Company file · WEC
WEC Energy Group
WEC Energy Group's revenue rose 14.0% in FY2025, to $9.8B, and net income rose 2.0% to $1.6B
Revenue rose 14.0% to $9.8B in FY2025, from $8.6B in FY2024. Net income rose 2.0% to $1.6B.
Key facts
In fiscal 2025, which ended Dec 31, 2025, WEC Energy Group (NYSE: WEC) took in $9.8B of revenue (up 14.0% on fiscal 2024); net income was $1.6B (up 2.0%). The most recent quarter, ended Sep 30, 2026, brought revenue of $2.3B, up 8.9% year over year, with net income of $390M. Sources: 10-K for fiscal 2025 (filed Feb 20, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 30, 2026).
Source: 10-K FY2025, filed Feb 20, 2026
Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 4, 2026 · 10-Q filed Oct 30, 2026
How it makes money
WEC Energy Group reported revenue of $9.8B for FY2025, and net income of $1.6B.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: WEC Energy Group 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026
The bull case and the bear case
The bull case
- Revenue rose 14.0% in FY2025 to $9.8B, from $8.6B a year earlier. 10-K, FY2025
- Net income rose 2.0% in FY2025 to $1.6B, from $1.5B. 10-K, FY2025
- Operating cash flow rose 5.2% in FY2025 to $3.4B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $2.3B, up 8.9% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Diluted shares rose 2.3% in FY2025, which spreads profit across more shares. 10-K, FY2025
- Total debt rose 9.6% in FY2025 to $21.9B. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include rates and regulators; capital spending; weather and operations. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
WEC Energy Group is in the electric utilities industry, part of the utilities sector. The SEC files it under Electric & Other Services Combined.
The full description of WEC Energy Group's business is in Item 1 of its 10-K, linked below. This page shows its revenue in total only, because its tagged data has no breakdown that adds up to total revenue.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the electric utilities industry. They are not a summary of WEC Energy Group’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Rates and regulatorsRegulators set much of what it can charge, so decisions can limit earnings.
- Capital spendingBuilding and upgrading networks needs large investment financed with debt.
- Weather and operationsStorms, wildfires and outages can cause costs and liability.
- Fuel and power costsFuel and purchased-power costs can change faster than rates.
- Interest ratesHigher borrowing costs raise the cost of funding projects.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $8.9B | $8.6B | $9.8B |
| Net income | $1.3B | $1.5B | $1.6B |
| Operating cash flow | $3.0B | $3.2B | $3.4B |
| Cash & equivalents (year end) | $43M | $10M | $28M |
| Total debt (year end) | $18.7B | $20.0B | $21.9B |
| Diluted shares | 316M | 316M | 324M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income including the share that belongs to minority owners of subsidiaries.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Segment reporting
- Shareholder proposals (Rule 14a-8)
- One-time items: impairments, restructuring and gains
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.
What we left out
- Revenue by segment, product or region: the company's XBRL data has no breakdown that adds up to total revenue, so none is shown. The 10-K has its own segment note.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 30, 2026 | Sep 30, 2026 |
| 10-Q | Aug 4, 2026 | Jun 30, 2026 |
| 10-Q | May 7, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 26, 2026 | Dec 31, 2025 |
| 10-K | Feb 20, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about WEC Energy Group
How does WEC Energy Group make money?
In fiscal 2025, revenue totaled $9.8B. WEC Energy Group reported revenue of $9.8B for FY2025, and net income of $1.6B. Source: 10-K for fiscal 2025, filed Feb 20, 2026.
What was WEC Energy Group's revenue in fiscal 2025?
Revenue came to $9.8B in the year ended Dec 31, 2025. Going back two years, it was $8.9B in fiscal 2023 and $8.6B in fiscal 2024, so the latest year was up 14.0%. Source: 10-K for fiscal 2025, filed Feb 20, 2026.
Is WEC Energy Group profitable?
Yes, by US accounting rules (GAAP): net income was $1.6B in fiscal 2025, up 2.0% from $1.5B a year earlier. For the quarter ended Sep 30, 2026, net income was $390M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 20, 2026.
What did WEC Energy Group report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $2.3B, against $2.1B in the same quarter a year before (up 8.9%), and net income of $390M, against $270M (up 44.4%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026.
How much cash and debt does WEC Energy Group have?
On Sep 30, 2026, cash and cash equivalents stood at $59M and total debt at $22.8B. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 30, 2026.
What are the main risks WEC Energy Group faces?
WEC Energy Group's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 20, 2026. Risks that are common among companies in the electric utilities industry include Rates and regulators; capital spending; weather and operations; fuel and power costs; interest rates. The first: Regulators set much of what it can charge, so decisions can limit earnings. Source: 10-K, Item 1A Risk Factors.
Where do these WEC Energy Group numbers come from?
Two filings WEC Energy Group made with the SEC: its fiscal 2025 10-K, filed Feb 20, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning WEC Energy Group
- Soros Fund Management: 528,369 shares, reported value $61.7M at Jun 30, 2026 (+3.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 474,543 shares, reported value $55.4M at Jun 30, 2026 (+10.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 314,516 shares, reported value $36.7M at Jun 30, 2026 (+132.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 275,575 shares, reported value $32.2M at Jun 30, 2026 (+115.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Baillie Gifford: 86,037 shares, reported value $8.7M at Sep 30, 2026 (−2.2% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
- Two Sigma Investments: 61,275 shares, reported value $7.2M at Jun 30, 2026 (+341.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 24,998 shares, reported value $2.9M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in WEC
- The editor holds no position in WEC Energy Group (WEC). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell WEC from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold WEC, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| WEC Energy GroupWEC | FY2025 | $9.8B | +14.0% | $1.6B |
| Southern CompanySO | FY2025 | $29.6B | +10.6% | $4.3B |
| Duke EnergyDUK | FY2025 | $31.7B | +5.6% | $5.0B |
| Constellation EnergyCEG | FY2025 | $25.5B | +8.3% | $2.3B |
| American Electric PowerAEP | FY2025 | $21.9B | +10.9% | $3.7B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.