FirstEnergy (FE) Q1 2026 Earnings
How Did FE Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +6.60%.
Did FE Beat Earnings? Q1 2026 Results
Yes. FirstEnergy reported Q1 2026 earnings of $0.72 a share on Apr 28, 2026, beating the $0.72 consensus estimate by 0.6%. Revenue was $4.2B against a $3.8B estimate.
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.
- 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
“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.”
FirstEnergy CEO, on the earnings call
What Was FirstEnergy's Outlook in Q1 2026?
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
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $4.2B | $3.8B | +11.6% |
| Operating Income | $828.0M | $754.0M | +9.8% |
| Net Income | $405.0M | $360.0M | +12.5% |
FE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.