FirstEnergy (FE) Q1 2026 earnings summary

Executive summary

• Core Earnings for Q1 2026 rose 7.5% year-over-year to $0.72 per share, with GAAP EPS at $0.70, driven by disciplined execution, customer-focused investments, and operational efficiency.

• Revenue for Q1 2026 increased 12% to $4.2 billion, and net income attributable to shareholders rose 13% to $405 million.

• The company reaffirmed its 2026 Core Earnings guidance of $2.62–$2.82 per share and long-term Core EPS CAGR target of 6%-8% through 2030, supported by the $36 billion Energize365 investment plan.

• Strategic focus remains on reliability, resiliency, affordability, and regulatory alignment, with significant leadership additions and ongoing stakeholder engagement.

• Dividend growth continues, with a 4.5% increase in the quarterly dividend to $0.465 per share.

Financial highlights

• Q1 2026 Core EPS was $0.72, up from $0.67 in Q1 2025; GAAP EPS was $0.70, up from $0.62.

• Total revenues reached $4.2 billion, up from $3.77 billion year-over-year.

• Transmission rate base grew 13% year-over-year, with integrated businesses up 19% and Stand-Alone Transmission up 11%.

• Customer-focused investments in Q1 2026 totaled nearly $1.4 billion, a 33% increase from Q1 2025.

• Consolidated return on equity was 9.8% on a trailing 12-month basis.

Outlook and guidance

• 2026 Core Earnings guidance range reaffirmed at $2.62–$2.82 per share, with long-term Core EPS CAGR expected near the top end of 6%-8% through 2030.

• Energize365 capital plan targets $6 billion in 2026 investments and $36 billion from 2026–2030, a 30% increase over the previous five-year plan.

• Most earnings growth versus 2025 expected in the second half of 2026.

• Management anticipates sufficient liquidity and working capital, with available liquidity of $4.4 billion as of April 27, 2026.