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Wisconsin Electric Power cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$230M in Q3 2026 · −$1.5B over twelve months

Operating cash flow$546M
Capital spending−$776M
Free cash flow−$230M
Cash / net income2.2×

Analysis

In Q3 2026, Wisconsin Electric Power generated $546M of operating cash flow and spent $776M on capital projects, leaving free cash flow of −$230M. That is $384M more than in Q3 2025 (−$614M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.5B; the largest uses were capital spending ($3.0B), other investing ($126M), other financing ($16.9M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.7B); the cash balance fell by $900K.

Operating cash flow was $546M against net income of $252M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$170M, deferred taxes +$71.5M, receivables −$26.4M.

Free cash flow

Wisconsin Electric Power: free cash flow by quarterWisconsin Electric Power: free cash flow by quarter−$194MQ4 2024−$26.2MQ1 2025−$275MQ2 2025−$614MQ3 2025−$700MQ4 2025−$49.8MQ1 2026−$561MQ2 2026−$230MQ3 2026
Operating cash flow less capital spending.
Wisconsin Electric Power: operating cash flow against capital spendingWisconsin Electric Power: operating cash flow against capital spendingOperating cash flowCapital spending$260M$455MQ4 2024$392M$418MQ1 2025$176M$451MQ2 2025$427M$1.0BQ3 2025$133M$833MQ4 2025$481M$531MQ1 2026$297M$858MQ2 2026$546M$776MQ3 2026
Latest (Q3 2026): Operating cash flow $546M, Capital spending $776M.

Capital allocation, year by year

Wisconsin Electric Power: where the cash came from (up) and went (down), by fiscal yearWisconsin Electric Power: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingFY2021: Operating cash flow $802MFY2021: Asset sales $1.4MFY2021: Capital spending −$813M$804MFY2021FY2022: Operating cash flow $637MFY2022: Net borrowing $503MFY2022: Asset sales $1.6MFY2022: Capital spending −$930M$1.1BFY2022FY2023: Operating cash flow $939MFY2023: Net borrowing −$186MFY2023: Asset sales $24.3MFY2023: Capital spending −$1.1B$963MFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing $370MFY2024: Asset sales $1.3MFY2024: Capital spending −$1.4B$1.6BFY2024FY2025: Operating cash flow $1.1BFY2025: Net borrowing $941MFY2025: Asset sales $200KFY2025: Capital spending −$2.7B$2.1BFY2025
Over these 5 years operating cash flow totalled $4.8B; the largest uses were capital spending ($7.0B) and net borrowing ($186M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.0M
Debt$4.6B
Net debt$4.6B
Due within a year$9.3M

Wisconsin Electric Power's operations bring cash in ($1.5B over twelve months), and it spends more than that on capital projects: a gap of $1.5B funded from its $2.0M of cash and investments and from borrowing ($4.6B of debt, $9.3M due within a year). That is a choice to invest, not a cash runway running down.

Wisconsin Electric Power: debt maturities by year (FY2025)Wisconsin Electric Power: debt maturities by year (FY2025)$9.3MYear 1$9.5MYear 2$460MYear 3$660MYear 4$510MYear 5$2.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.0M of cash and investments now.

Where the cash came from and went

Wisconsin Electric Power: sources (+) and uses (−) of cash, Q3 2026Wisconsin Electric Power: sources (+) and uses (−) of cash, Q3 2026Capital spending−$776MOperating cash flow$546MOther financing$188MNet borrowing (+) / repaid (−)$116MOther investing−$71.3MCash drawn (+) / kept (−)−$2.5M
Wisconsin Electric Power: sources (+) and uses (−) of cash, TTM to Q3 2026Wisconsin Electric Power: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$3.0BNet borrowing (+) / repaid (−)$1.7BOperating cash flow$1.5BOther investing−$126MOther financing−$16.9MCash drawn (+) / kept (−)$900K

From profit to cash

Wisconsin Electric Power: net income to operating cash flow, Q3 2026Wisconsin Electric Power: net income to operating cash flow, Q3 2026Net income$252MDepreciation & amortization$170MDeferred taxes$71.5MReceivables−$26.4MInventory−$5.7MPayables$7.1MPrepaid and other assets$900KOther liabilities$6.1MIncome taxes payable$11.5MOperating cash flow$546M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$546M−$776M$116M−$2.5M−$230M
Q2 2026$297M−$858M$851M$500K−$561M
Q1 2026$481M−$531M−$274M−$2.6M−$49.8M
Q4 2025$133M−$833M$912M$5.5M−$700M
Q3 2025$427M−$1.0B$337M−$4.0M−$614M
Q2 2025$176M−$451M$122M$63.5M−$275M
Q1 2025$392M−$418M−$176M−$65.1M−$26.2M
Q4 2024$260M−$455M−$148M$254M−$194M

Wisconsin Electric Power: income statement and cash flow

Wisconsin Electric Power, Q3 2026: revenue $1.4B (+14% year over year), operating margin 29.1%. The chart follows the revenue to costs, profit and cash.

Wisconsin Electric Power: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.