WEC Energy Group

Utilities Electric Utilities Milwaukee, Wisconsin Last filing Feb 20, 2026 · FY2025

                    Revenue
                    FY2025
                
$9.8B
                    3y CAGR +0.7%
                    
                    P37
                    
                    +14.0%
                    
                    Net income
                    FY2025
                
$1.6B
                    Net margin +15.9%
                    
                    P70
                    
                    +2.0%
                    
                    Total assets
                    FY2025
                
$51.5B
                    ROA +3.0%
                    
                    P74
                    
                    +8.8%
                    
                    Operating cash flow
                    FY2025
                
$3.4B
                    FCF margin -14.5%
                    
                    P41
                    
                    +5.2%

19 yrs · FY2007–FY2025 7 filed · 0 derived · 2 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

20 accounts · 5 years

Total assets $51.5B

Total liabilities Not reported

Shareholders equity Not reported

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$27.6M 181.6%	$9.8M -77.2%	$42.9M 48.4%	$28.9M 77.3%	$16.3M
Accounts Receivable	$2.1B 23.6%	$1.7B 11.0%	$1.5B -17.3%	$1.8B 20.8%	$1.5B
Other Current Assets	$1.2B -3.1%	$1.2B -1.4%	$1.2B -6.8%	$1.3B 18.1%	$1.1B
Total Current Assets	$3.3B 12.8%	$2.9B 4.1%	$2.8B -12.3%	$3.2B 20.0%	$2.7B
Property,Plant and Equipment	$38.3B 10.5%	$34.6B 9.7%	$31.6B 8.5%	$29.1B 7.9%	$27.0B
Regulatory Assets	$3.2B -5.5%	$3.3B 2.8%	$3.2B -0.5%	$3.3B 0.0%	$3.3B
Other Noncurrent Assets	$6.8B 5.1%	$6.5B 2.4%	$6.3B 0.1%	$6.3B 3.6%	$6.1B
Total Assets	$51.5B 8.8%	$47.4B 7.8%	$43.9B 4.9%	$41.9B 7.4%	$39.0B
Liabilities
Current Portion of Long Term Debt	$3.4B 21.0%	$2.8B -13.4%	$3.3B 29.9%	$2.5B 22.4%	$2.1B
Other Current Liabilities	$2.1B 7.7%	$2.0B 9.1%	$1.8B -12.1%	$2.1B 23.5%	$1.7B
Total Current Liabilities	$5.6B 15.5%	$4.8B -5.3%	$5.1B 10.9%	$4.6B 22.9%	$3.8B
Long Term Debt	$18.5B 7.7%	$17.2B 11.8%	$15.4B 4.1%	$14.8B 9.2%	$13.5B
Regulatory Liabilities	$4.1B 4.1%	$4.0B 7.0%	$3.7B -1.0%	$3.7B -5.3%	$3.9B
Other Noncurrent Liabilities	$9.7B 7.8%	$9.0B 11.9%	$8.0B 8.9%	$7.4B 7.8%	$6.8B
Equity
Preferred Stock	$30.4M 0.0%	$30.4M 0.0%	$30.4M 0.0%	$30.4M 0.0%	$30.4M
Common Stock	$3.3M 3.1%	$3.2M 0.0%	$3.2M 0.0%	$3.2M 0.0%	$3.2M
Additional Paid In Capital	$5.1B 18.7%	$4.3B 4.9%	$4.1B 0.0%	$4.1B -0.6%	$4.1B
Retained Earnings	$8.5B 5.1%	$8.1B 6.2%	$7.6B 4.8%	$7.3B 7.2%	$6.8B
Accumulated Other Comprehensive Income	$-7.6M 2.6%	$-7.8M -1.3%	$-7.7M -13.2%	$-6.8M -112.5%	$-3.2M
Total Liabilitiesand Equity	$51.5B 8.8%	$47.4B 7.8%	$43.9B 4.9%	$41.9B 7.4%	$39.0B

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $9.8B

Operating income $2.2B

Net income $1.6B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$9.8B 14.0%	$8.6B -3.3%	$8.9B -7.3%	$9.6B 15.4%	$8.3B
Expenses Cost of Revenue	$3.3B 23.0%	$2.7B -16.8%	$3.2B -26.8%	$4.4B 31.6%	$3.3B
Expenses Selling,General and Administrative	$2.4B 11.3%	$2.2B 2.7%	$2.1B 8.4%	$1.9B -3.4%	$2.0B
Expenses Depreciation and Amortization	$1.5B 9.2%	$1.4B 7.1%	$1.3B 12.6%	$1.1B 4.5%	$1.1B
Expenses Other Operating Expenses	$410.1M 47.2%	$278.6M -35.1%	$429.1M 69.1%	$253.7M 20.6%	$210.3M
Other Income Expense Operating Income	$2.2B 4.3%	$2.2B 12.8%	$1.9B -0.8%	$1.9B 12.2%	$1.7B
Other Income Expense Interest Expense	$895.1M 9.8%	$815.3M 12.1%	$727.4M 41.2%	$515.1M 9.3%	$471.1M
Other Income Expense Other Income/expense	$323.7M -20.8%	$408.8M 14.9%	$355.7M 10.0%	$323.5M 26.9%	$255.0M
Other Income Expense Income Before Tax	$1.7B -4.2%	$1.7B 13.7%	$1.5B -11.3%	$1.7B 15.6%	$1.5B
Income Tax Income Tax Expense	$118.0M -46.8%	$222.0M 8.5%	$204.6M -36.6%	$322.9M 61.2%	$200.3M
net Income Other Items Below Tax	$2.0M -31.0%	$2.9M	$0 100.0%	$-1.6M -188.9%	$1.8M
net Income net Income	$1.6B 2.0%	$1.5B 14.5%	$1.3B -5.5%	$1.4B 8.6%	$1.3B
Earnings Per Share Basic Eps	$5 0.2%	$5 14.5%	$4 -5.4%	$4 8.3%	$4
Earnings Per Share Diluted Eps	$5 -0.4%	$5 14.5%	$4 -5.2%	$4 8.3%	$4
Earnings Per Share Weighted Average Shares Diluted	$323.8M 2.3%	$316.5M 0.2%	$315.9M -0.1%	$316.1M -0.1%	$316.3M

Cash Flow Statement

Operating, investing, and financing flows

14 accounts · 5 years

Operating cash flow $3.4B

Investing cash flow $-4.9B

Financing cash flow $1.5B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	$3.4B 5.2%	$3.2B 6.4%	$3.0B 46.5%	$2.1B 1.4%	$2.0B
Operating Activities net Income	$1.6B 2.0%	$1.5B 14.5%	$1.3B -5.5%	$1.4B 8.6%	$1.3B
Operating Activities Depreciation and Amortization	$1.5B 9.2%	$1.4B 7.1%	$1.3B 12.6%	$1.1B 4.5%	$1.1B
Operating Activities Other Non Cash Items	$345.4M 3.7%	$333.0M -21.2%	$422.5M 189.6%	$-471.6M -38.7%	$-340.1M
Investing Activities Capital Expenditures	$-4.8B -49.5%	$-3.2B -21.9%	$-2.6B 2.2%	$-2.7B -19.7%	$-2.3B
Investing Activities Other Investing Activities	$-70.5M 88.0%	$-588.1M 36.2%	$-921.5M -1790.8%	$54.5M 192.4%	$-59.0M
Investing Activities net Cash From Investing Activities	$-4.9B -28.2%	$-3.8B -6.9%	$-3.6B -34.7%	$-2.6B -14.3%	$-2.3B
Financing Activities Proceeds From Debt	$2.8B -36.2%	$4.5B 105.6%	$2.2B 8.5%	$2.0B -16.1%	$2.4B
Financing Activities Repayment of Debt	$-1.7B 19.1%	$-2.1B -112.7%	$-1.0B -991.6%	$-92.1M 94.2%	$-1.6B
Financing Activities Dividends Paid	$-1.1B -8.7%	$-1.1B -7.3%	$-984.2M -7.2%	$-917.9M -7.4%	$-854.8M
Financing Activities Repurchase of Common Stock	$-1.3M 59.4%	$-3.2M 80.7%	$-16.6M 76.0%	$-69.2M -109.1%	$-33.1M
Financing Activities Other Financing Activities	$1.6B 295.7%	$-795.8M -321.7%	$359.0M 247.3%	$-243.7M -161.2%	$398.5M
Financing Activities net Cash From Financing Activities	$1.5B 225.8%	$467.7M -10.5%	$522.8M -22.7%	$676.4M 130.1%	$294.0M
Cash Reconciliation net Change In Cash	$28.7M 123.3%	$-123.0M -623.5%	$-17.0M -118.0%	$94.7M 535.6%	$14.9M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+66.7%	+69.1%	+64.1%	+54.6%	+60.2%
Operating margin	+22.9%	+25.0%	+21.5%	+20.0%	+20.6%
Net margin	+15.9%	+17.7%	+15.0%	+14.7%	+15.6%
FCF margin	-14.5%	-0.0%	+4.3%	-6.6%	-2.6%
Growth
Revenue CAGR (3y)	+0.7%	+1.1%	+7.1%	+8.5%	+2.7%
Returns
ROE	—	—	—	—	—
ROA	+3.0%	+3.2%	+3.0%	+3.4%	+3.3%
ROIC	—	—	—	—	—
Liquidity
Current ratio	0.59x	0.60x	0.55x	0.69x	0.71x
Quick ratio	0.37x	0.35x	0.30x	0.40x	0.41x
Leverage
D/E	—	—	—	—	—
Interest coverage	2.51x	2.64x	2.62x	3.74x	3.64x
Efficiency
Asset turnover	0.19x	0.18x	0.20x	0.23x	0.21x
Cash conversion cycle	—	—	—	—	—

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WEC Energy Group

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