Total Revenue

17% increase (from $2,680.2M to $3,149.5M)

Q1 2025 Total Revenue increased by about 17% driven primarily by higher retail sales volumes and regulatory actions (such as the approved Wisconsin rate orders) that boosted utility operations. In contrast, Q1 2024 reflected lower sales volumes—partly due to warmer weather—which resulted in lower revenue figures. " "

Utility Operations Revenue

Not explicitly specified numerically

Utility Operations Revenue remains the main revenue driver with Q1 2025 figures at $3,075.3M. The growth compared to previous periods is largely attributed to higher retail sales volumes and improved rate structures, offsetting earlier challenges such as lower volumes in Q1 2024 resulting from milder weather conditions. "

Operating Income

15% increase (from $813.4M to $937.5M)

Operating Income improved by about 15% as enhanced margins—underpinned by rate order approvals and stronger performance in key segments like Wisconsin—boosted income. This improvement is in contrast to Q1 2024, where lower margins and less favorable cost dynamics contributed to a lower operating income level. " "

Net Income

17% increase (from $622.6M to $725.5M)

Net Income rose by around 17% driven by higher margins in the Wisconsin and Other States segments, which helped to counterbalance increased expenses experienced in the Illinois segment. This represents a marked improvement over Q1 2024, when net income was dampened by lower volumes and less favorable segment performance. " "

Operating Cash Flow

35% increase (from $863.6M to $1,162.6M)

Operating Cash Flow surged by nearly 35% due to stronger customer collections, reduced collateral payments and derivative losses, and improved working capital management. In Q1 2024, lower collections (partly from decreased per-unit natural gas costs and reduced sales volumes) negatively impacted cash flow, whereas Q1 2025 benefited from regulatory boosts and colder weather. " "

Total Assets

10% increase (from $43,927.2M to $48,232.1M)

Total Assets grew by roughly 10% as a result of strategic capital investments, notably in property, plant, and equipment, alongside acquisitions and expansion in accounts receivable and other asset categories. Q1 2024’s lower asset base provided a foundation for this targeted expansion approach in Q1 2025. " "

Capital Investment & CapEx Dynamics

In Q2 2024, the discussion centered on the company’s largest-ever 5‑year plan of $23.7 billion with an emphasis on efficiency, sustainability, and tied equity issuance (up to $200 million in 2024, with future annual issuances of approximately $500 million). " " "

In Q1 2025, the capital plan expanded to $28 billion, with greater detail on renewable projects, economic growth drivers, and explicit concerns over tariff impacts and rising CapEx burdens, paired with an aggressive equity issuance strategy (totaling $2.7–$3.2 billion through 2029). " " "

Scale has increased and the narrative now includes more detailed mitigation of tariff and execution risks while remaining fundamentally bullish on long‑term growth.

Infrastructure Expansion & Upgrades

Q2 2024 highlighted major data center projects driven by Microsoft’s $3.3 billion investment, natural gas generation proposals, and significant transmission investments for renewable integration. " " "

Q1 2025 continued the emphasis on infrastructure with detailed tracking of data center progress (Microsoft and the Cloverleaf campus), expanded renewable projects (Darien, Koshkonong, Renegade, and High Noon), and additional focus on pipeline replacement programs in Illinois. " "

There is a clear continuation and expansion of infrastructure initiatives with a deeper focus on pipeline safety and renewable execution.

Regulatory Uncertainty & Tariff/Rate Challenges

In Q2 2024, the focus was on regulatory challenges in Illinois—such as limited approvals for the Safety Modernization Program and AFUDC denial in Wisconsin—and the subsequent appeal and capital allocation uncertainty. " " " "

In Q1 2025, the company again addressed these issues by detailing a new tariff proposal for large customers in Wisconsin, further pipeline replacement directives in Illinois, and explicit assessments of tariff exposure on their capital plan. " " " "

Consistent regulatory challenges persist, but the current period shows more proactive mitigation strategies and clearer plans to offset rising costs.

Project Execution & Timeline Risks

Q2 2024 emphasized specific execution risks, notably a 6‑month delay in the Delilah I solar project and uncertainties around natural gas and high noon solar proposals. " "

Q1 2025 provided updates on the on‐schedule completion of projects such as the Darien Solar project, noted progress on other solar initiatives (Koshkonong and Renegade), and outlined detailed plans for pipeline replacement—with an awareness of execution challenges. " "

While execution risks remain, the current period reflects improved management and clearer timelines, suggesting better mitigation of previous delays.

Financing Concerns & Equity Dilution

In Q2 2024, financing was discussed in terms of planned equity issuances (up to $200 million in 2024 and around $500 million per year thereafter), with financing needs aligned to capital spending and moderate dilution concerns. " "

Q1 2025 placed more emphasis on financing with an actual equity issuance of $140 million (resulting in a $0.02 dilution), coupled with robust plans to access the full equity target ($700–$800 million for the year) even amid market uncertainty and tariff challenges. " "

The focus on financing has intensified, indicating a heightened concern about equity dilution even as the company remains confident in its capital strategy.

Strategic Partnerships & New Business Opportunities

Q2 2024 featured strong strategic messaging around Microsoft’s transformational $3.3 billion investment in Southeast Wisconsin, additional land acquisitions, and ongoing renewable project proposals. " "

Q1 2025 reinforced these partnerships by not only highlighting Microsoft’s continuing demand drivers but also introducing new developments such as the Cloverleaf data center campus and additional renewable energy projects, signifying broader business opportunities. " " "

The narrative remains consistently positive with expanded initiatives and deepened collaborations, which could be pivotal for long‑term growth.

Diversified Customer Base & Sectoral Growth

Q2 2024 did not explicitly mention customer diversification or sectoral growth, focusing instead on regional development and specific project investments. " "

In Q1 2025, management explicitly addressed a diversified base across 16–17 sectors with 10 sectors showing quarter‑over‑quarter growth (despite minor negatives in a few sectors), underscoring broad market exposure and steady sectoral performance. "

This newly reiterated focus suggests an emerging emphasis on leveraging customer diversification to support future growth, filling a gap from the previous period.