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 · 10 years

Total assets $51.5B

Total liabilities Not reported

Shareholders equity Not reported

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	$27.6M 181.6%	$9.8M -77.2%	$42.9M 48.4%	$28.9M 77.3%	$16.3M -34.3%	$24.8M -33.9%	$37.5M -55.6%	$84.5M 117.2%	$38.9M 3.7%	$37.5M
Accounts Receivable	$2.1B 23.6%	$1.7B 11.0%	$1.5B -17.3%	$1.8B 20.8%	$1.5B 25.2%	$1.2B 2.2%	$1.2B -8.2%	$1.3B -5.2%	$1.4B 8.8%	$1.2B
Other Current Assets	$1.2B -3.1%	$1.2B -1.4%	$1.2B -6.8%	$1.3B 18.1%	$1.1B 32.7%	$855.4M -2.8%	$879.6M -0.3%	$882.2M 7.1%	$823.9M -7.4%	$889.5M
Total Current Assets	$3.3B 12.8%	$2.9B 4.1%	$2.8B -12.3%	$3.2B 20.0%	$2.7B 27.5%	$2.1B -0.5%	$2.1B -6.9%	$2.2B 1.5%	$2.2B 2.1%	$2.2B
Property,Plant and Equipment	$38.3B 10.5%	$34.6B 9.7%	$31.6B 8.5%	$29.1B 7.9%	$27.0B 5.0%	$25.7B 8.8%	$23.6B 7.4%	$22.0B 3.1%	$21.3B 7.2%	$19.9B
Regulatory Assets	$3.2B -5.5%	$3.3B 2.8%	$3.2B -0.5%	$3.3B 0.0%	$3.3B -7.4%	$3.5B 0.5%	$3.5B -7.8%	$3.8B 35.7%	$2.8B -9.2%	$3.1B
Other Noncurrent Assets	$6.8B 5.1%	$6.5B 2.4%	$6.3B 0.1%	$6.3B 3.6%	$6.1B 6.5%	$5.7B -0.3%	$5.7B 5.7%	$5.4B 3.7%	$5.2B 5.6%	$5.0B
Total Assets	$51.5B 8.8%	$47.4B 7.8%	$43.9B 4.9%	$41.9B 7.4%	$39.0B 5.3%	$37.0B 5.9%	$35.0B 4.4%	$33.5B 6.0%	$31.6B 4.9%	$30.1B
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 -19.4%	$2.6B 68.2%	$1.5B -15.6%	$1.8B -21.1%	$2.3B 124.8%	$1.0B
Other Current Liabilities	$2.1B 7.7%	$2.0B 9.1%	$1.8B -12.1%	$2.1B 23.5%	$1.7B 6.4%	$1.6B -4.4%	$1.7B 8.7%	$1.5B -3.5%	$1.6B 11.9%	$1.4B
Total Current Liabilities	$5.6B 15.5%	$4.8B -5.3%	$5.1B 10.9%	$4.6B 22.9%	$3.8B -9.5%	$4.1B 30.3%	$3.2B -4.5%	$3.3B -13.9%	$3.9B 59.1%	$2.4B
Long Term Debt	$18.5B 7.7%	$17.2B 11.8%	$15.4B 4.1%	$14.8B 9.2%	$13.5B 15.3%	$11.7B 4.6%	$11.2B 12.2%	$10.0B 14.3%	$8.7B -4.5%	$9.2B
Regulatory Liabilities	$4.1B 4.1%	$4.0B 7.0%	$3.7B -1.0%	$3.7B -5.3%	$3.9B 0.5%	$3.9B -1.6%	$4.0B -6.1%	$4.3B 14.3%	$3.7B 137.8%	$1.6B
Other Noncurrent Liabilities	$9.7B 7.8%	$9.0B 11.9%	$8.0B 8.9%	$7.4B 7.8%	$6.8B 1.5%	$6.7B 4.7%	$6.4B 5.6%	$6.1B 5.5%	$5.8B -28.0%	$8.0B
Equity
Preferred Stock	$30.4M 0.0%	$30.4M 0.0%	$30.4M 0.0%	$30.4M 0.0%	$30.4M 0.0%	$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 0.0%	$3.2M 0.0%	$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 -0.1%	$4.1B -1.0%	$4.2B -1.5%	$4.3B -0.7%	$4.3B -0.7%	$4.3B
Retained Earnings	$8.5B 5.1%	$8.1B 6.2%	$7.6B 4.8%	$7.3B 7.2%	$6.8B 7.0%	$6.3B 6.8%	$5.9B 7.0%	$5.5B 7.0%	$5.2B 12.2%	$4.6B
Accumulated Other Comprehensive Income	$-7.6M 2.6%	$-7.8M -1.3%	$-7.7M -13.2%	$-6.8M -112.5%	$-3.2M 52.9%	$-6.8M -65.9%	$-4.1M -57.7%	$-2.6M -189.7%	$2.9M 0.0%	$2.9M
Total Liabilitiesand Equity	$51.5B 8.8%	$47.4B 7.8%	$43.9B 4.9%	$41.9B 7.4%	$39.0B 5.3%	$37.0B 5.9%	$35.0B 4.4%	$33.5B 6.0%	$31.6B 4.9%	$30.1B

Income Statement

Revenue, expense, and profitability

15 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	$9.8B 14.0%	$8.6B -3.3%	$8.9B -7.3%	$9.6B 15.4%	$8.3B 14.8%	$7.2B -3.7%	$7.5B -2.0%	$7.7B 0.4%	$7.6B 2.4%	$7.5B
Expenses Cost of Revenue	$3.3B 23.0%	$2.7B -16.8%	$3.2B -26.8%	$4.4B 31.6%	$3.3B 42.7%	$2.3B -13.4%	$2.7B -7.6%	$2.9B 2.7%	$2.8B 6.6%	$2.6B
Expenses Selling,General and Administrative	$2.4B 11.3%	$2.2B 2.7%	$2.1B 8.4%	$1.9B -3.4%	$2.0B -1.3%	$2.0B -7.0%	$2.2B -3.8%	$2.3B 10.4%	$2.1B -5.3%	$2.2B
Expenses Depreciation and Amortization	$1.5B 9.2%	$1.4B 7.1%	$1.3B 12.6%	$1.1B 4.5%	$1.1B 10.1%	$975.9M 5.4%	$926.3M 9.5%	$845.8M 5.9%	$798.6M 4.7%	$762.6M
Expenses Other Operating Expenses	$410.1M 47.2%	$278.6M -35.1%	$429.1M 69.1%	$253.7M 20.6%	$210.3M 1.1%	$208.0M 3.1%	$201.8M 2.5%	$196.9M 1.0%	$194.9M 0.1%	$194.7M
Other Income Expense Operating Income	$2.2B 4.3%	$2.2B 12.8%	$1.9B -0.8%	$1.9B 12.2%	$1.7B 0.5%	$1.7B 11.4%	$1.5B 4.3%	$1.5B -17.3%	$1.8B 4.7%	$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 -4.6%	$493.7M -1.6%	$501.5M 12.7%	$445.1M 7.1%	$415.7M 3.2%	$402.7M
Other Income Expense Other Income/expense	$323.7M -20.8%	$408.8M 14.9%	$355.7M 10.0%	$323.5M 26.9%	$255.0M 17.6%	$216.9M -5.6%	$229.8M 11.0%	$207.0M -9.2%	$228.0M 7.0%	$213.1M
Other Income Expense Income Before Tax	$1.7B -4.2%	$1.7B 13.7%	$1.5B -11.3%	$1.7B 15.6%	$1.5B 4.9%	$1.4B 13.5%	$1.3B 2.4%	$1.2B -22.5%	$1.6B 5.4%	$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 -12.1%	$227.9M 82.3%	$125.0M -26.4%	$169.8M -55.7%	$383.5M -32.3%	$566.5M
net Income Other Items Below Tax	$2.0M -31.0%	$2.9M	$0 100.0%	$-1.6M -188.9%	$1.8M 220.0%	$-1.5M -114.3%	$-700.0K 41.7%	$-1.2M 0.0%	$-1.2M 0.0%	$-1.2M
net Income net Income	$1.6B 2.0%	$1.5B 14.5%	$1.3B -5.5%	$1.4B 8.6%	$1.3B 8.1%	$1.2B 5.9%	$1.1B 7.0%	$1.1B -12.0%	$1.2B 28.3%	$939.0M
Earnings Per Share Basic Eps	$5 0.2%	$5 14.5%	$4 -5.4%	$4 8.3%	$4 8.4%	$4 5.6%	$4 7.1%	$3 -11.8%	$4 27.9%	$3
Earnings Per Share Diluted Eps	$5 -0.4%	$5 14.5%	$4 -5.2%	$4 8.3%	$4 8.4%	$4 5.9%	$4 7.2%	$3 -11.9%	$4 28.0%	$3
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 -0.1%	$316.5M -0.1%	$316.7M -0.1%	$316.9M -0.1%	$317.2M 0.1%	$316.9M

Cash Flow Statement

Operating, investing, and financing flows

14 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 Cash From Operating Activities	$3.4B 5.2%	$3.2B 6.4%	$3.0B 46.5%	$2.1B 1.4%	$2.0B -7.4%	$2.2B -6.4%	$2.3B -4.1%	$2.4B 17.7%	$2.1B -1.2%	$2.1B
Operating Activities net Income	$1.6B 2.0%	$1.5B 14.5%	$1.3B -5.5%	$1.4B 8.6%	$1.3B 8.1%	$1.2B 5.9%	$1.1B 7.0%	$1.1B -12.0%	$1.2B 28.2%	$940.2M
Operating Activities Depreciation and Amortization	$1.5B 9.2%	$1.4B 7.1%	$1.3B 12.6%	$1.1B 4.5%	$1.1B 10.1%	$975.9M 5.4%	$926.3M 9.5%	$845.8M 5.9%	$798.6M	—
Operating Activities Other Non Cash Items	$345.4M 3.7%	$333.0M -21.2%	$422.5M 189.6%	$-471.6M -38.7%	$-340.1M -1918.7%	$18.7M -93.4%	$284.5M -47.2%	$539.2M 618.0%	$75.1M -81.3%	$401.0M
Investing Activities Capital Expenditures	$-4.8B -49.5%	$-3.2B -21.9%	$-2.6B 2.2%	$-2.7B -19.7%	$-2.3B -0.6%	$-2.2B 1.0%	$-2.3B -6.9%	$-2.1B -8.0%	$-2.0B -37.6%	$-1.4B
Investing Activities Other Investing Activities	$-70.5M 88.0%	$-588.1M 36.2%	$-921.5M -1790.8%	$54.5M 192.4%	$-59.0M 89.6%	$-568.0M -142.6%	$-234.1M 12.9%	$-268.7M 8.8%	$-294.6M -523.9%	$69.5M
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 17.6%	$-2.8B -12.5%	$-2.5B -4.6%	$-2.4B -5.8%	$-2.3B -66.5%	$-1.4B
Financing Activities Proceeds From Debt	$2.8B -36.2%	$4.5B 105.6%	$2.2B 8.5%	$2.0B -16.1%	$2.4B -12.2%	$2.7B 43.2%	$1.9B 8.9%	$1.7B 300.0%	$435.0M 8.8%	$400.0M
Financing Activities Repayment of Debt	$-1.7B 19.1%	$-2.1B -112.7%	$-1.0B -991.6%	$-92.1M 94.2%	$-1.6B 9.4%	$-1.8B -390.7%	$-360.1M 62.2%	$-953.3M -517.0%	$-154.5M 49.5%	$-306.0M
Financing Activities Dividends Paid	$-1.1B -8.7%	$-1.1B -7.3%	$-984.2M -7.2%	$-917.9M -7.4%	$-854.8M -7.1%	$-798.0M -7.2%	$-744.5M -6.8%	$-697.3M -6.2%	$-656.5M -5.1%	$-624.9M
Financing Activities Repurchase of Common Stock	$-1.3M 59.4%	$-3.2M 80.7%	$-16.6M 76.0%	$-69.2M -109.1%	$-33.1M 66.6%	$-99.2M 29.2%	$-140.1M -93.5%	$-72.4M -1.5%	$-71.3M 34.0%	$-108.0M
Financing Activities Other Financing Activities	$1.6B 295.7%	$-795.8M -321.7%	$359.0M 247.3%	$-243.7M -161.2%	$398.5M -27.8%	$551.7M 197.7%	$-564.7M -6107.4%	$9.4M -98.5%	$608.7M 394.3%	$-206.8M
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 -51.1%	$601.1M 602.2%	$85.6M 224.2%	$26.4M -83.6%	$161.4M 119.1%	$-845.7M
Cash Reconciliation net Change In Cash	$28.7M 123.3%	$-123.0M -623.5%	$-17.0M -118.0%	$94.7M 535.6%	$14.9M 253.6%	$-9.7M 84.8%	$-63.8M -172.9%	$87.5M 720.6%	$-14.1M 85.3%	$-96.1M

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	-14.5%	-0.0%	+4.3%	-6.6%	-2.6%	-0.6%	+1.1%	+4.3%	+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%	—
Returns
ROE	—	—	—	—	—	—	—	—	—	—
ROA	+3.0%	+3.2%	+3.0%	+3.4%	+3.3%	+3.2%	+3.2%	+3.2%	+3.8%	+3.1%
ROIC	—	—	—	—	—	—	—	—	—	—
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	—	—	—	—	—	—	—	—	—	—
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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