WEC Energy raises 2026 earnings forecast on warm weather

WEC Energy Group Inc. (WEC) raised its 2026 earnings forecast on Oct. 29, as warmer-than-normal weather lifted third-quarter results. The company said in a press release furnished with an 8-K filing that it now expects $5.60 to $5.64 per share.

Third-quarter net income attributed to common shareholders rose to $389.3 million, or $1.18 per diluted share, from $271.3 million, or 83 cents, a year earlier.

Here's how the company did:

• Diluted EPS: $1.18 vs. 83 cents a year earlier
• Revenue: $2,290.6 million vs. $2,104.0 million a year earlier

For the nine months ended Sept. 30, net income rose to $1.49 billion, or $4.54 per diluted share, from $1.24 billion, or $3.85, a year earlier. Consolidated revenues totaled $7.8 billion, up $523.9 million from the same period in 2025.

2026 guidance

The company is raising and narrowing its 2026 earnings guidance to a range of $5.60 to $5.64 per share, from the $5.51 to $5.61 range it gave on July 29. The forecast assumes normal weather for the rest of the year.

The company said the change is largely due to favorable weather and capital investment supported by Very Large Customers, or VLCs, in Wisconsin.

“Our strong results were driven by warmer-than-normal weather, execution of our capital plan and operating efficiency,” Chairman, president and CEO Scott Lauber said.

“Our continued focus on the fundamentals of our business is creating value for our customers and stockholders. We remain on track to deliver solid financial and operational performance in 2026.”

Sales and capital spending

Retail electricity deliveries, excluding the iron ore mine in Michigan's Upper Peninsula and VLCs in Wisconsin, rose 3.3% in the third quarter from a year earlier. On a weather-normal basis, they rose 0.4%, the company said in the filing.

Residential electricity use rose 5.1%. Small commercial and industrial use rose 3.5%, and large commercial and industrial use, excluding the iron ore mine and VLCs, rose 1.0%.

For the nine months, net cash provided by operating activities was $3.41 billion, compared with $2.95 billion a year earlier. Capital expenditures, including AFUDC-Debt, were $3.32 billion, the filing showed.

Long-term debt stood at $19.72 billion on Sept. 30, up from $18.50 billion at Dec. 31, 2025, according to the company's balance sheet.

The company will hold a conference call at 1 p.m. Central time on Oct. 29 to review third-quarter earnings and its outlook.