WEC ENERGY GROUP, INC.WEC
WEC ENERGY GROUP, INC. Revenue Disclosure
OPERATING REVENUES
For more information about our significant accounting policies related to operating revenues, see Note 1(d), Operating Revenues.
Disaggregation of Operating Revenues
The following tables present our operating revenues disaggregated by revenue source. We do not have any revenues associated with our electric transmission segment, which includes investments accounted for using the equity method. We disaggregate revenues into categories that depict how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. For our segments, revenues are further disaggregated by electric and natural gas operations and then by customer class. Each customer class within our electric and natural gas operations has different expectations of service, energy and demand requirements, and can be impacted differently by regulatory activities within their jurisdictions.
| (in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Electric | $ | 5,529.6 | $ | — | $ | — | $ | 5,529.6 | $ | — | $ | — | $ | — | $ | 5,529.6 | ||||||||||||||||||||||||||||||||||
| Natural gas | 1,741.6 | 1,717.6 | 508.1 | 3,967.3 | 47.0 | — | (44.5) | 3,969.8 | ||||||||||||||||||||||||||||||||||||||||||
| Total regulated revenues | 7,271.2 | 1,717.6 | 508.1 | 9,496.9 | 47.0 | — | (44.5) | 9,499.4 | ||||||||||||||||||||||||||||||||||||||||||
| Other non-utility revenues | — | — | 21.8 | 21.8 | 243.6 | — | (9.2) | 256.2 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues from contracts with customers | 7,271.2 | 1,717.6 | 529.9 | 9,518.7 | 290.6 | — | (53.7) | 9,755.6 | ||||||||||||||||||||||||||||||||||||||||||
| Other operating revenues | 24.3 | (34.0) | (2.4) | (12.1) | 479.6 | — | (423.0) | (1) | 44.5 | |||||||||||||||||||||||||||||||||||||||||
| Total operating revenues | $ | 7,295.5 | $ | 1,683.6 | $ | 527.5 | $ | 9,506.6 | $ | 770.2 | $ | — | $ | (476.7) | $ | 9,800.1 | ||||||||||||||||||||||||||||||||||
| (in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Electric | $ | 4,908.4 | $ | — | $ | — | $ | 4,908.4 | $ | — | $ | — | $ | — | $ | 4,908.4 | ||||||||||||||||||||||||||||||||||
| Natural gas | 1,402.4 | 1,499.6 | 419.7 | 3,321.7 | 48.4 | — | (46.0) | 3,324.1 | ||||||||||||||||||||||||||||||||||||||||||
| Total regulated revenues | 6,310.8 | 1,499.6 | 419.7 | 8,230.1 | 48.4 | — | (46.0) | 8,232.5 | ||||||||||||||||||||||||||||||||||||||||||
| Other non-utility revenues | — | — | 20.4 | 20.4 | 223.9 | — | (9.1) | 235.2 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues from contracts with customers | 6,310.8 | 1,499.6 | 440.1 | 8,250.5 | 272.3 | — | (55.1) | 8,467.7 | ||||||||||||||||||||||||||||||||||||||||||
| Other operating revenues | 19.7 | 102.8 | 9.7 | 132.2 | 419.0 | — | (419.0) | (1) | 132.2 | |||||||||||||||||||||||||||||||||||||||||
| Total operating revenues | $ | 6,330.5 | $ | 1,602.4 | $ | 449.8 | $ | 8,382.7 | $ | 691.3 | $ | — | $ | (474.1) | $ | 8,599.9 | ||||||||||||||||||||||||||||||||||
| (in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | ||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Electric | $ | 4,994.6 | $ | — | $ | — | $ | 4,994.6 | $ | — | $ | — | $ | — | $ | 4,994.6 | ||||||||||||||||||||||||||||||||||
| Natural gas | 1,606.7 | 1,480.5 | 493.7 | 3,580.9 | 61.9 | — | (60.2) | 3,582.6 | ||||||||||||||||||||||||||||||||||||||||||
| Total regulated revenues | 6,601.3 | 1,480.5 | 493.7 | 8,575.5 | 61.9 | — | (60.2) | 8,577.2 | ||||||||||||||||||||||||||||||||||||||||||
| Other non-utility revenues | — | — | 19.6 | 19.6 | 197.5 | 0.1 | (9.1) | 208.1 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues from contracts with customers | 6,601.3 | 1,480.5 | 513.3 | 8,595.1 | 259.4 | 0.1 | (69.3) | 8,785.3 | ||||||||||||||||||||||||||||||||||||||||||
| Other operating revenues | 24.6 | 77.3 | 5.8 | 107.7 | 407.1 | — | (407.1) | (1) | 107.7 | |||||||||||||||||||||||||||||||||||||||||
| Total operating revenues | $ | 6,625.9 | $ | 1,557.8 | $ | 519.1 | $ | 8,702.8 | $ | 666.5 | $ | 0.1 | $ | (476.4) | $ | 8,893.0 | ||||||||||||||||||||||||||||||||||
(1) Amounts eliminated represent lease revenues related to certain plants that We Power leases to WE to supply electricity to its customers. Lease payments are billed from We Power to WE and then recovered in WE's rates as authorized by the PSCW and the FERC. WE operates the plants and is authorized by the PSCW and Wisconsin state law to fully recover prudently incurred operating and maintenance costs in electric rates.
Revenues from Contracts with Customers
Electric Utility Operating Revenues
The following table disaggregates electric utility operating revenues into customer class:
| Year Ended December 31 | ||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Residential | $ | 2,249.6 | $ | 1,996.3 | $ | 1,992.3 | ||||||||||||||
| Small commercial and industrial | 1,763.6 | 1,613.0 | 1,641.1 | |||||||||||||||||
| Large commercial and industrial | 1,057.8 | 942.6 | 978.4 | |||||||||||||||||
| Other | 30.9 | 30.2 | 30.5 | |||||||||||||||||
| Total retail revenues | 5,101.9 | 4,582.1 | 4,642.3 | |||||||||||||||||
| Wholesale | 107.6 | 102.6 | 120.4 | |||||||||||||||||
| Resale | 267.6 | 176.7 | 195.4 | |||||||||||||||||
| Steam | 28.4 | 22.4 | 25.2 | |||||||||||||||||
| Other utility revenues | 24.1 | 24.6 | 11.3 | |||||||||||||||||
| Total electric utility operating revenues | $ | 5,529.6 | $ | 4,908.4 | $ | 4,994.6 | ||||||||||||||
Natural Gas Utility Operating Revenues
The following tables disaggregate natural gas utility operating revenues into customer class:
| (in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
| Year ended December 31, 2025 | ||||||||||||||||||||||||||
| Residential | $ | 1,100.2 | $ | 1,174.9 | $ | 316.5 | $ | 2,591.6 | ||||||||||||||||||
| Commercial and industrial | 563.9 | 320.0 | 164.4 | 1,048.3 | ||||||||||||||||||||||
| Total retail revenues | 1,664.1 | 1,494.9 | 480.9 | 3,639.9 | ||||||||||||||||||||||
| Transportation | 105.1 | 291.8 | 38.8 | 435.7 | ||||||||||||||||||||||
Other utility revenues (1) (2) | (27.6) | (69.1) | (11.6) | (108.3) | ||||||||||||||||||||||
| Total natural gas utility operating revenues | $ | 1,741.6 | $ | 1,717.6 | $ | 508.1 | $ | 3,967.3 | ||||||||||||||||||
| (in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
| Year ended December 31, 2024 | ||||||||||||||||||||||||||
| Residential | $ | 893.1 | $ | 945.5 | $ | 250.5 | $ | 2,089.1 | ||||||||||||||||||
| Commercial and industrial | 416.8 | 274.5 | 123.9 | 815.2 | ||||||||||||||||||||||
| Total retail revenues | 1,309.9 | 1,220.0 | 374.4 | 2,904.3 | ||||||||||||||||||||||
| Transportation | 96.8 | 272.2 | 33.6 | 402.6 | ||||||||||||||||||||||
Other utility revenues (1) | (4.3) | 7.4 | 11.7 | 14.8 | ||||||||||||||||||||||
| Total natural gas utility operating revenues | $ | 1,402.4 | $ | 1,499.6 | $ | 419.7 | $ | 3,321.7 | ||||||||||||||||||
| (in millions) | Wisconsin | Illinois | Other States | Total Natural Gas Utility Operating Revenues | ||||||||||||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||
| Residential | $ | 1,012.0 | $ | 966.0 | $ | 324.4 | $ | 2,302.4 | ||||||||||||||||||
| Commercial and industrial | 506.7 | 267.1 | 175.3 | 949.1 | ||||||||||||||||||||||
| Total retail revenues | 1,518.7 | 1,233.1 | 499.7 | 3,251.5 | ||||||||||||||||||||||
| Transportation | 93.0 | 231.9 | 32.5 | 357.4 | ||||||||||||||||||||||
Other utility revenues (1) | (5.0) | 15.5 | (38.5) | (28.0) | ||||||||||||||||||||||
| Total natural gas utility operating revenues | $ | 1,606.7 | $ | 1,480.5 | $ | 493.7 | $ | 3,580.9 | ||||||||||||||||||
(1) Includes the revenues subject to the purchased gas recovery mechanisms of our utilities, which fluctuate by segment based on actual natural gas costs incurred at our utilities, compared with the recovery of natural gas costs that were anticipated in rates.
(2) For our Illinois segment, includes a $75.0 million reduction in revenues recorded in the fourth quarter of 2025 for future billing credits to customers, based on the terms of a proposed settlement in February 2026 to resolve open QIP and UEA proceedings.
Other Non-Utility Operating Revenues
Other non-utility operating revenues consist primarily of the following:
| Year Ended December 31 | ||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Renewable generation revenues | $ | 209.8 | $ | 190.5 | $ | 164.9 | ||||||||||||||
| We Power revenues | 24.6 | 24.3 | 23.5 | |||||||||||||||||
| Appliance service revenues | 21.8 | 20.4 | 19.6 | |||||||||||||||||
| Other | — | — | 0.1 | |||||||||||||||||
| Total other non-utility operating revenues | $ | 256.2 | $ | 235.2 | $ | 208.1 | ||||||||||||||
Other Operating Revenues
Other operating revenues consist primarily of the following:
| Year Ended December 31 | ||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Late payment charges | $ | 48.1 | $ | 48.5 | $ | 56.5 | ||||||||||||||
Bespoke resources current return (1) | 4.1 | — | — | |||||||||||||||||
Alternative revenues (2) | (67.7) | 79.8 | 47.0 | |||||||||||||||||
| Other | 60.0 | 3.9 | 4.2 | |||||||||||||||||
| Total other operating revenues | $ | 44.5 | $ | 132.2 | $ | 107.7 | ||||||||||||||
(1) Bespoke resources current return consists of carrying costs earned during the construction of bespoke resources assigned to WE's VLCs. See Note 1(d), Operating Revenues, for more information.
(2) Alternative revenues consist of amounts to be recovered or refunded to customers subject to decoupling mechanisms, wholesale true-ups, and conservation improvement rider true-ups. Negative amounts can result from alternative revenues being reversed to revenues from contracts with customers as the customer is billed for these alternative revenues. For more information about our alternative revenues, see Note 1(d), Operating Revenues.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 26, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.