WEC Energy Group Inc.
WECFinancial Snapshot
ticker: WEC step: 04 generated: 2026-05-12 source: quick-research
WEC Energy Group Inc. (WEC) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$9.60B | $8.89B | $8.60B | -3.3% |
| Operating Margin | ~22% | ~20% | ~21% | flat |
| Net Income | ~$1.42B | ~$1.35B | $1.50B | +11% |
| GAAP EPS | $4.45 | $4.22 | $4.83 | +14% |
| Adjusted EPS | $4.45 | $4.63 | $4.88 | +5.4% |
Revenue declines in 2023–2024 reflect lower natural gas commodity costs passed through to customers (not a profitability concern — margins are regulated). FY2025: Revenue $9.8B (+14%, reflecting higher energy costs + rate case outcomes); adjusted EPS $5.27 (+8%); 23rd consecutive year of dividend growth. Adjusted EPS is the key metric (excludes non-cash regulatory charges and one-time items); GAAP EPS can diverge due to ICC-related charges.
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$2.5–2.8B |
| Capital Expenditures | ~$4.5–5.0B (per year under $28B plan) |
| Free Cash Flow | Negative (capex-intensive investment cycle) |
| Total Debt | ~$14–16B |
| Equity | ~$9–10B |
| Dividend | $3.81/share annualized ($0.9525/quarter); +6.7% (2026 increase) |
FCF is negative as the $28B five-year capex plan exceeds operating cash flow — funded via debt and periodic equity issuance. Regulated utilities routinely operate with negative FCF during capex cycles; rate base growth drives future earnings recovery.
Key Ratios (approximate, FY2025)
- P/E (adjusted): ~22–25x | Dividend Yield: ~3.0–3.5% | EV/EBITDA: ~14–16x
- Adjusted EPS Growth: +8% (FY2025); guided +7–8% CAGR through 2030
- Rate Base CAGR: ~7.6% through 2029 | Revenue Growth (FY2025): +14%
- Dividend Growth: 23 consecutive years; 6.5–7% annual increase target
Growth Profile
WEC's earnings growth algorithm is among the most visible in the utility sector: rate base grows ~7.6% annually from the $28B capex program → PSCW approves regulated returns (~10% on equity) → adjusted EPS grows 7–8% annually. The acceleration in the capital plan (raised from $23.7B to $28.9B as of January 2026) reflects confirmed large-load demand from data centers: Microsoft alone committed 500MW, adding $1B in incremental capital and implying more than $1B in additional annual revenues over time. Total large-load demand growth of 3.9 GW over five years is the most powerful organic growth catalyst for a Midwestern utility in decades.
Forward Estimates
- FY2026: Adjusted EPS $5.51–$5.61 (+5–7%); rate base growth continues
- FY2027–2030: Adjusted EPS CAGR 7–8%; compounding on growing base
- Dividend: 6.5–7% annual increases; current $3.81/share targeting ~$5.00+ by 2028
- Equity Issuance: $3B equity plan announced to fund the expanded capex program — modest dilution headwind
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $WEC.