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WEC Energy Group Business Segments

Business, geographic, and product segment breakdowns

WEC Energy Group generates $10.1B in annual revenue across 3 key segments: Corporate and Other (-), Electric Transmission (-), and Non-Utility Energy Infrastructure ($19.6M). The company-wide operating margin is 22.68%. Based on the Q1 2026 filing.

Corporate and Other (TTM)-Electric Transmission (TTM)-Non-Utility Energy Infrastructure (TTM)$19.6M
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$36.8B
P/E Ratio22.51
ROE11.69%

Products & Services

2026

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric$634.5M———$681.6M—
Natural gas$388.5M———$487M—

2027

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric$681.6M———$730.4M—
Natural gas$357.9M———$478.8M—

2028

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric$730.4M———$782.6M—
Natural gas$345.2M———$426.8M—

2029

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric$782.6M———$838.5M—
Natural gas$302.6M———$323.6M—

2030

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric$838.5M———$898.5M—
Natural gas$217.5M———$203M—

Annual energy optimization target, as a percent

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric1.0%———1.0%—

Annual state renewable portfolio requirement, as a percent

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric10.0%———10.0%—

Annual state renewable portfolio requirement for 2019 and 2020, as a percent

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric12.5%———12.5%—

Capacity of coal-fired generation to be retired by the end of 2031, in megawatts

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric—1200.00———900.00

Capacity of fossil-fueled generation retired, in megawatts

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric2500.002500.002500.002500.002500.002500.00

Later Years

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric$2B———$1.1B—
Natural gas$836.3M———$1B—

Level of particulate matter in pounds per million british thermal unit that the EPA is proposing to return to

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric——0.03———

Level of particulate matter in pounds per million british thermal units that the EPA reverted back to with the repeal of the 2024 amendments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric—————0.03

Number of applicable GHG performance standards for coal plants

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric———0.000.000.00

Number Of Customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural gas—3000000.003000000.003000000.00—3100000.00
Electric—1700000.001700000.001700000.00—1700000.00

Percent fuel and purchased power costs can vary from the rate case approved costs before deferral is required

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric0.5%0.5%0.5%0.5%0.5%—

Percent of annual operating revenues used to fund renewable program

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric0.3%0.3%0.3%0.3%0.3%—

Percentage renewable portfolio requirement 2021 and beyond

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric15.0%———15.0%—

Purchase Obligation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric$5.7B———$5B—
Natural gas$2.4B———$2.9B—

Requested Rate Increase (Decrease), Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric—————$179.5M
Natural gas—————$59.4M

Requested Rate Increase (Decrease), Percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural gas—————6.8%
Electric—————6.3%

Required renewable energy percent achieved

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric9.7%———9.7%—

Revenues from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural gas$1B$1.7B$634.9M$413.3M$1.2B$1.9B
Electric$1.2B$1.3B$1.3B$1.6B$1.3B$1.4B
Other non-utility revenues$68.2M$65.4M$59.6M$66.4M$64.8M$79.7M

Environmental remediation liabilities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural gas$445.8M———$484.1M—

Estimated future expenditures for environmental remediation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural gas$445.8M$442.1M$438.9M$438.2M$484.1M$474.3M

Regulatory Asset

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural gas$570.1M$540.7M$527.3M$522.7M$566M$553.6M

Equity in earnings of transmission affiliates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total regulated revenues$0$0$0$0$0—

Impairments related to Illinois segment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total regulated revenues$3M$32.5M$32.5M$32.5M$32.5M—

Interest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations—$189.3M$184.7M$185.7M—$190M
Total regulated revenues$187.1M$186.7M$186.7M$186.7M$186.7M—

Accounts Receivable, after Allowance for Credit Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$1.6B$1.7B$1.4B$1.2B$2B$1.9B

Accounts Receivable, Allowance for Credit Loss, Writeoff

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$73M$60.1M$54.8M$52.9M$73.2M$60.6M

Accounts receivable and unbilled revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$1.8B$1.9B$1.6B$1.4B$2.2B$2B

Allowance for credit losses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$162.8M$159.4M$142.2M$129.5M$148.7M$156M

Capital expenditures and asset acquisitions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$825.5M$688.5M$808.3M$1.5B$1.3B$784.4M

Cost of natural gas sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$406.5M$784.3M$187.9M$114.7M$538.9M$949.9M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$311M$320.2M$327.3M$333.2M$336.9M$341.7M

Earnings (losses) from equity method investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations—$0$0$0—$0

Equity Method Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$15.7M$16.3M$16.8M$17.3M$17.8M$18.4M

Fuel and purchased power costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$340.3M$390.3M$391.8M$502.4M$390.4M$449.8M

Gains (losses)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations-$32M-$1.9M———$29.6M

Income tax expense (benefit)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$88.9M$166M$45.4M$39.3M$42.3M$161M

Net income attributed to common shareholders

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$333.3M$581.1M$208.5M$241.9M$206.2M$634.6M

Net income attributed to noncontrolling interests

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$0$0$0$0$0$0

Notional sales volumes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$51.6M$61.5M———$63M

Other Nonoperating Income (Expense)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$47.1M$19.8M$22.2M$27.2M$36.3M$45.2M

Other operation and maintenance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$516.8M$590.7M$552.3M$575.3M$606.4M$593.9M

Past due greater than 90 days - collection risk mitigated by regulatory mechanisms

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations93.2%96.7%94.0%91.7%89.9%95.8%

Preferred stock dividends of subsidiary

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$300K$300K$300K$300K$300K$300K

Property and revenue taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$68.5M$72.9M$64.1M$62.5M$60.9M$69.3M

Provision for Credit Losses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$31.5M$32.6M$35.4M$32.8M$42M$65.5M

Provision for credit losses deferred for future recovery or refund

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$32.1M-$5.1M-$22.2M-$26.1M—-$19.6M

Recoveries of amounts previously written off

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$17.2M$29.2M$24.4M$33.5M$20.8M$22M

Total accounts receivable, net - past due greater than 90 days

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$84.4M$78.9M$106.3M$112.5M$89.8M$96.4M

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Utility operations$40.4B$40.8B$40.9B$42.2B$43.9B$44B

Revenues amortized from deferred revenue during the period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
We Power revenues$6.1M$6.2M$6.2M$6.2M$6.2M—

Business Segments

Accounts Receivable, after Allowance for Credit Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure$40M$64.5M$54.6M$40.8M$50.3M$56.7M
Corporate and Other$6M$6.4M$6M$7.5M$7.3M$6.4M

Accounts receivable and unbilled revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure$40M$64.5M$54.6M$40.8M$50.3M$56.7M
Corporate and Other$6M$6.4M$6M$7.5M$7.3M$6.4M

Allowance for credit losses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate and Other$0$0$0$0$0$0
Non-Utility Energy Infrastructure$0$0$0$0$0$0

Capital expenditures and asset acquisitions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure$912.1M$414.6M$17.5M$58.3M$14.3M$27M
Corporate and Other$4.6M$4.1M$3.6M$6.9M$6.2M$6.5M
Electric Transmission$0$0$0$0$0$0

Cost of natural gas sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure$3M$4.5M$1.3M$800K$3M$4.4M
Corporate and Other$0$0$0$0$0$0
Electric Transmission$0$0$0$0$0$0

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure$50.5M$58.2M$60.8M$60.6M$60.6M$60.7M
Corporate and Other$5.7M$5.4M$5.6M$5.2M$5.4M$5.2M
Electric Transmission$0$0$0$0$0$0

Earnings (losses) from equity method investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Transmission—$53.6M$51.9M$54.8M—$59.5M
Corporate and Other—$0$0$0—$0
Non-Utility Energy Infrastructure—$0$0$0—$0

Equity in earnings of transmission affiliates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate and Other$0$0$0$0$0—
Electric transmission$51.9M$54M$54M$54M$54M—
Non-Utility Energy Infrastructure$0$0$0$0$0—

Equity Method Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Transmission$2.1B$2.1B$2.2B$2.3B$2.3B$2.4B
Corporate and Other$67M$68.6M$67.7M$55.3M$55.7M$57.4M
Non-Utility Energy Infrastructure$0$0$0$0$0$0

Fuel and purchased power costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate and Other$0$0$0$0$0$0
Electric Transmission$0$0$0$0$0$0
Non-Utility Energy Infrastructure$0$0$0$0$0$0

Impairments related to Illinois segment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate and Other$0$0$0$0$0—
Electric transmission$0$0$0$0$0—
Illinois$3M$32.5M$32.5M$32.5M$32.5M—
Non-Utility Energy Infrastructure$0$0$0$0$0—

Income tax expense (benefit)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate and Other-$21.5M-$81.6M$1.6M$6.6M-$27.6M-$90.1M
Non-Utility Energy Infrastructure-$22.8M-$35.6M-$38.9M-$24.2M-$24.2M-$31.5M
Electric Transmission$16.5M$11.9M$11.4M$12.7M$12.9M$13.7M

Interest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate and Other$87.9M$86.9M$88.5M$90.9M$92.7M$92M
Non-Utility Energy Infrastructure$28.1M$30.6M$31.5M$30.5M$30.5M$29.7M
Electric Transmission$4.9M$4.8M$4.9M$4.8M$4.8M$3.9M

Net income attributed to common shareholders

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure$108.2M$108.8M$82.3M$87.9M$132.1M$120.6M
Electric Transmission$47.8M$36.9M$35.6M$37.3M$37.8M$41.9M
Corporate and Other-$35.8M-$2.6M-$81M-$95.8M-$59.5M$7.3M

Net income attributed to noncontrolling interests

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure-$1.6M$1M-$2.7M-$1.4M-$100K$1.4M
Corporate and Other$0$0$0$0$0$0
Electric Transmission$0$0$0$0$0$0

Other Nonoperating Income (Expense)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate and Other$12.7M$5M$11.6M$3.7M$10.3M$10.3M
Non-Utility Energy Infrastructure$600K$700K$700K$800K$600K$500K
Electric Transmission$0$0$0$0$0$0

Other operating revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure$104.8M$118.7M$119.9M$120.4M$120.6M$121.8M
Illinois$13.7M$29M-$9.9M-$1.7M-$51.4M$37.7M
Wisconsin$3.5M$5.8M$7M$3.5M$8M$12.7M
Other States$1.5M-$2.1M$400K-$400K-$300K-$1.8M
Corporate and Other$0$0$0$0$0$0

Other operation and maintenance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure$12.8M$22.1M$50.9M$34.6M—$20.5M
Corporate and Other-$600K-$3.2M-$3.1M-$3.2M-$700K-$4.1M
Electric Transmission$0$0$0$0$0$0

Past due greater than 90 days - collection risk mitigated by regulatory mechanisms

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate and Other0.0%0.0%0.0%0.0%0.0%0.0%
Non-Utility Energy Infrastructure0.0%0.0%0.0%0.0%0.0%0.0%

Preferred stock dividends of subsidiary

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate and Other$0$0$0$0$0$0
Electric Transmission$0$0$0$0$0$0
Non-Utility Energy Infrastructure$0$0$0$0$0$0

Property and revenue taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure$3.2M$5.4M$4.9M$5.3M$4M$5.4M
Corporate and Other$100K$100K$0$0$0$0
Electric Transmission$0$0$0$0$0$0

Revenues from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Wisconsin$1.6B$2.1B$1.6B$1.8B$1.9B$2.3B
Illinois$486M$788.3M$280.5M$185.2M$475.2M$749.7M
Other States$141.2M$229.2M$82.3M$53.4M$165.4M$259.1M
Non-Utility Energy Infrastructure$181.7M$194.3M$189.4M$193.3M$193.2M$210.7M
Corporate and Other$0$0$0$0$0$0

Total accounts receivable, net - past due greater than 90 days

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate and Other$0$0$0$0$0$0
Non-Utility Energy Infrastructure$0$0$0$0$0$0

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure$7.3B$7.9B$7.8B$7.8B$7.8B$7.7B
Electric Transmission$2.1B$2.2B$2.2B$2.3B$2.3B$2.4B
Corporate and Other$1B$1.2B$1.2B$1.2B$1.2B$1.3B

Equity method investment, ownership interest (as a percent)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Transmission75.0%75.0%75.0%75.0%75.0%75.0%

Total operating revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Transmission$0$0$0$0$0$0

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Illinois$758.7M$758.7M$758.7M$758.7M$758.7M$758.7M
Other States$183.2M$183.2M$183.2M$183.2M$183.2M$183.2M
Non-Utility Energy Infrastructure$6.6M$6.6M$6.6M$6.6M$6.6M$6.6M

Gains (losses)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure-$25K-$200K———$100K

Natural gas storage needs provided to Wisconsin utilities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure—33.0%———33.0%

Notional sales volumes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure$325K$300K———$100K

Property, plant, and equipment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Utility Energy Infrastructure$8.3B———$8.8B—