pretax income1.5B1.6B1.2B1.3B1.4B1.5B1.7B1.5B1.7B1.7B
Income tax566.5M383.5M169.8M125.0M227.9M200.3M322.9M204.6M222.0M118.0M
Net income939.0M1.2B1.1B1.1B1.2B1.3B1.4B1.3B1.5B1.6B
EPS (diluted)2.963.793.343.583.794.114.454.224.834.81
Diluted shares316.9M317.2M316.9M316.7M316.5M316.3M316.1M315.9M316.5M323.8M
Depreciation & amortization762.6M798.6M845.8M926.3M975.9M1.1B1.1B1.3B1.4B1.5B
EBITDA2.5B2.6B2.3B2.5B2.7B2.8B3.0B3.2B3.5B3.7B
Operating margin22.7%23.2%19.1%20.4%23.6%20.6%20.0%21.5%25.0%22.9%
Net margin12.6%15.7%13.8%15.1%16.6%15.6%14.7%15.0%17.8%15.9%
Revenue growth-+2.4%+0.4%-2.0%-3.7%+14.8%+15.4%-7.3%-3.3%+14.0%
EPS growth-+28.0%-11.9%+7.2%+5.9%+8.4%+8.3%-5.2%+14.5%-0.4%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash37.5M38.9M84.5M37.5M24.8M16.3M28.9M42.9M9.8M27.6M
Receivables1.2B1.4B1.3B1.2B1.2B1.5B1.8B1.5B1.7B2.1B
Current assets2.2B2.2B2.2B2.1B2.1B2.7B3.2B2.8B2.9B3.3B
Property & equipment19.9B21.3B22.0B23.6B25.7B27.0B29.1B31.6B34.6B38.3B
Goodwill3.0B3.1B3.1B3.1B3.1B3.1B3.1B3.1B3.1B3.1B
Total assets30.1B31.6B33.5B35.0B37.0B39.0B41.9B43.9B47.4B51.5B
Accounts payable861.5M859.9M876.4M908.1M880.7M1.0B1.2B896.6M1.1B1.1B
Current liabilities2.4B3.9B3.3B3.2B4.1B3.8B4.6B5.1B4.8B5.6B
Total debt10.2B10.2B11.8B12.7B14.2B15.5B17.1B18.7B20.0B21.9B
Shareholders' equity9.0B9.5B9.8B10.3B10.7B11.1B11.6B12.1B12.8B14.1B
Retained earnings4.6B5.2B5.5B5.9B6.3B6.8B7.3B7.6B8.1B8.5B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow2.1B2.1B2.4B2.3B2.2B2.0B2.1B3.0B3.2B3.4B
Capital spending1.4B2.0B2.4B2.5B2.9B2.4B2.7B---
Free cash flow680.1M119.1M28.4M-183.5M-678.3M-340.0M-636.2M---
Stock-based pay (added back)18.0M29.0M36.1M50.2M35.7M15.7M34.8M9.7M39.3M48.2M
Dividends paid624.9M656.5M697.3M744.5M798.0M854.8M917.9M984.2M1.1B1.1B
Buybacks108.0M71.3M72.4M140.1M99.2M33.1M69.2M16.6M3.2M1.3M
Acquisitions0226.0M00364.6M0----
Debt raised400.0M435.0M1.7B1.9B2.4B2.4B2.0B2.2B4.5B2.8B
Debt repaid306.0M154.5M953.3M360.1M1.8B1.3B92.1M1.0B2.1B1.7B
Investing cash flow-1.4B-2.3B-2.4B-2.5B-2.8B-2.3B-2.6B-3.6B-3.8B-4.9B
Financing cash flow-845.7M161.4M26.4M85.6M601.1M294.0M676.4M522.8M467.7M1.5B
Dividend per share1.982.082.212.362.532.712.913.123.343.57

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)18.0M29.0M36.1M50.2M35.7M15.7M34.8M9.7M39.3M48.2M
Stock-based pay / revenue0.2%0.4%0.5%0.7%0.5%0.2%0.4%0.1%0.5%0.5%
Operating lease cost-6.4M5.6M5.5M5.4M3.4M6.1M4.7M5.2M7.8M
Operating lease cash paid-7.1M6.5M6.0M6.7M5.3M5.7M6.8M7.1M7.5M
Finance lease principal paid---4.9M6.3M8.1M6.0M00900K
Right-of-use assets--49.0M41.4M20.7M19.5M15.7M32.0M32.1M69.5M
Operating lease liabilities--48.8M41.4M-32.8M29.4M43.5M41.8M76.1M
Finance lease liabilities--23.3M45.9M63.4M129.7M183.2M145.9M303.5M372.2M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on WEC in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/WEC/export.csv") into a cell.