WEC Energy Group Q3 EPS Rises to $1.18 as 2026 Guidance Lifts

WEC Energy (WEC ) Group reported net income attributed to common shareholders of US$389.3 million, or $1.18 per share, for the third quarter of 2026, up from $271.3 million, or 83 cents per share, in the same period of 2025, according to the company’s third-quarter earnings release issued October 29, 2026. The Milwaukee-based utility holding company also raised and narrowed its 2026 earnings guidance to a range of $5.60 to $5.64 per share. Earnings per share figures in the release are on a fully diluted basis.

Third-quarter operating revenues were $2,290.6 million, compared with $2,104.0 million a year earlier. Total operating expenses were $1,726.9 million versus $1,654.4 million, including cost of sales of $651.2 million versus $608.1 million, other operation and maintenance expense of $614.4 million versus $605.1 million, depreciation and amortization of $389.0 million versus $373.4 million, and property and revenue taxes of $72.3 million versus $67.8 million. Operating income was $563.7 million, up from $449.6 million in the prior-year quarter.

Equity in earnings of transmission affiliates was $65.8 million in the quarter, compared with $54.8 million a year earlier. Other income, net, was $49.5 million versus $23.8 million, and interest expense was $241.7 million versus $223.6 million. Income before income taxes was $437.3 million versus $304.6 million, and income tax expense was $47.0 million versus $34.4 million.

The company’s unaudited condensed consolidated income statement shows quarterly net income of $390.3 million, compared with $270.2 million a year earlier; after preferred stock dividends of a subsidiary of $0.3 million and noncontrolling-interest adjustments, net income attributed to common shareholders was $389.3 million. Basic earnings per share were $1.19 versus $0.84, and diluted weighted-average shares outstanding were 328.8 million versus 325.6 million. Dividends per share of common stock were $0.9525 in the quarter, compared with $0.8925 a year earlier.

Nine-Month Results and Cash Flow

For the nine months ended September 30, 2026, WEC Energy Group reported net income attributed to common shareholders of $1,492.9 million, or $4.54 per share, up from $1,240.9 million, or $3.85 per share, in the corresponding period of 2025. Operating revenues were $7,786.9 million versus $7,263.0 million; the company said consolidated revenues totaled $7.8 billion, up $523.9 million from the nine months ended September 30, 2025. Nine-month operating income was $1,976.5 million versus $1,792.0 million.

Net cash provided by operating activities was $3,413.1 million for the nine months, compared with $2,954.8 million a year earlier. Capital expenditures, including AFUDC-Debt, were $3,318.7 million versus $3,120.0 million. During the period, the company issued $2,395.6 million of long-term debt and retired $1,558.5 million, paid $930.8 million in dividends on common stock versus $857.4 million a year earlier, and recorded net issuance of common stock of $382.5 million.

Total assets were $53,897.5 million at September 30, 2026, compared with $51,518.3 million at December 31, 2025. Long-term debt was $19,717.2 million versus $18,498.1 million at the end of 2025, and common shareholders’ equity was $14,575.4 million versus $13,613.6 million.

Deliveries and 2026 Guidance

Retail deliveries of electricity, excluding the iron ore mine in Michigan’s Upper Peninsula and Very Large Customers in Wisconsin, rose 3.3 percent in the third quarter of 2026 compared with the third quarter of 2025, the company reported. Residential electricity use rose 5.1 percent, consumption by small commercial and industrial customers was 3.5 percent higher, and use by large commercial and industrial customers, excluding the iron ore mine and Very Large Customers, increased 1.0 percent. On a weather-normal basis, third-quarter retail deliveries excluding the iron ore mine and Very Large Customers increased 0.4 percent.

The company said the increase in its 2026 earnings guidance, from the previously announced range of $5.51 to $5.61 per share to $5.60 to $5.64 per share, was largely due to favorable weather and capital investment supported by the Very Large Customers. The guidance assumes normal weather for the remainder of the year.

“Our strong results were driven by warmer-than-normal weather, execution of our capital plan and operating efficiency,” said Scott Lauber, chairman, president and CEO. Lauber said the company remains on track to deliver solid financial and operational performance in 2026.

A conference call to review the third-quarter results and the company’s outlook was scheduled for 1 p.m. Central time on October 29, 2026. In conjunction with the earnings announcement, the company posted a package of detailed financial information on its third-quarter performance on its website at 6:30 a.m. Central time the same day, and a phone replay of the call remains accessible through November 12, 2026.