FE Q1 2026 Earnings
Reported Apr 28, 2026 at 4:24 PM ET · SEC Source
Q1 26 EPS
$0.72
BEAT +0.63%
Est. $0.72
Q1 26 Revenue
$4.20B
BEAT +9.44%
Est. $3.84B
vs S&P Since Q1 26
-6.4%
TRAILING MARKET
FE -3.4% vs S&P +3.0%
Market Reaction
Did FE Beat Earnings? Q1 2026 Results
FirstEnergy kicked off 2026 on firm footing, posting first-quarter core EPS of $0.72, nudging past the $0.72 consensus estimate by 0.63%, as revenue climbed 11.6% year over year to $4.20 billion, topping analyst expectations of $3.84 billion by 9.44%… Read more FirstEnergy kicked off 2026 on firm footing, posting first-quarter core EPS of $0.72, nudging past the $0.72 consensus estimate by 0.63%, as revenue climbed 11.6% year over year to $4.20 billion, topping analyst expectations of $3.84 billion by 9.44%. The primary engine behind the quarter's strength was a 33% surge in customer-focused capital investment to $1.40 billion, with 90% of that increase channeled into formula-rate programs targeting grid reliability, a dynamic that lifted transmission rate base 13% year over year and supported core EPS growth of 7.5% compared to the prior-year period. Data center demand in FirstEnergy's service territory added a compelling tailwind, with contracted demand reaching 4.3 GW through 2035, up 47% since February 2025, signaling durable load growth ahead. Against that backdrop, management reaffirmed full-year 2026 core EPS guidance of $2.62 to $2.82 per share, underpinned by a $6.00 billion capital plan for the year and a broader five-year Energize365 program totaling $36.00 billion, designed to drive approximately 10% compounded annual rate base growth through 2030.
Key Takeaways
- • Formula rate investment returns driving Core EPS growth
- • Strong financial discipline around operating expenses
- • Distribution segment benefited from higher rates and lower operating expenses
- • Integrated segment benefited from 19% transmission rate base growth and stronger customer demand
- • Stand-Alone Transmission driven by 11% rate base increase
- • Customer-focused capital investments increased 33% year-over-year to $1.4 billion
- • 90% of capital increase in formula-rate investment programs
FE Forward Guidance & Outlook
FirstEnergy reaffirmed 2026 Core EPS guidance of $2.62 to $2.82 per share, supported by the Energize365 capital investment plan of $6 billion for 2026. The company reaffirmed its long-term Core EPS compounded annual growth near the top end of 6-8% from 2026 to 2030. The $36 billion Energize365 program for 2026-2030 represents an increase of nearly 30% compared to the previous five-year investment plan and is expected to drive approximately 10% compounded annual rate base growth through 2030. The company targets a total shareholder return opportunity of approximately 12%, with dividend growth in line with a 60%-70% payout ratio of Core EPS, and is targeting approximately 14% FFO/Debt while maintaining a BBB/Baa2 credit profile.
FE YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
FE Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are off to a great start in 2026. Our strong first quarter results reflect the progress we are making as we execute our plan.”
— Brian X. Tierney, Q1 2026 Earnings Press Release
FE Earnings Trends
FE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
FE EPS Trend
Earnings per share: estimate vs actual
FE Revenue Trend
Quarterly revenue: estimate vs actual
FE Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.72 | $0.72 | +0.63% | $4.20B | +9.44% |
| Q4 25 BEAT FY | $0.53 | $2.55 | +376.72% | $15.09B | +387.67% |
| FY Full Year | — | $2.55 | — | $15.09B | — |
| Q3 25 BEAT | $0.77 | $0.83 | +8.03% | $4.15B | +5.18% |
| Q2 25 BEAT | $0.49 | $0.52 | +6.89% | $3.38B | -0.27% |