WEC Energy Group (WEC) Q3 2026 earnings summary

Executive summary

• Q3 2026 net income attributable to common shareholders was $389.3M, or $1.18 per diluted share, versus $271.3M, or $0.83, a year earlier.

• Nine-month net income attributable to common shareholders was $1,492.9M and diluted EPS was $4.54, versus $1,240.9M and $3.85 in 2025.

• Management cited warmer weather, capital-plan execution, operating efficiency and VLC-supported investment as performance drivers.

Financial highlights

• Q3 operating revenue was $2,290.6M versus $2,104.0M; operating income was $563.7M versus $449.6M YoY.

• Nine-month operating revenue was $7,786.9M versus $7,263.0M; operating income was $1.98B versus $1.79B.

• Nine-month operating cash flow was $3,413.1M versus $2,954.8M; capital expenditures including AFUDC-debt were $3,318.7M versus $3,120.0M.

• Q3 EPS increased $0.35 YoY; utility operations contributed $0.28, including $0.19 from rate-based growth and ~$0.05 from favorable weather.

• Higher depreciation and amortization, interest expense, and taxes and other items partly offset utility growth.

Outlook and guidance

• 2026 diluted EPS guidance rose and narrowed to $5.60-$5.64 from $5.51-$5.61, assuming normal weather for the remainder of the year.

• The 2027-2031 capital plan totals $47.5B, including ~$42.2B for regulated utilities and ~$5.3B for the share of ATC projected capital expenditures.

• EPS CAGR target is 7%-9+% through 2031, based on the original 2026 guidance midpoint of $5.56; asset-based growth is targeted at a 13.4% CAGR.

• Planned Wisconsin investment includes ~$9.4B in natural gas generation and related infrastructure and ~$13.7B in regulated renewables; reliability plans include ~$7.6B for gas distribution and ~$5.2B for electric distribution.

• 2027 dividend growth is expected at 6.5%-7%, with a projected 60%-70% payout ratio.