$WEC

WISCONSIN ENERGY CORP

CIK:0000783325|SEC Filings

CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Operating revenues	$ 2,062.1	$ 2,009.5	$ 5,496.3	$ 5,159.0
Operating expenses
Cost of sales	555.6	570.5	1,946.6	1,736.2
Other operation and maintenance	617.1	596.2	1,225.8	1,204.2
Depreciation and amortization	384.9	368.9	764.7	728.8
Property and revenue taxes	71.7	69.0	146.4	147.4
Total operating expenses	1,629.3	1,604.6	4,083.5	3,816.6
Operating income	432.8	404.9	1,412.8	1,342.4
Equity in earnings of transmission affiliates	62.6	51.9	122.1	105.5
Other income, net	61.5	26.5	109.7	44.6
Interest expense	228.9	220.8	457.4	443.8
Other expense	(104.8)	(142.4)	(225.6)	(293.7)
Income before income taxes	328.0	262.5	1,187.2	1,048.7
Income tax expense	27.0	19.5	80.1	80.2
Net income	301.0	243.0	1,107.1	968.5
Preferred stock dividends of subsidiary	0.3	0.3	0.6	0.6
Net (income) loss attributed to noncontrolling interests	(1.5)	2.7	(2.9)	1.7
Net income attributed to common shareholders	$ 299.2	$ 245.4	$ 1,103.6	$ 969.6
EPS
Basic (in dollars per share)	$ 0.92	$ 0.77	$ 3.39	$ 3.04
Diluted (in dollars per share)	$ 0.91	$ 0.76	$ 3.36	$ 3.02
Weighted average common shares outstanding
Basic (in shares)	325.8	320.3	325.7	319.3
Diluted (in shares)	328.9	322.2	328.6	320.7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 1,107.1	$ 968.5
Reconciliation to cash provided by operating activities
Depreciation and amortization	764.7	728.8
Deferred income taxes and ITCs, net	189.9	220.0
AFUDC-Equity	(94.8)	(38.6)
Contributions and payments related to pension and OPEB plans	(7.2)	(7.1)
Equity income in transmission affiliates, net of distributions	(27.8)	(3.4)
Change in –
Accounts receivable and unbilled revenues, net	479.5	136.4
Materials, supplies, and inventories	58.8	110.2
Other current assets	(39.5)	65.4
Accounts payable	(102.1)	(172.1)
Other current liabilities	(104.2)	(44.8)
Other, net	(13.7)	52.6
Net cash provided by operating activities	2,210.7	2,015.9
Investing activities
Capital expenditures	(2,079.9)	(1,530.5)
Acquisition of Hardin III, net of cash acquired of $— and $0.2, respectively	(3.0)	(406.1)
Capital contributions to transmission affiliates	(112.4)	(87.8)
Proceeds from the sale of assets	21.7	0.7
Reimbursement for ATC's transmission infrastructure upgrades	10.4	39.7
Other, net	(37.3)	11.2
Net cash used in investing activities	(2,200.5)	(1,972.8)
Financing activities
Exercise of stock options	9.1	24.7
Issuance of common stock, net	23.8	398.8
Dividends paid on common stock	(620.3)	(568.7)
Issuance of long-term debt	1,804.2	1,025.0
Retirement of long-term debt	(1,189.1)	(567.6)
Change in commercial paper	8.0	(308.0)
Other, net	(20.9)	(20.3)
Net cash provided by (used in) financing activities	14.8	(16.1)
Net change in cash, cash equivalents, and restricted cash	25.0	27.0
Cash, cash equivalents, and restricted cash at beginning of period	70.9	42.2
Cash, cash equivalents, and restricted cash at end of period	$ 95.9	$ 69.2

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 50.0	$ 27.6
Accounts receivable and unbilled revenues, net of reserves of $148.9 and $148.7, respectively	1,529.2	2,062.7
Materials, supplies, and inventories	744.6	803.4
Prepaid taxes	203.2	178.8
Other prepayments	57.8	92.4
Other	197.0	119.8
Current assets	2,781.8	3,284.7
Long-term assets
Property, plant, and equipment, net of accumulated depreciation and amortization of $12,783.3 and $12,411.5, respectively	39,827.6	38,278.1
Regulatory assets (June 30, 2026 and December 31, 2025 include $63.6 and $67.5, respectively, related to WEPCo Environmental Trust)	3,130.4	3,156.3
Equity investment in transmission affiliates	2,420.7	2,280.4
Goodwill	3,052.8	3,052.8
Pension and OPEB assets	1,115.6	1,082.4
Other	421.5	383.6
Long-term assets	49,968.6	48,233.6
Total assets	52,750.4	51,518.3
Current liabilities
Short-term debt	1,934.1	1,924.7
Current portion of long-term debt (June 30, 2026 and December 31, 2025 include $9.4 and $9.3, respectively, related to WEPCo Environmental Trust)	1,413.5	1,519.4
Accounts payable	1,018.6	1,140.1
Other	842.2	1,009.2
Current liabilities	5,208.4	5,593.4
Long-term liabilities
Long-term debt (June 30, 2026 and December 31, 2025 include $62.8 and $67.4, respectively, related to WEPCo Environmental Trust)	19,216.3	18,498.1
Finance lease obligations	415.8	372.0
Deferred income taxes	6,165.3	5,891.7
Deferred revenue, net	305.0	314.2
Regulatory liabilities	4,229.6	4,121.3
Intangible liabilities	550.3	580.3
Environmental remediation liabilities	466.2	484.1
AROs	668.6	647.0
Other	951.9	963.4
Long-term liabilities	32,969.0	31,872.1
Commitments and contingencies (Note 22)
Common shareholders' equity
Common stock – $0.01 par value; 650,000,000 shares authorized; 325,849,383 and $325,461,519 shares outstanding, respectively	3.3	3.3
Additional paid in capital	5,162.3	5,124.4
Retained earnings	8,976.8	8,493.5
Accumulated other comprehensive loss	(7.5)	(7.6)
Common shareholders' equity	14,134.9	13,613.6
Preferred stock of subsidiary	30.4	30.4
Noncontrolling interests	407.7	408.8
Total liabilities and equity	$ 52,750.4	$ 51,518.3