WEC Energy Group (1WEC) Q3 2026 Earnings Report

The call was strongly optimistic. WEC reported substantial earnings growth, raised 2026 guidance, expanded its capital plan by more than 26%, increased its long-term EPS growth outlook to 7%-9+%, and highlighted significant data center-driven demand and customer-funded investment. The company also identified challenges involving higher interest costs, pending regulatory approvals, flat full-year weather-normalized electric sales, and slower Illinois pipe-program execution, but management characterized the key projects and regulatory processes as progressing and maintained its positive outlook.

Management raised and narrowed 2026 EPS guidance to $5.60 to $5.64 per share, assuming normal weather for the remainder of the year, reflecting 7.7% growth from the 2025 adjusted guidance midpoint, versus prior guidance of $5.51 to $5.61 per share. For 2027 to 2031, the $47.5 billion capital plan, up $10 billion or more than 26% from the previous plan, is expected to support asset-based growth at a 13.4% compound annual growth rate and EPS growth of 7% to 9+%, based off the midpoint of the original 2026 guidance range, $5.56 per share; the plus is more representative of 2028 to 2029, with potential upside in some of those years. Electric demand is expected to grow 4.9 gigawatts between 2026 and 2031, while weather normalized electric sales are expected to be relatively flat with 2025. The plan assumes $26 billion-$27 billion of cash from operations, $19 billion of incremental debt, and $5 billion to $5.5 billion of common equity, with equity needs at a modest 10% of total cash sources. Dividend growth is expected at 6.5%-7%, resulting in a projected payout ratio of 60%-70%.