WEC Energy Group Q3 2026 Earnings Call: EPS Guidance Raised, $47.5B Capital Plan
Source Tradingkey
Key Takeaways
- WEC Energy Group reported Q3 2026 diluted EPS of $1.18, up $0.35 from $0.83 in Q3 2025. Warmer weather, capital investment and operating efficiencies supported the increase.
- Management raised and narrowed 2026 EPS guidance to $5.60-$5.64 from $5.51-$5.61, assuming normal weather for the remainder of the year.
- The company introduced a $47.5 billion capital plan for 2027-2031, up $10 billion, or more than 26%, from its previous plan. Most of the increase is tied to very large customer, or VLC, demand.
- Forecast electric demand growth for 2026-2031 increased by 1 gigawatt to 4.9 gigawatts. The plan includes 3.2 gigawatts of demand in the I-94 region, 1.3 gigawatts at the Vantage data center site and 400 megawatts for another prospective customer.
- WEC expects the new plan to support a 13.4% asset-base CAGR and 7% to 9%-plus annual EPS growth through 2031, measured from the $5.56 midpoint of its original 2026 guidance.
- Management expects dividend growth of 6.5% to 7%, with a projected payout ratio of 60% to 70% as EPS grows faster.
Core Financial Data
| Metric | Q3 2026 / Updated outlook | Comparison or context |
|---|---|---|
| Diluted EPS | $1.18 | $0.83 in Q3 2025; increase of $0.35 |
| Weather impact on EPS | $0.08 positive versus normal | $0.05 favorable year over year |
| Utility earnings contribution | $0.28 higher year over year | Included investment growth and operating efficiencies |
| Investment-related EPS contribution | $0.19 | Included $0.15 from incremental AFUDC equity and cash returns |
| Weather-normalized retail electric sales | +4.1% year over year | Driven by VLC growth |
| Sales excluding the iron ore mine and VLC customers | +0.4% | Q3 year-over-year growth |
| 2026 EPS guidance | $5.60-$5.64 | Raised and narrowed from $5.51-$5.61 |
| 2027-2031 capital plan | $47.5 billion | Up $10 billion, or more than 26% |
| Expected asset-base CAGR | 13.4% | Supported by the updated capital plan |
| Expected long-term EPS CAGR | 7% to 9%-plus | Through 2031 from the original 2026 guidance midpoint of $5.56 |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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