FirstEnergy Corp. (FE) Earnings
FirstEnergy Corp. is expected to report next earnings on October 21, 2026 (in NaN days), with a consensus EPS estimate of $0.94. FE has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +3.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $0.50 | $0.50 | -0.4% | $3.7B | +5.4% |
| Apr 29, 2026 | $0.72 | $0.72 | +0.0% | $4.2B | +10.5% |
| Feb 17, 2026 | $0.52 | $0.53 | +1.9% | $3.8B | -5.5% |
| Oct 22, 2025 | $0.74 | $0.83 | +12.0% | $4.1B | +6.7% |
| Jul 30, 2025 | $0.49 | $0.52 | +6.9% | $3.4B | +1.3% |
| Apr 23, 2025 | $0.61 | $0.67 | +10.6% | $3.8B | +6.8% |
| Feb 26, 2025 | $0.71 | $0.67 | -5.5% | $3.2B | -6.7% |
| Apr 25, 2024 | $0.56 | $0.55 | -1.8% | $3.3B | +2.0% |
| Feb 8, 2024 | $0.60 | $0.62 | +3.3% | $3.1B | +0.4% |
| Oct 26, 2023 | $0.85 | $0.88 | +3.5% | $3.5B | -1.7% |
| Aug 1, 2023 | $0.45 | $0.47 | +4.4% | $3.0B | +4.0% |
| Apr 27, 2023 | $0.61 | $0.60 | -1.6% | $3.2B | +6.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Strategic Execution & Growth Priorities - The company has made significant progress on strategic and regulatory priorities, executing well against the 2026 business plan, with fundamental operational improvements focused on accountability, customer focus, and disciplined financial management - Data center demand is the fastest growing large-scale opportunity: total forecasted data center demand across the system increased 30% since Q1 2026 to ~25 gigawatts; the company contracted 2.1 additional gigawatts in Q2, bringing total contracted demand to 6.4 gigawatts, with another 1.5 gigawatts expected to be contracted within weeks. Total contracted and pipeline data center demand now equals ~70% of the company's July system peak load of 34.8 gigawatts - Transmission is a core long-term growth driver, with a planned 16% compound annual growth rate through 2030, and additional expansion upside from organic needs, competitive projects, and data center demand - Regulatory Progress by Jurisdiction - West Virginia: A new rate order is expected by the end of July 2026, delivering a cumulative $76 million revenue increase, with the first $38 million increase effective August 1, 2026 and the second effective June 1, 2027. Hearings for the 1.2 gigawatt Maidsville Energy Center CPCN application were completed in early Q2, with a final order expected in fall 2026. The company currently has 4.3 gigawatts of contracted and pipeline data center demand in West Virginia, with more growth expected by year-end, and is evaluating alternative growth structures (including potential affiliated generation company wholesale power agreements with Monpower or Potomac Edison West Virginia) to speed up new generation development. An RFP for major generation equipment is underway, and site selection has started - Ohio: The state's new three-year rate plan framework is constructive, providing greater visibility for planning and investment. The company's three-year rate plan filing (including $2.5 billion in reliability and resilience capital investments) is on track: a staff report is due November 30, 2026, hearings start March 1, 2027, and a final order is expected in Q2 2027 - New Jersey: The company has held collaborative pre-filing meetings with state administration and regulators, and plans to file a base rate case in Q3 2026. The company has already delivered meaningful reliability improvements: 16% reliability improvement between 2024 and 2025, and a 38% improvement year-to-date 2026 over 2025, aligned with stakeholder demands. The filing will align with Governor's Executive Order 1 objectives, including measures to mitigate initial customer bill impacts - Maryland: A base rate case filing is also planned for Q3 2026 - Operational Highlights - The company plans to participate in the 2026 PJM open window competitive transmission solicitation, which opened in Q2, with project awards scheduled for Q1 2027. The company's scale, planning expertise, and geographic position make it well-positioned to win additional projects, as it has in past solicitations
Guidance
- Management reaffirmed its full-year 2026 core earnings guidance range of $2.62 per share to $2.82 per share, and reaffirmed the full-year 2026 $6 billion capital investment plan - Management reaffirmed the $36 billion five-year (through 2030) capital investment plan, and reaffirmed core annual earnings growth guidance of 6% to 8%, with management expecting growth to land near the top end of this range - Upside from new data center and generation investment in West Virginia will be incremental to the current $36 billion five-year plan, and will be added to the company's long-term plan when it updates its five-year plan later this year or early 2027 - Current financing guidance for the existing $36 billion plan is unchanged; for incremental capital expenditures, management expects 30% to 40% incremental equity funding, with potential for lower equity requirements if data center customers agree to milestone payments during construction
Segment performance
The transcript does not break out separate financial performance data for individual product/operating segments. It only provides consolidated results: GAAP earnings per share for Q2 2026 were 50 cents, compared to 46 cents in Q2 2025. Core earnings per share for Q2 2026 were 50 cents, compared to 52 cents in Q2 2025. Year-to-date (H1 2026) core earnings per share were $1.22, compared to $1.19 in H1 2025. Total capital deployed through H1 2026 was $2.9 billion out of the full-year 2026 planned $6 billion capital investment, a 19% increase from H1 2025. Trailing 12-month consolidated return on equity was 9.5%, in line with management's target. Total weather-adjusted customer load increased 2% in Q2, with industrial load up over 4% driven by growth in metals, oil and gas, chemicals, and AI/data center infrastructure buildout.
Risks & headwinds
- All forward-looking statements, including earnings and capital deployment guidance, are subject to risks that could cause actual results to differ materially, including regulatory approval outcomes for rate cases and generation projects - Regulatory uncertainty remains in multiple jurisdictions, including potential changes to cost of capital and performance-based rate structures in New Jersey, and political/regulatory uncertainty in Pennsylvania - PJM's planned reliability backstop auction has unresolved questions around cost allocation and credit support, though management noted First Energy's customers are only allocated less than 4% of the backstop capacity, limiting exposure - Opposition to new gas-fired generation (such as the Maidsville Energy Center) from existing coal interests in West Virginia could impact approval timelines or outcomes - PJM transmission planning timelines can act as a bottleneck for bringing new data center load online, requiring urgent contracting and planning to avoid delays
Analyst Q&A
Q: What is the current West Virginia transmission capacity for new data center load, how much incremental investment is needed per gigawatt, and what is the construction cadence?
A: Near-term, existing transmission capacity can accommodate initial portions of contracted demand, with 100-200 megawatts available for near-term connections for customers early in the queue. Roughly $250 million in incremental investment is required per gigawatt of new capacity added, with new buildout needed to meet longer-term demand.
Q: Why are you filing a New Jersey rate case now, and what is your outlook for regulatory outcomes given potential proposed changes like capital spending scrutiny and ROE adjustments?
A: We are filing now because we have completed significant required reliability investments that have already delivered 38% year-to-date reliability improvements over 2025, and we need to recover these capital costs. Engagement with the New Jersey administration and commission has been far more collaborative than prior rhetoric suggested, and we do not expect a non-constructive outcome even if performance-based ratemaking is adopted.
Q: What regulatory process would be used for additional generation development under the proposed GenCo structure in West Virginia, and how does it differ from the current CPCN process?
A: A GenCo structure would require FERC approval for wholesale power sales, and the power purchase agreement between the GenCo and the regulated utility would need West Virginia Public Service Commission approval. This process is expected to be considerably faster than the traditional CPCN process, allowing faster delivery of new generation to meet growing data center demand.
Q: Is incremental West Virginia generation and transmission CapEx additional to the current $36 billion five-year plan, and will you reallocate spending from Pennsylvania if needed?
A: Any approved new generation investment in West Virginia will be incremental to the current $36 billion plan, and will be added when we update our long-term plan. In Pennsylvania, 66% of 2026 CapEx already uses the existing LTIP DISC recovery program, which the commission supports, and we have not experienced negative recovery to date. We would only reallocate spending out of Pennsylvania if recovery issues emerge, which we do not expect.
Q: What is the geographic breakdown and timing of the upcoming 1.5 gigawatts of expected new data center contracts?
A: The 1.5 gigawatts of near-term contracts reflect advanced ongoing negotiations that were not quite finalized by the time of the call. Most of the demand is focused on West Virginia, Pennsylvania, and Maryland, with most of the capacity phasing in between now and 2031, and a small portion extending out to 2035.