FirstEnergy Beats Q1, Reaffirms 2026 Guidance, Launches $36B Energize365 Plan
FirstEnergy Corp. posted a stronger‑than‑expected first‑quarter, posting $4.2 billion in revenue and $0.70 GAAP EPS while reaffirming its 2026 Core EPS outlook. The utility also rolled out an ambitious $36 billion, 2026‑2030 “Energize365” capital plan aimed at grid reliability and rate‑base growth.
FirstEnergy’s Q1 results beat expectations and signal momentum for its 2026‑2030 growth agenda. GAAP revenue rose 11% year‑over‑year to $4.2 billion, while GAAP earnings climbed to $405 million, or $0.70 per share, up from $360 million and $0.62 per share a year ago. The company’s Core (non‑GAAP) earnings—its preferred performance metric—jumped 7.5% to $0.72 per share, comfortably ahead of the $0.67 reported in Q1 2025.
The utility highlighted a trailing‑12‑month return on equity of 9.8%, underscoring solid profitability amid a competitive energy landscape. Capital deployment accelerated, with $1.4 billion of customer‑focused investments poured into the quarter—a 33% YoY increase, 90% of which funded formula‑rate programs to bolster grid reliability and resiliency.
Guidance remains unchanged. FirstEnergy reaffirmed its 2026 Core EPS guidance of $2.62‑$2.82, a range that reflects the company’s confidence in sustained earnings growth despite ongoing regulatory and litigation headwinds. The filing also disclosed a $6 billion 2026 capital plan and a $36 billion 2026‑2030 Energize365 program, roughly a 30% uplift from the prior five‑year outlook. The long‑range plan projects a compounded annual rate‑base growth of about 10% and a Core EPS compound annual growth rate (CAGR) of 6‑8% through 2030.
Segment performance was broadly in line with expectations: Distribution Core EPS rose $0.03, Integrated $0.01, and Stand‑Alone Transmission $0.02 per share. Rate bases expanded—Transmission by 19% and Stand‑Alone Transmission by 11% YoY—fueling the higher capital spend.
Investors can tune into a live webcast on April 29 at 9:00 a.m. EDT for a deeper dive, with slides posted on FirstEnergy’s Investor Information site. The filing also carries the usual forward‑looking risk disclosures, noting exposure to government investigations, litigation, macro‑economic variables, and weather‑related events.
Market reaction: The stock traded around $49.56, up modestly 0.23% on the day, sitting near the 80% mark of its 52‑week range and contributing to a 10.7% YTD gain for the company.
Overall, FirstEnergy’s Q1 performance and the unveiling of the Energize365 roadmap suggest a strategic push to modernize its grid while delivering incremental earnings growth for shareholders.
Financial Details
| GAAP Revenue Q1 2026 | $4.20B |
| GAAP Earnings Q1 2026 | $405.00M |
| GAAP EPS Q1 2026 | 0.70 |
| GAAP Revenue Q1 2025 | $3.80B |
| GAAP Earnings Q1 2025 | $360.00M |
| GAAP EPS Q1 2025 | 0.62 |
| Core EPS Q1 2026 | 0.72 |
| Core EPS Q1 2025 | 0.67 |
| Core EPS Growth Q1 | 7.5% |
| Return on Equity Trailing12M | 9.8% |
| Capital Invested Q1 2026 | $1.40B |
| Rate Base Growth Transmission | 19% |
| Rate Base Growth StandAlone Transmission | 11% |
| Shares Outstanding Q1 2026 | $578.00M |
| Shares Outstanding Q1 2025 | $577.00M |
| Special Items Per Share Q1 2026 | |
| Net Pension OPEB Credits | -0.02 |
| Investigation and Other Costs | 0.04 |
| Reorganization Costs | 0.03 |
| Total Special Items | 0.02 |
| Special Items Per Share Q1 2025 | |
| Net Pension OPEB Credits | -0.01 |
| Investigation and Other Costs | 0.03 |
| Reorganization Costs | 0.03 |
| Total Special Items | 0.05 |
| 2026 Core EPS Guidance Range | |
| Low | 2.62 |
| High | 2.82 |
| 2026 Capital Plan | $6.00B |
| 2026 2030 Capital Plan | $36.00B |
| Projected Rate Base Compounded Annual Growth 2026 2030 | 10% |
| Projected Core EPS CAGR 2026 2030 | 6-8% |
Key Takeaways
- Q1 GAAP revenue up 11% to $4.2 B; GAAP EPS $0.70, Core EPS $0.72 (+7.5% YoY).
- Company reaffirmed 2026 Core EPS guidance of $2.62‑$2.82 per share.
- Announced $36 B, 2026‑2030 Energize365 capital plan targeting 10% rate‑base CAGR and 6‑8% Core EPS CAGR.
- Customer‑focused capital investment rose 33% YoY to $1.4 B, with 90% in reliability programs.
- Shares edged higher to $49.56, up 0.23%, as investors digest stronger earnings and long‑term growth outlook.