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WEC Energy Group (WEC) investor relations material
WEC Energy Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 net income attributed to common shareholders was $271.3 million, or $0.83 per share, up from $240.1 million, or $0.76 per share, in Q3 2024, with nine-month net income at $1.24 billion, or $3.85 per share.
Growth was driven by higher margins from new Wisconsin rate orders, increased retail sales, and income tax benefits, partially offset by higher operating expenses and increased losses in the corporate segment.
A new five-year capital plan was announced, with $36.5 billion in investments from 2026–2030, an $8.5 billion increase over the prior plan, driven by robust economic and load growth, especially from data centers.
The company continues to execute a capital plan focused on retiring fossil-fueled generation, expanding renewables, and investing in grid reliability and efficiency.
Major data center projects by Microsoft and Vantage/Oracle are driving 2.6 GW of projected 3.4 GW demand growth by 2030.
Financial highlights
Q3 2025 operating revenues were $2.10 billion, up from $1.86 billion in Q3 2024; nine-month revenues reached $7.3 billion, up $947.3 million year-over-year.
Operating income for Q3 2025 was $449.6 million, up from $383.7 million in Q3 2024.
Diluted EPS for Q3 2025 was $0.83, compared to $0.76 in Q3 2024; nine-month diluted EPS was $3.85, up from $3.40.
Cash provided by operating activities for the nine months was $2.95 billion, up $324.8 million year-over-year.
Dividends per share for Q3 2025 were $0.8925, up from $0.8350 in Q3 2024.
Outlook and guidance
2025 EPS guidance reaffirmed at $5.17–$5.27 per share, assuming normal weather for the remainder of the year.
Projected annual asset-based growth of 11.3% and long-term EPS CAGR of 7%–8% from 2026–2030, with EPS growth expected to accelerate post-2027.
Annual electric sales growth forecast for 2028–2030 raised to 6%–7%, up from 4.5%–5% previously.
Dividend payout ratio targeted at 65%–70% of earnings, with dividend growth expected at 6.5%–7%.
The company expects its 2025 annual effective tax rate to be between 7.5% and 8.5%.
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