$FE · FIRSTENERGY CORP
FirstEnergy reported Q3 2026 GAAP earnings of $0.96 per share on $4.6B revenue, with Core EPS (non-GAAP) of $0.98, up from $0.83 in Q3 2025. The company reaffirmed its 2026 Core EPS guidance of $2.62–$2.82 and its long-term 6–8% Core EPS CAGR through 2030, backed by a $36B five-year capital plan. Transmission contracted demand reached 7.9 GW, nearly double since year-start, with at least a 25% increase expected in the 2027–2031 transmission investment plan.
- Q3 2026 GAAP EPS of $0.96 on revenue of $4.6B, up from $0.76 on $4.1B in Q3 2025.
- Core EPS (non-GAAP) of $0.98 vs $0.83 YoY; YTD Core EPS of $2.20, a 9% increase over 2025.
- Reaffirmed 2026 Core EPS guidance of $2.62–$2.82, expecting results at or slightly above the midpoint.
- Five-year $36B Energize365 capital plan; $4.9B deployed in first nine months of 2026.
- Transmission contracted demand from large-load customers hit 7.9 GW, nearly double since start of 2026.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
FirstEnergy's 7.9 GW contracted large-load pipeline — nearly double since January — and the projected 25%+ increase in its transmission investment plan signal a materially larger growth trajectory than the already-reaffirmed 6–8% CAGR.
FirstEnergy's transmission growth narrative aligns with broader utility-sector tailwinds from data-center and electrification demand. The 7.9 GW contracted large-load pipeline and potential 25% increase in the transmission investment plan signal above-average load growth versus regulated peers.
Forward-looking risks include potential non-compliance with debt covenants, credit rating downgrades, and regulatory uncertainty around West Virginia generation approvals. The Maidsville Energy Center final order is expected Q4 2026 but not guaranteed.