WEC US S&P 500Russell 1000 Earnings call
WEC Energy Group (WEC) · Q2 2026 results and valuation
Share price: $117.47 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 29 Jul 2026 and 5 May 2026
Net income down 62.7% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−62.7%
Net income vs Q1 2026
Outlook given
Net income 301.0M vs 806.1M
Revenue −40.0%
Against the same quarter last year (Q2 2025) it is +23.9%, so the move on last quarter looks seasonal or timing-related rather than a trend.
Why Net income fell primarily due to negative weather impacts and higher interest expenses in the Corporate and Other segment.
2 · How management spoke
Restrained
Less upbeat than 67% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
Vantage expects to invest $15 billion to complete this phase in 2028.
Valuation
Is WEC Energy Group undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 0.7% growth a year (3-year revenue growth), the model's fair value is $17.08 a share — the stock trades 588% above it. Today's price assumes 14.5% growth a year.
Current price
$117.47
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+14.5% for 10 yrs
Fair value / share
$17.08
Buy below
$12.81
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Management expects
Earnings +7.5% · from the Q2 2026 report: “WEC updated its guidance to project long-term earnings per share growth of 7% to 8% on a compound annual basis between 2026 and 2030.”
A guidance figure for earnings, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
As Scott mentioned earlier, WEC Energy is reaffirming its 2026 earnings guidance of $5.51 to $5.61 per share, assuming normal weather for the rest of the year.
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Guidance
WEC updated its guidance to project long-term earnings per share growth of 7% to 8% on a compound annual basis between 2026 and 2030.
Source quote
“As you recall, we project long-term earnings per share growth of 7% to 8% a year on a compound annual basis between 2026 and 2030.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“But first, let me highlight the strong economic growth in our region that serves as a foundation of our robust capital plan.”
“We are preparing to serve a forecasted demand increase of 2.6 gigawatts in this region through 2030 and an opportunity for further expansion.”
“Compared to Q2 last year, total weather normal retail electric sales grew 4.2% this quarter, driven by growth from the VLCs.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.06B | 3.43B | −40.0% | 2.01B | +2.6% |
| Gross profit | 1.51B | 2.04B | −26.3% | 1.44B | +4.7% |
| Operating income | 432.8M | 980.0M | −55.8% | 404.9M | +6.9% |
| Net income | 301.0M | 806.1M | −62.7% | 243.0M | +23.9% |
| P/E today 21.1 | — | — | — | — | — |
Topics
Most discussed now
- New This includes $0.09 of incremental AFUDC equity and $0.02 of incremental cash returns associated with projects under construction, mostly…
- New If you look at the Vantage Oracle site, currently, they're under the payment calculation agreements for them.
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Faded since Q1 2026
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Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Material agreement · SEC 8-K
- Director or officer change · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Regulation FD disclosure · SEC 8-K