It has been about a month since the last earnings report for FirstEnergy (FE Quick QuoteFE - Free Report) . Shares have lost about 4.4% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is FirstEnergy due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

FirstEnergy Sees Revenue Growth in Q1, Earnings Match Estimates

FirstEnergy Corp. 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’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.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in fresh estimates.

VGM Scores

At this time, FirstEnergy has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Following the exact same course, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. Interestingly, FirstEnergy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

FirstEnergy is part of the Zacks Utility - Electric Power industry. Over the past month, CenterPoint Energy (CNP Quick QuoteCNP - Free Report) , a stock from the same industry, has gained 0.6%. The company reported its results for the quarter ended March 2026 more than a month ago.

CenterPoint reported revenues of $2.98 billion in the last reported quarter, representing a year-over-year change of +1.9%. EPS of $0.56 for the same period compares with $0.53 a year ago.

CenterPoint is expected to post earnings of $0.38 per share for the current quarter, representing a year-over-year change of +31%. Over the last 30 days, the Zacks Consensus Estimate has changed -2.6%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for CenterPoint. Also, the stock has a VGM Score of F.