Firstenergy Corp
Q2 2026 Earnings
Market Reaction
Did FE Beat Earnings? Q2 2026 Results
FirstEnergy Corp edged past Wall Street expectations in the second quarter of 2026, posting earnings per share of $0.50 against a consensus estimate of $0.49, a 2.04% beat that extends the Ohio-based utility's streak to four consecutive quarters of topping analyst forecasts. Revenue climbed 8.8% year-over-year to $3.68 billion, while GAAP net income rose to $288.00 million from $268.00 million a year ago. The headline story beneath the numbers is the accelerating wave of data center demand across FirstEnergy's service territory, with total contracted and pipeline demand reaching 24.8 GW, up roughly 30% since just the prior quarter, and contracted demand alone jumping approximately 50% to 6.4 GW; West Virginia alone saw demand surge 137% to 4.3 GW. Management estimates roughly $250.00 million in transmission upgrades per gigawatt of contracted demand, with recent signings not yet reflected in the existing $36.00 billion Energize365 capital plan, suggesting meaningful investment upside. The company reaffirmed its 2026 Core EPS guidance of $2.62 to $2.82, alongside a long-term Core EPS growth target near the top end of 6% to 8% through 2030, with institutional ownership running above 95% underscoring broad confidence in the outlook.
- Transmission rate base growth of 22% in Integrated segment and 11% in Stand-Alone Transmission segment
- Regulated investment strategy execution with consolidated ROE of 9.5% on trailing 12-month basis
- Industrial load growth of 4% quarter-over-quarter driven by strong manufacturing volumes
- Capital investments of $2.9 billion deployed in first half of 2026, up 19% vs. YTD 2025
- Higher planned maintenance expenses in Distribution offset rate base growth
“We delivered another quarter of solid financial performance, demonstrating the strength of our strategy and our disciplined execution. Our results reinforce confidence in our ability to achieve our 2026 commitments and continue creating long-term value through targeted investments and constructive regulatory momentum.”
FirstEnergy CEO, on the earnings call
Forward Guidance & Outlook
FirstEnergy reaffirmed its 2026 Core Earnings guidance range of $2.62 to $2.82 per share, supported by a $6 billion capital investment plan for 2026. The company reaffirmed its long-term Core Earnings compound annual growth rate near the top end of 6% to 8% from 2026 to 2030, underpinned by the $36 billion Energize365 capital program driving 10% rate base CAGR. Management sees expanding opportunities from accelerating data center demand (total demand of 24.8 GW, up ~30% since Q1 2026) and growing demand in West Virginia. The company targets a total shareholder return opportunity of ~12% with upside potential, committed to dividend growth in line with a 60%-70% payout ratio of Core EPS, and targeting ~14% FFO/Debt with a BBB/Baa2 credit profile. Planned maintenance expense timing from the first half is expected to reverse in the second half of 2026. Base rate case filings are expected in NJ and MD in Q3 2026, with the Ohio Three-Year Rate Plan order expected in Q2 2027.
FE YoY Financials
FE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.