WEC Energy Group (WEC) FY2023 results: revenue $8.9 billion, down 7.3% on the year
WEC Energy Group, Inc. (WEC) reported revenue of $8.9 billion for fiscal 2023, the year ended 31 December 2023, down 7.3% on the year before. Net income was $1.3 billion, down 5.4%, and diluted earnings per share $4.22. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$8.9 billion
-7.3% on the year
FY2016FY2023
Operating margin
21.5%
20.0% a year earlier
FY2016FY2023
Net income
$1.3 billion
-5.4% on the year
FY2016FY2023
Diluted EPS
$4.22
-5.2% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
3,018
2,061
2,033
+46.5%
Capital expenditure
2,493
2,315
2,253
+7.7%
Free cash flow
526
-254
-220
Free cash flow margin
5.9%
-2.6%
-2.6%
Cash from investing
-3,558
-2,642
-2,312
Cash from financing
523
676
294
-22.7%
Depreciation and amortisation
1,264
1,123
1,074
+12.6%
Share-based compensation
9.7
34.8
15.7
-72.1%
Buybacks
16.6
69.2
33.1
-76.0%
Dividends paid
984
918
855
+7.2%
Dividend per share
$3.12
$2.91
$2.71
+7.2%
Diluted shares, weighted
316m
316m
316m
-0.1%
Shares outstanding at period end
315m
315m
315m
0.0%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
12,072
11,617
11,113
+3.9%
Debt
18,652
17,294
15,590
+7.8%
Operating lease liabilities
38.8
25.4
29.1
+52.8%
Finance lease liabilities
146
110
51.3
+32.0%
Other liabilities
13,032
12,825
12,205
+1.6%
Total liabilities and equity
43,940
41,872
38,988
+4.9%
Fixed assets
31,582
29,114
26,982
+8.5%
Goodwill
3,053
3,053
3,053
0.0%
Cash and equivalents
42.9
28.9
16.3
+48.4%
Receivables
1,503
1,818
1,506
-17.3%
Other assets
7,759
7,858
7,431
-1.3%
Total assets
43,940
41,872
38,988
+4.9%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.