WEC · 10-Q · 2026Q3 · Full report

Liquidity and Debt Position

WEC ENERGY GROUP, INC. · 2026-10-30 · Importance 37 · Surprise 6

At September 30, 2026, current liabilities exceeded current assets by $2,438.4 million, which WEC said would not affect liquidity because revolving credit capacity, operating cash flow, and capital-market access were adequate. Total debt was $22,756.0 million, comprising $20,851.7 million of long-term debt (including current portion) and $1,904.3 million of short-term debt. Debt represented 60.9% of total capitalization on a GAAP basis and 59.1% on an adjusted basis, which attributes $675.0 million of the Junior Notes to equity and $675.0 million to long-term debt. WEC reported compliance with all financial covenants on September 30, 2026, and expected to remain compliant for the foreseeable future.

Key facts

• At September 30, 2026, WEC Energy Group's actual total debt was $22,756.0 million and its debt-to-total-capitalization ratio was 60.9%. source
• At September 30, 2026, WEC Energy Group's current liabilities exceeded current assets by $2,438.4 million; it expected available revolving credit capacity, operating cash flow, and capital-market access to meet short- and long-term cash requirements. source
• If WE had a sub-investment-grade credit rating at September 30, 2026, it could have been required to post $109 million of additional collateral or other assurances under a PPA. source
• At September 30, 2026, WEC Energy Group's actual capitalization included $14,575.4 million of common shareholders' equity, $20,851.7 million of long-term debt, $1,904.3 million of short-term debt, and total capitalization of $37,361.8 million. source
• WEC Energy Group's adjusted capitalization at September 30, 2026 included $15,250.4 million of common shareholders' equity, $20,176.7 million of long-term debt, and a 59.1% debt-to-total-capitalization ratio. source
• WEC Energy Group's net repayments of commercial paper were $21.9 million during the nine months ended September 30, 2026, compared with net borrowings of $141.7 million in 2025. source
• WEC Energy Group's adjusted capitalization presentation attributes $675.0 million of Junior Notes to common shareholders' equity and $675.0 million to long-term debt. source
• WEC Energy Group was in compliance with all covenants related to outstanding short- and long-term debt at September 30, 2026 and expected to remain in compliance for the foreseeable future. source