FirstEnergy reaffirms earnings outlook as grid demand accelerates
FirstEnergy beat published Q3 estimates, reaffirmed 2026 core-EPS guidance and highlighted contracted large-load demand while year-to-date operating cash flow declined.
FirstEnergy reported third-quarter 2026 revenue of $4.557 billion, up 9.9% from $4.1 billion a year earlier. GAAP earnings rose to $557 million, or $0.96 per diluted share, from $441 million, or $0.76, while core earnings increased to $0.98 per share from $0.83.
The result exceeded published pre-release estimates of about $4.24–$4.29 billion in revenue and $0.90 per share. FirstEnergy reaffirmed its 2026 core-EPS range of $2.62–$2.82 and said it expects to finish at or slightly above the midpoint. The company also kept its long-term core-EPS growth outlook near the top end of a 6%–8% range through 2030.
Cash conversion was weaker year to date: operating cash flow was $2.058 billion through September, versus $2.564 billion in the comparable 2025 period. At September 30, long-term debt carried a $28.245 billion balance, alongside $370 million of short-term borrowings and $53 million of current long-term debt. The balance-sheet figures underline the financing demands of the investment program.
The company has reserved Siemens turbines for the proposed Maidsville Energy Center in West Virginia, with delivery expected in 2030, subject to regulatory approval. It also expects its current $19 billion 2026–2030 transmission plan to rise by at least 25% when the next planning period rolls forward. These are forward-looking projects, not completed capacity, and depend on approvals, customer commitments and execution.
Q3 revenue
$4.557B
↑ +9.9% year over year
Core EPS
$0.98
↑ +18.1% year over year
9M operating cash flow
$2.058B
↓ -$506M year over year
2026 core EPS guide
$2.62–$2.82
reaffirmed company guidance
Sources
Quarterly revenue, FirstEnergy
Margins by quarter
Twelve quarters of figures
| Quarter | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B | $3.5B | $3.1B | $3.3B | $3.3B | $3.7B | $3.2B | $3.8B | $3.4B | $4.1B | $3.8B | $4.2B |
| Revenue growth | 6.7% | 0.4% | −1.0% | 1.7% | 9.1% | 6.9% | 1.0% | 14.5% | 3.1% | 11.2% | 19.6% | 11.6% |
| Operating margin | 16.0% | 19.1% | 18.1% | 18.6% | 12.9% | 19.5% | 19.3% | 20.0% | 19.1% | 20.0% | −0.6% | 19.7% |
| Net income | $235M | $400M | $175M | $253M | $45.0M | $419M | $261M | $360M | $268M | $441M | −$49.0M | $405M |
| Diluted EPS | $0.41 | $0.69 | $0.31 | $0.44 | $0.08 | $0.73 | $0.46 | $0.62 | $0.46 | $0.76 | −$0.09 | $0.70 |
| Cash from operations | −$101M | $642M | $958M | −$40.0M | $1.1B | $775M | $1.0B | $637M | $1.1B | $845M | $1.1B | $148M |
| Capital expenditure | $769M | $848M | $1.1B | $790M | $942M | $1.0B | $1.3B | $1.0B | $1.2B | $1.3B | $1.2B | $1.3B |
| Free cash flow | −$870M | −$206M | −$132M | −$830M | $170M | −$229M | −$250M | −$368M | −$136M | −$471M | −$30.0M | −$1.1B |
| Dividends and buybacks | $224M | $223M | $236M | $235M | $245M | $245M | $245M | $245M | $257M | $257M | $257M | $257M |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or FirstEnergy.
