FirstEnergy (FE7) Q3 2026 Earnings Report

The call was strongly positive overall. Management reported year-to-date earnings growth, higher investment deployment, improving reliability, robust industrial and data center demand, expanding transmission opportunities, and reaffirmed 2026 and long-term earnings objectives. The main challenges were pending regulatory approvals, the later timing of additional West Virginia generation, unresolved rate-case matters, and the equity or equity-like financing required for incremental investment.

FirstEnergy reaffirmed its 2026 Core EPS guidance range of $2.62 to $2.82 per share and expects to be at or slightly above the midpoint, with core earnings growth near the top end of its 6%-8% range through 2030; it expects an order on the Maidsville CPCN in the fourth quarter, has reserved turbines for delivery in 2030, expects an update on the initial 3 GW RFP in early 2027, and expects the 3 GW’s longer-term solutions in the 2031, 2032 and beyond timeframe. The company expects at least a 25% increase in its current $19 billion transmission investment plan, will provide its updated 2027 through 2031 capital investment and financial outlook on the fourth quarter earnings call in February, and expects additional investments to be funded with up to 35% equity or equity-like securities; its current five-year $36 billion investment plan includes up to $2 billion of equity or equity-like securities through 2030, while common equity is expected to be 1% of market cap on an annual basis for the foreseeable future. It expects New Jersey rates to remain approximately 18% below the state average for investor-owned utilities even with the proposed increase, and expects a regulatory outcome on New Jersey’s review later this year or early next year.