WEC ENERGY GROUP, INC.
For the period ended Sep 30, 2026. Filed Oct 30, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 30, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended September 30, 2026
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from ________________ to ___________________
| Commission File Number | Registrant; State of Incorporation;Address; and Telephone Number | IRS EmployerIdentification No. |
|---|---|---|
| 001-09057 | WEC ENERGY GROUP, INC. | 39-1391525 |
(AWisconsin Corporation)
231 West Michigan Street
P.O. Box 1331
Milwaukee, WI 53201
c/o Corporate Secretary
(414)221-2345
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
|---|---|---|
| Common Stock, $.01 Par Value | WEC | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐ No☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date (September 30, 2026):
Common Stock, $.01 Par Value,328,992,329 shares outstanding
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended September 30, 2026
TABLE OF CONTENTS
| Page | |||
|---|---|---|---|
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION | 1 | ||
| PART I. | FINANCIAL INFORMATION | 4 | |
| ITEM 1. | FINANCIAL STATEMENTS (UNAUDITED) | 4 | |
| Condensed Consolidated Income Statements | 4 | ||
| Condensed Consolidated Statements of Comprehensive Income | 5 | ||
| Condensed Consolidated Balance Sheets | 6 | ||
| Condensed Consolidated Statements of Cash Flows | 7 | ||
| Condensed Consolidated Statements of Equity | 8 | ||
| Notes to Condensed Consolidated Financial Statements | 10 | ||
| Page | |||
| Note 1 | General Information | 10 | |
| Note 2 | Acquisitions | 10 | |
| Note 3 | Disposition | 11 | |
| Note 4 | Operating Revenues | 11 | |
| Note 5 | Credit Losses | 15 | |
| Note 6 | Regulatory Assets and Liabilities | 17 | |
| Note 7 | Property, Plant, and Equipment | 18 | |
| Note 8 | Common Equity | 19 | |
| Note 9 | Short-Term Debt and Lines of Credit | 21 | |
| Note 10 | Long-Term Debt | 22 | |
| Note 11 | Leases | 23 | |
| Note 12 | Materials, Supplies, and Inventories | 24 | |
| Note 13 | Income Taxes | 25 | |
| Note 14 | Fair Value Measurements | 26 | |
| Note 15 | Derivative Instruments | 28 | |
| Note 16 | Guarantees | 30 | |
| Note 17 | Employee Benefits | 30 | |
| Note 18 | Goodwill and Intangibles | 31 | |
| Note 19 | Investment in Transmission Affiliates | 33 | |
| Note 20 | Segment Information | 34 | |
| Note 21 | Variable Interest Entities | 39 | |
| Note 22 | Commitments and Contingencies | 41 | |
| Note 23 | Supplemental Cash Flow Information | 45 | |
| Note 24 | Regulatory Environment | 46 | |
| Note 25 | Other Income, Net | 49 | |
| Note 26 | New Accounting Pronouncements | 50 | |
| ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 51 | |
| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 92 | |
| ITEM 4. | CONTROLS AND PROCEDURES | 92 | |
| PART II. | OTHER INFORMATION | 93 | |
| ITEM 1. | LEGAL PROCEEDINGS | 93 | |
| ITEM 1A. | RISK FACTORS | 93 | |
| ITEM 5. | OTHER INFORMATION | 93 | |
| ITEM 6. | EXHIBITS | 94 | |
| SIGNATURE | 95 | ||
| 09/30/2026 Form 10-Q | i | WEC Energy Group, Inc. |
|---|
GLOSSARY OF TERMS AND ABBREVIATIONS
The abbreviations and terms set forth below are used throughout this report and have the meanings assigned to them below:
| Subsidiaries and Affiliates | |
|---|---|
| ATC | American Transmission Company LLC |
| ATC Holdco | ATC Holdco LLC |
| Blooming Grove | Blooming Grove Wind Energy Center LLC |
| Bluewater | Bluewater Natural Gas Holding, LLC |
| Delilah I | Delilah Solar Energy LLC |
| Hardin III | Hardin Solar Energy III Center |
| Integrys | Integrys Holding, Inc. |
| Jayhawk | Jayhawk Wind, LLC |
| MERC | Minnesota Energy Resources Corporation |
| MGU | Michigan Gas Utilities Corporation |
| NSG | North Shore Gas Company |
| PGL | The Peoples Gas Light and Coke Company |
| Samson I | Samson Solar Energy LLC |
| Tatanka Ridge | Tatanka Ridge Wind LLC |
| Thunderhead | Thunderhead Wind Energy LLC |
| UMERC | Upper Michigan Energy Resources Corporation |
| WE | Wisconsin Electric Power Company |
| We Power | W.E. Power, LLC |
| WEC Energy Group | WEC Energy Group, Inc. |
| WECI | WEC Infrastructure LLC |
| WEPCo Environmental Trust | WEPCo Environmental Trust Finance I, LLC |
| WG | Wisconsin Gas LLC |
| WPS | Wisconsin Public Service Corporation |
| Federal and State Regulatory Agencies | |
| CBP | United States Customs and Border Protection Agency |
| DOC | United States Department of Commerce |
| EPA | United States Environmental Protection Agency |
| FERC | Federal Energy Regulatory Commission |
| ICC | Illinois Commerce Commission |
| IRS | United States Internal Revenue Service |
| MPSC | Michigan Public Service Commission |
| PSCW | Public Service Commission of Wisconsin |
| SEC | United States Securities and Exchange Commission |
| USITC | United States International Trade Commission |
| Accounting Terms | |
| AFUDC | Allowance for Funds Used During Construction |
| ARO | Asset Retirement Obligation |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| FASB | Financial Accounting Standards Board |
| GAAP | United States Generally Accepted Accounting Principles |
| LIFO | Last-In, First-Out |
| OPEB | Other Postretirement Employee Benefits |
| VIE | Variable Interest Entity |
| Environmental Terms | |
| BTA | Best Technology Available |
| CCR | Coal Combustion Residuals |
| CO2 | Carbon Dioxide |
| CRL | Combustion Residual Leachate |
| 09/30/2026 Form 10-Q | ii | WEC Energy Group, Inc. |
|---|
| ELG | Steam Electric Effluent Limitation Guidelines |
|---|---|
| GHG | Greenhouse Gas |
| GHG Power Plant Rule | 2024 Greenhouse Gas Power Plant Rule |
| MATS | Mercury and Air Toxics Standards |
| NAAQS | National Ambient Air Quality Standards |
| NOx | Nitrogen Oxide |
| PCCC | Permanent Cessation of Coal Combustion |
| PM | Particulate Matter |
| PM2.5 | Particulates Less Than 2.5 Micrometers in Diameter |
| ZLD | Zero Liquid Discharge |
| Measurements | |
| Bcf | Billion Cubic Feet |
| Dth | Dekatherm |
| GW | Gigawatt |
| lb/MMBtu | Pound Per Million British Thermal Unit |
| MW | Megawatt |
| MWh | Megawatt-hours |
| µg/m3 | Micrograms Per Cubic Meter |
| Other Terms and Abbreviations | |
| 2024A Junior Notes | WEC Energy Group, Inc.'s Series 2024A 6.69% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due June 15, 2055 |
| 2024B Junior Notes | WEC Energy Group, Inc.'s Series 2024B 6.69% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due June 15, 2055 |
| 2025 Junior Notes | WEC Energy Group, Inc.'s Series 2025 5.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due May 15, 2056 |
| 2027 Notes | WEC Energy Group, Inc.'s 4.375% Convertible Senior Notes Due 2027 |
| 2028 Notes | WEC Energy Group, Inc.'s 3.375% Convertible Senior Notes Due 2028 |
| 2029 Notes | WEC Energy Group, Inc.'s 4.375% Convertible Senior Notes Due 2029 |
| AD | Antidumping |
| AI | Artificial Intelligence |
| AREP | Amended Renewable Energy Plan |
| Bespoke Resources | All or a portion of generation facilities and PPAs allocated to VLCs |
| Chicago, IL-IN-WI | Chicago, Illinois, Indiana, and Wisconsin |
| CODM | Chief Operating Decision Maker |
| Columbia | Columbia Energy Center |
| CPCN | Certificate of Public Convenience and Necessity |
| CT | Combustion Turbine |
| CVD | Countervailing Duty |
| D.C. Circuit Court of Appeals | United States Court of Appeals for the District of Columbia Circuit |
| EDA | Equity Distribution Agreement |
| EPS | Earnings Per Share |
| ERGS | Elm Road Generating Station |
| ETB | Environmental Trust Bond |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FTR | Financial Transmission Right |
| IRA | Inflation Reduction Act |
| ITC | Investment Tax Credit |
| LDC | Local Natural Gas Distribution Company |
| LNG | Liquefied Natural Gas |
| MISO | Midcontinent Independent System Operator, Inc. |
| MISO Energy Markets | MISO Energy and Operating Reserves Markets |
| OBBBA | One Big Beautiful Bill Act |
| OCPP | Oak Creek Power Plant |
| PPA | Power Purchase Agreement |
| PRP | Pipe Retirement Program |
| 09/30/2026 Form 10-Q | iii | WEC Energy Group, Inc. |
|---|
| PTC | Production Tax Credit |
|---|---|
| QIP | Qualifying Infrastructure Plant |
| REC | Renewable Energy Certificate |
| Renegade | Renegade Solar Energy Center |
| RNG | Renewable Natural Gas |
| ROE | Return on Equity |
| S&P | Standard & Poor's |
| Supreme Court | United States Supreme Court |
| TCR | Transmission Congestion Right |
| UEA | Uncollectible Expense Adjustment |
| UFLPA | Uyghur Forced Labor Prevention Act |
| VLC | Very Large Customer |
| Weston | Weston Generating Station |
| 09/30/2026 Form 10-Q | iv | WEC Energy Group, Inc. |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.