WEC Energy Group (WEC) Q4 2025 earnings summary

Executive summary

• Reported 2025 adjusted EPS of $5.27, up 8% year-over-year, excluding a $0.46 per share charge for an Illinois settlement.

• GAAP net income for 2025 was $1.6 billion ($4.81 per share), compared to $1.5 billion ($4.83 per share) in 2024.

• Settlement in Illinois resolves 12 pending dockets, including Rider QIP and uncollectible rider cases, with $130 million rate base reduction and $125 million in customer credits.

• Consolidated revenues for 2025 reached $9.8 billion, an increase of $1.2 billion over 2024.

• Strong economic growth in the region, with major data center investments by Microsoft and Vantage, driving significant demand and capital plan expansion.

Financial highlights

• 2025 adjusted EPS grew 8% year-over-year, driven by higher utility earnings, favorable weather, and rate-based growth.

• Full-year operating income rose to $2.24 billion from $2.15 billion in 2024.

• EBITDA for 2025 was $4.05 billion, up from $3.92 billion in 2024.

• Retail electric deliveries in Wisconsin rose 1.1% year-over-year; large commercial and industrial segment projected to grow 5.8% in 2026.

• Dividend per share for 2025 was $3.57, up from $3.34 in 2024.

Outlook and guidance

• 2026 EPS guidance reaffirmed at $5.51–$5.61, assuming normal weather.

• Long-term EPS CAGR projected at 7%-8% from 2026–2030, with acceleration to upper half of range starting in 2028.

• 2026 dividend increased by 6.7% to $0.9525 per quarter, marking 23 consecutive years of dividend growth.

• First quarter 2026 EPS forecasted at $2.27–$2.37.