WEC Q3 Earnings Beat Estimates on Strong Demand, Revenues Rise Y/Y

WEC Energy GroupWEC reported third-quarter 2026 earnings of $1.18 per share, which surpassed the Zacks Consensus Estimate of 98 cents by 20.41%. The bottom line also increased 42.2% from the year-ago quarter's 83 cents, driven by favorable weather, capital investments and operating efficiency.

WEC's Revenues

Operating revenues of $2.29 billion beat the Zacks Consensus Estimate of $2.23 billion by 2.72%. The top line increased 8.9% from $2.10 billion recorded in the year-ago quarter.

WEC Energy Group, Inc. Price, Consensus and EPS Surprise

WEC Energy Group, Inc. price-consensus-eps-surprise-chart | WEC Energy Group, Inc. Quote

WEC's Electric Sales and Load Trends

Retail electricity deliveries, excluding the iron ore mine in Michigan's Upper Peninsula and VLCs in Wisconsin, increased 3.3% during the third quarter of 2026. Residential electricity consumption rose 5.1%, reflecting stronger demand amid warmer-than-normal weather.

Electricity consumption by small commercial and industrial customers increased 3.5%, while large commercial and industrial use, excluding the iron ore mine and VLCs, improved 1%.

On a weather-normalized basis, retail electricity deliveries, excluding the iron ore mine and VLCs, increased 0.4% year over year. The modest underlying growth indicates that favorable weather contributed meaningfully to the reported increase in electricity demand.

WEC's Costs and Operating Results

Total operating expenses increased 4.4% year over year to $1.73 billion. This increase was primarily due to higher cost of sales, increased other operation and maintenance expenses, and a rise in property and revenue taxes.

Total operating income increased 25.4% year over year to $563.7 million from $449.6 million in the prior-year quarter. Operating income growth outpaced revenue growth, reflecting improved operating profitability during the third quarter.

Equity earnings from transmission affiliates increased 20.1% to $65.8 million from $54.8 million in the year-ago quarter.

Interest expenses increased 8.1% year over year to $241.7 million, reflecting an additional expense burden.

WEC Energy's Balance Sheet and Cash Flow

As of Sept. 30, 2026, WEC had cash and cash equivalents of $58.8 million compared with $27.6 million as of Dec. 31, 2025.

As of Sept. 30, 2026, long-term debt increased to $19.72 billion from $18.50 billion as of Dec. 31, 2025.

Net cash provided by operating activities increased 15.5% year over year to $3.41 billion during the first nine months of 2026 compared with $2.95 billion in the corresponding period of 2025.

For the nine months ended Sept. 30, 2026, capital expenditures, including allowance for funds used during construction related to debt, increased 6.4% year over year to $3.32 billion from $3.12 billion.