FirstEnergy Q3 2026: AI Data Center Demand Powers an EPS Beat
As seen on the 24/7 Wall St. homepage on October 27, 2026.
Contracted data center demand nearly doubled to roughly 7.9 GW since January, turning FirstEnergy's Energize365 plan into the clearest AI-load play in PJM. Both EPS and revenue beat expectations, and management reaffirmed 2026 core EPS guidance.
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FirstEnergy posted third-quarter 2026 adjusted earnings of $0.98 per share, beating expectations, with revenue growth and net income growth both accelerating.
Contracted data center demand nearly doubled to roughly 7.9 GW since the start of 2026, and industrial load grew with manufacturing and data center activity cited as the primary sources.
The Energize365 capital program connects that demand to shareholder returns, with a five-year $36 billion plan targeting 10.4% rate base growth and transmission investment rising as the plan rolls forward to the 2027 through 2031 cycle.
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West Virginia is a second growth engine: the proposed Maidsville combined-cycle gas facility has turbines reserved via a Siemens agreement for 2030 delivery, CPCN approval is expected in the fourth quarter of 2026, and state pipeline demand has grown roughly six times over to about 6 GW.
Management reaffirmed full-year 2026 core EPS guidance of $2.62 to $2.82 and is targeting total shareholder return of approximately 12%, with dividend growth tied to a 60% to 70% payout ratio, a concrete framework for how the AI-load buildout translates into income.
Mentioned: FE