WEC Energy Group

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

                    Revenue
                    FY2025
                
$9.8B
                    3y CAGR +0.7%
                    
                    P35
                    
                    +14.0%
                    
                    Net income
                    FY2025
                
$1.6B
                    Net margin +15.9%
                    
                    P71
                    
                    +2.0%
                    
                    Total assets
                    FY2025
                
$51.5B
                    ROA +3.0%
                    
                    P74
                    
                    +8.8%
                    
                    Operating cash flow
                    FY2025
                
$3.4B
                    FCF margin -10.4%
                    
                    P54
                    
                    +5.2%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 10 years

Total assets $51.5B

Total liabilities $5.6B

Shareholders equity $14.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	0.1%	0.0%	0.1%	0.1%	0.0%	0.1%	0.1%	0.3%	0.1%	0.1%
Accounts Receivable	4.0%	3.5%	3.4%	4.3%	3.9%	3.2%	3.4%	3.8%	4.3%	4.1%
Prepaid Expenses	0.2%	0.3%	0.5%	0.6%	0.6%	0.7%	0.7%	0.8%	0.7%	0.7%
Other Current Assets	0.2%	0.3%	0.5%	0.6%	0.6%	0.2%	0.2%	0.2%	0.2%	0.3%
Total Current Assets	6.4%	6.1%	6.4%	7.6%	6.8%	5.6%	6.0%	6.7%	7.0%	7.2%
Property,Plant and Equipment	74.3%	73.1%	71.9%	69.5%	69.2%	69.4%	67.6%	65.7%	67.6%	66.1%
Goodwill	5.9%	6.4%	6.9%	7.3%	7.8%	8.2%	8.7%	9.1%	9.7%	10.1%
Intangible Assets	0.1%	—	0.1%	0.1%	—	—	—	—	—	—
Other Noncurrent Assets	0.7%	0.7%	0.9%	1.0%	0.9%	2.4%	2.7%	2.1%	2.0%	1.5%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	2.2%	2.4%	2.0%	2.9%	2.6%	2.4%	2.6%	2.6%	2.7%	2.9%
Accrued Liabilities	2.0%	1.8%	2.1%	2.1%	1.7%	1.4%	1.6%	1.4%	1.8%	1.3%
Deferred Revenue	0.6%	0.7%	0.8%	0.9%	1.0%	1.1%	1.4%	1.6%	1.7%	1.9%
Current Portion of Long Term Debt	2.9%	3.7%	2.9%	1.9%	0.2%	2.1%	2.0%	4.3%	4.6%	2.9%
Other Current Liabilities	2.0%	1.8%	2.1%	2.1%	1.7%	1.4%	1.6%	1.4%	1.8%	1.3%
Total Current Liabilities	10.9%	10.2%	11.6%	11.0%	9.6%	11.2%	9.1%	10.0%	12.2%	8.1%
Long Term Debt	35.9%	36.3%	35.0%	35.0%	34.6%	31.5%	32.0%	29.9%	27.7%	30.4%
Deferred Revenue Noncurrent	0.6%	0.7%	0.8%	0.9%	1.0%	1.1%	1.4%	1.6%	1.7%	1.9%
Operating Lease Liabilities Noncurrent	0.7%	0.1%	0.1%	0.1%	0.1%	—	—	—	—	—
Deferred Tax Liabilities	11.4%	13.4%	13.1%	13.3%	13.3%	13.4%	10.8%	10.1%	9.5%	17.1%
Other Noncurrent Liabilities	1.9%	1.8%	1.5%	3.5%	3.1%	3.3%	3.2%	3.3%	3.8%	3.9%
Total Liabilities	10.9%	10.2%	11.6%	11.0%	9.6%	11.2%	9.1%	10.0%	12.2%	8.1%
Equity
Preferred Stock	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	9.9%	9.1%	9.4%	9.8%	10.6%	11.2%	12.0%	12.7%	13.5%	14.3%
Retained Earnings	16.5%	17.1%	17.3%	17.4%	17.4%	17.1%	17.0%	16.5%	16.4%	15.3%
Accumulated Other Comprehensive Income	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	0.0%	0.0%
Noncontrolling Interest	0.8%	0.8%	0.7%	0.5%	0.4%	0.4%	0.3%	0.1%	—	—
Total Stockholders Equity	27.3%	27.0%	27.5%	27.7%	28.5%	28.8%	—	—	—	29.7%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 10 years

Revenue $9.8B

Operating income $2.2B

Net income $1.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	19.0%	18.2%	20.2%	22.9%	21.3%	19.6%	21.5%	22.9%	24.2%	24.8%
Expenses Cost of Revenue	6.3%	5.6%	7.3%	10.4%	8.5%	6.3%	7.7%	8.7%	8.9%	8.8%
Expenses Depreciation and Amortization	2.9%	2.9%	2.9%	2.7%	2.8%	2.6%	2.7%	2.5%	2.5%	2.5%
Expenses Share Based Compensation	0.1%	0.1%	0.0%	0.1%	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%
Expenses Operating Expenses	14.7%	13.6%	15.9%	18.3%	16.9%	14.9%	17.1%	18.6%	18.6%	19.2%
Other Income Expense Operating Income	4.4%	4.5%	4.3%	4.6%	4.4%	4.6%	4.4%	4.4%	5.6%	5.6%
Other Income Expense Interest Income	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—	—
Other Income Expense Interest Expense	1.7%	1.7%	1.7%	1.2%	1.2%	1.3%	1.4%	1.3%	1.3%	1.3%
Other Income Expense Other Income/expense	0.2%	0.4%	0.4%	0.3%	0.3%	0.2%	0.3%	0.2%	0.2%	0.2%
Other Income Expense Income Before Tax	3.2%	3.7%	3.5%	4.1%	3.8%	3.9%	3.6%	3.7%	5.0%	5.0%
Income Tax Income Tax Expense	0.2%	0.5%	0.5%	0.8%	0.5%	0.6%	0.4%	0.5%	1.2%	1.9%
net Income net Income	3.0%	3.2%	3.0%	3.4%	3.3%	3.2%	3.2%	3.2%	3.8%	3.1%
net Income Comprehensive Income	3.0%	3.2%	3.0%	3.4%	3.3%	3.2%	3.2%	3.1%	3.8%	3.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.6%	0.7%	0.7%	0.8%	0.8%	0.9%	0.9%	0.9%	1.0%	1.0%
Earnings Per Share Weighted Average Shares Diluted	0.6%	0.7%	0.7%	0.8%	0.8%	0.9%	0.9%	0.9%	1.0%	1.1%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $3.4B

Investing cash flow $-4.9B

Financing cash flow $1.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	3.0%	3.2%	3.0%	3.4%	3.3%	3.2%	3.2%	3.2%	3.8%	—
Operating Activities Depreciation and Amortization	2.9%	2.9%	2.9%	2.7%	2.8%	2.6%	2.7%	2.5%	2.5%	2.5%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.0%	0.1%	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%
Operating Activities Changes In Operating Assets and Liabilities	0.1%	0.3%	-0.7%	0.7%	0.6%	-0.2%	0.0%	0.4%	-0.1%	-0.2%
Operating Activities Other Non Cash Items	0.2%	-0.1%	-0.4%	-0.4%	-0.2%	-0.1%	0.1%	0.9%	-0.6%	-0.2%
Operating Activities net Cash From Operating Activities	6.6%	6.8%	6.9%	4.9%	5.2%	5.9%	6.7%	7.3%	6.6%	7.0%
Investing Activities Capital Expenditures	8.5%	5.9%	5.7%	6.4%	6.1%	7.8%	7.2%	7.2%	6.2%	4.7%
Investing Activities Other Investing Activities	-0.1%	-0.0%	-0.0%	0.0%	-0.1%	0.0%	-0.0%	-0.1%	-0.0%	-0.0%
Investing Activities net Cash From Investing Activities	-9.5%	-8.0%	-8.1%	-6.3%	-5.9%	-7.6%	-7.1%	-7.1%	-7.1%	-4.5%
Financing Activities Proceeds From Debt	5.5%	9.4%	4.9%	4.8%	6.1%	6.4%	5.4%	5.2%	1.4%	1.3%
Financing Activities Repayment of Debt	3.4%	4.5%	2.3%	0.2%	3.2%	4.8%	1.0%	2.8%	0.5%	1.0%
Financing Activities Repurchase of Common Stock	0.0%	0.0%	0.0%	0.2%	0.1%	0.3%	0.4%	0.2%	0.2%	0.4%
Financing Activities Dividends Paid	2.2%	2.2%	2.2%	2.2%	2.2%	2.2%	2.1%	2.1%	2.1%	2.1%
Financing Activities Proceeds From Stock Issuance	0.1%	0.1%	0.0%	0.1%	0.0%	0.1%	0.2%	0.1%	0.1%	0.1%
Financing Activities Other Financing Activities	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%
Financing Activities net Cash From Financing Activities	3.0%	1.0%	1.2%	1.6%	0.8%	1.6%	0.2%	0.1%	0.5%	—
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	0.1%	0.4%	0.4%	0.2%	0.2%	0.2%	0.4%	0.2%	0.2%
Cash Reconciliation net Change In Cash	0.1%	-0.3%	-0.0%	0.2%	0.0%	-0.0%	-0.2%	0.3%	-0.0%	-0.3%
Cash Reconciliation Cash At Beginning of Period	0.1%	0.1%	0.4%	0.4%	0.2%	0.2%	0.2%	0.4%	0.2%	0.2%
Cash Reconciliation Cash At End of Period	0.1%	0.1%	0.4%	0.4%	0.2%	0.2%	0.2%	0.4%	0.2%	0.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+66.7%	+69.1%	+64.1%	+54.6%	+60.2%	+68.0%	+64.4%	+62.3%	+63.1%	+64.6%
Operating margin	+22.9%	+25.0%	+21.5%	+20.0%	+20.6%	+23.6%	+20.4%	+19.1%	+23.2%	+22.7%
Net margin	+15.9%	+17.7%	+15.0%	+14.7%	+15.6%	+16.6%	+15.1%	+13.8%	+15.8%	+12.6%
FCF margin	-10.4%	+5.0%	+5.9%	-6.6%	-4.1%	-9.4%	-2.4%	+0.4%	+1.6%	+9.1%
Growth
Revenue CAGR (3y)	+0.7%	+1.1%	+7.1%	+8.5%	+2.7%	-1.8%	+0.2%	+9.0%	+15.2%	+18.3%
Returns
ROE	+11.1%	+11.9%	+11.0%	+12.1%	+11.7%	+11.3%	—	—	—	+10.5%
ROA	+3.0%	+3.2%	+3.0%	+3.4%	+3.3%	+3.2%	+3.2%	+3.2%	+3.8%	+3.1%
ROIC	+6.1%	+5.9%	+5.8%	+5.8%	+6.0%	+6.2%	—	—	—	+5.6%
Liquidity
Current ratio	0.59x	0.60x	0.55x	0.69x	0.71x	0.50x	0.66x	0.67x	0.57x	0.89x
Quick ratio	0.37x	0.35x	0.30x	0.40x	0.41x	0.30x	0.38x	0.41x	0.36x	0.53x
Leverage
D/E	0.40x	0.38x	0.42x	0.40x	0.34x	0.39x	—	—	—	0.27x
Interest coverage	2.51x	2.64x	2.62x	3.74x	3.64x	3.46x	3.05x	3.30x	4.27x	4.21x
Efficiency
Asset turnover	0.19x	0.18x	0.20x	0.23x	0.21x	0.20x	0.22x	0.23x	0.24x	0.25x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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WEC Energy Group

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