WECMEDIUM SIGNALFINANCIAL10-K

WEC Energy Group shows solid revenue growth of 14% alongside a notable 41% increase in interest expense, while dramatically reducing share repurchase activity.

The substantial increase in interest expense suggests higher borrowing costs or increased debt levels to fund operations and capital investments, which could pressure margins going forward. The sharp reduction in share buybacks from $3.2M to $1.3M indicates management is conserving cash, possibly to service higher debt costs or fund growth initiatives.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

WEC delivered healthy revenue growth of 14% to $9.8 billion, accompanied by increased working capital needs as evidenced by higher accounts receivable and current assets. However, the 41% jump in interest expense to $726.9 million represents a meaningful headwind that investors should monitor closely. The company's decision to substantially reduce share repurchases suggests a more conservative capital allocation approach amid higher financing costs.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-59.4%
$3.2M→$1.3M

Buyback activity reduced 59.4% — capital being redeployed elsewhere or cash conservation underway.

Interest Expense
P&L
+41.1%
$515.1M→$726.9M

Interest expense surged 41.1% — significant debt increase or rising rates materially impacting earnings.

Accounts Receivable
Balance Sheet
+23.6%
$1.7B→$2.1B

Receivables grew 23.6% — monitor days sales outstanding for collection efficiency.

Current Liabilities
Balance Sheet
+15.5%
$4.8B→$5.6B

Current liabilities rose 15.5% — increased short-term obligations, watch current ratio.

Revenue
P&L
+14%
$8.6B→$9.8B

Revenue growing 14% — solid top-line momentum, watch margins for quality of growth.

Current Assets
Balance Sheet
+12.8%
$2.9B→$3.3B

Current assets grew 12.8% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
held by non-affiliates was $ 33.5 billion based upon the reported closing price of such securities as of June 30, 2025.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 47 ITEM 7A.
Reports of Independent Registered Public Accounting Firm 84 B.
FORM 10-K SUMMARY 174 SCHEDULE I CONDENSED PARENT COMPANY FINANCIAL STATEMENTS 175 A.
trade policy (including changes to tariffs on imports, port fees, and other trade policy tools) as well as changes to foreign governments' trade policies impacting U.S.
exports, supply chain disruptions (including from rail congestion), inflation, and other factors; 2025 Form 10-K 1 WEC Energy Group, Inc.
For more information about our business operations, including financial and geographic information, see Note 22, Segment Information, and Item 7.
In 2025, retail revenues accounted for 92.3% of total electric operating revenues, wholesale revenues accounted for 1.9% of total electric operating revenues, and resale revenues accounted for 4.8% of total electric operating revenues.
The majority of our sales for resale are conducted within an energy market operated by MISO at market rates based on the availability of our generation and market demand.
Electric Sales Forecast Our service territory experienced higher weather-normalized retail electric sales in 2025, compared with 2024.
REMOVED
held by non-affiliates was $ 24.8 billion based upon the reported closing price of such securities as of June 30, 2024.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 49 ITEM 7A.
Reports of Independent Registered Public Accounting Firm 97 B.
FORM 10-K SUMMARY 183 SCHEDULE I CONDENSED PARENT COMPANY FINANCIAL STATEMENTS 184 A.
4.375% Convertible Senior Notes Due 2027 2029 Notes WEC Energy Group, Inc.
4.375% Convertible Senior Notes Due 2029 AD Antidumping AI Artificial Intelligence 2024 Form 10-K iv WEC Energy Group, Inc.
MISO Energy Markets MISO Energy and Operating Reserves Market MRP Main Replacement Program NYMEX New York Mercantile Exchange OCPP Oak Creek Power Plant Omnibus Stock Incentive Plan WEC Energy Group Omnibus Stock Incentive Plan, Amended and Restated, Effective as of May 6, 2021 Paris Paris Solar-Battery Park PHMSA Pipeline and Hazardous Materials Safety Administration PIPP Presque Isle Power Plant Point Beach Point Beach Nuclear Power Plant 2024 Form 10-K v WEC Energy Group, Inc.
For more information about our business operations, see Note 22, Segment Information, and Item 7.
In 2024, retail revenues accounted for 93.4% of total electric operating revenues, wholesale revenues accounted for 2.1% of total electric operating revenues, and resale revenues accounted for 3.6% of total electric operating revenues.
The majority of our sales for resale are sold into an energy market operated by MISO at market rates based on the availability of our generation and market demand.
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