EarningsQ2 2026 Earnings Report
MX:FE Q2 2026 EPS Results
Actual EPS$8.48
Consensus EPS$8.51
Beat/MissMissed by -$0.03
One Year Ago EPS$8.82
MX:FE Q2 2026 Revenue Results
Actual Revenue$62.37B
Expected Revenue$59.55B
Beat/MissBeat by +$2.82B
YoY Revenue Growth+8.82%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeAfter Close
Conference CallTuesday, July 28, 2026
MX:FE Upcoming Earnings
FirstEnergy's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:FE Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive outlook driven by strong execution: reaffirmed guidance, accelerated capital deployment, substantial and growing data center demand (30% increase since Q1 and 6.4 GW contracted), constructive regulatory progress in multiple jurisdictions, and a transmission growth runway. Headwinds include a small quarter-over-quarter core EPS decline, planned higher operating expenses, regulatory uncertainties (particularly cost allocation in PJM and potential policy shifts in New Jersey), and timing/approval dependencies for major projects. Overall, the positive operational and growth indicators and material pipeline of contracted demand and regulatory filings outweigh the risks discussed.Company Guidance
Reaffirmed Capital and Earnings Guidance
Reaffirmed 2026 capital investment plan of $6.0 billion and core earnings guidance range of $2.62 to $2.82 per share; reaffirmed $36 billion 5-year capital plan and target core earnings growth near the top end of 6%–8% through 2030.
Surge in Data Center Demand
Total forecasted data center demand increased ~30% since Q1 to ~25 GW; contracted an additional 2.1 GW in Q2, bringing total contracted demand to 6.4 GW; contracted + pipeline now represents ~70% of July system peak load (34.8 GW).
West Virginia Opportunity and Maidsville Progress
4.3 GW of contracted and pipeline data center demand in West Virginia; advancing approval for the 1.2 GW Maidsville Energy Center (CPCN hearings complete, resolution expected this fall); evaluating structures (regulated or Genco) to accelerate build and capture larger generation opportunity in the state.
Quarterly and Year-to-Date Financial Performance
GAAP earnings per share for Q2 were $0.50 versus $0.46 a year ago (+~8.7%); core EPS for the first six months were $1.22 versus $1.19 a year ago (+~2.5%); consolidated trailing 12‑month return on equity of 9.5%, in line with targeted returns.
Accelerated Capital Deployment
Deployed $2.9 billion of the $6.0 billion 2026 plan through the first half of the year — a 19% increase versus 2025; management expects incremental generation investment roughly ~$250 million per GW added (management estimate).
Transmission Growth Optionality
Transmission business targeted at a 16% compound annual growth rate through 2030 in the current plan; company expects to compete in PJM 2026 open window (awards Q1 2027) and previously captured ~ $5 billion of opportunities in prior open windows.
Regulatory Progress Across Jurisdictions
West Virginia: anticipated rate order increasing revenues by $76 million (phased $38M Aug 1 and remainder next June) and expected CPCN decision this fall; Ohio: 3‑year rate plan accepted with staff report due Nov 30 and hearings beginning Mar 1, 2027 (order expected Q2 2027); New Jersey and Maryland base rate filings planned this quarter/Q3 with active prefiling engagement.
Reliability Improvements in New Jersey
Investments to address poor-performing circuits produced reliability improvements: +16% from 2024 to 2025 and a further +38% year‑to‑date (period-over-period), supporting the case for recovery in the upcoming New Jersey filing.
MX:FE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed