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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Our President and Chief Executive Officer, 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 3, 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, in our 2024 Annual Report on Form 10-K.

At September 30, 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 18, 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 holds majority interests in multiple renewable generating facilities.

See Note 2, Acquisitions, for more information on WECI's recent acquisition of Hardin III.

•The corporate and other segment includes the operations of the WEC Energy Group holding company, the Integrys holding company, the Peoples Energy, LLC holding company, Wispark LLC, Wisvest LLC, Wisconsin Energy Capital Corporation, and WEC Business Services LLC.
The following tables show summarized financial information related to our reportable segments for the three and nine months ended September 30, 2025 and 2024:
Utility Operations
(in millions)WisconsinIllinoisOther StatesTotal Utility OperationsElectric TransmissionNon-Utility Energy InfrastructureCorporate and OtherReconciling EliminationsWEC Energy Group Consolidated
Three Months Ended September 30, 2025
External revenues$1,791.6 $183.5 $53.0 $2,028.1 $— $75.9 $— $— $2,104.0 
Intersegment revenues— — — — — 117.4 — (117.4)— 
Fuel and purchased power502.4 — — 502.4 — — — — 502.4 
Cost of natural gas sold75.8 21.4 17.5 114.7 — 0.8 — (9.8)105.7 
Other operation and maintenance443.7 108.0 23.6 575.3 — 34.6 (3.2)(1.6)605.1 
Depreciation and amortization255.7 65.0 12.5 333.2 — 60.6 5.2 (25.6)373.4 
Property and revenue taxes44.5 11.4 6.6 62.5 — 5.3 — — 67.8 
Equity in earnings of transmission affiliates— — — — 54.8 — — — 54.8 
Other income, net (1)
25.0 2.1 0.1 27.2 — 0.8 3.7 (7.9)23.8 
Interest expense158.9 21.8 5.0 185.7 4.8 30.5 90.9 (88.3)223.6 
Income tax expense (benefit)54.0 (11.5)(3.2)39.3 12.7 (24.2)6.6 — 34.4 
Preferred stock dividends of subsidiary0.3 — — 0.3 — — — — 0.3 
Net loss attributed to noncontrolling interests— — — — — 1.4 — — 1.4 
Net income (loss) attributed to common shareholders$281.3 $(30.5)$(8.9)$241.9 $37.3 $87.9 $(95.8)$— $271.3 
Other Segment Disclosures
Three Months Ended September 30, 2025
Capital expenditures and asset acquisitions$1,376.0 $93.9 $29.5 $1,499.4 $— $58.3 $6.9 $— $1,564.6 
Balance at September 30, 2025
Equity method investments17.3 — — 17.3 2,268.8 — 55.3 — 2,341.4 
Total assets (2)
32,467.2 8,049.4 1,651.7 42,168.3 2,268.8 7,809.9 1,199.4 (3,637.5)49,808.9 

(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 September 30, 2025 reflect an elimination of $2,613.4 million for all lease activity between We Power and WE.
Utility Operations
(in millions)WisconsinIllinoisOther StatesTotal Utility OperationsElectric TransmissionNon-Utility Energy InfrastructureCorporate and OtherReconciling EliminationsWEC Energy Group Consolidated
Three Months Ended September 30, 2024
External revenues$1,590.0 $173.6 $53.0 $1,816.6 $— $46.9 $— $— $1,863.5 
Intersegment revenues— — — — — 116.2 — (116.2)— 
Fuel and purchased power433.9 — — 433.9 — — — — 433.9 
Cost of natural gas sold61.4 17.8 16.9 96.1 — 0.4 — (9.6)86.9 
Other operation and maintenance403.5 126.5 22.6 552.6 — 19.1 (3.3)(1.6)566.8 
Depreciation and amortization232.4 63.9 12.0 308.3 — 49.2 5.6 (22.6)340.5 
Property and revenue taxes32.8 12.2 2.6 47.6 — 4.0 0.1 — 51.7 
Equity in earnings of transmission affiliates— — — — 46.7 — — — 46.7 
Other income, net (1)
35.7 1.5 0.2 37.4 — 0.2 13.7 (7.3)44.0 
Interest expense160.3 22.3 4.1 186.7 4.8 23.4 79.0 (89.7)204.2 
Income tax expense (benefit)63.3 (19.0)(1.3)43.0 10.2 (16.0)(5.6)— 31.6 
Preferred stock dividends of subsidiary0.3 — — 0.3 — — — — 0.3 
Net loss attributed to noncontrolling interests— — — — — 1.8 — — 1.8 
Net income (loss) attributed to common shareholders$237.8 $(48.6)$(3.7)$185.5 $31.7 $85.0 $(62.1)$— $240.1 
Other Segment Disclosures
Three Months Ended September 30, 2024
Capital expenditures and asset acquisitions$659.5 $86.6 $32.6 $778.7 $— $9.0 $8.3 $— $796.0 
Balance at September 30, 2024
Equity method investments15.5 — — 15.5 2,080.8 — 67.5 — 2,163.8 
Total assets (2)
29,887.4 7,893.9 1,553.1 39,334.4 2,085.4 6,210.0 1,144.6 (3,577.9)45,196.5 

(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 September 30, 2024 reflect an elimination of $2,687.6 million for all lease activity between We Power and WE.
Utility Operations
(in millions)WisconsinIllinoisOther StatesTotal Utility OperationsElectric TransmissionNon-Utility Energy InfrastructureCorporate and OtherReconciling EliminationsWEC Energy Group Consolidated
Nine Months Ended September 30, 2025
External revenues$5,438.7 $1,242.4 $362.4 $7,043.5 $— $219.5 $— $— $7,263.0 
Intersegment revenues— — — — — 357.5 — (357.5)— 
Fuel and purchased power1,284.5 — — 1,284.5 — — — — 1,284.5 
Cost of natural gas sold582.7 339.1 165.1 1,086.9 — 6.6 — (33.7)1,059.8 
Other operation and maintenance1,274.8 367.3 76.2 1,718.3 — 107.6 (9.5)(7.1)1,809.3 
Depreciation and amortization749.5 194.2 37.0 980.7 — 179.6 16.2 (74.3)1,102.2 
Property and revenue taxes135.0 44.6 19.9 199.5 — 15.6 0.1 — 215.2 
Equity in earnings of transmission affiliates— — — — 160.3 — — — 160.3 
Other income, net (1)
62.4 6.5 0.3 69.2 — 2.2 20.3 (23.3)68.4 
Interest expense478.6 67.1 14.0 559.7 14.5 92.6 266.3 (265.7)667.4 
Income tax expense (benefit)171.5 66.4 12.8 250.7 36.0 (98.7)(73.4)— 114.6 
Preferred stock dividends of subsidiary0.9 — — 0.9 — — — — 0.9 
Net loss attributed to noncontrolling interests— — — — — 3.1 — — 3.1 
Net income (loss) attributed to common shareholders$823.6 $170.2 $37.7 $1,031.5 $109.8 $279.0 $(179.4)$— $1,240.9 
Other Segment Disclosures
Capital expenditures and asset acquisitions$2,692.4 $219.3 $84.5 $2,996.2 $— $490.4 $14.6 $— $3,501.2 

(1)    Includes amounts that are not material for interest income and other equity earnings from investments other than from transmission affiliates.
Utility Operations
(in millions)WisconsinIllinoisOther StatesTotal Utility OperationsElectric TransmissionNon-Utility Energy InfrastructureCorporate and OtherReconciling EliminationsWEC Energy Group Consolidated
Nine Months Ended September 30, 2024
External revenues$4,737.0 $1,116.4 $308.6 $6,162.0 $— $153.7 $— $— $6,315.7 
Intersegment revenues— — — — — 355.9 — (355.9)— 
Fuel and purchased power1,115.4 — — 1,115.4 — — — — 1,115.4 
Cost of natural gas sold444.9 254.3 131.5 830.7 — 6.1 — (34.6)802.2 
Other operation and maintenance1,182.6 336.1 67.8 1,586.5 — 62.3 (10.7)(7.1)1,631.0 
Depreciation and amortization685.3 191.1 34.9 911.3 — 147.9 16.6 (65.3)1,010.5 
Property and revenue taxes125.0 41.9 15.1 182.0 — 12.5 0.2 — 194.7 
Equity in earnings of transmission affiliates— — — — 138.3 — — — 138.3 
Other income, net (1)
101.4 5.7 0.3 107.4 — 0.4 41.7 (20.8)128.7 
Interest expense475.4 70.8 12.1 558.3 14.5 71.6 222.1 (269.7)596.8 
Income tax expense (benefit)172.6 63.3 12.0 247.9 30.6 (59.6)(58.0)— 160.9 
Preferred stock dividends of subsidiary0.9 — — 0.9 — — — — 0.9 
Net loss attributed to noncontrolling interests— — — — — 3.4 — — 3.4 
Net income (loss) attributed to common shareholders$636.3 $164.6 $35.5 $836.4 $93.2 $272.6 $(128.5)$— $1,073.7 
Other Segment Disclosures
Capital expenditures and asset acquisitions$1,644.5 $256.2 $82.2 $1,982.9 $— $33.7 $16.0 $— $2,032.6 

(1)    Includes amounts that are not material for interest income and other equity earnings from investments other than from transmission affiliates.