FirstEnergy (FE) Q2 2026 earnings summary

Executive summary

• Delivered strong financial and operational performance in Q2 2026, with GAAP earnings of $288 million ($0.50 per share) and revenue of $3.68 billion, up from $268 million ($0.46 per share) and $3.4 billion in Q2 2025.

• Five-year capital investment plan expanded to $36B for 2026–2030, targeting grid reliability, resiliency, and supporting surging data center demand, especially in West Virginia.

• Significant growth opportunities from data center demand, with contracted and pipeline demand up 30% since Q1 and West Virginia demand up 137% to 4.3 GW.

• Advancing regulatory strategies and major rate cases in Ohio, New Jersey, West Virginia, and Maryland to support investment and reliability.

• Dividend increased by 4.5% to $0.465 per share, reflecting commitment to shareholder returns.

Financial highlights

• Q2 2026 GAAP earnings of $0.50 per share, up from $0.46 in Q2 2025; Core earnings of $0.50 per share, down from $0.52 a year ago.

• First half 2026 GAAP earnings were $693 million ($1.20 per share) on $7.88 billion revenue, up from $628 million ($1.09 per share) on $7.1 billion in 2025.

• Core earnings for the first six months: $1.22 per share, up from $1.19 year-over-year.

• Deployed $2.9B in capital through H1 2026, a 19% increase versus 2025.

• Transmission rate base grew 14% year-over-year, with integrated segment up 22% and stand-alone up 11%.

Outlook and guidance

• Reaffirmed 2026 Core EPS guidance of $2.62–$2.82 per share and long-term Core EPS CAGR near the top end of 6%-8% through 2030.

• On track to deploy $6B in capital investments for 2026; $2.9B already deployed in H1.

• Additional 1.5 GW of data center demand expected to be contracted in the next weeks, with most new load phased in by 2031.

• Upside to CapEx plan expected from West Virginia generation and transmission investments, with incremental CapEx to be layered into future updates.

• Management expects continued long-term investment opportunities in grid modernization and reliability.