WEC Energy Group (WEC) Q1 2026 earnings summary

Executive summary

• Q1 2026 net income attributed to common shareholders rose to $804.4 million ($2.45 per share), up 11% year-over-year, with diluted EPS of $2.45 compared to $2.27 in Q1 2025, reflecting strong execution and operating efficiency.

• Revenue increased 9% to $3,434.2 million, driven by higher regulated utility margins and contributions from non-utility energy infrastructure.

• Significant economic development in Wisconsin, with major data center projects from Microsoft and Vantage driving demand growth.

• Growth was supported by new rate orders, capital investments, and improved operating efficiency, partially offset by higher operating expenses and depreciation.

• Five-year capital plan totals $37.5 billion, with 15% of asset base expected to serve very large customers by 2030.

Financial highlights

• Q1 2026 EPS increased by $0.18 compared to Q1 2025; utility operations contributed $0.17 of the increase.

• Operating income for Q1 2026 was $980.0 million, up from $937.5 million in Q1 2025.

• Cash flow from operations increased to $1,218.4 million, up $55.8 million year-over-year.

• Capital expenditures rose to $817.9 million, primarily for generation, LNG, and distribution projects.

• Retail electric deliveries grew 1.3% year-over-year, led by 3% growth in large commercial and industrial class.

Outlook and guidance

• Reaffirmed 2026 EPS guidance of $5.51–$5.61, assuming normal weather.

• Q2 2026 EPS expected in the range of $0.76–$0.82.

• Long-term EPS growth projected at 7–8% CAGR from 2026–2030, accelerating to upper half of range from 2028.

• Electric sales expected to grow ~1.5% for the year.

• Management expects up to 2.6 GW of load growth in the Milwaukee-to-Chicago corridor by 2030, driven by large data centers.