The earnings print itself is a non-event, but the data center demand update is the key narrative driver. Monitor the upcoming West Virginia CPCN order (expected 2H26) and the Ohio TYRP order (expected Q2 2027) for regulatory catalysts that could unlock incremental investment and earnings growth beyond the current plan.
Price Chart
Executive Summary
FirstEnergy reported Q2 2026 GAAP EPS of $0.50 and Core EPS of $0.50, in line with the $0.49 Street consensus, on revenue of $3.7B. The company reaffirmed its 2026 Core EPS guidance of $2.62-$2.82 and long-term 6-8% CAGR, while highlighting a 30% sequential increase in total data center demand to 24.8 GW and a 137% surge in West Virginia demand to 4.3 GW. The results are solid but in line with expectations, with the data center pipeline providing a long-term growth narrative rather than an immediate catalyst.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP EPS of $0.50 vs $0.46 YoY; Core EPS of $0.50 vs $0.52 YoY
- Revenue of $3.7B vs $3.4B YoY
- Reaffirmed 2026 Core EPS guidance of $2.62-$2.82 per share
- Reaffirmed long-term Core EPS CAGR near top end of 6-8% through 2030
- Total data center demand (contracted + pipeline) increased 30% since Q1 to 24.8 GW
- Contracted data center demand rose ~50% since Q1 to 6.4 GW
- West Virginia data center demand up 137% to 4.3 GW
- YTD capital investments of $2.9B, on track for $6B in 2026
- TTM consolidated ROE of 9.5%, in line with targeted 9.5%-10%
Financial Impact
Q2 revenue $3.7B, GAAP net income $288M, Core EPS $0.50 in line with consensus
Risk Factors
- Regulatory delays or adverse outcomes in Ohio, West Virginia, or New Jersey rate cases
- Execution risk on $36B Energize365 capital plan and data center interconnection
- Higher financing costs and interest expense pressuring earnings growth
- Ongoing legal and investigation costs from deferred prosecution agreement
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001031296-26-000122 |
| Exhibit: ex9922q26strategicfinanc.htm | 0001031296-26-000122 |
| Document: fe-20260728.htm | 0001031296-26-000122 |
| Document: 0001031296-26-000122-index-headers.html | 0001031296-26-000122 |
| Document: 0001031296-26-000122-index.html | 0001031296-26-000122 |
| Document: 0001031296-26-000122.txt | 0001031296-26-000122 |
| 8-K Data (Synthetic) | 0001031296-26-000122 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 28, 2026 9w ago | 8-K | $49.13 $46.72 | ▼ −4.91% | ▼ −9.93% | $43.34 (−11.79%) |
Jun 16, 2026 15w ago | EFFECT | $47.70 $49.23 | ▲ +3.21% | ▲ +3.01% | $43.34 (−9.14%) |
Jun 8, 2026 16w ago | S-3/A | $45.91 $48.39 | ▲ +5.40% | ▲ +3.96% | $43.34 (−5.60%) |
Jun 1, 2026 17w ago | 8-K | $45.38 $48.06 | ▲ +5.92% | ▲ +8.23% | $43.34 (−4.49%) |
May 29, 2026 18w ago | S-3 | $45.38 $48.06 | ▲ +5.92% | ▲ +8.23% | $43.34 (−4.49%) |
May 20, 2026 19w ago | 8-K | $45.48 $46.45 | ▲ +2.13% | ▲ +1.59% | $43.34 (−4.71%) |
Apr 28, 2026 22w ago | 8-K | $48.92 $46.17 | ▼ −5.62% | ▼ −11.67% | $43.34 (−11.40%) |
Apr 1, 2026 26w ago | DEFA14A | $51.32 $47.52 | ▼ −7.40% | ▼ −17.27% | $43.34 (−15.54%) |
Mar 10, 2026 29w ago | Insider Cluster | $50.66 $51.38 | ▼ −1.42% | ▼ −1.58% | $43.34 (+14.44%) |
US Market Status
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