FirstEnergy Beats on Q3 Core EPS, Reaffirms Guidance and Flags 25%+ Transmission Buildout
FE is trading near its 52-week low of $42.67 (8.4% above the low).
Summary
FirstEnergy reported Q3 Core EPS of $0.98 versus $0.83 a year ago and reaffirmed 2026 guidance of $2.62-$2.82, while disclosing that contracted data center demand nearly doubled to about 8 GW and that transmission investment should rise at least 25% above the current $19 billion plan.
Key Events · Earnings and Guidance · FE
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Q3 Core EPS Beats Prior Year
Core EPS of $0.98 versus $0.83 in Q3 2025; GAAP earnings of $557 million, or $0.96 per share, on revenue of $4.6 billion.
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2026 Guidance Reaffirmed
2026 Core EPS guidance of $2.62-$2.82 reaffirmed with results expected at or slightly above the midpoint; long-term Core EPS CAGR near the top end of 6-8% through 2030 reaffirmed.
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Data Center Demand Nearly Doubles
Contracted demand reached about 8 GW, nearly double since year-end 2025, with a 19 GW pipeline and roughly 4 GW in active negotiations.
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Transmission Plan Seen Up 25%+
FirstEnergy expects at least a 25% increase to its current $19 billion 2026-2030 transmission investment plan when it rolls forward to 2027-2031.
Analysis · FE · Energy & Transportation
Third-quarter Core EPS of $0.98 beat last year's $0.83 and lifted year-to-date Core EPS to $2.20, a 9% increase, while management reaffirmed 2026 guidance of $2.62-$2.82 and expects results at or slightly above the midpoint. The bigger story sits in the strategic deck: contracted data center demand has nearly doubled to about 8 GW since the start of the year, and FirstEnergy expects at least a 25% increase to its current $19 billion transmission plan when it rolls forward to 2027-2031. That larger capital base is what supports the reaffirmed 6-8% long-term earnings growth, but it also comes with planned equity funding of up to 35% of incremental investments, up to $2 billion, which is the dilution investors will weigh against the growth. The West Virginia generation push, including a Siemens turbine reservation for Maidsville with a 4Q26 CPCN order expected, is the first step in a broader opportunity rather than a near-term earnings driver.
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At the time of this filing, FE was trading at $46.27 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $26.8B. The 52-week trading range was $42.67 to $52.34. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.