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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

Headquarters: Milwaukee, WI
Next results: around Jan 4, 2027

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WEC and 9 peers, year by year

The 9 Utilities companies closest to WEC in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
WEC WEC Energy Group	FY2025	$9.8B	+14.0%	-	22.9%	15.9%	-	11.1%	1.56
CNP CenterPoint Energy	FY2025	$9.4B	+9.2%	-	22.5%	11.2%	−25.5%	9.4%	1.89
PPL PPL Corporation	FY2025	$9.2B	+8.6%	-	23.2%	12.9%	−15.3%	7.9%	1.30
CMS CMS Energy	FY2025	$8.5B	+13.5%	-	20.2%	12.5%	-	11.7%	2.05
AEE Ameren	FY2025	$8.8B	+15.4%	-	23.0%	16.5%	−8.8%	10.9%	1.50
PEG Public Service Enterprise Group	FY2025	$12.2B	+18.3%	-	24.5%	17.3%	0.2%	12.4%	1.42
ETR Entergy	FY2025	$12.9B	+9.0%	-	24.7%	13.6%	−19.6%	10.4%	1.83
SRE Sempra	FY2025	$13.7B	+5.1%	-	-	13.4%	−44.1%	5.8%	1.11
AES AES Corporation	FY2025	$12.2B	−0.4%	18.1%	-	7.4%	−13.3%	22.4%	-
NI NiSource	FY2025	$6.5B	+23.5%	-	28.1%	14.3%	−6.4%	9.8%	1.72

Revenuepeer median $9.4B

Sales growthpeer median +9.2%

Operating marginpeer median 23.2%

NI 28.1%
ETR 24.7%
PEG 24.5%
PPL 23.2%
AEE 23.0%
WEC 22.9%
CNP 22.5%
CMS 20.2%
SRE -
AES -

Net marginpeer median 13.4%

FCF marginpeer median −14.3%

Return on equitypeer median 10.4%

Debt / equitypeer median 1.61

CMS 2.05
CNP 1.89
ETR 1.83
NI 1.72
WEC 1.56
AEE 1.50
PEG 1.42
PPL 1.30
SRE 1.11
AES -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
WEC Dec	$7.5B	$7.6B	$7.7B	$7.5B	$7.2B	$8.3B	$9.6B	$8.9B	$8.6B	$9.8B
CNP Dec	$7.5B	$9.6B	$6.3B	$7.6B	$7.4B	$8.4B	$9.3B	$8.7B	$8.6B	$9.4B
PPL Dec	$7.5B	$7.4B	$7.8B	$5.6B	$5.5B	$8.5B	-	-	-	$9.2B
CMS Dec	$6.4B	$6.6B	$6.9B	$6.6B	$6.4B	$7.3B	$8.6B	$7.5B	$7.5B	$8.5B
AEE Dec	$6.1B	$6.2B	$6.3B	$5.9B	$5.8B	$6.4B	$8.0B	$7.5B	$7.6B	$8.8B
PEG Dec	$9.0B	$9.1B	$9.7B	$10.1B	$9.6B	$9.7B	$9.8B	$11.2B	$10.3B	$12.2B
ETR Dec	$10.8B	$11.1B	$11.0B	$10.9B	$10.1B	$11.7B	$13.8B	$12.1B	$11.9B	$12.9B
SRE Dec	$10.2B	$9.6B	$10.1B	$10.8B	$11.4B	$12.9B	$14.4B	$16.7B	$13.2B	$13.7B
AES Dec	$10.3B	$10.5B	$10.7B	$10.2B	$9.7B	$11.1B	$12.6B	$12.7B	$12.3B	$12.2B
NI Dec	$4.5B	$4.9B	$5.0B	$5.1B	$4.5B	$4.7B	$5.7B	$5.3B	$5.3B	$6.5B
Peer median	$7.5B	$9.1B	$7.8B	$7.6B	$7.4B	$8.5B	$9.6B	$10.0B	$9.5B	$9.4B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
WEC Dec	+26.1%	+2.4%	+0.4%	−2.0%	−3.7%	+14.8%	+15.4%	−7.3%	−3.3%	+14.0%
CNP Dec	+1.9%	+7.2%	+10.1%	+19.6%	−2.1%	+12.3%	+13.0%	−7.7%	−0.7%	+9.2%
PPL Dec	−2.0%	−0.9%	+4.5%	−1.0%	−2.0%	+1.9%	-	-	-	+8.6%
CMS Dec	−0.9%	+2.9%	+4.4%	−1.5%	−2.6%	+13.4%	+17.6%	−12.7%	+0.8%	+13.5%
AEE Dec	−0.4%	+1.6%	+1.9%	−6.1%	−2.0%	+10.4%	+24.4%	−5.7%	+1.6%	+15.4%
PEG Dec	−13.0%	+1.4%	+6.6%	+3.9%	−4.7%	+1.2%	+0.8%	+14.7%	−8.4%	+18.3%
ETR Dec	-	+2.1%	−0.6%	−1.2%	−7.0%	+16.1%	+17.2%	−11.7%	−2.2%	+9.0%
SRE Dec	−0.5%	+10.1%	+4.8%	+7.3%	+1.7%	+13.2%	+17.5%	+8.2%	−20.4%	+5.1%
AES Dec	−8.7%	+2.4%	+2.0%	−5.1%	−5.2%	+15.3%	+13.2%	+0.4%	−3.1%	−0.4%
NI Dec	−3.4%	+7.7%	+5.5%	+1.2%	−11.5%	+5.8%	+21.3%	−6.8%	−1.2%	+23.5%
Peer median	−1.4%	+2.4%	+4.5%	−1.0%	−2.6%	+12.3%	+17.4%	−6.3%	−1.7%	+9.2%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
WEC Dec	-	-	-	-	-	-	-	-	-	-
CNP Dec	-	-	-	-	-	-	-	-	-	-
PPL Dec	-	-	-	-	-	-	-	-	-	-
CMS Dec	-	-	-	-	-	-	-	-	-	-
AEE Dec	-	-	-	-	-	-	-	-	-	-
PEG Dec	-	-	-	-	-	-	-	-	-	-
ETR Dec	-	-	-	-	-	-	-	-	-	-
SRE Dec	-	-	-	-	-	-	-	-	-	-
AES Dec	23.2%	23.4%	24.0%	23.1%	27.9%	24.3%	20.2%	19.8%	18.8%	18.1%
NI Dec	100.0%	100.0%	102.5%	103.1%	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
WEC Dec	22.7%	23.2%	19.1%	20.4%	23.6%	20.6%	20.0%	21.5%	25.0%	22.9%
CNP Dec	13.6%	11.8%	13.8%	14.2%	14.0%	16.3%	16.8%	20.2%	23.0%	22.5%
PPL Dec	39.1%	39.0%	36.6%	27.2%	29.0%	20.6%	-	-	-	23.2%
CMS Dec	19.6%	20.3%	16.9%	16.8%	19.2%	15.6%	14.2%	16.6%	19.8%	20.2%
AEE Dec	21.8%	22.8%	21.6%	21.4%	22.4%	20.8%	19.0%	20.8%	19.9%	23.0%
PEG Dec	17.8%	15.7%	23.7%	19.3%	23.6%	−8.8%	14.1%	32.8%	22.9%	24.5%
ETR Dec	−7.5%	12.3%	4.3%	12.8%	17.5%	15.7%	14.9%	21.6%	22.3%	24.7%
SRE Dec	-	-	-	-	-	-	-	-	-	-
AES Dec	-	-	-	-	-	-	-	-	-	-
NI Dec	19.3%	18.9%	2.5%	17.6%	12.3%	21.3%	22.1%	24.2%	27.6%	28.1%
Peer median	19.3%	18.9%	16.9%	17.6%	19.2%	16.3%	15.8%	21.2%	22.6%	23.2%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
WEC Dec	12.6%	15.7%	13.8%	15.1%	16.6%	15.6%	14.7%	15.0%	17.8%	15.9%
CNP Dec	5.7%	18.6%	5.9%	10.5%	−10.4%	17.8%	11.3%	10.5%	11.8%	11.2%
PPL Dec	25.3%	15.1%	23.5%	31.2%	26.8%	10.5%	-	-	-	12.9%
CMS Dec	8.6%	7.0%	9.6%	10.3%	11.8%	18.5%	9.7%	11.9%	13.3%	12.5%
AEE Dec	10.7%	8.5%	13.0%	14.0%	15.0%	15.5%	13.5%	15.4%	15.5%	16.5%
PEG Dec	9.9%	17.3%	14.8%	16.8%	19.8%	−6.7%	10.5%	22.8%	17.2%	17.3%
ETR Dec	−5.4%	3.7%	7.7%	11.4%	13.7%	9.5%	8.0%	19.4%	8.9%	13.6%
SRE Dec	13.5%	2.7%	9.1%	19.0%	33.1%	10.3%	14.8%	18.4%	21.7%	13.4%
AES Dec	−11.0%	−11.0%	11.2%	3.0%	0.5%	−3.7%	−4.3%	2.0%	13.7%	7.4%
NI Dec	7.4%	2.6%	−1.0%	7.6%	−0.4%	12.4%	14.0%	13.4%	14.4%	14.3%
Peer median	8.6%	7.0%	9.6%	11.4%	13.7%	10.5%	10.9%	14.4%	14.0%	13.4%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
WEC Dec	$680.1M	$119.1M	$28.4M	−$183.5M	−$678.3M	−$340.0M	−$636.2M	-	-	-
CNP Dec	$509.0M	−$9.0M	$485.0M	−$868.0M	−$601.0M	−$3.1B	−$2.6B	−$524.0M	−$2.4B	−$2.4B
PPL Dec	−$30.0M	−$672.0M	−$417.0M	$184.0M	$476.0M	−$465.0M	-	-	-	−$1.4B
CMS Dec	−$43.0M	$40.0M	−$371.0M	−$307.0M	−$1.0B	−$257.0M	−$1.5B	-	-	-
AEE Dec	$41.0M	−$14.0M	−$116.0M	−$241.0M	−$1.5B	−$1.8B	−$1.1B	−$1.0B	−$1.6B	−$775.0M
PEG Dec	−$886.0M	−$930.0M	−$999.0M	$213.0M	$179.0M	−$983.0M	−$1.4B	$481.0M	−$1.2B	$26.0M
ETR Dec	-	-	-	-	$2.4B	$2.1B	−$2.5B	−$146.3M	−$349.8M	−$2.5B
SRE Dec	−$1.9B	−$80.0M	−$28.0M	−$620.0M	−$2.1B	−$1.2B	−$4.2B	−$2.2B	−$3.3B	−$6.0B
AES Dec	$552.0M	$327.0M	$222.0M	$61.0M	$855.0M	−$214.0M	−$1.8B	−$4.7B	−$4.6B	−$1.6B
NI Dec	−$671.9M	−$953.6M	−$1.3B	−$219.1M	−$654.1M	−$620.1M	−$793.7M	−$710.7M	−$832.5M	−$420.0M
Peer median	−$36.5M	−$47.0M	−$243.5M	−$230.1M	−$601.0M	−$620.1M	−$1.7B	−$710.7M	−$1.6B	−$1.5B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
WEC Dec	9.1%	1.6%	0.4%	−2.4%	−9.4%	−4.1%	−6.6%	-	-	-
CNP Dec	6.8%	−0.1%	7.7%	−11.5%	−8.1%	−37.6%	−28.0%	−6.0%	−27.5%	−25.5%
PPL Dec	−0.4%	−9.0%	−5.4%	3.3%	8.7%	−5.5%	-	-	-	−15.3%
CMS Dec	−0.7%	0.6%	−5.4%	−4.6%	−16.1%	−3.5%	−17.7%	-	-	-
AEE Dec	0.7%	−0.2%	−1.8%	−4.1%	−26.0%	−28.4%	−13.7%	−13.8%	−20.4%	−8.8%
PEG Dec	−9.9%	−10.2%	−10.3%	2.1%	1.9%	−10.1%	−14.1%	4.3%	−12.1%	0.2%
ETR Dec	-	-	-	-	24.2%	18.2%	−18.0%	−1.2%	−2.9%	−19.6%
SRE Dec	−18.7%	−0.8%	−0.3%	−5.7%	−18.3%	−9.1%	−29.2%	−13.0%	−25.1%	−44.1%
AES Dec	5.4%	3.1%	2.1%	0.6%	8.9%	−1.9%	−14.6%	−37.0%	−37.8%	−13.3%
NI Dec	−15.0%	−19.6%	−25.6%	−4.3%	−14.6%	−13.1%	−13.8%	−13.3%	−15.8%	−6.4%
Peer median	−0.5%	−0.5%	−3.6%	−4.2%	−8.1%	−9.1%	−16.1%	−13.0%	−20.4%	−14.3%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
WEC Dec	10.5%	12.7%	10.8%	11.1%	11.3%	11.7%	12.1%	11.0%	11.9%	11.1%
CNP Dec	12.5%	38.2%	4.6%	9.5%	−9.3%	15.8%	10.5%	9.5%	9.6%	9.4%
PPL Dec	19.2%	10.5%	15.7%	13.4%	11.0%	6.3%	-	-	-	7.9%
CMS Dec	13.0%	10.4%	13.8%	13.6%	13.7%	20.4%	11.9%	11.8%	12.2%	11.7%
AEE Dec	9.2%	7.3%	10.7%	10.3%	9.7%	10.2%	10.2%	10.2%	9.8%	10.9%
PEG Dec	6.8%	11.4%	10.0%	11.2%	11.9%	−4.5%	7.5%	16.6%	11.0%	12.4%
ETR Dec	−7.2%	5.1%	9.6%	12.1%	12.7%	9.6%	8.5%	16.1%	7.0%	10.4%
SRE Dec	10.6%	2.0%	5.4%	10.3%	16.1%	5.1%	7.9%	10.7%	9.2%	5.8%
AES Dec	−40.4%	−47.1%	37.5%	10.1%	1.7%	−14.6%	−22.4%	10.0%	46.1%	22.4%
NI Dec	8.1%	3.0%	−0.9%	6.4%	−0.3%	8.4%	10.6%	8.6%	8.8%	9.8%
Peer median	9.2%	7.3%	10.0%	10.3%	11.0%	8.4%	9.4%	10.4%	9.7%	10.4%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
WEC Dec	1.14	1.07	1.20	1.24	1.33	1.39	1.47	1.55	1.56	1.56
CNP Dec	2.48	1.76	1.08	1.70	1.38	1.65	1.53	1.82	1.96	1.89
PPL Dec	1.94	1.98	1.89	1.77	1.19	1.19	-	-	-	1.30
CMS Dec	2.24	2.30	2.44	2.60	2.24	1.87	2.03	2.05	1.99	2.05
AEE Dec	1.11	1.18	1.19	1.23	1.31	1.42	1.45	1.47	1.56	1.50
PEG Dec	0.90	0.98	1.08	1.08	1.08	1.35	1.48	1.31	1.41	1.42
ETR Dec	1.84	2.08	2.05	1.94	2.20	2.33	2.06	1.79	1.92	1.83
SRE Dec	1.32	1.53	1.43	1.30	1.04	0.95	1.07	1.08	1.15	1.11
AES Dec	-	-	-	-	-	-	-	-	-	-
NI Dec	1.87	2.01	1.41	1.41	1.69	1.41	1.32	1.47	1.61	1.72
Peer median	1.85	1.87	1.42	1.56	1.34	1.41	1.48	1.47	1.61	1.61

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
WEC Dec	$2.96	$3.79	$3.34	$3.58	$3.79	$4.11	$4.45	$4.22	$4.83	$4.81
CNP Dec	$1.00	$4.13	$0.74	$1.33	−$1.79	$2.28	$1.59	$1.37	$1.58	$1.60
PPL Dec	$2.79	$1.64	$2.58	$2.37	$1.91	$1.20	-	-	-	$1.59
CMS Dec	$1.98	$1.64	$2.32	$2.39	$2.64	$4.66	$2.85	$3.01	$3.33	$3.53
AEE Dec	$2.68	$2.14	$3.32	$3.35	$3.50	$3.84	$4.14	$4.38	$4.42	$5.35
PEG Dec	$1.75	$3.10	$2.83	$3.33	$3.76	−$1.29	$2.06	$5.13	$3.54	$4.22
ETR Dec	−$1.63	$1.14	$2.31	$3.15	$3.45	$2.77	$2.68	$5.55	$2.45	$3.91
SRE Dec	$2.73	$0.51	$1.71	$3.65	$6.44	$2.01	$3.31	$4.79	$4.42	$2.75
AES Dec	−$1.72	−$1.76	$1.81	$0.45	$0.07	−$0.61	−$0.82	$0.35	$2.36	$1.26
NI Dec	$1.02	$0.39	−$0.18	$0.87	−$0.19	$1.27	$1.70	$1.48	$1.62	$1.95
Peer median	$1.75	$1.64	$2.31	$2.39	$2.64	$2.01	$2.37	$3.69	$2.89	$2.75

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out WEC and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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.