Short answer
WEC Energy Group (WEC) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $9.8B (+14.0% year over year) and net income of $1.6B.
- Top risk flagged: Regulatory risk: PSCW rate orders affect pension and OPEB cost recovery at Wisconsin utilities WEC, WPS, WG
FY2025 key financial metrics · XBRL
- Revenue
- $9.8B
- +14.0% YoY
- Net income
- $1.6B
- +2.0% YoY
- Operating margin
- 22.9%
- −2.1 pp YoY
- EPS (diluted)
- $4.81
- −0.4% YoY
- ROE
- 11.1%
- −0.8 pp YoY
- Operating cash flow
- $3.4B
- +5.2% YoY
Source: XBRL data from the WEC Energy Group (WEC) FY2025 10-K on SEC EDGAR. USD.
WEC Energy Group FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Regulated electric and natural gas utilities serving Midwest U.S. states focused on reliable energy delivery and infrastructure development
- Emphasis on managing financial risks from commodity costs, weather variability, and interest rate increases impacting working capital and earnings
- Regulatory decoupling mechanisms expanded to mitigate weather and pension/OPEB cost volatilities through 2026 at Wisconsin utilities
- Pension and OPEB trust assets valued at $3.57 billion with expected 2026 returns ~6.6%, supporting long-term financial stability of benefit plans
- Heightened risks from U.S. trade policy changes and inflation impacting supply chains, material costs, and timing of infrastructure projects
Management Discussion & Analysis
- Operating cash flow $3.38B in 2025, up $167.6M YoY from higher customer collections and weather-driven sales
- Capital expenditures $4.40B in 2025, increased $1.62B YoY mainly from Wisconsin segment's renewables and distribution projects
- Financing cash inflow $1.52B in 2025, up $1.06B YoY due to commercial paper borrowings and common stock issuances
- Dividend per share raised 6.7% to $0.9525 quarterly, or $3.81 annually starting 1Q 2026
- Future capital expenditure guidance totals $5.02B (2026), $6.95B (2027), and $6.97B (2028), focusing on renewables, LNG, and distribution upgrades
Risk Factors
- Regulatory risk: PSCW rate orders affect pension and OPEB cost recovery at Wisconsin utilities WEC, WPS, WG
- Macroeconomic risk: higher interest rates reduce reporting units' fair value affecting goodwill impairment tests sensitivity
- Operational risk: $667.5M unbilled utility revenues at Dec 31, 2025 reliant on estimates of usage, weather, and rates
- Competitive risk: low industry M&A activity reduces applicability of guideline merger/acquisition method in fair value assessments
- Financial risk: pension discount rate 0.5% increase lowers 2025 pension cost by $7.5M, impacting financial results
Generated from the filing text; verify against the original. How to read a 10-K
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