financial statements

The full income statement, balance sheet, and cash-flow statement for WEC Energy Group Inc. (WEC), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	9.80B YoY+14.0%	8.60B YoY-3.3%	8.89B YoY-7.3%	9.60B YoY+15.4%	8.32B YoY+14.8%
Cost of revenue	3.27B YoY+23.0%	2.66B YoY-16.8%	3.19B YoY-26.8%	4.36B YoY+31.6%	3.31B YoY+42.7%
Restructuring	—	—	1.60M YoY-85.8%	11.3M YoY+145.7%	4.60M
Provision for credit losses	143M YoY+36.1%	105M YoY+45.7%	72.0M YoY-16.4%	86.1M YoY+13.7%	75.7M YoY-26.4%
Operating income	2.24B YoY+4.3%	2.15B YoY+12.8%	1.91B YoY-0.8%	1.92B YoY+12.2%	1.71B YoY+0.5%
Interest expense	895M YoY+9.8%	815M YoY+12.2%	727M YoY+41.1%	515M YoY+9.3%	471M YoY-4.6%
Interest & investment income	5.90M YoY-65.7%	17.2M YoY+341.0%	3.90M YoY+225.0%	1.20M	—
Other non-operating income	108M YoY-39.5%	178M YoY+0.3%	178M YoY+38.0%	129M YoY-3.3%	133M YoY+67.5%
Equity-method income	—	—	—	—	158M YoY-10.1%
Pre-tax income	1.67B YoY-4.2%	1.75B YoY+13.7%	1.54B YoY-11.3%	1.73B YoY+15.6%	1.50B YoY+4.9%
Income tax	118M YoY-46.8%	222M YoY+8.5%	205M YoY-36.6%	323M YoY+61.2%	200M YoY-12.1%
	1.56B YoY+2.0%	1.52B YoY+14.5%	1.33B YoY-5.5%	1.41B YoY+8.6%	1.30B YoY+8.1%
Net income to non-controlling interest	-3.20M YoY+22.0%	-4.10M YoY-241.7%	-1.20M YoY-400.0%	400K YoY+113.3%	-3.00M YoY-1100.0%
Net income to common	1.56B YoY+2.0%	1.53B YoY+14.7%	1.33B YoY-5.4%	1.41B YoY+8.3%	1.30B YoY+8.4%
	$4.81 YoY-0.4%	$4.83 YoY+14.5%	$4.22 YoY-5.2%	$4.45 YoY+8.3%	$4.11 YoY+8.4%
EPS (basic)	$4.84 YoY+0.2%	$4.83 YoY+14.5%	$4.22 YoY-5.4%	$4.46 YoY+8.3%	$4.12 YoY+8.4%
Weighted-avg shares (basic)	322M YoY+1.8%	316M YoY+0.3%	315M YoY+0.0%	315M YoY+0.0%	315M YoY+0.0%
Weighted-avg shares (diluted)	324M YoY+2.3%	317M YoY+0.2%	316M YoY-0.1%	316M YoY-0.1%	316M YoY-0.1%
Dividends per share	$3.57 YoY+6.9%	$3.34 YoY+7.1%	$3.12 YoY+7.2%	$2.91 YoY+7.4%	$2.71 YoY+7.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.28B YoY+12.8%	2.91B YoY+4.1%	2.80B YoY-12.3%	3.19B YoY+20.0%	2.66B YoY+27.5%
Cash & equivalents	27.6M YoY+181.6%	9.80M YoY-77.2%	42.9M YoY+48.4%	28.9M YoY+77.3%	16.3M YoY-34.3%
Accounts receivable	2.06B YoY+23.6%	1.67B YoY+11.0%	1.50B YoY-17.3%	1.82B YoY+20.8%	1.51B YoY+25.2%
Prepaid expenses	173M YoY+0.0%	173M YoY+0.0%	173M YoY+0.0%	173M YoY-29.6%	246M YoY-6.8%
Other current assets	120M YoY-1.7%	122M YoY-45.5%	224M YoY-14.5%	262M YoY+3.3%	253M YoY+299.7%
	51.5B YoY+8.8%	47.4B YoY+7.8%	43.9B YoY+4.9%	41.9B YoY+7.4%	39.0B YoY+5.3%
Property, plant & equipment	38.3B YoY+10.5%	34.6B YoY+9.7%	31.6B YoY+8.5%	29.1B YoY+7.9%	27.0B YoY+5.0%
Operating lease right-of-use	69.5M YoY+116.5%	32.1M YoY+0.3%	32.0M YoY+103.8%	15.7M YoY-19.5%	19.5M YoY-5.8%
Goodwill	3.05B YoY+0.0%	3.05B YoY+0.0%	3.05B YoY+0.0%	3.05B YoY+0.0%	3.05B YoY+0.0%
Intangible assets	17.4M YoY+25.2%	13.9M YoY+0.0%	13.9M YoY+0.0%	13.9M YoY+0.0%	13.9M YoY+0.0%
Long-term investments	1.54B YoY+0.0%	1.54B YoY+0.0%	1.54B YoY+0.0%	1.54B YoY+0.0%	1.54B YoY+0.0%
Deferred tax assets	419M YoY+0.0%	419M YoY+0.0%	419M YoY+0.0%	419M YoY+0.0%	419M YoY+0.0%
Other non-current assets	384M YoY+14.1%	336M YoY-12.2%	383M YoY-10.3%	427M YoY+18.3%	361M YoY+22.2%
Total non-current assets	48.2B YoY+8.5%	44.5B YoY+8.0%	41.1B YoY+6.4%	38.7B YoY+6.5%	36.3B YoY+4.0%
	5.59B YoY+15.5%	4.84B YoY-5.3%	5.11B YoY+10.9%	4.61B YoY+22.9%	3.75B YoY-9.5%
Accounts payable	1.14B YoY+0.3%	1.14B YoY+26.8%	897M YoY-25.2%	1.20B YoY+19.1%	1.01B YoY+14.2%
Deferred revenue	179M YoY+0.0%	179M YoY-24.3%	236M YoY+38.2%	171M YoY+21.7%	140M
Short-term & current debt	1.52B YoY-12.1%	1.73B YoY+36.8%	1.26B YoY+56.4%	809M YoY+788.5%	91.0M YoY-88.3%
Current lease liability	3.10M YoY-27.9%	4.30M YoY-8.5%	4.70M YoY+17.5%	4.00M YoY+8.1%	3.70M YoY-15.9%
Other current liabilities	848M YoY-1.3%	859M YoY-7.9%	933M YoY+5.5%	885M YoY+29.9%	681M YoY-3.4%
Long-term debt	18.5B YoY+7.7%	17.2B YoY+11.8%	15.4B YoY+4.9%	14.7B YoY+8.8%	13.5B YoY+15.4%
Deferred revenue (non-current)	314M YoY-6.1%	335M YoY-6.1%	356M YoY-3.9%	371M YoY-4.8%	389M YoY-5.6%
Non-current lease liability	73.0M YoY+94.7%	37.5M YoY-3.4%	38.8M YoY+52.8%	25.4M YoY-12.7%	29.1M YoY-21.4%
Deferred tax liabilities	5.89B YoY+6.8%	5.51B YoY+12.1%	4.92B YoY+6.3%	4.63B YoY+7.4%	4.31B YoY+6.1%
Other non-current liabilities	963M YoY+15.0%	838M YoY+0.3%	835M YoY+26.4%	661M YoY-45.1%	1.20B YoY-2.1%
Total non-current liabilities	31.9B YoY+7.2%	29.7B YoY+11.1%	26.8B YoY+4.3%	25.6B YoY+6.3%	24.1B YoY+8.6%
	14.1B YoY+9.8%	12.8B YoY+6.1%	12.1B YoY+3.9%	11.6B YoY+4.5%	11.1B YoY+4.2%
Preferred stock	30.4M YoY+0.0%	30.4M YoY+0.0%	30.4M YoY+0.0%	30.4M YoY+0.0%	30.4M YoY+0.0%
Common stock	3.30M YoY+3.1%	3.20M YoY+0.0%	3.20M YoY+0.0%	3.20M YoY+0.0%	3.20M YoY+0.0%
Additional paid-in capital	5.12B YoY+18.7%	4.32B YoY+4.9%	4.12B YoY+0.0%	4.12B YoY-0.6%	4.14B YoY-0.1%
Retained earnings	8.49B YoY+5.1%	8.08B YoY+6.2%	7.61B YoY+4.8%	7.27B YoY+7.2%	6.78B YoY+7.0%
Accumulated other comprehensive income	-7.60M YoY+2.6%	-7.80M YoY-1.3%	-7.70M YoY-13.2%	-6.80M YoY-112.5%	-3.20M YoY+52.9%
Total equity incl. non-controlling	14.1B YoY+9.8%	12.8B YoY+6.1%	12.1B YoY+3.9%	11.6B YoY+4.5%	11.1B YoY+4.2%
Total liabilities & equity	51.5B YoY+8.8%	47.4B YoY+7.8%	43.9B YoY+4.9%	41.9B YoY+7.4%	39.0B YoY+5.3%
Common shares issued	325M YoY+2.4%	318M	—	—	—
Common shares outstanding	325M YoY+2.4%	318M YoY+0.7%	315M YoY+0.0%	315M YoY+0.0%	315M YoY+0.0%
Shares outstanding (cover)	325M YoY+2.8%	316M YoY+0.3%	315M YoY+0.0%	315M YoY+0.0%	315M YoY+0.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.38B YoY+5.2%	3.21B YoY+6.4%	3.02B YoY+46.5%	2.06B YoY+1.4%	2.03B YoY-7.4%
Depreciation & amortization	1.48B YoY+9.2%	1.35B YoY+7.1%	1.26B YoY+12.6%	1.12B YoY+4.5%	1.07B YoY+10.1%
Deferred income taxes	—	539M YoY+134.3%	230M YoY-17.5%	279M YoY+150.9%	111M YoY-39.1%
Change in inventory	-9.80M YoY-125.8%	38.0M YoY+190.7%	-41.9M YoY-124.5%	171M YoY+59.8%	107M YoY+605.7%
Change in payables	46.4M YoY-53.5%	99.7M YoY+139.3%	-254M YoY-309.1%	122M YoY-4.3%	127M YoY+307.0%
Other operating activities	93.2M YoY+263.8%	-56.9M YoY+64.5%	-161M YoY+5.3%	-170M YoY-83.2%	-92.5M YoY-215.7%
	-4.87B YoY-28.2%	-3.80B YoY-6.9%	-3.56B YoY-34.7%	-2.64B YoY-14.3%	-2.31B YoY+17.6%
Capital expenditure	—	—	—	2.70B YoY+13.7%	2.37B YoY-17.5%
Acquisitions	—	—	—	—	0.00 YoY-100.0%
Other investing activities	-32.1M YoY-230.9%	-9.70M YoY+27.1%	-13.3M YoY-225.5%	10.6M YoY+138.8%	-27.3M YoY-1616.7%
	1.52B YoY+225.8%	468M YoY-10.5%	523M YoY-22.7%	676M YoY+130.1%	294M YoY-51.1%
Long-term debt issued	2.84B YoY-36.2%	4.46B YoY+105.6%	2.17B YoY+8.5%	2.00B YoY-16.1%	2.38B YoY+0.4%
Long-term debt repaid	1.73B YoY-19.1%	2.14B YoY+112.7%	1.01B YoY+991.6%	92.1M YoY-92.7%	1.26B YoY-28.7%
Common stock issued	762M YoY+366.3%	163M	0.00	0.00	—
Common stock repurchased	1.30M YoY-59.4%	3.20M YoY-80.7%	16.6M YoY-76.0%	69.2M YoY+109.1%	33.1M YoY-66.6%
Dividends paid	1.15B YoY+8.7%	1.06B YoY+7.3%	984M YoY+7.2%	918M YoY+7.4%	855M YoY+7.1%
Other financing activities	-10.5M YoY-72.1%	-6.10M YoY+10.3%	-6.80M YoY+25.3%	-9.10M YoY+1.1%	-9.20M YoY+19.3%
Net change in cash	28.7M YoY+123.3%	-123M YoY-623.5%	-17.0M YoY-118.0%	94.7M YoY+535.6%	14.9M YoY+253.6%
Interest paid	859M YoY+9.3%	786M YoY+20.2%	653M YoY+34.7%	485M YoY+2.4%	474M YoY-3.9%
Income taxes paid	-281M YoY-6.5%	-264M YoY-348.6%	-58.9M YoY-212.4%	52.4M YoY+55.0%	33.8M YoY+21.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	34.3B YoY+15.3%	29.7B YoY+12.1%	26.6B YoY-10.2%	29.6B YoY-3.4%	30.6B YoY+5.5%
P/E	22.1× YoY+13.0%	19.5× YoY+0.4%	19.4× YoY-9.2%	21.4× YoY-9.2%	23.6× YoY-2.4%
P/S	3.5× YoY+1.2%	3.5× YoY+20.3%	2.9× YoY-10.2%	3.2× YoY-13.1%	3.7× YoY-8.1%
P/B	2.4× YoY+5.0%	2.3× YoY+5.9%	2.2× YoY-14.0%	2.6× YoY-7.4%	2.8× YoY+1.2%
P/FCF	120.7× YoY+418.0%	23.3×	—	—	—
Earnings yield	4.5% YoY-11.5%	5.1% YoY-0.4%	5.1% YoY+10.1%	4.7% YoY+10.1%	4.2% YoY+2.5%
FCF yield	0.8% YoY-80.7%	4.3%	—	—	—
Dividend yield	3.4% YoY-4.7%	3.6% YoY-4.2%	3.7% YoY+19.4%	3.1% YoY+11.2%	2.8% YoY+1.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: WEC's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all WEC filings on SEC EDGAR → Not investment advice.

WEC▼ financial statements

About this data

financial statements