FirstEnergy Announces First Quarter 2026 Financial Results, Reaffirms Guidance and Capital Plan to Deliver Value to Customers, Communities and Investors

Rhea-AI Summary

FirstEnergy (NYSE: FE) reported Q1 2026 GAAP earnings of $405 million, or $0.70 per share, and Core EPS $0.72 (up 7.5% year-over-year). The company invested $1.4 billion in Q1 and reaffirmed 2026 Core EPS guidance of $2.62–$2.82 and a $36 billion 2026–2030 Energize365 capital plan.

The Energize365 plan is expected to drive ~10% compounded rate base growth through 2030 and Core EPS CAGR near the top end of 6–8% from 2026–2030.

Positive

• Core EPS up 7.5% to $0.72 in Q1 2026
• $1.4 billion deployed in customer-focused investments in Q1
• $36 billion Energize365 plan (2026–2030) with ~10% compounded rate base growth

Negative

• Transmission rate base growth raised capital-related financing costs
• Higher storm restoration expenses offset some transmission earnings gains
• Corporate results pressured by increased interest expense

News Market Reaction – FE

-1.29%

-1.29% Session close to close

In the Apr 29 session, FE declined 1.29%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement underscores continued execution of FirstEnergy’s regulated growth strategy. Q1 202...

Analysis

This announcement underscores continued execution of FirstEnergy’s regulated growth strategy. Q1 2026 GAAP EPS of $0.70 and Core EPS of $0.72 improved on the prior year, backed by $4.2B in revenue and $1.4B of customer-focused investment. Management reaffirmed 2026 Core EPS guidance of $2.62–$2.82 and a $36B 2026–2030 capital plan. Investors may watch future rate decisions, cost control, and delivery of targeted ~10% rate base growth through 2030.

Key Figures

Q1 2026 GAAP EPS: $0.70 per share Q1 2026 Core EPS: $0.72 per share Q1 2026 revenue: $4.2 billion +5 more

8 metrics

Q1 2026 GAAP EPS $0.70 per share First quarter 2026, up from $0.62 in Q1 2025

Q1 2026 Core EPS $0.72 per share Non-GAAP Core Earnings, up from $0.67 in Q1 2025

Q1 2026 revenue $4.2 billion First quarter 2026 revenue vs. $3.8 billion in Q1 2025

Q1 2026 GAAP earnings $405 million Earnings attributable to FirstEnergy Corp. in Q1 2026

Q1 2026 capex $1.4 billion Customer-focused capital invested in first quarter 2026

2026 Core EPS guidance $2.62–$2.82 per share Reaffirmed Core Earnings guidance range for full year 2026

2026 capital plan $6 billion Planned 2026 Energize365 capital investments

2026–2030 capital plan $36 billion Energize365 capital investment plan for 2026–2030

Previous Earnings Reports

5 past events · Latest: Feb 17 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 17	Full-year 2025 earnings	Positive	-0.8%	Reported 2025 GAAP and Core EPS at top of guidance and set $36B plan.
Oct 22	Q3 2025 earnings	Positive	-1.6%	Delivered higher GAAP/Core EPS, raised 2025 capex and detailed Energize365.
Jul 30	Q2 2025 earnings	Positive	+2.2%	Strong Q2 beat, higher year‑to‑date Core EPS and affirmed 2025 guidance.
Apr 23	Q1 2025 earnings	Positive	-0.7%	Strong Q1 growth, higher revenue and large capex toward $28B plan.
Feb 26	FY 2024 earnings	Positive	-10.5%	Reported higher 2024 Core earnings and expanded $28B investment program.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent earnings releases have generally been positive in tone with reaffirmed or improving guidance, yet the stock more often traded down on the day, showing a tendency toward negative or muted reactions to constructive earnings news.

Recent Company History

Over the past year, FirstEnergy has repeatedly highlighted growing Core EPS, sizable capital plans under Energize365, and reaffirmed guidance. Events on Feb 17, 2026 and throughout 2025 featured strong GAAP/Core EPS and expanding multi‑year investment programs, yet same-day moves were often negative or modest. Today’s Q1 2026 results continue that pattern of solid execution, rate base expansion and maintained growth targets, fitting into a broader narrative of regulated growth and heavy grid investment.

Key Terms

gaap, non-gaap, core earnings, core eps, +4 more

8 terms

gaap financial

"Reports first quarter 2026 GAAP earnings of $0.70 per share"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"Core Earnings (non-GAAP) of $0.72 per share"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

core earnings financial

"Core Earnings (non-GAAP) of $0.72 per share"

Core earnings are the profit a business generates from its normal, ongoing operations after removing one-time gains or losses and unusual accounting adjustments; think of it as the recurring paycheck a household can expect each month rather than a one-off inheritance or sale. Investors care because it highlights the company’s sustainable cash-making ability and makes performance easier to compare across periods and with other firms.

core eps financial

"Core Earnings (non-GAAP) per share ("Core EPS"), as "non-GAAP financial measures""

Core EPS is a company’s reported earnings per share after removing one-time or unusual items so investors see the business’s regular profit per share; think of it as the household’s monthly income after ignoring a one-off inheritance or emergency expense. It matters because it highlights the company’s underlying, repeatable profitability and makes it easier to compare performance across periods and with other firms, though the adjustments can vary by company.

formula rate financial

"Core Earnings growth ... reflects FirstEnergy's formula rate investment returns"

A formula rate is a price or interest level determined by a fixed mathematical rule that automatically updates based on specified inputs (such as cost changes, an index, or performance measures) instead of being set case-by-case. For investors it matters because it makes future revenue, expenses or returns more predictable—like a thermostat that adjusts with room temperature—so shifts in the underlying inputs can quickly change a company’s cash flow and valuation.

return on equity financial

"resulted in a consolidated return on equity of 9.8% on a trailing 12-month basis"

Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.

rate base financial

"transmission rate base growth of 19%, resulting in higher transmission earnings"

Rate base is the dollar value of the physical assets and capital a regulated utility uses to deliver its service — things like power plants, pipes, or equipment. Regulators use that value as the starting point to set prices the utility can charge by allowing a specific percentage return on that base, so a larger or higher-valued rate base usually means higher permitted revenues and therefore directly affects investor earnings and the company's ability to raise capital.

opeb financial

"Net Pension/OPEB credits"

Other post-employment benefits (OPEB) are promises an employer makes to cover former employees’ costs after they retire, most commonly health care and life insurance, but not pensions. Think of it like a household promising to pay a parent’s medical bills years from now: it creates a future bill the company must plan for. Investors watch OPEB because growing or underfunded OPEB obligations can reduce future cash available for dividends, investment, or debt repayment and can affect a company’s reported liabilities and credit strength.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Reports first quarter 2026 GAAP earnings of $0.70 per share and Core Earnings (non-GAAP) of $0.72 per share

Invested nearly $1.4 billion in customer-focused capital, consistent with $6 billion in planned investments in 2026 and 2026-2030 capital investment plan of $36 billion

Reaffirms 2026 Core Earnings guidance range of $2.62 to $2.82 per share

Reaffirms Core Earnings compound annual growth near the top end of 6-8%

AKRON, Ohio, April 28, 2026 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) today reported first quarter 2026 GAAP earnings of $405 million, or $0.70 per basic and diluted share, on revenue of $4.2 billion. In the first quarter of 2025, the company reported GAAP earnings of $360 million, or $0.62 per basic and diluted share, on revenue of $3.8 billion. GAAP results for both periods reflect the impact of special items listed below.

Core Earnings (non-GAAP) in the first quarter of 2026 were $0.72 per share, a 7.5% increase compared to Core Earnings of $0.67 per share in the first quarter of 2025.

"We are off to a great start in 2026," said Brian X. Tierney, FirstEnergy Board Chairman, President and Chief Executive Officer. "Our strong first quarter results reflect the progress we are making as we execute our plan.

"That momentum is driven by our strategy of making disciplined, customer-focused investments in a reliable and resilient electric grid," Tierney added. "This consistent execution reinforces our confidence in our investment and growth plan and our 2026 outlook."

Outlook

FirstEnergy reaffirmed its 2026 Core Earnings guidance of $2.62 to $2.82 per share. This outlook is supported by the company's Energize365 capital investment plan of $6 billion in 2026 for distribution infrastructure renewal, grid modernization and significant reliability and resiliency enhancements to the high-voltage transmission system.

FirstEnergy's $36 billion Energize365 program for 2026 through 2030 represents an increase of nearly 30% compared to its previous five-year investment plan and results in approximately 10% compounded annual rate base growth through 2030. Based on this plan, the company is reaffirming its long-term Core EPS compounded annual growth near the top end of 6-8% from 2026 to 2030.

First Quarter 2026 Results

Core Earnings growth in the first quarter of 2026 reflects FirstEnergy's formula rate investment returns and strong financial discipline around operating expenses. This financial performance resulted in a consolidated return on equity of 9.8% on a trailing 12-month basis.

The company deployed $1.4 billion of customer-focused investments in the first quarter, representing a 33% increase compared to the first quarter of 2025. Ninety percent of that increase was in formula rate investment programs that are focused on improving the reliability and resiliency of the electric grid.

In the Distribution segment, first quarter 2026 Core Earnings increased $0.03 per share compared to 2025, primarily due to higher rates and lower operating expenses.

In the Integrated segment, first quarter 2026 Core Earnings increased $0.01 per share. The capital investment program drove transmission rate base growth of 19%, resulting in higher transmission earnings. Earnings also benefited from stronger customer demand. This was partially offset by higher storm restoration expenses and increased financing costs to fund investments.

In the Stand-Alone Transmission segment, first quarter 2026 Core Earnings increased $0.02 per share, reflecting capital investments that drove an 11% increase in rate base compared to the first quarter of 2025.

In Corporate/Other, results decreased slightly due to higher interest expense.

			Consolidated GAAP Earnings Per Share (EPS) to Core (Non-GAAP) EPS Reconciliation
						Three Months Ended March 31,
						2026	2025
	Earnings Attributable to FirstEnergy Corp. (GAAP) - $M					$405	$360
	Basic EPS (GAAP)					$0.70	$0.62
	Excluding Special Items:
		Net Pension/OPEB credits				(0.02)	(0.01)
		Investigation and other related costs				0.04	0.03
		Reorganization costs				–	0.03
		Total Special Items				0.02	0.05
	Core EPS (Non-GAAP)					$0.72	$0.67
	Per share amounts for the special items above are based on the after-tax effect of each item divided by the number of shares outstanding for the period. The current and deferred income tax effect was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rate ranges from 21% to 29%. Basic EPS (GAAP), and Core EPS (non-GAAP) are based on 578 million shares for the first quarter of 2026 and 577 million shares for the first quarter of 2025.

Non-GAAP Financial Measures

We refer to certain financial measures, including Core Earnings (non-GAAP) per share ("Core EPS"), as "non-GAAP financial measures," which are not calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") and exclude the impact of "special items" from earnings attributable to FirstEnergy Corp., as reflected in the table above. Core EPS is calculated based on the weighted average number of common shares outstanding in the respective period.

Management uses non-GAAP financial measures, including Core EPS, to evaluate the company's and its segments' performance and manage its operations and frequently references such non-GAAP financial measures in its decision-making, using them to facilitate historical and ongoing performance comparisons. Management believes that Core EPS provides consistent and comparable measures of performance of its businesses on an ongoing basis. Management also believes that this measure is useful to shareholders and other interested parties to understand performance trends and evaluate the company against its peer group by presenting period-over-period operating results without the effect of certain special items that may not be consistent or comparable across periods or across the company's peer group. Core EPS and any other non-GAAP financial measures are intended to complement, and are not considered as alternatives to, the most directly comparable GAAP financial measures, which for Core EPS is EPS attributable to FirstEnergy Corp. (GAAP), as reconciled in the above table. Also, such non-GAAP financial measures may not be comparable to similarly titled measures used by other entities.

Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in evaluating the company's ongoing core activities and results of operations or otherwise warrant separate classification. More detail on special items for the period can be found in the Company's Strategic and Financial Highlights, available at the company's Investor Information website – www.firstenergycorp.com/ir.

Forward-Looking Non-GAAP Measures

A quantitative reconciliation of forward-looking non-GAAP measures, including 2026 Core EPS and Core EPS CAGR projections, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Specifically, management cannot, without unreasonable effort, predict the impact of these special items in the context of Core EPS guidance and Core EPS CAGR projections because these items, which could be significant, are difficult to predict and may be highly variable. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. Forward-looking statements, including these special items, are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth under "Forward-Looking Statements," below.

Investor Materials and Teleconference 

FirstEnergy's Strategic and Financial Highlights presentation is posted on the company's Investor Information website – www.firstenergycorp.com/ir. It can be accessed through the First Quarter 2026 Financial Results link. Important information may be disseminated initially or exclusively via the company's Investor Information website; investors should consult the site to access this information.

The company invites investors, customers and other interested parties to listen to a live webcast of its teleconference for financial analysts and view presentation slides at 9:00 a.m. EDT tomorrow, April 29, 2026. FirstEnergy management will present an overview of the company's financial results followed by a question-and-answer session. The teleconference and presentation can be accessed on the Investor Information website by selecting the First Quarter 2026 Earnings Webcast link. The webcast and presentation will be archived on the website.

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation's largest investor-owned electric systems, serving more than 6 million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. FirstEnergy's transmission subsidiaries operate more than 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on X @FirstEnergyCorp.

Forward-Looking Statements: This news release includes forward-looking statements based on information currently available to management and unless the context requires otherwise, references to "we," "us," "our" and "FirstEnergy" refers to FirstEnergy Corp. and its subsidiaries. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "forecast," "target," "will," "intend," "believe," "project," "estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 and settlements with the U.S. Attorney's Office for the Southern District of Ohio and the Securities and Exchange Commission ("SEC"); the risks and uncertainties associated with litigation, including the securities class action lawsuit, regulatory proceedings, arbitration, mediation and similar proceedings; changes in national and regional economic conditions affecting us and/or our customers and the vendors with which we do business, including geopolitical conflicts, recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters, which may result in increased storm restoration expenses or material liability and negatively affect future operating results; the potential liabilities and increased costs arising from regulatory actions or outcomes in response to severe weather conditions and other natural disasters; legislative and regulatory developments, and executive orders, including, but not limited to, matters related to rates, generation resource adequacy, co-location of generation and large loads, and compliance and enforcement activity; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets, including the loss of FirstEnergy Corp.'s status as a well-known seasoned issuer; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors', information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, strengthening our balance sheet and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations and may also cause it to make contributions to its pension sooner or in amounts that are larger than currently anticipated; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, our generation resource planning in West Virginia, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; changes to environmental laws and regulations, including, but not limited to, federal and state rules related to climate change, coal combustion residuals, and potential changes to such laws and regulations; changes in customers' demand for power, including, but not limited to, economic conditions, development of data centers, the impact of climate change and emerging technology, particularly with respect to electrification, energy storage, co-location of generation and large loads, and distributed sources of generation; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, the One Big Beautiful Bill Act of 2025, as signed into law on July 4, 2025, or adverse tax audit results or rulings and potential changes to such laws and regulations; the ability to meet our publicly-disclosed goals relating to climate-related matters, opportunities, improvements, and efficiencies, including FirstEnergy's greenhouse gas reduction goals; and the risks and other factors discussed from time to time in FirstEnergy Corp.'s SEC filings. Dividends declared from time to time on FirstEnergy Corp.'s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by the FirstEnergy Corp. Board at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.'s Form 10-K, Form 10-Q and in other filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.'s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.

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SOURCE FirstEnergy Corp.

FAQ

What were FirstEnergy's Q1 2026 GAAP and Core EPS (FE)?

GAAP EPS was $0.70 per share and Core EPS was $0.72 per share. According to the company, GAAP earnings were $405 million, and Core EPS excludes listed special items for comparability.

What 2026 guidance did FirstEnergy (FE) reaffirm on April 28, 2026?

FirstEnergy reaffirmed 2026 Core EPS guidance of $2.62–$2.82 per share. According to the company, this outlook is supported by the Energize365 capital plan and expected rate base growth.

How much did FirstEnergy (FE) invest in Q1 2026 and what is Energize365?

FirstEnergy invested $1.4 billion in Q1 2026 in customer-focused projects. According to the company, Energize365 is a $36 billion 2026–2030 plan for grid renewal and modernization.

How will Energize365 affect FirstEnergy's rate base and growth (FE)?

Energize365 is expected to produce approximately 10% compounded rate base growth through 2030. According to the company, this supports Core EPS compound annual growth near the top end of 6–8%.

What drove segment results for FirstEnergy in Q1 2026 (FE)?

Distribution and transmission investments drove higher rate base and earnings growth across segments. According to the company, transmission rate base rose 19% in integrated and 11% in stand-alone transmission.

What financial pressures did FirstEnergy (FE) note in Q1 2026 results?

The company cited higher storm restoration expenses and increased financing/interest costs that partially offset earnings gains. According to the company, corporate/other results decreased due to higher interest expense.