WEC ENERGY GROUP, INC.WEC
WEC ENERGY GROUP, INC. Segments Disclosure
SEGMENT INFORMATION
Our President and CEO, who is our CODM, reviews financial information presented on a segment basis for purposes of making operating decisions and assessing performance. The CODM regularly reviews net income attributed to common shareholders to measure segment profitability and to allocate resources, including assets, to our businesses. Net income attributed to common shareholders best measures our segment profitability as it reflects all revenues and costs, including the impact on our tax provision from tax credits generated through investments in renewable generation facilities.
Our CODM allocates resources, such as employees, as well as financial and capital resources, to our segments during the annual review of budgets and the capital plan. Our CODM also reviews and revises the resources throughout the year during the monthly forecasting process in order to make timely decisions that align with our overall corporate strategy. The CODM uses each segment’s net income to evaluate performance by comparing actual results to budgeted and forecasted amounts, as well as the ROE earned for each utility within the various utility segments.
Segments were determined based on a combination of factors, including the regulatory environment of each geographical jurisdiction in which the segment operates, equity investment interests, as well as the revenue streams for the products or services provided to customers through electric, natural gas, and renewable operations. See Note 4, Operating Revenues, for more information on disaggregation of operating revenues, including intercompany eliminations. The accounting policies of the segments are the same as those described in Note 1, Summary of Significant Accounting Policies.
At December 31, 2025, we reported six segments, which are described below. All of our operations are located within the United States.
•The Wisconsin segment includes the electric and natural gas utility operations of WE, WPS, WG, and UMERC.
•The Illinois segment includes the natural gas utility operations of PGL and NSG.
•The other states segment includes the natural gas utility operations of MERC and MGU and the non-utility operations of MERC.
•The electric transmission segment includes our approximate 60% ownership interest in ATC, a for-profit, transmission-only company regulated by the FERC for cost of service and certain state regulatory commissions for routing and siting of transmission projects, and our approximate 75% ownership interest in ATC Holdco, which was formed to invest in transmission-related projects outside of ATC's traditional footprint. See Note 21, Investment in Transmission Affiliates, for more information on ATC and ATC Holdco.
•The non-utility energy infrastructure segment includes:
◦We Power, which owns and leases generating facilities to WE,
◦Bluewater, which owns underground natural gas storage facilities in Michigan that provide approximately one-third of the current storage needs for our Wisconsin natural gas utilities, and
◦WECI, which owns majority interests in multiple renewable generating facilities.
See Note 2, Acquisitions, for more information on recent WECI acquisitions.
•The corporate and other segment includes the operations of the WEC Energy Group holding company, the Integrys holding company, the PELLC holding company, Wispark, Wisvest, WECC, and WBS.
The following tables show summarized financial information related to our reportable segments for the years ended December 31, 2025, 2024, and 2023.
| Utility Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2025 (in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Electric Transmission | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
| External revenues | $ | 7,295.5 | $ | 1,683.6 | $ | 527.5 | $ | 9,506.6 | $ | — | $ | 293.5 | $ | — | $ | — | $ | 9,800.1 | ||||||||||||||||||||||||||||||||||||||
| Intersegment revenues | — | — | — | — | — | 476.7 | — | (476.7) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Fuel and purchased power | 1,674.9 | — | — | 1,674.9 | — | — | — | — | 1,674.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of natural gas sold | 871.5 | 508.0 | 246.3 | 1,625.8 | — | 9.6 | — | (44.5) | 1,590.9 | |||||||||||||||||||||||||||||||||||||||||||||||
| Other operation and maintenance | 1,737.9 | 482.2 | 104.6 | 2,324.7 | — | 95.5 | (10.2) | (9.2) | 2,400.8 | |||||||||||||||||||||||||||||||||||||||||||||||
| Impairments related to Illinois segment | — | 130.0 | — | 130.0 | — | — | — | — | 130.0 | |||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,008.1 | 259.7 | 49.8 | 1,317.6 | — | 240.2 | 21.6 | (100.9) | 1,478.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Property and revenue taxes | 178.7 | 55.5 | 26.2 | 260.4 | — | 19.6 | 0.1 | — | 280.1 | |||||||||||||||||||||||||||||||||||||||||||||||
| Equity in earnings of transmission affiliates | — | — | — | — | 215.8 | — | — | — | 215.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Other income, net (1) | 96.5 | 8.6 | 0.4 | 105.5 | — | 2.8 | 30.6 | (31.0) | 107.9 | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 638.7 | 88.9 | 19.2 | 746.8 | 19.3 | 123.1 | 359.0 | (353.1) | 895.1 | |||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 226.2 | 45.8 | 21.0 | 293.0 | 48.9 | (122.9) | (101.0) | — | 118.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiary | 1.2 | — | — | 1.2 | — | — | — | — | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributed to noncontrolling interests | — | — | — | — | — | 3.2 | — | — | 3.2 | |||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributed to common shareholders | $ | 1,054.8 | $ | 122.1 | $ | 60.8 | $ | 1,237.7 | $ | 147.6 | $ | 411.1 | $ | (238.9) | $ | — | $ | 1,557.5 | ||||||||||||||||||||||||||||||||||||||
Other Segment Disclosures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures and asset acquisitions | $ | 3,860.1 | $ | 306.1 | $ | 112.5 | $ | 4,278.7 | $ | — | $ | 504.7 | $ | 20.8 | $ | — | $ | 4,804.2 | ||||||||||||||||||||||||||||||||||||||
Equity method investments | 17.8 | — | — | 17.8 | 2,280.4 | — | 55.7 | — | 2,353.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets (2) | 33,984.7 | 8,167.7 | 1,733.3 | 43,885.7 | 2,282.8 | 7,762.9 | 1,227.6 | (3,640.7) | 51,518.3 | |||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes amounts that are not material for interest income and other equity earnings from investments other than from transmission affiliates.
(2) Total assets at December 31, 2025 reflect an elimination of $2,594.8 million for all lease activity between We Power and WE.
| Utility Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 (in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Electric Transmission | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
| External revenues | $ | 6,330.5 | $ | 1,602.4 | $ | 449.8 | $ | 8,382.7 | $ | — | $ | 217.2 | $ | — | $ | — | $ | 8,599.9 | ||||||||||||||||||||||||||||||||||||||
| Intersegment revenues | — | — | — | — | — | 474.1 | — | (474.1) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Fuel and purchased power | 1,455.7 | — | — | 1,455.7 | — | — | — | — | 1,455.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of natural gas sold | 661.9 | 376.7 | 198.6 | 1,237.2 | — | 9.1 | — | (46.0) | 1,200.3 | |||||||||||||||||||||||||||||||||||||||||||||||
| Other operation and maintenance | 1,547.9 | 461.5 | 93.9 | 2,103.3 | — | 75.1 | (11.3) | (9.1) | 2,158.0 | |||||||||||||||||||||||||||||||||||||||||||||||
| Impairments related to Illinois segment | — | 12.1 | — | 12.1 | — | — | — | — | 12.1 | |||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 919.9 | 255.4 | 47.0 | 1,222.3 | — | 198.4 | 22.3 | (88.5) | 1,354.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Property and revenue taxes | 169.6 | 59.9 | 21.0 | 250.5 | — | 15.7 | 0.3 | — | 266.5 | |||||||||||||||||||||||||||||||||||||||||||||||
| Equity in earnings of transmission affiliates | — | — | — | — | 207.5 | — | — | — | 207.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Other income, net (1) | 146.6 | 7.6 | 0.3 | 154.5 | — | 1.0 | 54.4 | (31.7) | 178.2 | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 637.3 | 94.7 | 16.4 | 748.4 | 19.4 | 99.7 | 310.0 | (362.2) | 815.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Gain on debt extinguishments | — | — | — | — | — | — | (23.1) | — | (23.1) | |||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 220.5 | 97.6 | 18.7 | 336.8 | 47.1 | (82.4) | (79.5) | — | 222.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiary | 1.2 | — | — | 1.2 | — | — | — | — | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributed to noncontrolling interests | — | — | — | — | — | 4.1 | — | — | 4.1 | |||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributed to common shareholders | $ | 863.1 | $ | 252.1 | $ | 54.5 | $ | 1,169.7 | $ | 141.0 | $ | 380.8 | $ | (164.3) | $ | — | $ | 1,527.2 | ||||||||||||||||||||||||||||||||||||||
Other Segment Disclosures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures and asset acquisitions | $ | 2,347.1 | $ | 343.0 | $ | 118.3 | $ | 2,808.4 | $ | — | $ | 945.8 | $ | 20.6 | $ | — | $ | 3,774.8 | ||||||||||||||||||||||||||||||||||||||
Equity method investments | 15.7 | — | — | 15.7 | 2,108.9 | — | 67.0 | — | 2,191.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets (2) | 30,622.7 | 8,168.8 | 1,646.0 | 40,437.5 | 2,126.0 | 7,316.0 | 1,037.3 | (3,553.6) | 47,363.2 | |||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes amounts that are not material for interest income and other equity earnings from investments other than from transmission affiliates.
(2) Total assets at December 31, 2024 reflect an elimination of $1,525.4 million for all lease activity between We Power and WE.
| Utility Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 (in millions) | Wisconsin | Illinois | Other States | Total Utility Operations | Electric Transmission | Non-Utility Energy Infrastructure | Corporate and Other | Reconciling Eliminations | WEC Energy Group Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
| External revenues | $ | 6,625.9 | $ | 1,557.8 | $ | 519.1 | $ | 8,702.8 | $ | — | $ | 190.1 | $ | 0.1 | $ | — | $ | 8,893.0 | ||||||||||||||||||||||||||||||||||||||
| Intersegment revenues | — | — | — | — | — | 476.4 | — | (476.4) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Fuel and purchased power | 1,615.9 | — | — | 1,615.9 | — | — | — | — | 1,615.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of natural gas sold | 894.7 | 443.0 | 277.2 | 1,614.9 | — | 20.5 | — | (60.1) | 1,575.3 | |||||||||||||||||||||||||||||||||||||||||||||||
| Other operation and maintenance | 1,531.3 | 397.9 | 94.5 | 2,023.7 | — | 80.1 | 5.8 | (9.1) | 2,100.5 | |||||||||||||||||||||||||||||||||||||||||||||||
| Impairments related to Illinois segment | — | 178.9 | — | 178.9 | — | — | — | — | 178.9 | |||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 851.5 | 237.3 | 43.3 | 1,132.1 | — | 188.7 | 20.9 | (77.5) | 1,264.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Property and revenue taxes | 179.2 | 29.9 | 24.4 | 233.5 | — | 16.5 | 0.2 | — | 250.2 | |||||||||||||||||||||||||||||||||||||||||||||||
| Equity in earnings of transmission affiliates | — | — | — | — | 177.5 | — | — | — | 177.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Other income, net (1) | 137.6 | 6.7 | 0.6 | 144.9 | — | — | 53.3 | (20.5) | 177.7 | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 601.0 | 88.9 | 15.9 | 705.8 | 19.4 | 94.3 | 258.1 | (350.2) | 727.4 | |||||||||||||||||||||||||||||||||||||||||||||||
| Gain on debt extinguishments | — | — | — | — | — | — | (0.5) | — | (0.5) | |||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 237.4 | 48.6 | 16.3 | 302.3 | 39.0 | (68.4) | (68.3) | — | 204.6 | |||||||||||||||||||||||||||||||||||||||||||||||
| Preferred stock dividends of subsidiary | 1.2 | — | — | 1.2 | — | — | — | — | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||
| Net loss attributed to noncontrolling interests | — | — | — | — | — | 1.2 | — | — | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributed to common shareholders | $ | 851.3 | $ | 140.0 | $ | 48.1 | $ | 1,039.4 | $ | 119.1 | $ | 336.0 | $ | (162.8) | $ | — | $ | 1,331.7 | ||||||||||||||||||||||||||||||||||||||
Other Segment Disclosures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures and asset acquisitions | $ | 2,134.4 | $ | 489.8 | $ | 103.5 | $ | 2,727.7 | $ | — | $ | 754.4 | $ | 25.8 | $ | — | $ | 3,507.9 | ||||||||||||||||||||||||||||||||||||||
Equity method investments | 14.4 | — | — | 14.4 | 2,005.9 | — | 61.3 | — | 2,081.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets (2) | 28,527.3 | 7,970.2 | 1,571.5 | 38,069.0 | 2,006.0 | 6,404.7 | 1,100.1 | (3,640.1) | 43,939.7 | |||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes amounts that are not material for interest income and other equity earnings from investments other than from transmission affiliates.
(2) Total assets at December 31, 2023 reflect an elimination of $1,630.6 million for all lease activity between We Power and WE.
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 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.