FIRSTENERGY DELIVERS STRONG THIRD QUARTER RESULTS, BUILDS MOMENTUM FOR LONG-TERM GROWTH

FirstEnergy expects its next transmission investment plan to increase at least 25% over the current $19 billion plan.

Rhea-AI Summary

FirstEnergy (NYSE: FE) reported third-quarter 2026 GAAP earnings of $557 million, up from the same quarter a year earlier. Earnings per share rose to $0.96 from $0.76, while revenue increased to $4.6 billion from $4.1 billion. Core earnings, a non-GAAP measure excluding special items, rose to $0.98 per share from $0.83.

FirstEnergy reaffirmed 2026 Core EPS guidance of $2.62–$2.82, expecting results at or slightly above the midpoint, and annual compound growth near the top of 6%–8% through 2030. Its five-year capital plan totals $36 billion. Contracted large-load demand reached 7.9 gigawatts, nearly double the start-of-year level. The company expects at least a 25% increase over its current $19 billion transmission plan when rolled forward to 2027–2031. It reserved Siemens turbines for the proposed Maidsville Energy Center, with delivery expected in 2030; West Virginia regulatory approval remains pending.

13 points · 0 major

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Positive

• Moderate pointThird-quarter GAAP earnings rose to $557 million, or $0.96 per share, from $441 million, or $0.76.
• Moderate pointThird-quarter revenue increased to $4.6 billion in 2026 from $4.1 billion in 2025.
• Moderate pointThird-quarter Core EPS, excluding special items, increased to $0.98 from $0.83 in 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.$36 billion five-year capital plan includes $4.9 billion deployed in the first nine months of 2026.
• Moderate point7.9 gigawatts of contracted large-load demand is nearly double the level at the beginning of 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Approximately 4 gigawatts of additional load is under active negotiation.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2027–2031 transmission investment plan is expected to increase at least 25% over the current $19 billion 2026–2030 plan.

6 minor points

• Minor pointNine-month GAAP earnings rose to $1,250 million, or $2.16 per share, from $1,069 million, or $1.85.
• Minor pointNine-month revenue increased to $12.4 billion in 2026 from $11.3 billion in 2025.
• Minor pointNine-month Core EPS increased 9% to $2.20 from $2.02 in 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 Core EPS guidance reaffirmed at $2.62–$2.82; FirstEnergy expects results at or slightly above the midpoint.
• Minor point. Forward-looking: it has not happened yet and may not happen.Core earnings growth outlook remains near the top of 6%–8% compounded annually through 2030.
• Minor pointMaidsville turbine reservation agreement with Siemens secures equipment for the proposed plant, with delivery expected in 2030.

Negative

• Minor pointMaidsville Energy Center approval remains pending before West Virginia regulators; FirstEnergy projects a final order in fourth-quarter 2026.
• Minor pointReorganization costs reduced third-quarter 2026 EPS by $0.01, versus none in third-quarter 2025.

News Explained

For the proposed Maidsville combined-cycle gas facility, a final West Virginia Public Service Commission order is projected in the fourth quarter of 2026.

Key Figures

Third-quarter GAAP EPS: $0.96 per share Third-quarter Core EPS: $0.98 per share Year-to-date Core EPS: $2.20 per share; 9% increase +5 more

Third-quarter GAAP EPS

$0.96 per share

Third quarter 2026; compared with $0.76 in third quarter 2025

Third-quarter Core EPS

$0.98 per share

Third quarter 2026; compared with $0.83 in third quarter 2025

Year-to-date Core EPS

$2.20 per share; 9% increase

First nine months of 2026; compared with $2.02 in the same period of 2025

2026 Core EPS guidance

$2.62 to $2.82 per share

Range reaffirmed; results expected at or slightly above the midpoint

Core Earnings growth rate

6% to 8%

Compound annual growth rate through 2030; outlook near the top end

Capital investment plan

$36 billion

Five-year Energize365 plan

Contracted large-load demand

7.9 gigawatts

Across the service territory; nearly double since the beginning of the year

Transmission investment plan increase

At least 25%

Expected increase to the current $19 billion plan when it rolls forward to 2027–2031

Key Terms

gaap, non-gaap, compound annual growth rate, combined cycle

4 terms

gaap financial

"third quarter 2026 GAAP earnings of $557 million"

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) for the third quarter of 2026"

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

compound annual growth rate financial

"Core Earnings compound annual growth rate near the top end"

The compound annual growth rate (CAGR) shows how much an investment or value has grown, on average, each year over a specific period. It considers the effect of growth that compounds or builds upon itself, similar to how interest accumulates in a savings account. Investors use CAGR to compare different investments’ long-term performance and to understand how steady or consistent their growth has been over time.

combined cycle technical

"combined cycle gas generating facility"

A combined cycle is a power-generation setup that pairs a gas turbine with a steam turbine so the hot exhaust from the gas turbine is reused to make steam and produce additional electricity. For investors, it matters because this “use what would be waste” approach raises fuel efficiency, lowers operating costs and emissions per megawatt-hour, and can improve profit margins and competitiveness compared with single-process plants.

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Reports third quarter 2026 GAAP earnings of $0.96 per share and Core Earnings (non-GAAP) of $0.98 per share

Reports year-to-date GAAP earnings of $2.16 per share and Core Earnings of $2.20 per share, a 9% increase compared to 2025

Reaffirms 2026 Core Earnings guidance range of $2.62 to $2.82 per share and expects results at or slightly above the midpoint

Reaffirms Core Earnings compound annual growth rate near the top end of 6% to 8% through 2030, supported by a $36 billion, five-year capital investment plan

AKRON, Ohio, Oct. 27, 2026 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) today reported third quarter 2026 GAAP earnings of $557 million, or $0.96 per basic and diluted share, on revenue of $4.6 billion, compared with GAAP earnings of $441 million, or $0.76 per basic and diluted share, on revenue of $4.1 billion in the third quarter of 2025. GAAP results include the impact of special items listed below.

Core Earnings (non-GAAP) for the third quarter of 2026 were $0.98 per share, compared with $0.83 per share in the third quarter of 2025. Results reflect continued implementation of FirstEnergy's investment strategy, financial discipline and improved operations across the company's service territory.

For the first nine months of 2026, FirstEnergy reported GAAP earnings of $1.3 billion, or $2.16 per basic and diluted share, on revenue of $12.4 billion. This compares with GAAP earnings of $1.1 billion, or $1.85 per basic and diluted share, on revenue of $11.3 billion for the first nine months of 2025.

Year-to-date Core Earnings through September 30, 2026, were $2.20 per share, a 9% increase from $2.02 per share in the same period of 2025.

Brian X. Tierney, FirstEnergy Board Chairman, President and Chief Executive Officer: "We're delivering on our commitments while positioning FirstEnergy for the next phase of growth. Our strong execution gives us confidence in our long-term outlook. We're taking steps necessary to deliver value for our customers and shareholders."

Outlook
FirstEnergy reaffirmed its 2026 Core Earnings guidance range of $2.62 to $2.82 per share and expects results at or slightly above the midpoint.

Underpinning the company's growth is its five-year, $36 billion Energize365 capital investment, which will modernize the grid, renew distribution infrastructure and strengthen transmission reliability. In the first nine months of 2026, FirstEnergy deployed $4.9 billion to advance Energize365.

The long-term outlook continues to reflect a Core Earnings compound annual growth rate near the top end of the 6% to 8% range through 2030. Opportunities to support new generation and additional transmission investment have the potential to meaningfully increase the company's investment and earnings growth profile.

Expanding Generation Opportunities in West Virginia
FirstEnergy is moving to expand generation in West Virginia as electricity demand grows across the state, creating new opportunities to serve customers and support economic development.

The company has secured turbines through a reservation agreement with Siemens for the proposed Maidsville Energy Center, with delivery expected in 2030. It is pursuing approval from the West Virginia Public Service Commission for the combined cycle gas generating facility, with a final order projected in the fourth quarter of 2026.

Tierney added: "Maidsville is an important investment on its own, but we see it as the first of a broader set of opportunities in West Virginia. The state has the potential to become a major center for new electricity generation, and FirstEnergy is taking strategic steps to capture that opportunity. We're working with prospective customers, advancing new generation projects and securing the equipment needed to move forward. Our focus is on meeting growing demand while protecting existing customers and delivering lasting economic benefits for the communities we serve."

Transmission: A Foundation for Long-Term Growth
Transmission remains a foundational component of FirstEnergy's business and investment strategy. With a transmission network in the heart of PJM, which serves more than 65 million people, FirstEnergy plays a critical role in connecting the grid and delivering power where it is needed.

Growing electricity demand is creating opportunities for additional transmission investment. Across its service territory, FirstEnergy has 7.9 gigawatts of contracted demand from large-load customers, nearly double since the beginning of the year, and is in active negotiations for approximately 4 gigawatts of additional load.

These demands, together with the critical infrastructure needed to support the regional grid, are expected to drive at least a 25% increase in the company's current $19 billion 2026–2030 transmission investment plan when it rolls forward to 2027–2031.

 

Consolidated GAAP Earnings Per Share (EPS) to Core (Non-GAAP) EPS Reconciliation
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Earnings Attributable to FirstEnergy Corp. (GAAP) - $M	$557	$441	$1,250	$1,069
Basic EPS (GAAP)	$0.96	$0.76	$2.16	$1.85
Net Pension/OPEB credits	(0.02)	(0.01)	(0.07)	(0.04)
ARO regulatory change	—	—	(0.01)	—
Debt-related costs	—	—	—	0.03
Investigation and other related costs	0.03	0.05	0.11	0.09
Regulatory charges	—	0.01	—	0.01
Reorganization costs	0.01	—	0.01	0.06
Strategic transaction costs	—	0.02	—	0.02
Total Special Items	0.02	0.07	0.04	0.17
Core EPS (Non-GAAP)	$0.98	$0.83	$2.20	$2.02

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 Compound Annual Growth Rate ("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 Third 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 a.m. EDT tomorrow, Oct. 28, 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 Third 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. Unless the context requires otherwise, references to "we," "us," "our" and "FirstEnergy" refer 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 pressures, 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 systems, 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 plans 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

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What were FirstEnergy's third-quarter 2026 earnings?

FirstEnergy reported GAAP earnings of $557 million, or $0.96 per share, compared with $441 million, or $0.76 per share, in third-quarter 2025. Core EPS, which excludes special items, was $0.98 versus $0.83 a year earlier.

What is FirstEnergy's 2026 earnings guidance?

FirstEnergy reaffirmed Core EPS guidance of $2.62 to $2.82 for 2026 and expects results at or slightly above the midpoint. This is a non-GAAP earnings outlook.