Firstenergy Stock Earnings Reports

FirstEnergy reported a solid Q1 2026: core earnings of $0.72 per share (up 7.5% YoY) and GAAP earnings of $0.70. Management reaffirmed 2026 guidance ($2.62–$2.82 core EPS) and a $6 billion capital investment plan, and reiterated a long-term core earnings CAGR target of 6%–8% through 2030 (targeting the high end). Key drivers are formula-based transmission & distribution investments (75% of capex under formula rates), continued transmission project wins (>$5 billion awarded over last 4 years), and a push into West Virginia generation to support rapid data-center load growth (filed CPCN for a 1.2 GW combined-cycle gas plant — project estimate ~$2.5B — with hearings mid‑July and anticipated regulatory approval H2 2026). The company stressed customer affordability (rates ~20% below in‑state peers on average; T&D component ~35% below peers), ongoing regulatory engagement, and measures to protect customers (O&M reductions of ~$200M since 2022 and ~5% lower base O&M in the quarter). Moody’s raised the unsecured rating outlook to positive; FirstEnergy completed oversubscribed debt issuance activity and plans $1.7B more in subsidiary debt and a modest equity plan (up to $2B equity/equity-like over 5 years, ~1% of market cap annually). Risks/uncertainties include PJM capacity market dynamics and proposed backstop procurement auction, timing/approval of the WV plant and state rate cases (WV, OH, PA, NJ, MD), and supply/equipment pricing pressure in a seller’s market. Management emphasized disciplined financing (expect ~35% equity for the WV generation project if AFUDC/cash recovery used) and continued focus on reliability, resiliency and stakeholder engagement.