WEC Energy
WEC · NYSEElectric & Other Services Combined · Fiscal year ends Dec 31
WEC Energy reported revenue of $9.8B in the fiscal year ended Dec 2025, up 14.0% from the year before. Operating income was $2.2B, an operating margin of 22.9%, and net income was $1.6B. Net debt was $20B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $8.3B | $9.6B | $8.9B | $8.6B | $9.8B |
| Cost of revenue | $3.3B | $4.4B | $3.2B | $2.7B | $3.3B |
| Gross profit | $5B | $5.2B | $5.7B | $5.9B | $6.5B |
| Operating income | $1.7B | $1.9B | $1.9B | $2.2B | $2.2B |
| Interest expense | $471M | $515M | $727M | $815M | $895M |
| Pre-tax income | $1.5B | $1.7B | $1.5B | $1.7B | $1.7B |
| Income tax | $200M | $323M | $205M | $222M | $118M |
| Net income | $1.3B | $1.4B | $1.3B | $1.5B | $1.6B |
| Diluted EPS | 4.11 | 4.45 | 4.22 | 4.83 | 4.81 |
| Diluted shares | 316M | 316M | 316M | 317M | 324M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $16M | $29M | $43M | $10M | $28M |
| Receivables | $1.5B | $1.8B | $1.5B | $1.7B | $2.1B |
| Current assets | $2.7B | $3.2B | $2.8B | $2.9B | $3.3B |
| Net PP&E | $27B | $29.1B | $31.6B | $34.6B | $38.3B |
| Goodwill | $3.1B | $3.1B | $3.1B | $3.1B | $3.1B |
| Total assets | $39B | $41.9B | $43.9B | $47.4B | $51.5B |
| Payables | $1B | $1.2B | $897M | $1.1B | $1.1B |
| Deferred revenue | $140M | – | $236M | – | – |
| Current liabilities | $3.8B | $4.6B | $5.1B | $4.8B | $5.6B |
| Short-term debt | $91M | $809M | $1.3B | $1.7B | $1.5B |
| Long-term debt | $13.5B | $14.7B | $15.4B | $17.2B | $18.5B |
| Shareholders' equity | $11.1B | $11.6B | $12.1B | $12.8B | $14.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2B | $2.1B | $3B | $3.2B | $3.4B |
| Capital expenditure | $2.4B | $2.7B | – | – | – |
| Free cash flow | −$340M | −$636M | – | – | – |
| Depreciation & amortisation | $1.1B | $1.1B | $1.3B | $1.4B | $1.5B |
| Stock-based compensation | $16M | $35M | $10M | $39M | $48M |
| Acquisitions | $0 | – | – | – | – |
| Share buybacks | $33M | $69M | $17M | $3M | $1M |
| Dividends paid | $855M | $918M | $984M | $1.1B | $1.1B |
| Dividend per share | 2.71 | 2.91 | 3.12 | 3.34 | 3.57 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.4% | −7.3% | −3.3% | 14.0% |
| Operating income growth (YoY) | – | 12.2% | −0.8% | 12.8% | 4.3% |
| EPS growth (YoY) | – | 8.3% | −5.2% | 14.5% | −0.4% |
| Gross margin | 60.2% | 54.6% | 64.1% | 69.1% | 66.7% |
| Operating margin | 20.6% | 20.0% | 21.5% | 25.0% | 22.9% |
| Net margin | 15.6% | 14.7% | 15.0% | 17.7% | 15.9% |
| Return on equityBlank when equity is negative | 11.7% | 12.1% | 11.0% | 11.9% | 11.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.9% | 5.2% | 4.9% | 5.1% | 4.9% |
| Free cash flow margin | −4.1% | −6.6% | – | – | – |
| Cash conversion (CFO ÷ net income) | 1.57x | 1.46x | 2.27x | 2.11x | 2.17x |
| Receivable days | 66 | 69 | 62 | 71 | 77 |
| Payable days | 111 | 100 | 103 | 156 | 127 |
| Interest cover | 3.64x | 3.74x | 2.62x | 2.64x | 2.51x |
| Debt ÷ equity | 1.22x | 1.33x | 1.38x | 1.48x | 1.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $13.5B | $15.4B | $16.6B | $18.9B | $20B |
| Current ratio | 0.71x | 0.69x | 0.55x | 0.60x | 0.59x |
Recent filings
More in Electric & Other Services Combined
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.