2026년 2월 7일 · Unknown · financial · 출처 Yahoo Finance
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Key Points
WEC reported adjusted 2025 EPS of $5.27, up $0.39 year‑over‑year, driven by utility operations (weather helped ~ $0.35 and rate‑base growth ~$0.74) while excluding a one‑time proposed Illinois settlement charge of $0.46 per share that would resolve Rider QIP and uncollectible reconciliations. Management rolled out a five‑year capital plan of $37.5 billion to support forecasted large‑load growth of 3.9 GW—led by major data‑center projects (Microsoft adding ~500 MW; Vantage/Oracle/OpenAI ~1.3 GW in the near term)—and reiterated a long‑term EPS CAGR target of 7%–8% from 2026–2030. For 2026 WEC reaffirmed guidance of $5.51–$5.61 in adjusted EPS, expects $4–5 billion of debt funding plus $900M–$1.1B of equity issuance, and increased the annual dividend 6.7% to $3.81 (23rd consecutive year of growth). Interested in WEC Energy Group, Inc.? Here are five stocks we like better.
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WEC Energy Group (NYSE:WEC) reported full-year 2025 adjusted earnings of $5.27 per share, highlighting year-over-year growth, an expanded five-year capital plan tied to large-load demand, and progress on key regulatory matters in Wisconsin and Illinois during its fourth-quarter and year-end 2025 earnings call.
2025 results and key earnings drivers
President and CEO Scott Lauber said the company delivered “another year of solid results” across customer satisfaction, financial performance, and execution of its capital plan. Chief Financial Officer Xia Liu reported that adjusted 2025 earnings of $5.27 per share increased $0.39 from 2024 on an adjusted basis.
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Management emphasized that adjusted results excluded a one-time charge of $0.46 per share related to a proposed Illinois settlement. Lauber said the settlement is expected to fully resolve open reconciliation dockets tied to Rider QIP spending from 2017 through the rider’s sunset in 2023, as well as open reconciliations for the uncollectible rider for 2019 through 2023.
Liu broke down the year-over-year earnings change, noting that utility operations were the primary driver. Adjusted utility earnings increased $0.63 per share versus 2024, including:
Weather: approximately $0.35 favorable versus last year. Compared with normal conditions, management estimated a $0.10 favorable impact in 2025 versus a $0.25 unfavorable impact in 2024. Rate-base growth: a $0.74 per-share benefit, largely driven by Wisconsin rate review outcomes effective January 1, 2025, plus $0.12 of incremental AFUDC equity from projects under construction. Offsets: $0.46 per share of headwinds from higher depreciation and amortization, day-to-day O&M, and tax and other items.
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Outside the utility segment, the company cited a $0.02 per-share increase from its investment in American Transmission Company, driven by a $0.06 benefit from continued capital investment, partially offset by a one-time gain recognized in 2024. The energy infrastructure segment contributed a $0.10 per-share increase tied to higher production tax credits associated with solar acquisitions completed in late 2024 and early 2025. Corporate and other results swung by $0.24 per share, driven by higher interest expense from higher debt balances, gains from early debt retirements recorded in 2024, and other items.
Sales outlook and data center-driven demand growth
On sales, Liu said that for 2025, retail electric deliveries in Wisconsin excluding the iron ore mine rose 1.1% year over year, with results “slightly ahead” of the company’s forecast in each segment. For 2026, management is projecting weather-normal retail electric sales in Wisconsin to grow 1.6% versus 2025, with the large commercial and industrial segment expected to increase 5.8%, fueled by forecast data center load.
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Lauber described a series of regional economic development announcements driving increased load forecasts and incremental capital needs, led by large-scale data center projects.
Microsoft’s data center complex in the I-94 corridor was highlighted as a major source of incremental demand. Lauber said Microsoft has purchased more than 2,000 acres to date and that energy is already flowing to the site, with the first phase expected to go online this year. He added that Microsoft received local approval to expand with 15 additional data center buildings, prompting WEC to add 500 MW of customer demand to its forecast. Management said this 500 MW increase translates into an estimated $1 billion of incremental capital added to the company’s plan, raising forecasted demand in the I-94 corridor to 2.6 GW through 2030.
To the north of Milwaukee, Lauber pointed to the Vantage Data Centers development supporting Oracle and OpenAI, noting that Vantage broke ground in December on an initial 670-acre phase and has stated it expects to invest $15 billion to complete that phase in 2028. The first facility could come online late next year, management said. WEC currently has 1.3 GW of demand for the Vantage site in its forecast over the next five years, with the longer-term potential to reach 3.5 GW of demand over time.
Lauber also cited other business investments, including Foxconn’s plans to renovate and expand its Racine County campus to focus on manufacturing data center components (more than $500 million in expected investment and more than 1,300 jobs), Rockwell Automation’s plans for a new manufacturing site in southeastern Wisconsin, and additional expansion by Uline.
Summarizing its five-year view, management said it is projecting a total of 3.9 GW of electric demand growth in its plan (2.6 GW in the I-94 corridor and 1.3 GW north of Milwaukee).
Capital plan and long-term growth targets
Lauber said the compan…