FirstEnergy Reaffirms 2026 Core Earnings After a $0.98 Quarter

The Tip Desk · November 8, 2026 · 3 min read

Core earnings reached $0.98 a share in the third quarter as contracted large-load demand nearly doubled to 7.9 gigawatts.

FirstEnergy Corp. (FE) reported third-quarter 2026 GAAP earnings of $557 million, or $0.96 a share, on revenue of $4.6 billion, compared with $441 million, or $0.76 a share, on $4.1 billion of revenue a year earlier.

Core Earnings (non-GAAP) were $0.98 a share, versus $0.83 a share in the third quarter of 2025. Sequential Core EPS accelerated: third-quarter Core of $0.98 a share followed second-quarter Core of $0.50 a share, after first-quarter Core of $0.72 a share. Sequential GAAP EPS rose to $0.96 a share from $0.50 a share in the second quarter, after $0.70 a share in the first quarter. Sequential revenue rose to $4.6 billion from $3.7 billion in the second quarter, after $4.2 billion in the first quarter.

The company said results reflect continued implementation of its investment strategy, financial discipline and improved operations across its service territory. Core EPS drivers for the third quarter versus a year earlier were Rates & Investments +$0.01, Customer Demand +$0.02, O&M/Other OpEx +$0.03, and Financing & Other +$0.10, primarily from 2026 third-quarter income tax benefits, for a +$0.15 Core EPS increase.

Segment Core EPS in the third quarter of 2026 was Distribution $0.49, Integrated $0.35, Stand-Alone Transmission $0.15, and Corporate/Other ($0.03), versus Distribution $0.41, Integrated $0.31, Stand-Alone Transmission $0.21, and Corporate/Other ($0.10) a year earlier.

For the first nine months of 2026, FirstEnergy reported GAAP earnings of $1.3 billion, or $2.16 a share, on revenue of $12.4 billion, compared with $1.1 billion, or $1.85 a share, on $11.3 billion of revenue for the first nine months of 2025. Year-to-date Core Earnings through September 30, 2026, were $2.20 a share, a 9% increase from $2.02 a share in the same period of 2025. In the first nine months of 2026, FirstEnergy deployed $4.9 billion to advance Energize365.

Contracted large-load demand was 7.9 gigawatts, nearly double since the beginning of the year, with about 4 gigawatts in active negotiations; contracted data-center demand was about 8 GW and pipeline demand 19 GW. West Virginia pipeline demand increased about 6x to about 6 GW since the beginning of the year.

The company said 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. FirstEnergy issued an initial RFP for an additional 3 GW of CCGTs and is exploring bridge power and temporary behind-the-meter solutions in West Virginia.

FirstEnergy is moving to expand generation in West Virginia as electricity demand grows across the state. 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. Chief Executive Officer Brian X. Tierney said Maidsville is the first of a broader set of opportunities in West Virginia.

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