WEC Energy Group reported Q2 2025 revenue of $2.0095 billion, representing a year-over-year increase of 13.4% but a quarter-over-quarter decline of 36.2%. The year-over-year uplift reflects the resilience of its regulated utility franchise and ongoing investments in rate-base assets, while the quarterly drop is driven by seasonality and capex-related dynamics in a period of heavy investment. Net income reached $245.7 million with basic earnings per share (EPS) of $0.77 and diluted EPS of $0.76, while EBITDA stood at $852.2 million and operating income at $404.9 million, signaling solid operating leverage within a regulated framework, albeit offset by higher financing costs and restructuring of working capital.
From a cash-flow perspective, operating cash flow was $853.3 million, capex was $829.4 million, yielding a modest free cash flow of $23.9 million. The balance sheet shows substantial leverage, with total debt of approximately $20.53 billion and a debt-to-capitalization ratio of about 60.8%, alongside liquidity pressures (current ratio 0.553; cash ratio 0.0049). The company generated dividend cash outflows of about $285.1 million during the quarter, with a payout ratio reported at 1.16x. The near-term liquidity and debt metrics suggest a defensively positioned business that remains capital-intensive, requiring ongoing execution of capex programs and favorable regulatory outcomes to sustain cash generation and dividend delivery.
Compared with select utilities peers, WEC’s price-to-earnings multiple sits in the high-20s to mid-30s range, with a price-to-book around 2.5 and a modest dividend yield of roughly 0.86%. Relative to peers, WEC faces a similar regulatory-driven earnings profile but exhibits tighter liquidity and a higher leverage profile, underscoring a cautious stance on balance-sheet risk even as the earnings base remains durable under regulated return regimes.