FE · FirstEnergy Corp.

FirstEnergy Corp. delivered strong Q1 2026 results with GAAP EPS of $0.70 on $4.2 billion revenue, reflecting revenue growth from higher rates, customer demand, and formula-driven investments. Core EPS rose 7.5% to $0.72, excluding special items like net pension credits, investigation costs, and reorganization expenses, highlighting operational execution. Management emphasized disciplined customer-focused capital deployment of $1.4 billion, up 33% year-over-year, with 90% in reliability-enhancing formula rate programs. Segment performance showed Distribution up $0.03 per share from higher rates and lower Opex; Integrated up $0.01 from 19% transmission rate base growth and demand, offset by storm costs; Stand-Alone Transmission up $0.02 on 11% rate base expansion; Corporate slightly lower on interest expense. TTM ROE reached 9.8%, supported by transmission rate base growth of 13%. The company reaffirmed its $6 billion 2026 Energize365 investment plan for grid modernization and resiliency, part of a $36 billion five-year program driving ~10% CAGR rate base growth. Long-term Core EPS CAGR guidance remains near the top of 6-8% through 2030. Recent financing included a $850 million FE PA debt offering oversubscribed 5x at 4.4% and other issuances, bolstering liquidity for investments while maintaining investment-grade metrics. CEO Brian X. Tierney noted momentum from strategy execution, reinforcing confidence in outlook amid regulatory progress in WV and Ohio rate cases.