Research · Sep 3, 2026
[FE] FirstEnergy Thesis 2026: Data Center Pipeline Anchors Record Long-Cycle Capex Commitment
FirstEnergy FY25 revenue $15.09B (+12%); op income $2.83B (+19%); core EPS $2.55 (+7.6%); GAAP EPS $1.76. $5.6B capex (+25% YoY). Distribution reliability +10%. Data center pipeline 11.1GW (vs 6.1GW Feb baseline); contracted 2.7GW (vs 2.2GW Feb). System peak load expected +15GW by 2035. $36B 5-year plan (+30% vs prior $28B); transmission rate base CAGR up to 18% through 2030; rate base growth 10%. FY26-30 EPS growth at top end of 6-8% target.