WISCONSIN ELECTRIC POWER CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WISCONSIN ELECTRIC POWER CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,793	3,712	3,625	3,497	3,367	3,665	4,070	4,045	3,980	4,494
Cost of revenue	1,292	1,286	1,262	1,191	1,075	1,341	1,693	1,451	1,300	1,499
Gross profit	2,501	2,425	2,363	2,306	2,292	2,323	2,377	2,594	2,680	2,995
Operating income	634	632	403	760	861	869	940	1,022	1,061	1,171
Interest expense	118	117	120	477	468	460	458	467	489	491
Interest income							0.1	1.1	9.8	2.9
Other non-operating income	-57.7	-104	-99.9	-455	-449	-428	-409	-398	-410	-428
Pre-tax income	577	528	303	306	412	441	531	625	651	743
Income tax	211	191	-56.9	-57.8	44.7	58.1	133	143	136	115
Income from continuing operations	366	337	360	363	367	382	398	482	514	628
Net income	366	337	360	362	366	381	397	481	513	627
EBITDA	960	964	751	1,145	1,287	1,327	1,420	1,547	1,635	1,801

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15.4	12.3	20.2	19.1	7.2	0	6.1	6.1	0.4	0
Receivables	503	514	472	435	466	566	583
Other current assets	24.6	9.4	31.6	33.6	36.4	58.3	73.8	32.3	23.2	24.3
Total current assets	1,010	1,040	1,016	908	896	1,071	1,207	1,205	1,273	1,356
Property, plant and equipment	9,832	10,008	9,529	9,587	9,790	10,116	10,719	11,586	12,811	15,209
Lease right-of-use assets				10.6	8.4	8.4	8.4	10.2	12.2	13.3
Other non-current assets	90.2	89.4	90.9	111	77.6	98.1	134	119	90.5	85.4
Total assets	13,372	13,122	13,538	13,361	13,605	14,145	15,020	15,841	17,200	19,696
Accounts payable	298	329	249	268	261	348	401
Accrued liabilities	51.8	53.4	50.4	51.3	43.3		43.3		50.4	54.5
Deferred revenue							40.2
Short-term debt	0	250	250	0	300	8.8	8.9	309	259	9.3
Total current liabilities	815	1,188	1,077	795	1,257	1,167	1,372	1,485	1,458	1,781
Long-term debt	2,661	2,412	2,460	2,759	2,461	2,863	3,352	3,045	3,728	4,516
Lease liabilities				8.4		8	7.8	9.4	11.5	12.5
Other non-current liabilities	260	277	284	281	273	288	322	331	349	479
Total liabilities	9,878	9,738	10,078	9,800	9,913	10,200	10,853	10,758	11,692	12,917
Total debt	2,661	2,412	2,710	2,759	2,761	2,872	3,360	3,354	3,987	4,525
Paid-in capital	1,020	803	831	930	1,060	1,291	1,747	2,552	2,703	3,949
Retained earnings	2,141	2,248	2,297	2,299	2,269	2,291	2,057	2,168	2,441	2,468
Shareholders' equity	3,524	3,414	3,491	3,592	3,693	3,945	4,167	5,084	5,507	6,780
Total equity	3,494	3,384	3,461	3,561	3,693	3,945	4,167	5,084	5,507	6,780
Total liabilities and equity	13,372	13,122	13,538	13,361	13,605	14,145	15,020	15,841	17,200	19,696
Shares outstanding	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	366	337	360	362	366	381	397	481	513	627
Depreciation and amortization	325	332	348	384	427	458	480	525	574	630
Stock-based compensation	7.5	12	14.6	22.3	14.5	6.2	13.2	3.3	15.8	19
Deferred income tax	207	111	0.1	-129	-66	-30.7	53.6	26.2	115	20.2
Change in inventory	30.6	20.3	9.3	11.6	10.3	-26.9	-46.5	-12.8	-44.2	32.1
Change in payables	31.3	45.8	13.2	-22.4	-25.9	85.5	14.5	-41.3	92.3	-3.1
Cash from operations	848	698	962	854	767	802	637	939	1,265	1,128
Capital expenditures	-470	-596	-603	-591	-664	-813	-930	-1,095	-1,443	-2,743
Cash from investing	-437	-568	-640	-577	-631	-798	-914	-1,227	-1,538	-2,705
Debt issued	0	0	300	300	0	419	500	0	947	800
Debt repaid	0	0	-250	-250	0	-304	-8.8	-8.9	-309	-259
Dividends paid	-455
Cash from financing	-423	-133	-314	-279	-148	-8.4	322	248	268	1,577
Net change in cash	-11.7	-3.1	7.9	-1.1	-11.9	-4.2	44.7	-40.2	-5	0.1
Free cash flow	379	102	359	264	104	-11.1	-293	-156	-178	-1,615
Interest paid	116	115	115	475	465	461	449	464	475	483
Income taxes paid	-100	-71.7	17.7	45.8	101	88	88	99.1	64.3	57.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $109.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	66.4%	Gross profit / revenue.
Operating margin	25.3%	Operating income / revenue.
EBITDA margin	39.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.2%	Pre-tax income / revenue.
Net margin	14.9%	Net income / revenue.
FCF margin	-41.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.6%	Cash from operations / revenue.
Effective tax rate	13.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.3%	Net income / average total assets.
Return on invested capital (ROIC)	8.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	69.6%	Capital expenditures / revenue.
D&A / revenue	14.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	10.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	22.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	11.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-10.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	23.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.02x	Current assets / current liabilities.
Quick ratio	0.00x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.00x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.77x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.8%	Total debt / total assets.
Liabilities / assets	65.3%	Total liabilities / total assets.
Net debt	$5.61B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.05x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$30.4M	Current assets - current liabilities.
Tangible book value	$7.26B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.22x	Revenue / average total assets.
Fixed asset turnover	0.28x	Revenue / average property, plant and equipment.
FCF conversion	-276.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	243.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Book value per share	$217.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$217.94	Tangible book value / shares outstanding.
Cash per share	$0.08	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.65B	Share price x shares outstanding.
Enterprise value	$9.26B	Market cap + total debt - cash - short-term investments.
P/E	5.24x	Market cap / net income. Only when net income is positive.
P/S	0.78x	Market cap / revenue.
P/B	0.50x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.50x	Market cap / tangible book value, when positive.
P/OCF	2.73x	Market cap / cash from operations, when positive.
EV/Sales	1.98x	Enterprise value / revenue.
EV/EBIT	7.81x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.03x	Enterprise value / EBITDA, when both are positive.
FCF yield	-52.7%	Free cash flow / market cap.
Earnings yield	19.1%	Net income / market cap (the inverse of P/E).

What was WISCONSIN ELECTRIC POWER CO's revenue in fiscal 2025?

WISCONSIN ELECTRIC POWER CO reported revenue of $4.49B for fiscal 2025, 12.9% higher than the year before.

Was WISCONSIN ELECTRIC POWER CO profitable in fiscal 2025?

Yes. Net income was $626.8M, a net margin of 13.9%.

How much free cash flow did WISCONSIN ELECTRIC POWER CO generate in fiscal 2025?

Cash from operations of $1.13B minus capital expenditures of $2.74B left free cash flow of -$1.62B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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