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OPERATING REVENUES (Tables) | 6 Months Ended
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Jun. 30, 2026
Disaggregation of Operating Revenues |
Operating revenues disaggregated by revenue source | 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
Three Months Ended June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric |  | $ | 1,345.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,345.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,345.9 |
Natural gas |  | 258.7 |  |  | 243.4 |  |  | 77.9 |  |  | 580.0 |  |  | 10.5 |  |  | — |  |  | (10.0) |  |  | 580.5 |
Total regulated revenues |  | 1,604.6 |  |  | 243.4 |  |  | 77.9 |  |  | 1,925.9 |  |  | 10.5 |  |  | — |  |  | (10.0) |  |  | 1,926.4 |
Other non-utility revenues |  | — |  |  | — |  |  | 5.4 |  |  | 5.4 |  |  | 82.9 |  |  | — |  |  | (3.9) |  |  | 84.4 |
Total revenues from contracts with customers |  | 1,604.6 |  |  | 243.4 |  |  | 83.3 |  |  | 1,931.3 |  |  | 93.4 |  |  | — |  |  | (13.9) |  |  | 2,010.8 |
Other operating revenues |  | 16.9 |  |  | 18.8 |  |  | 1.0 |  |  | 36.7 |  |  | 122.2 |  |  | — |  |  | (107.6) |  | (1) | 51.3 |
Total operating revenues |  | $ | 1,621.5 |  |  | $ | 262.2 |  |  | $ | 84.3 |  |  | $ | 1,968.0 |  |  | $ | 215.6 |  |  | $ | — |  |  | $ | (121.5) |  |  | $ | 2,062.1 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | Reconciling Eliminations |  | WEC Energy Group Consolidated
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric |  | $ | 1,303.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,303.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,303.1 |
Natural gas |  | 277.1 |  |  | 280.5 |  |  | 76.5 |  |  | 634.1 |  |  | 11.4 |  |  | — |  |  | (10.6) |  |  | 634.9 |
Total regulated revenues |  | 1,580.2 |  |  | 280.5 |  |  | 76.5 |  |  | 1,937.2 |  |  | 11.4 |  |  | — |  |  | (10.6) |  |  | 1,938.0 |
Other non-utility revenues |  | — |  |  | — |  |  | 5.4 |  |  | 5.4 |  |  | 58.1 |  |  | — |  |  | (3.9) |  |  | 59.6 |
Total revenues from contracts with customers |  | 1,580.2 |  |  | 280.5 |  |  | 81.9 |  |  | 1,942.6 |  |  | 69.5 |  |  | — |  |  | (14.5) |  |  | 1,997.6 |
Other operating revenues |  | 7.0 |  |  | (9.9) |  |  | 0.4 |  |  | (2.5) |  |  | 119.9 |  |  | — |  |  | (105.5) |  | (1) | 11.9 |
Total operating revenues |  | $ | 1,587.2 |  |  | $ | 270.6 |  |  | $ | 82.3 |  |  | $ | 1,940.1 |  |  | $ | 189.4 |  |  | $ | — |  |  | $ | (120.0) |  |  | $ | 2,009.5 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | Reconciling Eliminations |  | WEC Energy Group Consolidated
Six Months Ended June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric |  | $ | 2,779.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,779.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,779.2 |
Natural gas |  | 1,151.0 |  |  | 955.4 |  |  | 331.4 |  |  | 2,437.8 |  |  | 23.7 |  |  | — |  |  | (23.1) |  |  | 2,438.4 |
Total regulated revenues |  | 3,930.2 |  |  | 955.4 |  |  | 331.4 |  |  | 5,217.0 |  |  | 23.7 |  |  | — |  |  | (23.1) |  |  | 5,217.6 |
Other non-utility revenues |  | — |  |  | — |  |  | 11.0 |  |  | 11.0 |  |  | 158.6 |  |  | — |  |  | (5.5) |  |  | 164.1 |
Total revenues from contracts with customers |  | 3,930.2 |  |  | 955.4 |  |  | 342.4 |  |  | 5,228.0 |  |  | 182.3 |  |  | — |  |  | (28.6) |  |  | 5,381.7 |
Other operating revenues |  | 29.6 |  |  | 56.5 |  |  | (0.8) |  |  | 85.3 |  |  | 244.0 |  |  | — |  |  | (214.7) |  | (1) | 114.6 |
Total operating revenues |  | $ | 3,959.8 |  |  | $ | 1,011.9 |  |  | $ | 341.6 |  |  | $ | 5,313.3 |  |  | $ | 426.3 |  |  | $ | — |  |  | $ | (243.3) |  |  | $ | 5,496.3 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Utility Operations |  | Non-Utility Energy Infrastructure |  | Corporate and Other |  | Reconciling Eliminations |  | WEC Energy Group Consolidated
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric |  | $ | 2,623.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,623.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,623.1 |
Natural gas |  | 1,011.2 |  |  | 1,039.8 |  |  | 300.2 |  |  | 2,351.2 |  |  | 25.5 |  |  | — |  |  | (24.0) |  |  | 2,352.7 |
Total regulated revenues |  | 3,634.3 |  |  | 1,039.8 |  |  | 300.2 |  |  | 4,974.3 |  |  | 25.5 |  |  | — |  |  | (24.0) |  |  | 4,975.8 |
Other non-utility revenues |  | — |  |  | — |  |  | 10.9 |  |  | 10.9 |  |  | 119.6 |  |  | — |  |  | (5.5) |  |  | 125.0 |
Total revenues from contracts with customers |  | 3,634.3 |  |  | 1,039.8 |  |  | 311.1 |  |  | 4,985.2 |  |  | 145.1 |  |  | — |  |  | (29.5) |  |  | 5,100.8 |
Other operating revenues |  | 12.8 |  |  | 19.1 |  |  | (1.7) |  |  | 30.2 |  |  | 238.6 |  |  | — |  |  | (210.6) |  | (1) | 58.2 |
Total operating revenues |  | $ | 3,647.1 |  |  | $ | 1,058.9 |  |  | $ | 309.4 |  |  | $ | 5,015.4 |  |  | $ | 383.7 |  |  | $ | — |  |  | $ | (240.1) |  |  | $ | 5,159.0 |
(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 |
Disaggregation of Operating Revenues |
Operating revenues disaggregated by revenue source | The following table disaggregates electric utility operating revenues into customer class:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
(in millions) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Residential |  | $ | 528.9 |  |  | $ | 511.9 |  |  | $ | 1,102.3 |  |  | $ | 1,056.9 |
Small commercial and industrial |  | 445.3 |  |  | 423.3 |  |  | 896.9 |  |  | 844.4 |
Large commercial and industrial |  | 286.6 |  |  | 257.8 |  |  | 560.6 |  |  | 496.1 |
Other |  | 7.3 |  |  | 7.4 |  |  | 15.4 |  |  | 15.4 |
Total retail revenues |  | 1,268.1 |  |  | 1,200.4 |  |  | 2,575.2 |  |  | 2,412.8 |
Wholesale |  | 27.4 |  |  | 25.8 |  |  | 57.5 |  |  | 53.5 |
Resale |  | 40.1 |  |  | 65.7 |  |  | 117.1 |  |  | 128.5 |
Steam |  | 5.4 |  |  | 5.6 |  |  | 19.2 |  |  | 18.4 |
Other utility revenues |  | 4.9 |  |  | 5.6 |  |  | 10.2 |  |  | 9.9 |
Total electric utility operating revenues |  | $ | 1,345.9 |  |  | $ | 1,303.1 |  |  | $ | 2,779.2 |  |  | $ | 2,623.1 |
Revenues from contracts with customers | Natural gas |
Disaggregation of Operating Revenues |
Operating revenues disaggregated by revenue source | The following tables disaggregate natural gas utility operating revenues into customer class:
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Natural Gas Utility Operating Revenues
Three Months Ended June 30, 2026 |  |  |  |  |  |  |  |
Residential |  | $ | 158.2 |  |  | $ | 171.9 |  |  | $ | 46.1 |  |  | $ | 376.2 |
Commercial and industrial |  | 74.9 |  |  | 48.9 |  |  | 23.9 |  |  | 147.7 |
Total retail revenues |  | 233.1 |  |  | 220.8 |  |  | 70.0 |  |  | 523.9 |
Transportation |  | 24.3 |  |  | 50.4 |  |  | 7.9 |  |  | 82.6 |
Other utility revenues (1) |  | 1.3 |  |  | (27.8) |  |  | — |  |  | (26.5) |
Total natural gas utility operating revenues |  | $ | 258.7 |  |  | $ | 243.4 |  |  | $ | 77.9 |  |  | $ | 580.0 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Natural Gas Utility Operating Revenues
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |
Residential |  | $ | 160.3 |  |  | $ | 227.2 |  |  | $ | 46.0 |  |  | $ | 433.5 |
Commercial and industrial |  | 77.9 |  |  | 58.5 |  |  | 22.1 |  |  | 158.5 |
Total retail revenues |  | 238.2 |  |  | 285.7 |  |  | 68.1 |  |  | 592.0 |
Transportation |  | 22.7 |  |  | 60.1 |  |  | 7.6 |  |  | 90.4 |
Other utility revenues (1) |  | 16.2 |  |  | (65.3) |  |  | 0.8 |  |  | (48.3) |
Total natural gas utility operating revenues |  | $ | 277.1 |  |  | $ | 280.5 |  |  | $ | 76.5 |  |  | $ | 634.1 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Natural Gas Utility Operating Revenues
Six Months Ended June 30, 2026 |  |  |  |  |  |  |  |
Residential |  | $ | 725.5 |  |  | $ | 624.1 |  |  | $ | 196.6 |  |  | $ | 1,546.2 |
Commercial and industrial |  | 363.5 |  |  | 180.1 |  |  | 105.2 |  |  | 648.8 |
Total retail revenues |  | 1,089.0 |  |  | 804.2 |  |  | 301.8 |  |  | 2,195.0 |
Transportation |  | 58.7 |  |  | 144.2 |  |  | 21.5 |  |  | 224.4 |
Other utility revenues (1) |  | 3.3 |  |  | 7.0 |  |  | 8.1 |  |  | 18.4 |
Total natural gas utility operating revenues |  | $ | 1,151.0 |  |  | $ | 955.4 |  |  | $ | 331.4 |  |  | $ | 2,437.8 |
(in millions) |  | Wisconsin |  | Illinois |  | Other States |  | Total Natural Gas Utility Operating Revenues
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |
Residential |  | $ | 649.1 |  |  | $ | 692.8 |  |  | $ | 188.7 |  |  | $ | 1,530.6 |
Commercial and industrial |  | 328.3 |  |  | 189.7 |  |  | 95.2 |  |  | 613.2 |
Total retail revenues |  | 977.4 |  |  | 882.5 |  |  | 283.9 |  |  | 2,143.8 |
Transportation |  | 55.9 |  |  | 157.5 |  |  | 21.1 |  |  | 234.5 |
Other utility revenues (1) |  | (22.1) |  |  | (0.2) |  |  | (4.8) |  |  | (27.1) |
Total natural gas utility operating revenues |  | $ | 1,011.2 |  |  | $ | 1,039.8 |  |  | $ | 300.2 |  |  | $ | 2,351.2 |
(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, compared with the recovery of natural gas costs that were included in rates.
Revenues from contracts with customers | Other non-utility revenues |
Disaggregation of Operating Revenues |
Operating revenues disaggregated by revenue source | Other non-utility operating revenues consist primarily of the following:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
(in millions) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Renewable generation revenues |  | $ | 72.7 |  |  | $ | 48.1 |  |  | $ | 140.7 |  |  | $ | 101.9 |
We Power revenues (1) |  | 6.3 |  |  | 6.1 |  |  | 12.4 |  |  | 12.2 |
Appliance service revenues |  | 5.4 |  |  | 5.4 |  |  | 11.0 |  |  | 10.9 |
Total other non-utility operating revenues |  | $ | 84.4 |  |  | $ | 59.6 |  |  | $ | 164.1 |  |  | $ | 125.0 |
(1)As part of the construction of the We Power electric utility generating units, we capitalized interest during construction, which is included in property, plant, and equipment. As allowed by the PSCW, we collected these carrying costs from WE's utility customers during construction. The equity portion of these carrying costs was recorded as a contract liability, which is presented as deferred revenue, net on our balance sheets. We continually amortize the deferred carrying costs to revenues over the related lease term that We Power has with WE.
Other operating revenues |
Disaggregation of Operating Revenues |
Operating revenues disaggregated by revenue source | Other operating revenues consist primarily of the following:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
(in millions) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Alternative revenues (1) |  | $ | 10.1 |  |  | $ | (18.3) |  |  | 37.0 |  |  | — |
Late payment charges |  | 15.3 |  |  | 13.9 |  |  | 31.2 |  |  | 27.7 |
Amortization of revenue intangibles (2) |  | 14.6 |  |  | 14.4 |  |  | 29.3 |  |  | 28.0 |
Bespoke resources current return (3) |  | 10.8 |  |  | — |  |  | 15.1 |  |  | — |
Other |  | 0.5 |  |  | 1.9 |  |  | 2.0 |  |  | 2.5 |
Total other operating revenues |  | $ | 51.3 |  |  | $ | 11.9 |  |  | $ | 114.6 |  |  | $ | 58.2 |
(1) 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, in our 2025 Annual Report on Form 10-K. (2) We account for our asset acquisitions by recognizing identifiable intangible assets and liabilities assumed at fair value at the acquisition date. Amortization of these intangible assets and liabilities, which relate to PPAs and a proxy revenue swap, is recognized on a straight-line basis over the remaining contract term as a decrease or increase to operating revenues, respectively. See Note 18, Goodwill and Intangibles, for more information. (3) Consists of revenues related to carrying costs recognized during the construction of certain bespoke resources assigned to WE's VLCs. Consistent with the timing of when we recognize revenue, customer billings for the bespoke resources that are subject to current return (as opposed to AFUDC) occur on a monthly basis. For more information about the bespoke resources current return, see Note 1(d), Operating Revenues, in our 2025 Annual Report on Form 10-K.

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