WEC Energy Group

WEC Energy Group is a regulated utility holding company based in Milwaukee. It serves 4.8 million electric and natural gas customers in Wisconsin, Illinois, Michigan and Minnesota. Its main utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources.

It owns 60% of American Transmission Company, and its WEC Infrastructure unit owns wind and solar farms in other states. It had about $52.8 billion of assets in September 2026. Scott Lauber is Chairman, President and CEO.

The market prices WEC for the cost of the largest capital plan in its history and for the regulatory risk that comes with it. In late October 2026, WEC raised its plan to $47.5 billion for 2027 to 2031, including its share of American Transmission Company. It expects to fund it partly with $5.1 billion to $5.5 billion of new common equity and $18.7 billion to $19.3 billion of incremental debt, and it set up a program to sell up to $4.0 billion of common stock over time. Much of the plan serves very large data center customers, such as Microsoft in Mount Pleasant and the Vantage campus in Port Washington for OpenAI and Oracle, so the growth depends on a small number of customers.

On November 5, 2026, the Wisconsin commission approved the Wisconsin rate cases with a 9.50% return on equity and a 53.0% equity ratio, and the Illinois gas order is still pending. For the gap to close, three things must be true. The Illinois commission must approve a fair Peoples Gas rate order in Q4 2026 for new rates on January 1, 2027. The data center customers must keep building and use the forecast load, with the protections of the Very Large Customer tariff that the Wisconsin commission approved on May 21, 2026.

WEC must meet its 2026 guidance of $5.60 to $5.64 per share, which it raised in October 2026 partly because of warm weather, and its long-term EPS growth target, which it raised in late 2026 to 7% to 9% or more. The Illinois rate order in Q4 2026 and the Q4 2026 report in early 2027 give the next tests. If these checks pass, the gap can close over the next two to four quarters. The main reason it may not close is a delay or cut in data center demand, which would leave less growth from the plan.

1. Oct 29, 2026Passed

   Q3 2026 earnings2026 guidance of $5.51 to $5.61 per share reaffirmed or raised passes; a guidance cut fails.Outcome: WEC raised and narrowed its 2026 guidance to $5.60 to $5.64 per share, helped by warm weather and investment for the Very Large Customers.
2. Dec 2026 · est.Pending

   Wisconsin and Illinois rate ordersOrders near the requested returns on equity and equity ratios for rates from January 1, 2027 pass; large cuts to the requests fail.
3. Jan 29, 2027 · est.Pending

   Q4 2026 earnings: 2026 result and 2027 guidance2026 EPS within $5.60 to $5.64 and 2027 guidance in line with the 7% to 8% long-term growth target pass; a result below the range or lower growth fails.

Every passed and failed checkpoint across all picks

• November 5, 2026The Public Service Commission of Wisconsin approved the rate cases of the Wisconsin utilities for 2027 with a 9.50% return on equity and a 53.0% equity ratio. WEC expects the final written order before the end of 2026. The Illinois order for Peoples Gas is still expected in Q4 2026.
• November 4, 2026WEC signed an equity distribution agreement to sell up to $4.0 billion of its common stock over time.
• November 2, 2026WEC issued $1.0 billion of 6.750% Series 2026A and $1.0 billion of 6.950% Series 2026B junior subordinated notes due 2057.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 8-KInvestor disclosure and Other company newsFiled November 6, 2026 · wec-20261105
• 8-KOther company newsFiled November 4, 2026 · Read it on sec.gov
• 8-KOther company newsFiled November 4, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · wec-20260930
• 8-KEarnings releaseFiled October 29, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled September 4, 2026 · wec-20260904
• 8-KNew material agreementFiled August 18, 2026 · wec-20260814
• 8-KChange of directors or officersFiled August 11, 2026 · wec-20260805
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 4, 2026 · wec-20260630
• 8-KInvestor disclosureFiled August 3, 2026 · wec-20260803

Every filing on SEC EDGAR (CIK 783325)

• A large part of the load growth comes from a few data center campuses. If a customer delays or cancels its project, WEC has less growth from its plan, although the Very Large Customer tariff requires payment for the remaining book value on early termination.
• The Wisconsin commission approved a 9.50% return on equity on November 5, 2026, but the written order is still to come, and the Illinois gas rate case is pending, with an order expected in Q4 2026. Lower allowed returns or equity ratios than requested reduce earnings growth.
• WEC plans to issue $5.1 billion to $5.5 billion of common equity from 2027 to 2031, and it set up a program to sell up to $4.0 billion of stock in November 2026. Higher interest rates or a lower share price increase the cost of this funding.
• Illinois requires Peoples Gas to retire more than 1,000 miles of old pipe by January 1, 2035. Costs that regulators do not allow in rates reduce earnings.

WEC funds its utilities with long-term debt, short-term borrowings and new equity. At September 30, 2026, long-term debt was $20.85 billion, including $1.13 billion due within one year, and short-term borrowings were $1.90 billion. Read more

Yield at the current rate

3.2% (current annual rate, at today’s price)

Dividend yield

3.2% (last 12 months, at today’s price of $117.47)

Paid per share

$3.752 in the last 12 months (4 payments)

Current annual rate

$3.812 ($0.953 × 4 a year)

Payout ratio

74% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 14, 2026, $0.953 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 7.1% a year. From 2015 to 2025, the dividend grew by about 7.4% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.