From: Brendan Conway (media)
MILWAUKEE – WEC Energy Group (NYSE: WEC) today reported net income of $389.3 million, or $1.18 per share, for the third quarter of 2026 – up from $271.3 million, or 83 cents per share, in last year's third quarter.
For the nine months ended Sept. 30, 2026, the company recorded net income of $1.49 billion, or $4.54 per share – up from $1.24 billion, or $3.85 per share, in the corresponding period a year ago.
Consolidated revenues totaled $7.8 billion, up $523.9 million from the nine months ended Sept. 30, 2025.
“Our strong results were driven by warmer-than-normal weather, execution of our capital plan and operating efficiency,” said Scott Lauber, chairman, president and CEO. “Our continued focus on the fundamentals of our business is creating value for our customers and stockholders. We remain on track to deliver solid financial and operational performance in 2026.”
Retail deliveries of electricity – excluding the iron ore mine in Michigan’s Upper Peninsula and Very Large Customers (VLCs) in Wisconsin – were up by 3.3 percent in the third quarter of 2026, compared to the third quarter last year.
Electricity consumption by small commercial and industrial customers was 3.5 percent higher. Electricity use by large commercial and industrial customers – excluding the iron ore mine and VLCs – increased by 1.0 percent.
On a weather-normal basis, retail deliveries of electricity during the third quarter of this year – excluding the iron ore mine and VLCs – increased by 0.4 percent.
Largely due to favorable weather and capital investment supported by the VLCs, the company is raising and narrowing its earnings guidance for 2026 to a range of $5.60 to $5.64 per share. This assumes normal weather for the remainder of the year. The company had previously announced earnings guidance for 2026 in a range of $5.51 to $5.61 per share.
A conference call is scheduled for 1 p.m. Central time, Thursday, Oct. 29. The call will review 2026 third-quarter earnings and the company’s outlook for the future.
All interested parties, including stockholders, news media and the general public, are invited to listen. Access the call at 833-461-5787 up to 15 minutes before it begins. The number for international callers is 585-542-9983. The conference ID is 840581506.
Conference call access also is available at wecenergygroup.com . Under 'Webcasts,' select 'Q3 Earnings.' In conjunction with this earnings announcement, WEC Energy Group will post on its website a package of detailed financial information on its third-quarter performance. The materials will be available at 6:30 a.m. Central time, Thursday, Oct. 29.
A replay will be available on the website and by phone. Access to the webcast replay will be available on the website about two hours after the call. Access to a phone replay also will be available approximately two hours after the call and remain accessible through Nov. 12, 2026. Domestic callers should dial 833-309-1852. International callers should dial 929-828-5978. The replay conference ID is 840581506.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving 4.8 million customers in Wisconsin, Illinois, Michigan and Minnesota.
The company’s principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a fleet of renewable generation facilities in states ranging from South Dakota to Texas.
WEC Energy Group ( wecenergygroup.com ) is a Fortune 500 company and a component of the S&P 500. The company has approximately 31,000 stockholders of record, 7,000 employees and more than $53 billion of assets.
Certain statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These 2
statements are based upon management’s current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management’s expectations and projections regarding earnings, earnings growth rates, dividend payments and future results. In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “guidance,” “intends,” “may,” “objectives,” “plans,” “possible,” “potential,” “projects,” “should,” “targets,” “will” or similar terms or variations of these terms.
Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company’s service territories; timing, resolution and impact of rate cases and other regulatory decisions, including rider reconciliations; the company’s ability to continue to successfully integrate the operations of its subsidiaries; availability of the company’s generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; unusual, varying or severe weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; electrification initiatives, mandates and other efforts to reduce the use of natural gas; the company’s ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan, including projects related to serving data centers and other large-scale customers; terrorist, physical or cyber-security threats or attacks and data security breaches; construction risks; labor disruptions; equity and bond market fluctuations; changes in the company’s and its subsidiaries’ ability to access the capital markets; changes in tax legislation or our ability to use certain tax benefits and carryforwards; changes in and uncertainty around federal, state, and local legislation and regulation, including changes in rate- setting policies or procedures and environmental standards, in the enforcement of these laws and regulations and in the interpretation of regulations or permit conditions by regulatory agencies; supply chain disruptions; inflation; political or geopolitical developments impacting the global economy, supply chain and fuel prices generally, including as a result of changes to government trade policies, geopolitical tensions between the U.S. and other countries, such as the war with Iran, or other new, protracted or escalating regional or international conflicts; the impact from any health crises, including epidemics and pandemics; current and future litigation and regulatory investigations, proceedings or inquiries; the ability of the Company to successfully and/or timely adopt new technologies, including artificial intelligence; changes in accounting standards; the financial performance of the American Transmission Company as well as projects in which the company’s energy infrastructure business invests; the ability of the company to obtain additional generating capacity at competitive prices; goodwill and its possible impairment; and other factors described under the heading “Factors Affecting Results, Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition and Results of Operations and under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” contained in the company’s Form 10-K for the year ended Dec. 31, 2025, and in subsequent reports filed with the Securities and Exchange Commission. Except as may be required by law, the company expressly disclaims any obligation to publicly update or revise any forward-looking information.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share September 30, December 31, amounts) 2026 2025 ────────────────────────────────────────────────────────────────────────────── Assets Current assets Cash and cash $ 58.8 $ 27.6 equivalents Accounts receivable and unbilled revenues, net 1,403.8 2,062.7 of reserves of $139.9 and $148.7, respectively Materials, supplies, and 865.2 803.4 inventories Prepaid taxes 154.3 178.8 Other 45.7 92.4 prepayments Other 223.3 119.8 Current assets 2,751.1 3,284.7 Long-term assets Property, plant, and equipment, net of accumulated depreciation 40,791.3 38,278.1 and amortization of $13,025.9 and $12,411.5, respectively Regulatory assets (September 30, 2026 and December 31, 2025 include $60.9 and 3,140.7 3,156.3 $67.5, respectively, related to WEPCo Environmental Trust Finance I, LLC) Equity investment in 2,497.0 2,280.4 transmission affiliates Goodwill 3,052.8 3,052.8 Pension and 1,050.3 1,082.4 OPEB assets Other 614.3 383.6 Long-term 51,146.4 48,233.6 assets Total assets $ 53,897.5 $ 51,518.3 Liabilities and Equity Current liabilities Short-term debt $ 1,904.3 $ 1,924.7 Current portion of long-term debt (September 30, 2026 and December 31, 2025 include 1,134.5 1,519.4 $9.4 and $9.3, respectively, related to WEPCo Environmental Trust Finance I, LLC) Accounts 1,119.2 1,140.1 payable Other 1,031.5 1,009.2 Current 5,189.5 5,593.4 liabilities Long-term liabilities Long-term debt (September 30, 2026 and December 31, 2025 include $62.8 and $67.4, 19,717.2 18,498.1 respectively, related to WEPCo Environmental Trust Finance I, LLC) Finance lease 417.8 372.0 obligations Deferred income 6,341.0 5,891.7 taxes Deferred 300.3 314.2 revenue, net Regulatory 4,292.2 4,121.3 liabilities Intangible 535.2 580.3 liabilities Environmental remediation 457.9 484.1 liabilities Asset retirement 676.0 647.0 obligations Other 960.3 963.4 Long-term 33,697.9 31,872.1 liabilities Commitments and contingencies Common shareholders' equity Common stock – $0.01 par value; 650,000,000 shares authorized; 3.3 3.3 328,992,329 and 325,461,519 shares outstanding, respectively Additional paid 5,523.9 5,124.4 in capital Retained 9,055.6 8,493.5 earnings Accumulated other -7.4 -7.6 comprehensive loss Common shareholders' 14,575.4 13,613.6 equity Preferred stock 30.4 30.4 of subsidiary Noncontrolling 404.3 408.8 interests Total liabilities and $ 53,897.5 $ 51,518.3 equity
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended (in millions) September 30 Operating activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 1,497.4 $ 1,238.7 Reconciliation to cash provided by operating activities Depreciation and 1,153.7 1,102.2 amortization Deferred income taxes and 335.7 296.2 ITCs, net AFUDC-Equity -139.5 -63.7 Contributions and payments related to -10.5 -10.3 pension and OPEB plans Equity income in transmission -43.6 -17.5 affiliates, net of distributions Change in – Accounts receivable and unbilled 587.8 368.0 revenues, net Materials, supplies, and -61.8 -29.4 inventories Prepaid taxes 24.5 89.4 Other current assets -14.3 6.1 Accounts payable -93.1 -145.3 Accrued interest 96.5 88.8 Other current liabilities -25.4 7.1 Other, net 105.7 24.5 Net cash provided by operating 3,413.1 2,954.8 activities Investing activities Capital expenditures, including -3,318.7 -3,120.0 AFUDC-Debt Acquisition of Hardin Solar Energy III Center, net of cash -3.0 -406.1 acquired of $ – and $0.2, respectively Capital contributions to transmission -173.0 -142.4 affiliates Payment for option to -170.8 — acquire projects Proceeds from the sale of 23.3 5.1 assets Proceeds from the sale of investments 2.9 16.9 held in rabbi trust Reimbursement for American Transmission 10.4 39.7 Company LLC's transmission infrastructure upgrades Other, net 29.1 36.3 Net cash used in investing -3,599.8 -3,570.5 activities Financing activities Exercise of stock options 9.9 37.6 Issuance of common stock, 382.5 746.6 net Dividends paid on common -930.8 -857.4 stock Issuance of long-term debt 2,395.6 1,944.6 Retirement of long-term -1,558.5 -1,285.9 debt Change in commercial paper -21.9 141.7 Payments for debt issuance -20.8 -28.9 costs Other, net -9.7 -7.1 Net cash provided by financing 246.3 691.2 activities Net change in cash, cash equivalents, 59.6 75.5 and restricted cash Cash, cash equivalents, and restricted 70.9 42.2 cash at beginning of period Cash, cash equivalents, and restricted $ 130.5 $ 117.7 cash at end of period
Full text with the tables
Exhibit 99.1
From: Brendan Conway (media)
414-221-4444
brendan.conway@wecenergygroup.com
Beth Straka (investment community)
414-221-4639
beth.straka@wecenergygroup.com
Oct. 29, 2026
WEC Energy Group reports third-quarter results
MILWAUKEE – WEC Energy Group (NYSE: WEC) today reported net income of $389.3
million, or $1.18 per share, for the third quarter of 2026 – up from $271.3
million, or 83 cents per share, in last year's third quarter.
For the nine months ended Sept. 30, 2026, the company recorded net income of
$1.49 billion, or $4.54 per share – up from $1.24 billion, or $3.85 per share,
in the corresponding period a year ago.
Consolidated revenues totaled $7.8 billion, up $523.9 million from the nine
months ended Sept. 30, 2025.
“Our strong results were driven by warmer-than-normal weather, execution of our
capital plan and operating efficiency,” said Scott Lauber, chairman, president
and CEO. “Our continued focus on the fundamentals of our business is creating
value for our customers and stockholders. We remain on track to deliver solid
financial and operational performance in 2026.”
Retail deliveries of electricity – excluding the iron ore mine in Michigan’s
Upper Peninsula and Very Large Customers (VLCs) in Wisconsin – were up by 3.3
percent in the third quarter of 2026, compared to the third quarter last year.
Electricity consumption by small commercial and industrial customers was 3.5
percent higher. Electricity use by large commercial and industrial customers –
excluding the iron ore mine and VLCs – increased by 1.0 percent.
Residential electricity use rose by 5.1 percent.
1
Exhibit 99.1
On a weather-normal basis, retail deliveries of electricity during the third
quarter of this year – excluding the iron ore mine and VLCs – increased by 0.4
percent.
Largely due to favorable weather and capital investment supported by the VLCs,
the company is raising and narrowing its earnings guidance for 2026 to a range
of $5.60 to $5.64 per share. This assumes normal weather for the remainder of
the year. The company had previously announced earnings guidance for 2026 in a
range of $5.51 to $5.61 per share.
Earnings per share listed in this news release are on a fully diluted basis.
Conference call
A conference call is scheduled for 1 p.m. Central time, Thursday, Oct. 29. The
call will review 2026 third-quarter earnings and the company’s outlook for the
future.
All interested parties, including stockholders, news media and the general
public, are invited to listen. Access the call at 833-461-5787 up to 15 minutes
before it begins. The number for international callers is 585-542-9983. The
conference ID is 840581506.
Conference call access also is available at wecenergygroup.com . Under
'Webcasts,' select 'Q3 Earnings.' In conjunction with this earnings
announcement, WEC Energy Group will post on its website a package of detailed
financial information on its third-quarter performance. The materials will be
available at 6:30 a.m. Central time, Thursday, Oct. 29.
Replay
A replay will be available on the website and by phone. Access to the webcast
replay will be available on the website about two hours after the call. Access
to a phone replay also will be available approximately two hours after the call
and remain accessible through Nov. 12, 2026. Domestic callers should dial
833-309-1852. International callers should dial 929-828-5978. The replay
conference ID is 840581506.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier
energy companies, serving 4.8 million customers in Wisconsin, Illinois, Michigan
and Minnesota.
The company’s principal utilities are We Energies, Wisconsin Public Service,
Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources
and Upper Michigan Energy Resources. Another major subsidiary, We Power,
designs, builds and owns electric generating plants. In addition, WEC
Infrastructure LLC owns a fleet of renewable generation facilities in states
ranging from South Dakota to Texas.
WEC Energy Group ( wecenergygroup.com ) is a Fortune 500 company and a component
of the S&P 500. The company has approximately 31,000 stockholders of record,
7,000 employees and more than $53 billion of assets.
Forward-looking statements
Certain statements contained in this press release are “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
2
Exhibit 99.1
statements are based upon management’s current expectations and are subject to
risks and uncertainties that could cause our actual results to differ materially
from those contemplated in the statements. Readers are cautioned not to place
undue reliance on these statements. Forward-looking statements include, among
other things, statements concerning management’s expectations and projections
regarding earnings, earnings growth rates, dividend payments and future results.
In some cases, forward-looking statements may be identified by reference to a
future period or periods or by the use of forward-looking terminology such as
“anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “guidance,”
“intends,” “may,” “objectives,” “plans,” “possible,” “potential,” “projects,”
“should,” “targets,” “will” or similar terms or variations of these terms.
Factors that could cause actual results to differ materially from those
contemplated in any forward-looking statements include, but are not limited to:
general economic conditions, including business and competitive conditions in
the company’s service territories; timing, resolution and impact of rate cases
and other regulatory decisions, including rider reconciliations; the company’s
ability to continue to successfully integrate the operations of its
subsidiaries; availability of the company’s generating facilities and/or
distribution systems; unanticipated changes in fuel and purchased power costs;
key personnel changes; unusual, varying or severe weather conditions; continued
industry restructuring and consolidation; continued advances in, and adoption
of, new technologies that produce power or reduce power consumption; energy and
environmental conservation efforts; electrification initiatives, mandates and
other efforts to reduce the use of natural gas; the company’s ability to
successfully acquire and/or dispose of assets and projects and to execute on its
capital plan, including projects related to serving data centers and other
large-scale customers; terrorist, physical or cyber-security threats or attacks
and data security breaches; construction risks; labor disruptions; equity and
bond market fluctuations; changes in the company’s and its subsidiaries’ ability
to access the capital markets; changes in tax legislation or our ability to use
certain tax benefits and carryforwards; changes in and uncertainty around
federal, state, and local legislation and regulation, including changes in rate-
setting policies or procedures and environmental standards, in the enforcement
of these laws and regulations and in the interpretation of regulations or permit
conditions by regulatory agencies; supply chain disruptions; inflation;
political or geopolitical developments impacting the global economy, supply
chain and fuel prices generally, including as a result of changes to government
trade policies, geopolitical tensions between the U.S. and other countries, such
as the war with Iran, or other new, protracted or escalating regional or
international conflicts; the impact from any health crises, including epidemics
and pandemics; current and future litigation and regulatory investigations,
proceedings or inquiries; the ability of the Company to successfully and/or
timely adopt new technologies, including artificial intelligence; changes in
accounting standards; the financial performance of the American Transmission
Company as well as projects in which the company’s energy infrastructure
business invests; the ability of the company to obtain additional generating
capacity at competitive prices; goodwill and its possible impairment; and other
factors described under the heading “Factors Affecting Results, Liquidity and
Capital Resources” in Management’s Discussion and Analysis of Financial
Condition and Results of Operations and under the headings “Cautionary Statement
Regarding Forward-Looking Information” and “Risk Factors” contained in the
company’s Form 10-K for the year ended Dec. 31, 2025, and in subsequent reports
filed with the Securities and Exchange Commission. Except as may be required by
law, the company expressly disclaims any obligation to publicly update or revise
any forward-looking information.
Tables follow
3
Exhibit 99.1
WEC ENERGY GROUP, INC.
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4
Exhibit 99.1
WEC ENERGY GROUP, INC.
CONDENSED
CONSOLIDATED
BALANCE SHEETS
(Unaudited)
(in millions,
except share and
per share September 30, December 31,
amounts) 2026 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Current assets
Cash and cash $ 58.8 $ 27.6
equivalents
Accounts
receivable and
unbilled
revenues, net 1,403.8 2,062.7
of reserves of
$139.9 and
$148.7,
respectively
Materials,
supplies, and 865.2 803.4
inventories
Prepaid taxes 154.3 178.8
Other 45.7 92.4
prepayments
Other 223.3 119.8
Current assets 2,751.1 3,284.7
Long-term
assets
Property,
plant, and
equipment, net
of
accumulated
depreciation 40,791.3 38,278.1
and
amortization of
$13,025.9 and
$12,411.5,
respectively
Regulatory
assets
(September 30,
2026
and December
31, 2025
include $60.9
and 3,140.7 3,156.3
$67.5,
respectively,
related to
WEPCo
Environmental
Trust Finance
I, LLC)
Equity
investment in 2,497.0 2,280.4
transmission
affiliates
Goodwill 3,052.8 3,052.8
Pension and 1,050.3 1,082.4
OPEB assets
Other 614.3 383.6
Long-term 51,146.4 48,233.6
assets
Total assets $ 53,897.5 $ 51,518.3
Liabilities and
Equity
Current
liabilities
Short-term debt $ 1,904.3 $ 1,924.7
Current portion
of long-term
debt
(September 30,
2026 and
December 31,
2025 include 1,134.5 1,519.4
$9.4 and $9.3,
respectively,
related to
WEPCo
Environmental
Trust Finance
I, LLC)
Accounts 1,119.2 1,140.1
payable
Other 1,031.5 1,009.2
Current 5,189.5 5,593.4
liabilities
Long-term
liabilities
Long-term debt
(September 30,
2026 and
December 31,
2025 include
$62.8 and
$67.4, 19,717.2 18,498.1
respectively,
related to
WEPCo
Environmental
Trust Finance
I, LLC)
Finance lease 417.8 372.0
obligations
Deferred income 6,341.0 5,891.7
taxes
Deferred 300.3 314.2
revenue, net
Regulatory 4,292.2 4,121.3
liabilities
Intangible 535.2 580.3
liabilities
Environmental
remediation 457.9 484.1
liabilities
Asset
retirement 676.0 647.0
obligations
Other 960.3 963.4
Long-term 33,697.9 31,872.1
liabilities
Commitments and
contingencies
Common
shareholders'
equity
Common stock –
$0.01 par
value;
650,000,000
shares
authorized; 3.3 3.3
328,992,329 and
325,461,519
shares
outstanding,
respectively
Additional paid 5,523.9 5,124.4
in capital
Retained 9,055.6 8,493.5
earnings
Accumulated
other -7.4 -7.6
comprehensive
loss
Common
shareholders' 14,575.4 13,613.6
equity
Preferred stock 30.4 30.4
of subsidiary
Noncontrolling 404.3 408.8
interests
Total
liabilities and $ 53,897.5 $ 51,518.3
equity
5
Exhibit 99.1
WEC ENERGY GROUP, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited) Nine Months Ended
(in millions) September 30
Operating activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 1,497.4 $ 1,238.7
Reconciliation to cash
provided by
operating activities
Depreciation and 1,153.7 1,102.2
amortization
Deferred income taxes and 335.7 296.2
ITCs, net
AFUDC-Equity -139.5 -63.7
Contributions and payments
related to -10.5 -10.3
pension and OPEB plans
Equity income in
transmission -43.6 -17.5
affiliates, net of
distributions
Change in –
Accounts receivable and
unbilled 587.8 368.0
revenues, net
Materials, supplies, and -61.8 -29.4
inventories
Prepaid taxes 24.5 89.4
Other current assets -14.3 6.1
Accounts payable -93.1 -145.3
Accrued interest 96.5 88.8
Other current liabilities -25.4 7.1
Other, net 105.7 24.5
Net cash provided by
operating 3,413.1 2,954.8
activities
Investing activities
Capital expenditures,
including -3,318.7 -3,120.0
AFUDC-Debt
Acquisition of Hardin Solar
Energy III
Center, net of cash -3.0 -406.1
acquired of $ – and
$0.2, respectively
Capital contributions to
transmission -173.0 -142.4
affiliates
Payment for option to -170.8 —
acquire projects
Proceeds from the sale of 23.3 5.1
assets
Proceeds from the sale of
investments 2.9 16.9
held in rabbi trust
Reimbursement for American
Transmission 10.4 39.7
Company LLC's transmission
infrastructure upgrades
Other, net 29.1 36.3
Net cash used in investing -3,599.8 -3,570.5
activities
Financing activities
Exercise of stock options 9.9 37.6
Issuance of common stock, 382.5 746.6
net
Dividends paid on common -930.8 -857.4
stock
Issuance of long-term debt 2,395.6 1,944.6
Retirement of long-term -1,558.5 -1,285.9
debt
Change in commercial paper -21.9 141.7
Payments for debt issuance -20.8 -28.9
costs
Other, net -9.7 -7.1
Net cash provided by
financing 246.3 691.2
activities
Net change in cash, cash
equivalents, 59.6 75.5
and restricted cash
Cash, cash equivalents, and
restricted 70.9 42.2
cash at beginning of period
Cash, cash equivalents, and
restricted $ 130.5 $ 117.7
cash at end of period
6