Companies /Utilities

Firstenergy Corp

NYSE: FE Utilities - Regulated Electric
$46.25
▼ $0.48 (−1.03%) today
Markets closed · 10:07pm ET

Q1 2026 Earnings

Reported Apr 28, 2026, 4:24pm ET · SEC source
$0.72
Beat +0.63%
EPS · est. $0.72
$4.2B
Beat +9.44%
Revenue · est. $3.8B
−13.9%
Trailing market
FE vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−1.6%−0.8%0Apr 28Apr 29report 4:24pm ETearnings−0.5%−1.3%
−1.6%−0.8%0Apr 28Apr 29earnings−0.5%−1.3%
FE −1.3%S&P 500 −0.5%
−1.6%−0.8%0Apr 28Apr 29report 4:24pm ETearnings−0.2%−1.3%
−1.6%−0.8%0Apr 28Apr 29earnings−0.2%−1.3%
FE −1.3%NASDAQ −0.2%
−8%−4%0Apr 27May 6report 4:24pm ETearnings+3.1%−8.0%
−8%−4%0Apr 27May 6earnings+3.1%−8.0%
FE −8.0%S&P 500 +3.1%
−5%0+5%Apr 27May 6report 4:24pm ETearnings+5.7%−8.0%
−5%0+5%Apr 27May 6earnings+5.7%−8.0%
FE −8.0%NASDAQ +5.7%
−1.29%
Day of report
−2.90%
Next session
−6.93%
One week
−7.27%
30 days

S&P 500 over the same 30 days: +6.60%.

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%. 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

“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

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 · SEC filings Q1 2025 Q1 2026
$0$2.0B$4.0B$3.8B$4.2BRevenue$754.0M$828.0MOperating Income$360.0M$405.0MNet Income
$0$2.0B$4.0BRevenueOperating IncomeNet Income

FE Revenue by Segment

Distribution$2.0B
Integrated$1.7B
Stand-Alone Transmission$516.0M

Figures from SEC filings and company reports. Not investment advice.