WEC Energy Group, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 29 July 2026: press release. Guidance figures: 1 kept. The quarter’s numbers.

Key takeaways

Quarterly net income rose to $299.2 million: Net income attributed to common shareholders was $299.2 million, or 91 cents per diluted share, in the second quarter, against $245.4 million, or 76 cents, a year earlier. Source
Six-month diluted EPS rose to $3.36: Net income for the first six months was $1.1 billion, or $3.36 per diluted share, against $969.6 million, or $3.02 per share, in the same period of 2025. Source
Retail electricity deliveries essentially flat: Retail deliveries, excluding the Upper Peninsula iron ore mine and Wisconsin Very Large Customers, were essentially flat in the second quarter compared with a year earlier. Source
Weather-normal deliveries up 1.2 percent: Adjusted for weather, retail deliveries excluding the iron ore mine and VLCs increased 1.2 percent in the second quarter. Source
Cost of sales lower in quarter: Cost of sales was $555.6 million in the quarter, against $570.5 million a year earlier; for six months it rose to $1,946.6 million from $1,736.2 million. Source
Capital expenditures reached $2.08 billion: Six-month capital expenditures were $2,079.9 million, against $1,530.5 million. The 2025 period also included a $406.1 million Hardin Solar acquisition. Source
Operating cash flow rose to $2.21 billion: Net cash provided by operating activities was $2,210.7 million for six months, against $2,015.9 million. Accounts receivable change contributed $479.5 million. Source

““Our focus on customer service, financial discipline and operating efficiency - while continuing to execute on our capital plan - helped deliver a strong quarter,” said Scott Lauber, chairman, president and CEO.”
Scott Lauber, chairman, president and CEO

Guidance

Area	Period	Figure	Against last quarter
Earnings per share (diluted) Source	2026 full year	$5.51 to $5.61 per share	Kept

What changed from last quarter

New: Scott Lauber is given as chairman, president and CEO; the first-quarter release gave his title as president and CEO. Source

Earnings and revenue

Quarterly net income rose to $299.2 million: Net income attributed to common shareholders was $299.2 million, or 91 cents per diluted share, in the second quarter, against $245.4 million, or 76 cents, a year earlier. Source
Six-month diluted EPS rose to $3.36: Net income for the first six months was $1.1 billion, or $3.36 per diluted share, against $969.6 million, or $3.02 per share, in the same period of 2025. Source
Consolidated revenue up $337.3 million: Consolidated revenues for the first six months totaled $5.5 billion, up $337.3 million from the first half of 2025. Source
Transmission affiliate earnings rose: Equity in earnings of transmission affiliates was $62.6 million in the quarter, against $51.9 million a year earlier, and $122.1 million for six months. Source

Electricity deliveries by customer class

Retail electricity deliveries essentially flat: Retail deliveries, excluding the Upper Peninsula iron ore mine and Wisconsin Very Large Customers, were essentially flat in the second quarter compared with a year earlier. Source
Weather-normal deliveries up 1.2 percent: Adjusted for weather, retail deliveries excluding the iron ore mine and VLCs increased 1.2 percent in the second quarter. Source
Small commercial and residential use fell: Small commercial and industrial use was 0.2 percent lower in the quarter, and residential use fell 1.1 percent. Source
Large commercial use up 0.9 percent: Large commercial and industrial use, excluding the iron ore mine and VLCs, increased 0.9 percent in the second quarter. Source

Operating costs and other income

Cost of sales lower in quarter: Cost of sales was $555.6 million in the quarter, against $570.5 million a year earlier; for six months it rose to $1,946.6 million from $1,736.2 million. Source
Operation and maintenance expense higher: Other operation and maintenance was $617.1 million for the quarter, against $596.2 million, and depreciation and amortization was $384.9 million, against $368.9 million. Source
Other income and interest both rose: Other income, net was $61.5 million in the quarter, against $26.5 million, and interest expense was $228.9 million, against $220.8 million. Source

Capital spending and financing

Capital expenditures reached $2.08 billion: Six-month capital expenditures were $2,079.9 million, against $1,530.5 million. The 2025 period also included a $406.1 million Hardin Solar acquisition. Source
Long-term debt issuance rose: Long-term debt issued was $1,804.2 million for six months, against $1,025.0 million, and long-term debt retired was $1,189.1 million, against $567.6 million. Source
Common stock issuance was lower: Net common stock issuance was $23.8 million for six months, against $398.8 million a year earlier. Short-term debt was $1,934.1 million at June 30. Source
Transmission capital contributions rose: Capital contributions to transmission affiliates were $112.4 million for six months, against $87.8 million. ATC reimbursement for upgrades was $10.4 million, against $39.7 million. Source

Cash flow and shareholder returns

Operating cash flow rose to $2.21 billion: Net cash provided by operating activities was $2,210.7 million for six months, against $2,015.9 million. Accounts receivable change contributed $479.5 million. Source
Quarterly dividend per share up to $0.9525: Dividends per common share were $0.9525 for the quarter, against $0.8925. Dividends paid on common stock were $620.3 million for six months, against $568.7 million. Source
Cash balance rose to $50.0 million: Cash and cash equivalents were $50.0 million at June 30, 2026, against $27.6 million at December 31, 2025. Source

Balance sheet and company profile

Net plant rose to $39.8 billion: Property, plant and equipment, net, was $39,827.6 million at June 30, against $38,278.1 million at year-end. Total assets were $52,750.4 million. Source
Equity investment in transmission rose: Equity investment in transmission affiliates was $2,420.7 million at June 30, against $2,280.4 million at December 31, 2025. Source
About 7,000 employees and 31,000 holders: The company reports about 31,000 stockholders of record, 7,000 employees and more than $52 billion of assets, against 32,000 holders and more than $51 billion in the first-quarter release. Source

Figures management reported

Figure	Reported
Capital plan Source	continuing to execute
Customer growth Source	4.8 million customers served; growth rate not stated
Load growth Source	1.2 percent, weather-normal retail deliveries

Risks management discussed

External: The reaffirmed EPS range assumes normal weather for the remainder of 2026. Source

Earlier plans management reported on

Not stated: Management reaffirmed the 2026 EPS guidance range it had given earlier in the year. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

From: Brendan Conway (media)

Beth Straka (investment community)

WEC Energy Group reports second-quarter results

MILWAUKEE - WEC Energy Group (NYSE: WEC) today reported net income of $299.2 million, or 91 cents per share, for the second quarter of 2026 - up from $245.4 million, or 76 cents per share, for last year's second quarter.

For the first six months of 2026, the company recorded net income of $1.1 billion, or $3.36 per share - up from $969.6 million, or $3.02 per share, in the corresponding period a year ago.

Consolidated revenues totaled $5.5 billion, up $337.3 million from the first half of 2025.

“Our focus on customer service, financial discipline and operating efficiency - while continuing to execute on our capital plan - helped deliver a strong quarter,” said Scott Lauber, chairman, president and CEO.

Retail deliveries of electricity - excluding the iron ore mine in Michigan’s Upper Peninsula and Very Large Customers (VLCs) in Wisconsin - were essentially flat in the second quarter of 2026, compared to the second quarter last year.

Electricity consumption by small commercial and industrial customers was 0.2 percent lower. Electricity use by large commercial and industrial customers - excluding the iron ore mine and VLCs - increased by 0.9 percent.

Residential electricity use decreased by 1.1 percent.

On a weather-normal basis, retail deliveries of electricity during the second quarter of this year - excluding the iron ore mine and VLCs - increased by 1.2 percent.

The company is reaffirming its 2026 earnings guidance of $5.51 to $5.61 per share. This assumes normal weather for the remainder of the year.

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, Wednesday, July 29. The call will review 2026 second-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 888-330-2443 up to 15 minutes before it begins. The number for international callers is 240-789-2728. The conference ID is 3088105.

Conference call access also is available at wecenergygroup.com. Under 'Webcasts,' select 'Q2 Earnings.' In conjunction with this earnings announcement, WEC Energy Group will post on its website a package of detailed financial information on its second-quarter performance. The materials will be available at 6:30 a.m. Central time, Wednesday, July 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 Aug. 12, 2026. Domestic callers should dial 800-770-2030. International callers should dial 647-362-9199. The replay conference ID is 3088105.

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 $52 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 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.

Forward-looking statements notice

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

	June 30				June 30
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)	Three Months Ended				Six Months Ended
(in millions, except per share amounts)		2026		2025		2026		2025
Operating revenues	$2,062.1		$2,009.5		$5,496.3		$5,159.0
Operating expenses
Cost of sales	555.6		570.5		1,946.6		1,736.2
Other operation and maintenance	617.1		596.2		1,225.8		1,204.2
Depreciation and amortization	384.9		368.9		764.7		728.8
Property and revenue taxes	71.7		69.0		146.4		147.4
Total operating expenses	1,629.3		1,604.6		4,083.5		3,816.6
Operating income	432.8		404.9		1,412.8		1,342.4
Equity in earnings of transmission affiliates	62.6		51.9		122.1		105.5
Other income, net	61.5		26.5		109.7		44.6
Interest expense	228.9		220.8		457.4		443.8
Other expense	(104.8)		(142.4)		(225.6)		(293.7)
Income before income taxes	328.0		262.5		1,187.2		1,048.7
Income tax expense	27.0		19.5		80.1		80.2
Net income	301.0		243.0		1,107.1		968.5
Preferred stock dividends of subsidiary	0.3		0.3		0.6		0.6
Net (income) loss attributed to noncontrolling interests	(1.5)		2.7		(2.9)		1.7
Net income attributed to common shareholders	$299.2		$245.4		$1,103.6		$969.6
Earnings per share
Basic	$0.92		$0.77		$3.39		$3.04
Diluted	$0.91		$0.76		$3.36		$3.02
Weighted average common shares outstanding
Basic		325.8		320.3		325.7		319.3
Diluted		328.9		322.2		328.6		320.7
Dividends per share of common stock	$0.9525		$0.8925		$1.9050		$1.7850

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(in millions, except share and per share amounts)	June 30, 2026	December 31, 2025
Assets
Current assets
Cash and cash equivalents	$50.0	$27.6
Accounts receivable and unbilled revenues, net of reserves of $148.9 and $148.7, respectively	1,529.2	2,062.7
Materials, supplies, and inventories	744.6	803.4
Prepaid taxes	203.2	178.8
Other prepayments	57.8	92.4
Other	197.0	119.8
Current assets	2,781.8	3,284.7
Long-term assets
Property, plant, and equipment, net of accumulated depreciation and amortization of $12,783.3 and $12,411.5, respectively	39,827.6	38,278.1
Regulatory assets (June 30, 2026 and December 31, 2025 include $63.6 and $67.5, respectively, related to WEPCo Environmental Trust Finance I, LLC)	3,130.4	3,156.3
Equity investment in transmission affiliates	2,420.7	2,280.4
Goodwill	3,052.8	3,052.8
Pension and OPEB assets	1,115.6	1,082.4
Other	421.5	383.6
Long-term assets	49,968.6	48,233.6
Total assets	$52,750.4	$51,518.3
Liabilities and Equity
Current liabilities
Short-term debt	$1,934.1	$1,924.7
Current portion of long-term debt (June 30, 2026 and December 31, 2025 include $9.4 and $9.3, respectively, related to WEPCo Environmental Trust Finance I, LLC)	1,413.5	1,519.4
Accounts payable	1,018.6	1,140.1
Other	842.2	1,009.2
Current liabilities	5,208.4	5,593.4
Long-term liabilities
Long-term debt (June 30, 2026 and December 31, 2025 include $62.8 and $67.4, respectively, related to WEPCo Environmental Trust Finance I, LLC)	19,216.3	18,498.1
Finance lease obligations	415.8	372.0
Deferred income taxes	6,165.3	5,891.7
Deferred revenue, net	305.0	314.2
Regulatory liabilities	4,229.6	4,121.3
Intangible liabilities	550.3	580.3
Environmental remediation liabilities	466.2	484.1
Asset retirement obligations	668.6	647.0
Other	951.9	963.4
Long-term liabilities	32,969.0	31,872.1
Commitments and contingencies
Common shareholders' equity
Common stock - $0.01 par value; 650,000,000 shares authorized; 325,849,383 and 325,461,519 shares outstanding, respectively	3.3	3.3
Additional paid in capital	5,162.3	5,124.4
Retained earnings	8,976.8	8,493.5
Accumulated other comprehensive loss	(7.5)	(7.6)
Common shareholders' equity	14,134.9	13,613.6
Preferred stock of subsidiary	30.4	30.4
Noncontrolling interests	407.7	408.8
Total liabilities and equity	$52,750.4	$51,518.3

	June 30
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)	Six Months Ended
(in millions)		2026		2025
Operating activities
Net income	$1,107.1		$968.5
Reconciliation to cash provided by operating activities
Depreciation and amortization	764.7		728.8
Deferred income taxes and ITCs, net	189.9		220.0
AFUDC-Equity	(94.8)		(38.6)
Contributions and payments related to pension and OPEB plans	(7.2)		(7.1)
Equity income in transmission affiliates, net of distributions	(27.8)		(3.4)
Change in -
Accounts receivable and unbilled revenues, net	479.5		136.4
Materials, supplies, and inventories	58.8		110.2
Other current assets	(39.5)		65.4
Accounts payable	(102.1)		(172.1)
Other current liabilities	(104.2)		(44.8)
Other, net	(13.7)		52.6
Net cash provided by operating activities	2,210.7		2,015.9
Investing activities
Capital expenditures	(2,079.9)		(1,530.5)
Acquisition of Hardin Solar Energy III Center, net of cash acquired of $ - and $0.2, respectively	(3.0)		(406.1)
Capital contributions to transmission affiliates	(112.4)		(87.8)
Proceeds from the sale of assets	21.7		0.7
Reimbursement for American Transmission Company LLC's transmission infrastructure upgrades	10.4		39.7
Other, net	(37.3)		11.2
Net cash used in investing activities	(2,200.5)		(1,972.8)
Financing activities
Exercise of stock options	9.1		24.7
Issuance of common stock, net	23.8		398.8
Dividends paid on common stock	(620.3)		(568.7)
Issuance of long-term debt	1,804.2		1,025.0
Retirement of long-term debt	(1,189.1)		(567.6)
Change in commercial paper	8.0		(308.0)
Other, net	(20.9)		(20.3)
Net cash provided by (used in) financing activities	14.8		(16.1)
Net change in cash, cash equivalents, and restricted cash	25.0		27.0
Cash, cash equivalents, and restricted cash at beginning of period	70.9		42.2
Cash, cash equivalents, and restricted cash at end of period	$95.9		$69.2

Contacts
414-221-4444 brendan.conway@wecenergygroup.com
414-221-4639 beth.straka@wecenergygroup.com