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FirstEnergy Sees Revenue Growth in Q1, Earnings Match Estimates
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Key Takeaways
FirstEnergy posted Q1 core EPS of 72 cents, up 7.5%, while GAAP EPS rose to 70 cents.
FE revenues rose 10.5% to $4.2B, beating consensus; Distribution $1.99B and Integrated $1.70B.
FirstEnergy reaffirmed 2026 core EPS $2.62-$2.82 and Capital expenditure $6B in 2026, $36B for 2026-2030.
FirstEnergy Corp. (FE - Free Report) reported first-quarter 2026 core earnings of 72 per share, up 7.5% from the year-ago quarter. The bottom line was on par with the Zacks Consensus Estimate.
FirstEnergy’s quarter reflected steady gains from regulated rate base expansion and effective program execution, which supported segment performance. Core earnings growth was driven by returns on investments and disciplined cost management, with stronger customer demand providing an added boost to the Integrated segment.
FE’s reported GAAP earnings were 70 cents per share in the quarter compared with 62 cents in the year-ago quarter. The difference between GAAP and operating earnings was due to 4 cents related to investigation and other costs, while OPEB credits were for 2 cents.
FE’s Total Revenues
Quarterly revenues came in at $4.2 billion, increasing 10.5% year over year and beating the Zacks Consensus Estimate of $3.84 billion by 9.38%. The quarter reflected continued execution of the company’s customer-focused investment plan, supported by nearly $1.4 billion of capital deployed.
FirstEnergy Corporation Price, Consensus and EPS Surprise
The quarter’s revenue strength was underpinned by contributions across Distribution, Integrated and Stand-Alone Transmission. For the three months ended March 31, 2026, Distribution revenues totaled $1.99 billion, Integrated revenues were $1.70 billion and Stand-Alone Transmission revenues reached $516 million, reflecting the scale of the regulated platform.
FE’s Operational Highlights
FE’s income statement showed operating income of $828 million for the quarter, up 9.8% from $754 million in the prior-year period, reflecting higher revenues outpacing operating cost growth.
Interest expense increased 13.2% to $326 million from $288 million, an important watch item as the company funds a large multi-year buildout.
FE’s Financial Highlights
Cash and cash equivalents as of March 31, 2026, were $52 million compared with $57 million as of Dec. 31, 2025.
Long-term debt as of March 31, 2026, was $26.33 billion compared with $25.5 billion as of Dec. 31, 2025.
Capital investments were $1.255 billion for the quarter compared with $1.005 billion a year ago. On the funding side, the company recorded $850 million of new long-term debt and ended the quarter with short-term borrowings of $1.305 billion, up from $325 million at year-end 2025.
FE and its subsidiaries maintain investment-grade ratings across all three major credit rating agencies.
FE’s Regulatory Priorities
FE’s near-term narrative continues to be shaped by regulatory execution across key jurisdictions. The company outlined workstreams tied to West Virginia generation strategy, a West Virginia base rate case and an Ohio three-year rate plan, with filings and hearings scheduled across mid-2026 timing windows.
FirstEnergy’s Guidance Stays Intact With $36B Plan in View
FirstEnergy reaffirmed its 2026 core earnings guided range of $2.62 to $2.82 per share. The company also reaffirmed its long-term core earnings compounded annual growth near the top end of 6-8% for 2026-2030. The Zacks Consensus Estimate for 2026 is currently pegged at $2.73 per share.
The outlook is tied to the Energize365 capital plan, including a $6 billion investment plan for 2026 and a $36 billion program for 2026-2030 focused on distribution infrastructure renewal, grid modernization and transmission resiliency enhancements. In the quarter, management also highlighted exploration of incremental opportunities in transmission and West Virginia generation as part of longer-range planning.
Alliant Energy Corporation (LNT - Free Report) is scheduled to report first-quarter results on April 30. The Zacks Consensus Estimate for earnings is pegged at 82 cents per share, which indicates a decline of 1.2% year over year.
The consensus estimate for LNT’s first-quarter sales is pinned at $1.17 billion, which implies year-over-year growth of 3.93%.
IDACORP Inc. (IDA - Free Report) is scheduled to report first-quarter results on April 30. The Zacks Consensus Estimate for earnings is pegged at $1.12 per share, which indicates an increase of 1.82% year over year.
The consensus estimate for IDA’s first-quarter sales is pinned at $460.4 million, which implies year-over-year growth of 6.46%.
WEC Energy Group, Inc. (WEC - Free Report) is scheduled to report first-quarter results on May 5. The Zacks Consensus Estimate for earnings is pegged at $2.31 per share, which implies an increase of 1.76% year over year.
The consensus estimate for WEC’s first-quarter sales is pinned at $3.21 billion, which indicates year-over-year growth of 1.91%.
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FirstEnergy Sees Revenue Growth in Q1, Earnings Match Estimates
Key Takeaways
FirstEnergy Corp. (FE - Free Report) reported first-quarter 2026 core earnings of 72 per share, up 7.5% from the year-ago quarter. The bottom line was on par with the Zacks Consensus Estimate.
FirstEnergy’s quarter reflected steady gains from regulated rate base expansion and effective program execution, which supported segment performance. Core earnings growth was driven by returns on investments and disciplined cost management, with stronger customer demand providing an added boost to the Integrated segment.
FE’s reported GAAP earnings were 70 cents per share in the quarter compared with 62 cents in the year-ago quarter. The difference between GAAP and operating earnings was due to 4 cents related to investigation and other costs, while OPEB credits were for 2 cents.
FE’s Total Revenues
Quarterly revenues came in at $4.2 billion, increasing 10.5% year over year and beating the Zacks Consensus Estimate of $3.84 billion by 9.38%. The quarter reflected continued execution of the company’s customer-focused investment plan, supported by nearly $1.4 billion of capital deployed.
FirstEnergy Corporation Price, Consensus and EPS Surprise
FirstEnergy Corporation price-consensus-eps-surprise-chart | FirstEnergy Corporation Quote
FirstEnergy’s Segment Details
The quarter’s revenue strength was underpinned by contributions across Distribution, Integrated and Stand-Alone Transmission. For the three months ended March 31, 2026, Distribution revenues totaled $1.99 billion, Integrated revenues were $1.70 billion and Stand-Alone Transmission revenues reached $516 million, reflecting the scale of the regulated platform.
FE’s Operational Highlights
FE’s income statement showed operating income of $828 million for the quarter, up 9.8% from $754 million in the prior-year period, reflecting higher revenues outpacing operating cost growth.
Interest expense increased 13.2% to $326 million from $288 million, an important watch item as the company funds a large multi-year buildout.
FE’s Financial Highlights
Cash and cash equivalents as of March 31, 2026, were $52 million compared with $57 million as of Dec. 31, 2025.
Long-term debt as of March 31, 2026, was $26.33 billion compared with $25.5 billion as of Dec. 31, 2025.
Capital investments were $1.255 billion for the quarter compared with $1.005 billion a year ago. On the funding side, the company recorded $850 million of new long-term debt and ended the quarter with short-term borrowings of $1.305 billion, up from $325 million at year-end 2025.
FE and its subsidiaries maintain investment-grade ratings across all three major credit rating agencies.
FE’s Regulatory Priorities
FE’s near-term narrative continues to be shaped by regulatory execution across key jurisdictions. The company outlined workstreams tied to West Virginia generation strategy, a West Virginia base rate case and an Ohio three-year rate plan, with filings and hearings scheduled across mid-2026 timing windows.
FirstEnergy’s Guidance Stays Intact With $36B Plan in View
FirstEnergy reaffirmed its 2026 core earnings guided range of $2.62 to $2.82 per share. The company also reaffirmed its long-term core earnings compounded annual growth near the top end of 6-8% for 2026-2030. The Zacks Consensus Estimate for 2026 is currently pegged at $2.73 per share.
The outlook is tied to the Energize365 capital plan, including a $6 billion investment plan for 2026 and a $36 billion program for 2026-2030 focused on distribution infrastructure renewal, grid modernization and transmission resiliency enhancements. In the quarter, management also highlighted exploration of incremental opportunities in transmission and West Virginia generation as part of longer-range planning.
FE’s Zacks Rank
FirstEnergy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Alliant Energy Corporation (LNT - Free Report) is scheduled to report first-quarter results on April 30. The Zacks Consensus Estimate for earnings is pegged at 82 cents per share, which indicates a decline of 1.2% year over year.
The consensus estimate for LNT’s first-quarter sales is pinned at $1.17 billion, which implies year-over-year growth of 3.93%.
IDACORP Inc. (IDA - Free Report) is scheduled to report first-quarter results on April 30. The Zacks Consensus Estimate for earnings is pegged at $1.12 per share, which indicates an increase of 1.82% year over year.
The consensus estimate for IDA’s first-quarter sales is pinned at $460.4 million, which implies year-over-year growth of 6.46%.
WEC Energy Group, Inc. (WEC - Free Report) is scheduled to report first-quarter results on May 5. The Zacks Consensus Estimate for earnings is pegged at $2.31 per share, which implies an increase of 1.76% year over year.
The consensus estimate for WEC’s first-quarter sales is pinned at $3.21 billion, which indicates year-over-year growth of 1.91%.