FirstEnergy Corp. (FE)

FirstEnergy reported third-quarter 2026 earnings of $557 million, or $0.96 per share, on revenue of $4.6 billion 1.

The company reaffirmed its 2026 guidance for Core Earnings, a measure that leaves out one-off items, of $2.62 to $2.82 per share and said it expects results at or slightly above the midpoint 1.

Behind that sits a $36 billion, five-year spending plan called Energize365 to modernize the grid, and the company says it put $4.9 billion into it in the first nine months of 2026 1.

Large customers are pulling the plan forward 1. Their contracted demand is 7.9 gigawatts, nearly double the level at the start of the year 1. The company expects at least a 25% increase in its current $19 billion transmission plan when it rolls forward 1.

The open question is Maidsville Energy Center, a proposed gas power plant in West Virginia, where the state regulator's final order is projected for the fourth quarter of 2026 1.

FirstEnergy and its subsidiaries are principally involved in the transmission, distribution and generation of electricity, and their utilities serve over six million customers in the Midwest and Mid-Atlantic regions 2.

A clean-up of the old power-selling business shows in its pension plan 2. Lift-out deals in 2023 and January 2025 removed about $1.4 billion in pension assets and obligations tied to about 3,900 former competitive generation employees 2.

The company's biggest legal turning point came on 21 July 2021 2. It signed a three-year deferred prosecution agreement with the U.S. Attorney's Office over its lobbying concerning House Bill 6 2. It paid a $230 million penalty in 2021 and agreed to a criminal charge of conspiracy to commit honest services wire fraud 2.

FirstEnergy completed the agreement's three-year obligations on 22 July 2024 2. Some duties continue until related cases end, including the January 2025 indictment of two former senior officers 2.

It also sold part of its transmission arm 2. An agreement dated 2 February 2023 with Brookfield led to a sale of an additional 30% stake that closed in March 2024 2. Brookfield now owns 49.9% of the arm 2.

On 1 January 2024 it merged its four Pennsylvania electric companies into a single company, FE PA, so one operating entity now covers the state 2.

In July 2025 it sold its one-third stake in Global Holding, the parent of a joint venture in coal mining and transport, at book value for $47.5 million 2.

Revenue rose to $15.09 billion in 2025 from $13.47 billion in 2024 2. Earnings attributable to FirstEnergy were $1,020 million, against $978 million 2.

The company says colder weather in the first and fourth quarters raised customer use, and a new Pennsylvania base rate case, the regulator-approved price of delivering power, added revenue 2.

Two fourth-quarter charges held earnings back 2. One was $275 million in restitution and refunds to Ohio customers under a settlement, and the other was $352 million of impairment charges after a rate case order 2.

The three segments

The Distribution segment, the Ohio companies and FE PA, serves approximately 4.3 million customers in Ohio and Pennsylvania 2. The Integrated segment, made up of JCP&L, MP and PE, serves approximately 2 million customers in New Jersey, West Virginia and Maryland 2.

The Stand-Alone Transmission segment holds FirstEnergy's share of the high-voltage lines, and its revenue comes mostly from formula rates that reset each year to match projected costs 2. In 2025 the three segments brought in about $7.5 billion, $5.7 billion and $1.9 billion 2.

Its transmission lines connect the Midwest and Mid-Atlantic, and the company says its network sits in the heart of PJM, the grid operator serving more than 65 million people 1. At the end of 2025 its utilities ran 252,959 miles of distribution line and 24,157 miles of transmission line 2.

Plants and land

Its coal-fired plants are Harrison, with 1,984 megawatts, and Fort Martin, with 1,098 megawatts, both in West Virginia 2. The Integrated segment also holds a 16.25% undivided interest in the 487-megawatt Bath County pumped-storage station in Virginia, which a Dominion Energy subsidiary operates 2.

Solar adds 30 megawatts at three West Virginia sites 2. The first mortgage indentures of the Ohio companies, FE PA, MP and PE are direct first liens on substantially all of their physical property 2.

People

Brian X Tierney is Chairman, President and Chief Executive Officer, and he has held the chief executive role since 2023 21. K Jon Taylor is chief financial officer and Toby Thomas is chief operating officer 2.

As of 31 December 2025 FirstEnergy had 11,186 employees, all in the United States 2.

Problems and rules

Purported stockholders have sued FirstEnergy and some current and former officers under securities law, and the company says it is probable it will incur losses but cannot yet estimate them 2.

In Ohio, a 2025 law, House Bill 15, ended the state's electric security plans 2. The Ohio companies may keep their current plan until its final auction period on 31 May 2029, when it must end 2.

Maryland passed the Utility RELIEF Act, which limits forecasted costs in some rate cases 3. It aims to charge large customers such as data centers for the upgrades they cause, and the company is still assessing its effect 3.

The umbrella, in words

The subsidiaries exhibit to the annual report lists ten companies as of 31 December 2025, among them six regional utilities, FirstEnergy Transmission, a service company and a ventures arm 4. The utilities are Ohio Edison, The Cleveland Electric Illuminating Company, The Toledo Edison Company, Jersey Central Power & Light, Monongahela Power and The Potomac Edison Company 4.

FirstEnergy owns 50.1% of FirstEnergy Transmission and Brookfield owns the other 49.9% 2.

The transmission arm agreed to two joint ventures with other utilities 2. Valley Link Transmission was formed on 24 November 2024 by it, DominionHV and Transource, and PJM awarded it two projects estimated at about $3 billion, with the arm's share about $1 billion 2.

Grid Growth Ventures was formed by the arm and Transource on 29 September 2025 2. On 12 February 2026 PJM awarded it a project of about $1 billion, with the arm's share about $448 million 2.

A third tie is the PATH line, a joint venture between FirstEnergy and a subsidiary of AEP 2.

The company expects 2026 Core Earnings of $2.62 to $2.82 per share 1. It also expects a Core Earnings growth rate near the top end of 6% to 8% a year through 2030, supported by its $36 billion five-year capital plan 1.

In West Virginia, the company says it has reserved turbines from Siemens for the proposed Maidsville Energy Center, with delivery expected in 2030 1. Its utilities filed on 13 February 2026 for approval of a 1,200 megawatt gas plant and 70 megawatts of solar at an estimated $2.7 billion 3.

On transmission, the company says it is negotiating with customers for approximately 4 gigawatts of additional load 1. It expects those demands to drive at least a 25% increase in its $19 billion 2026 to 2030 transmission plan when it rolls forward to 2027 to 2031 1.

In New Jersey, the company said in its July 2026 quarterly report that JCP&L expected to file a base rate case in August 2026 3.

The company says its EnergizeNJ program, a $339 million grid upgrade program, runs through 31 December 2028 2.