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It has been about a month since the last earnings report for WEC Energy Group (WEC - Free Report) . Shares have lost about 3.4% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is WEC Energy due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.

WEC Q2 Earnings Surpass on Rate Base Growth, Revenues Rise Y/Y

WEC Energy Group reported second-quarter 2026 earnings of 91 cents per share, which surpassed the Zacks Consensus Estimate of 80 cents by 13.75%. The bottom line also increased 19.74% from the year-ago quarter’s 76 cents, aided by rate base growth and stronger energy infrastructure results.

WEC’s RevenuesOperating revenues of $2.06 billion missed the Zacks Consensus Estimate of $2.11 billion by around 2.26%. The top line also increased 2.62% from $2.01 billion recorded in the year-ago quarter.

WEC's Sales and Load TrendsRetail electricity deliveries, excluding the iron ore mine and Very Large Customers, were essentially flat on a reported basis. Small commercial and industrial use declined 0.2%, while large commercial and industrial consumption increased 0.9%. Residential use fell 1.1%.

On a weather-normal basis, retail electricity deliveries, excluding the iron ore mine and Very Large Customers, increased 1.2% during second-quarter 2026. Management said volumes grew across all customer classes and came in slightly ahead of its forecast, though it still expects full-year 2026 weather-normalized sales on this basis to be relatively even with 2025. 
Total electric sales volume for the second quarter was 10,150 thousand megawatt-hours, down 4.7% year over year.

WEC's Costs and Operating ResultsTotal operating expenses increased 1.5% year over year to $1.63 billion, primarily reflecting a 3.5% rise in other operation and maintenance expenses to $617.1 million and a 4.3% increase in depreciation and amortization to $384.9 million.

Operating income totaled $432.8 million, up 6.9% from $404.9 million recorded in the year-ago quarter.

Equity earnings from transmission affiliates increased 20.6% to $62.6 million, while other income more than doubled to $61.5 million.

 The company incurred interest expense of $228.9 million, up 3.7% from the prior-year level of $220.8 million.

WEC Energy's Balance Sheet and Cash FlowAs of June 30, 2026, WEC had cash and cash equivalents of $50 million compared with $27.6 million as of Dec. 31, 2025.

As of June 30, 2026, long-term debt increased to $19.22 billion from $18.50 billion as of Dec. 31, 2025, while total assets rose to $52.75 billion from $51.52 billion over the same period.

Net cash provided by operating activities increased 9.7% year over year to $2.21 billion in the first six months of 2026.

 For the six months ended June 30, 2026, capital expenditures rose 35.9% year over year to $2.08 billion. WEC also expects to issue about $1.1 billion of common equity during 2026.

WEC Energy’s Growth Outlook and Capital PlanWEC Energy reaffirmed its 2026 earnings guidance of $5.51-$5.61 per share, assuming normal weather conditions for the remainder of the year. For the third quarter, management expects earnings of 92-98 cents per share.

The company reaffirmed its long-term annual earnings growth target of 7-8% through 2030 and expects growth to trend toward the upper half of that range beginning in 2028.

WEC's five-year capital plan calls for $37.5 billion of investment through 2030. The program includes $20.3 billion for electric generation, $7.1 billion for gas distribution, $4.7 billion for electric distribution, $4.1 billion for transmission and $1.3 billion for Wisconsin liquefied natural gas capacity.

Data center demand remains central to the outlook. WEC forecasts 2.6 gigawatts of demand from Microsoft's regional development through 2030 and 1.3 gigawatts from the Vantage Data Centers over the next five years.

How Have Estimates Been Moving Since Then?Estimates revision followed a downward path over the past two months.

VGM ScoresCurrently, WEC Energy has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook WEC Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

, /PRNewswire/ -- WEC Energy Group (NYSE: WEC) today reported net income of $299.2 million, or 91 cents per share, for the second quarter of 2026 — up from $245.4 million, or 76 cents per share, for last year's second quarter.

For the first six months of 2026, the company recorded net income of $1.1 billion, or $3.36 per share — up from $969.6 million, or $3.02 per share, in the corresponding period a year ago.

Consolidated revenues totaled $5.5 billion, up $337.3 million from the first half of 2025.

"Our focus on customer service, financial discipline and operating efficiency — while continuing to execute on our capital plan — helped deliver a strong quarter," said Scott Lauber, chairman, president and CEO.

Retail deliveries of electricity — excluding the iron ore mine in Michigan's Upper Peninsula and Very Large Customers (VLCs) in Wisconsin — were essentially flat in the second quarter of 2026, compared to the second quarter last year.

Electricity consumption by small commercial and industrial customers was 0.2 percent lower. Electricity use by large commercial and industrial customers — excluding the iron ore mine and VLCs — increased by 0.9 percent.

Residential electricity use decreased by 1.1 percent.

On a weather-normal basis, retail deliveries of electricity during the second quarter of this year — excluding the iron ore mine and VLCs — increased by 1.2 percent.

The company is reaffirming its 2026 earnings guidance of $5.51 to $5.61 per share. This assumes normal weather for the remainder of the year.

Earnings per share listed in this news release are on a fully diluted basis.

Conference call

A conference call is scheduled for 1 p.m. Central time, Wednesday, July 29. The call will review 2026 second-quarter earnings and the company's outlook for the future.

All interested parties, including stockholders, news media and the general public, are invited to listen. Access the call at 888-330-2443 up to 15 minutes before it begins. The number for international callers is 240-789-2728. The conference ID is 3088105.

Conference call access also is available at wecenergygroup.com. Under 'Webcasts,' select 'Q2 Earnings.' In conjunction with this earnings announcement, WEC Energy Group will post on its website a package of detailed financial information on its second-quarter performance. The materials will be available at 6:30 a.m. Central time, Wednesday, July 29.

Replay

A replay will be available on the website and by phone. Access to the webcast replay will be available on the website about two hours after the call. Access to a phone replay also will be available approximately two hours after the call and remain accessible through Aug. 12, 2026. Domestic callers should dial 800-770-2030. International callers should dial 647-362-9199. The replay conference ID is 3088105.

WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving 4.8 million customers in Wisconsin, Illinois, Michigan and Minnesota.

The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a fleet of renewable generation facilities in states ranging from South Dakota to Texas.

WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 31,000 stockholders of record, 7,000 employees and more than $52 billion of assets.

Forward-looking statements

Certain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management's current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding earnings, earnings growth rates, dividend payments and future results. In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as "anticipates," "believes," "estimates," "expects," "forecasts," "guidance," "intends," "may," "objectives," "plans," "possible," "potential," "projects," "should," "targets," "will" or similar terms or variations of these terms.

Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company's service territories; timing, resolution and impact of rate cases and other regulatory decisions, including rider reconciliations; the company's ability to continue to successfully integrate the operations of its subsidiaries; availability of the company's generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; unusual, varying or severe weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; electrification initiatives, mandates and other efforts to reduce the use of natural gas; the company's ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan, including projects related to serving data centers and other large-scale customers; terrorist, physical or cyber-security threats or attacks and data security breaches; construction risks; labor disruptions; equity and bond market fluctuations; changes in the company's and its subsidiaries' ability to access the capital markets; changes in tax legislation or our ability to use certain tax benefits and carryforwards; changes in and uncertainty around federal, state, and local legislation and regulation, including changes in rate-setting policies or procedures and environmental standards, in the enforcement of these laws and regulations and in the interpretation of regulations or permit conditions by regulatory agencies; supply chain disruptions; inflation; political or geopolitical developments impacting the global economy, supply chain and fuel prices generally, including as a result of changes to government trade policies, geopolitical tensions between the U.S. and other countries, such as the war with Iran, or other new, protracted or escalating regional or international conflicts; the impact from any health crises, including epidemics and pandemics; current and future litigation and regulatory investigations, proceedings or inquiries; the ability of the Company to successfully and/or timely adopt new technologies, including artificial intelligence; changes in accounting standards; the financial performance of the American Transmission Company as well as projects in which the company's energy infrastructure business invests; the ability of the company to obtain additional generating capacity at competitive prices; goodwill and its possible impairment; and other factors described under the heading "Factors Affecting Results, Liquidity and Capital Resources" in Management's Discussion and Analysis of Financial Condition and Results of Operations and under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" contained in the company's Form 10-K for the year ended Dec. 31, 2025, and in subsequent reports filed with the Securities and Exchange Commission. Except as may be required by law, the company expressly disclaims any obligation to publicly update or revise any forward-looking information.

Tables follow

WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS
(Unaudited)

Three Months Ended

Six Months Ended

June 30

June 30

(in millions, except per share amounts)

2026

2025

2026

2025

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

Earnings per share

Basic

$                        0.92

$                        0.77

$                        3.39

$                         3.04

Diluted

$                        0.91

$                        0.76

$                        3.36

$                         3.02

Weighted average common shares outstanding

Basic

325.8

320.3

325.7

319.3

Diluted

328.9

322.2

328.6

320.7

Dividends per share of common stock

$                    0.9525

$                    0.8925

$                    1.9050

$                    1.7850

WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in millions, except share and per share amounts)

June 30, 2026

December 31, 2025

Assets

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 Finance I, LLC)

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

Liabilities and Equity

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 Finance I, LLC)

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 Finance I, LLC)

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

Asset retirement obligations

668.6

647.0

Other

951.9

963.4

Long-term liabilities

32,969.0

31,872.1

Commitments and contingencies

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

WEC ENERGY GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Six Months Ended

June 30

(in millions)

2026

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 Solar Energy III Center, 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 American Transmission Company LLC'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

SOURCE WEC Energy Group

The market expects WEC Energy Group (WEC - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on July 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis electricity and natural gas provider is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of +6.6%.

Revenues are expected to be $2.07 billion, up 3.1% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 5.26% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for WEC Energy?For WEC Energy, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.83%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that WEC Energy will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that WEC Energy would post earnings of $2.33 per share when it actually produced earnings of $2.45, delivering a surprise of +5.15%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

WEC Energy doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerDTE Energy (DTE - Free Report) , another stock in the Zacks Utility - Electric Power industry, is expected to report earnings per share of $1.14 for the quarter ended June 2026. This estimate points to a year-over-year change of -16.2%. Revenues for the quarter are expected to be $3.51 billion, up 2.7% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for DTE Energy has been revised 4.7% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that DTE Energy will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.