# WEC Energy Group Inc. (WEC) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/WEC/thesis · /stocks/WEC/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/WEC/fundamental

## Navigation

- Overview: /stocks/WEC
- Financials (this page): /stocks/WEC/financials
- Thesis: /stocks/WEC/thesis
- Investment Memo: /stocks/WEC/memo
- Coverage universe: /stocks