Analyst Consensus ?
ConsensusHold24 ratings
Bullish1145.8%
Neutral1354.2%
Bearish00.0%
1 unmapped firm rating excluded from the percentages.
FirstEnergy Corp. · FE · FY2026 Q1 · Calendar Q2 2026
FirstEnergy Posts 7.5% Core Earnings Growth, Reaffirms 2026 Guidance on Data Center Demand
FirstEnergy delivered Q1 2026 results that reinforced its core investment thesis: regulated utility growth driven by accelerating infrastructure investment and surging data center demand. Core earnings rose 7.5% year over year, revenue beat consensus by 10.5%, and management reaffirmed full-year guidance of $2.62 to $2.82 per share. The $36 billion five-year capital plan gained momentum with $1.4 billion deployed in the quarter, while data center demand in West Virginia surged 50% to 1.8 GW with 4 GW of additional pipeline contracts nearing finalization. Despite these operational strengths, the stock traded modestly lower after the report and drifted approximately 5.6% lower in subsequent sessions, suggesting investors are weighing regulatory and financing risks against the long-term growth narrative.
Reported After market closeNYSEUtilities
$28.42B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.72
Consensus $0.72
EPS surprise
+0.6%
Reported versus consensus
Reported revenue
$4.20B
Consensus $3.80B
Revenue surprise
+10.5%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-1.3%
Event window
SPY move
-0.0%
Same window
Abnormal move
-1.3%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
-5.6%
Up to 20 sessions
FESPY benchmark
Ask FN2 about FE FY2026 Q1
Transcript, numbers and history already loaded
Why did FE fall 1.3% after beating EPS estimates in FY2026 Q1?What changed in FE's guidance and outlook in FY2026 Q1?Give me the bull and bear case for FE after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared to the prior quarter's full-year 2025 report, Q1 2026 showed continued execution: the capital plan accelerated with $1.4 billion invested in a single quarter, data center demand in West Virginia grew from a disclosed pipeline to 1.8 GW of signed commitments with 4 GW more expected to close, and an $850 million debt offering drew more than 5x oversubscription. The bullish score rose from 78 to 82. Management maintained guidance rather than raising it, and affordability pressure in Pennsylvania and New Jersey became a more prominent concern in analyst questions.
Guidance delta
Maintained. FirstEnergy reaffirmed its 2026 core earnings guidance of $2.62 to $2.82 per share. The 6 to 8% compounded annual growth rate target through 2030 and the $36 billion capital plan were both reiterated. No guidance raise was issued despite the revenue beat.
Key takeaways
- Core earnings increased 7.5% year over year, with EPS of $0.72 narrowly exceeding the $0.716 consensus estimate.
- Revenue of $4.2 billion surpassed the $3.8 billion consensus by approximately 10.5%.
- The company invested $1.4 billion in infrastructure during Q1, continuing the $36 billion five-year capital program.
- West Virginia data center demand surged 50% to 1.8 GW, with roughly 4 GW of additional pipeline contracts expected to close this quarter.
- An $850 million debt offering was more than 5x oversubscribed, signaling strong institutional demand for FirstEnergy credit.
- Full-year 2026 guidance of $2.62 to $2.82 per share was reaffirmed alongside the 6 to 8% core earnings CAGR target through 2030.
Management priorities
- Advance the 1.2-GW combined-cycle natural gas facility in West Virginia, pending mid-year regulatory approval.
- File base rate cases in West Virginia (May) and Ohio (April) with proposed investment increases.
- Execute additional transmission projects through the PJM 2026 planning window.
- Finalize approximately 4 GW of data center load contracts expected to close this quarter.
- Maintain affordability positioning, with rates roughly 20% below in-state peers and O&M costs reduced approximately 5% year over year.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$46.4Current
$41Low
$49.39Average
$56High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 28, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 21, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 19, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 12, 2026 |
| UBS | Neutral | Neutral | Maintain | Jun 11, 2026 |
| TD Cowen | Buy | Hold | Upgrade | May 15, 2026 |
| Jefferies | Hold | Hold | Maintain | Apr 21, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Feb 19, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jan 27, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jan 20, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Oct 24, 2025 |
| Keybanc | Overweight | Downgrade | Oct 15, 2025 | |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 28, 2025 |
| B of A Securities | Neutral | Underperform | Upgrade | Apr 23, 2025 |
| Guggenheim | Buy | Buy | Maintain | Apr 7, 2025 |
| Seaport Global | Neutral | Buy | Downgrade | Oct 31, 2024 |
| Argus Research | Buy | Hold | Upgrade | Sep 20, 2024 |
| RBC Capital | Outperform | Outperform | Maintain | Sep 6, 2023 |
| Citigroup | Neutral | Neutral | Maintain | Jan 16, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Oct 24, 2019 |
| Deutsche Bank | Hold | Hold | Maintain | Jul 31, 2017 |
| Goldman Sachs | Neutral | Sell | Upgrade | Jan 17, 2017 |
| BGC Financial | Buy | Hold | Upgrade | Aug 6, 2014 |
| Credit Suisse | Neutral | Outperform | Downgrade | May 28, 2013 |
| BMO Capital | Market Perform | Market Perform | Maintain | May 8, 2013 |
| ISI Group | Hold | Hold | Maintain | Dec 14, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $46.4. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BMO Capital | James Thalacker | $50 | $46.15 | +7.8% | Oct 26, 2026 |
| HSBC | Analyst unavailable | $50 | $45.51 | +7.8% | Oct 22, 2026 |
| New Street | Analyst unavailable | $47 | $44.8 | +1.3% | Oct 13, 2026 |
| Mizuho Securities | Paul Fremont | $47 | $45 | +1.3% | Oct 12, 2026 |
| Barclays | Analyst unavailable | $54 | $48.71 | +16.4% | Jul 31, 2026 |
| Barclays | Nicholas Campanella | $55 | $48.54 | +18.5% | Jul 20, 2026 |
| Morgan Stanley | Analyst unavailable | $52 | $47.66 | +12.1% | Jun 24, 2026 |
| UBS | William Appicelli | $51 | $46.87 | +9.9% | Jun 11, 2026 |
| New Street | Analyst unavailable | $52 | $48.94 | +12.1% | Apr 21, 2026 |
| Wells Fargo | Shahriar Pourreza | $55 | $49.45 | +18.5% | Apr 21, 2026 |
| Scotiabank | Analyst unavailable | $56 | $49.37 | +20.7% | Feb 19, 2026 |
| Mizuho Securities | Anthony Crowdell | $51 | $48.94 | +9.9% | Feb 19, 2026 |
| Wolfe Research | Analyst unavailable | $50 | $46.77 | +7.8% | Jan 27, 2026 |
| Barclays | Analyst unavailable | $50 | $47.37 | +7.8% | Jan 22, 2026 |
| UBS | Analyst unavailable | $46 | $44.03 | -0.9% | Dec 17, 2025 |
| Wells Fargo | Shahriar Pourreza | $54 | $46.44 | +16.4% | Oct 27, 2025 |
| UBS | Analyst unavailable | $50 | $46.52 | +7.8% | Oct 24, 2025 |
| Mizuho Securities | Analyst unavailable | $50 | $46.68 | +7.8% | Oct 24, 2025 |
| Jefferies | Julien Dumoulin-Smith | $47 | $46.78 | +1.3% | Oct 21, 2025 |
| Morgan Stanley | David Arcaro | $50 | $47.1 | +7.8% | Oct 21, 2025 |
| Scotiabank | Analyst unavailable | $49 | $47.1 | +5.6% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $49 | $43.64 | +5.6% | Aug 25, 2025 |
| UBS | Analyst unavailable | $44 | $40.51 | -5.2% | Jun 24, 2025 |
| Mizuho Securities | Analyst unavailable | $43 | $42.72 | -7.3% | Apr 28, 2025 |
| Scotiabank | Analyst unavailable | $46 | $42.34 | -0.9% | Apr 25, 2025 |
| Scotiabank | Analyst unavailable | $44 | $38.77 | -5.2% | Feb 28, 2025 |
| KeyBanc | Sophie Karp | $48 | $43.72 | +3.4% | Oct 22, 2024 |
| Jefferies | Julien Dumoulin-Smith | $46 | $42.71 | -0.9% | Oct 14, 2024 |
| Barclays | Nicholas Campanella | $46 | $43.46 | -0.9% | Oct 7, 2024 |
| Morgan Stanley | David Arcaro | $51 | $43.72 | +9.9% | Sep 25, 2024 |
| Argus Research | Marie Ferguson | $50 | $43.64 | +7.8% | Sep 20, 2024 |
| KeyBanc | Sophie Karp | $46 | $44.47 | -0.9% | Sep 16, 2024 |
| Scotiabank | Andrew Weisel | $45 | $44.06 | -3.0% | Sep 12, 2024 |
| Barclays | Nicholas Campanella | $40 | $38.59 | -13.8% | Jul 9, 2024 |
| KeyBanc | Sophie Karp | $43 | $39.66 | -7.3% | Jun 5, 2024 |
| Mizuho Securities | Paul Fremont | $41 | $40.26 | -11.6% | Jun 3, 2024 |
| Morgan Stanley | Analyst unavailable | $47 | $42 | +1.3% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $45 | $37.8 | -3.0% | Nov 11, 2022 |
| Wells Fargo | Analyst unavailable | $44 | $39.33 | -5.2% | Jul 28, 2022 |
| Morgan Stanley | Analyst unavailable | $49 | $37.58 | +5.6% | Jul 21, 2022 |
| Mizuho Securities | Analyst unavailable | $40 | $41.83 | -13.8% | Jun 7, 2022 |
| Morgan Stanley | Analyst unavailable | $51 | $42.71 | +9.9% | May 23, 2022 |
| Credit Suisse | Analyst unavailable | $51 | $45.44 | +9.9% | Apr 26, 2022 |
| Wells Fargo | Analyst unavailable | $49 | $46.01 | +5.6% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $53 | $48.44 | +14.2% | Apr 20, 2022 |
| Barclays | Eric Beaumont | $41 | $37.32 | -11.6% | Nov 30, 2021 |
| Goldman Sachs | Michael Lapides | $46 | $35.43 | -0.9% | Apr 27, 2021 |
Track every rating change on FE the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationFirstEnergy Corp. is an American utility company that, through its subsidiaries, provides comprehensive electricity services, encompassing generation, transmission, and distribution throughout the United States. Its operations are structured into Regulated Distribution and Regulated Transmission segments. The company leverages a diverse portfolio of power sources, operating facilities that produce electricity from coal, nuclear, hydroelectric, natural gas, wind, and solar technologies. Its vast infrastructure includes 24,074 circuit miles of overhead and underground transmission lines, complemented by an extensive electric distribution network featuring 273,295 miles of overhead pole lines and underground conduits for primary, secondary, and street lighting circuits. FirstEnergy serves approximately 6 million customers across six states: Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York. The corporation was established in 1996 and is based in Akron, Ohio.
Historical context
All FE earningsUtilities peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| NI NiSource Inc | FY2026 Q3 · Calendar Q4 2026 | — | +0.6% | NiSource expands data-center power strategy as guidance improves |
| AEP American Electric Power Company, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -0.7% | AEP raises long-term growth target on $100 billion capital plan |
| CMSA CMS Energy Corporation 5.6% JRSUB NT 78 | FY2026 Q3 · Calendar Q4 2026 | +6.7% | 0.0% | CMS Energy reaffirms guidance as NorthStar restructuring advances |
| CMS CMS Energy Corporation | FY2026 Q3 · Calendar Q4 2026 | +6.7% | -0.8% | CMS Energy Maintains Guidance as Load Growth and Restructuring Advance |
Latest beats and misses
Who reports nextBeat on EPS
- UMBFFY2026 Q3 · October 27, 2026+10.6% EPS-1.1% move
- UHSFY2026 Q3 · October 27, 2026+0.6% EPS-2.9% move
- ACGLNFY2026 Q3 · October 27, 2026+15.6% EPS-0.9% move
- RNRFY2026 Q3 · October 27, 2026+20.4% EPS-2.6% move
- RNR-PGFY2026 Q3 · October 27, 2026+20.4% EPS— move
- ESSFY2026 Q3 · October 27, 2026+3.4% EPS-4.0% move
Get the FE recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T14:11:16.287341+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T14:11:16.285058+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-07-30. For educational purposes only; not investment advice.