FirstEnergy tops Q3 profit estimates, beats on revenue

FirstEnergy Corp. (FE) said on Oct. 27, 2026 that its third-quarter core earnings were 98 cents per share, topping the 93-cent consensus estimate compiled by Finnhub. Revenue of $4.56 billion beat the $4.38 billion estimate.

The Akron, Ohio company runs electric distribution companies that serve more than 6 million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. Its transmission subsidiaries operate more than 24,000 miles of lines.

Core earnings are a non-GAAP measure that excludes special items. GAAP earnings were 96 cents per share for the quarter, according to the company's release. Special items included investigation and other related costs of 3 cents per share.

Here's how the company did:

• Core EPS: 98 cents per share vs. 83 cents a year earlier, against a 93-cent estimate, according to Finnhub
• GAAP EPS: 96 cents per share vs. 76 cents a year earlier
• Revenue: $4.56 billion vs. $4.15 billion a year earlier, against a $4.38 billion estimate, according to Finnhub
• GAAP net income attributable to FirstEnergy: $557 million vs. $441 million a year earlier

For the first nine months of 2026, the company reported GAAP earnings of $2.16 per share and core earnings of $2.20 per share, a 9% increase from $2.02 per share a year earlier. Nine-month revenue was $12.4 billion, compared with $11.3 billion in the same period of 2025.

According to its SEC filings, net income swung from a loss of $49.0 million in the fourth quarter of 2025 to a profit of $405.0 million in the first quarter of 2026.

2026 guidance

The company reaffirmed its 2026 core earnings guidance of $2.62 to $2.82 per share, the same range it gave on July 28, and said it expects results at or slightly above the midpoint.

FirstEnergy Board Chairman, President and Chief Executive Officer Brian X. Tierney said, "We're delivering on our commitments while positioning FirstEnergy for the next phase of growth."

The company reaffirmed a long-term core earnings compound annual growth rate near the top end of 6% to 8% through 2030. It said the rate is supported by its five-year, $36 billion Energize365 capital investment plan, of which it deployed $4.9 billion in the first nine months of 2026.

West Virginia generation

The company said it has secured turbines through a reservation agreement with Siemens for the proposed Maidsville Energy Center, with delivery expected in 2030.

It is seeking approval from the West Virginia Public Service Commission for the combined cycle gas generating facility, and said it expects a final order in the fourth quarter of 2026.

Tierney said, "Maidsville is an important investment on its own, but we see it as the first of a broader set of opportunities in West Virginia."

Transmission and load growth

The company said it has 7.9 gigawatts of contracted demand from large-load customers, nearly double the level at the beginning of the year. It is in active negotiations for approximately 4 gigawatts of additional load.

FirstEnergy expects these demands to drive at least a 25% increase in its current $19 billion 2026 to 2030 transmission investment plan when it rolls forward to 2027 to 2031.

The company will hold a teleconference with analysts and investors at 9 a.m. EDT on Oct. 28, 2026.