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FirstEnergyFE

Legal name
FirstEnergy Corp.
Sector
Energy
Industry
Electric Services
Exchange
NYSE

Stock Price $FE

Latest filings

You are here#23 of 32 in Utilities by market cap

Filing record · 2016–202610-K1310-Q338-K179

FE filed 13 annual reports (10-K), 33 quarterly reports (10-Q) and 179 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Sep ’17Sep ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Material agreement8-K · Nov ’21Nov ’21
  4. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $15.09B
YoY changeLargest recent move−28.8%in FY16Latest +12.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All FE Financial Metrics53 metrics

Income Statement11

Balance Sheet25

Cash Flow12

Per Share5

02—Overview

FirstEnergy Financial Overview 2021–2025

Updated Nov 2, 2026

Over the past five years, FirstEnergy committed $36 billiona to its infrastructure plan covering FY2026 through FY2030, representing a 25% jump over its previous spending targets. This capital deployment underscores the utility’s central thesis: transitioning away from years of legal overhangs into a steady grid modernization growth story.

The company’s profitability absorbed structural shifts and penalties along the way. Net income dropped from $1.283 billionb in FY2021 to a low of $406 million in FY2022 before rebounding to $1.020 billion in FY2025. By clearing a $100 million civil penalty in FY2024 and shedding a 30% equity stake in its transmission subsidiary for $2.3 billion in cash, the company cleaned up its balance sheet and funded its rate-base expansion. The operational pivot is yielding results; by Q1 2026, FirstEnergy posted $4.202 billion in quarterly revenue—an 11.6% year-over-year jump driven by implemented base rate cases and heavy capital investments.

With costly distractions resolved, financial flexibility allowed for consecutive dividend bumps, raising the quarterly payout to $0.465c per share in Q1 2026. The market rewarded this operational stability at the close of FY2025, when the stock traded at $44.77 and was valued at 25.4x earnings. Backed by an interest coverage ratio of 5.1 times at the end of Q2 2025 and a $25.9 billion market cap, FirstEnergy is structured to capture steady, regulated returns.

Recent Developments (Q2 and Q3 2026)

FirstEnergy's rapid expansion into data center infrastructure dominated recent quarters, securing 8 GW of contracted capacity by Q3 2026 with another 4 GW in active negotiations. This commercial demand pushed revenue for the first nine months of 2026 up 10% year-over-year to $12.4 billiond. Net income jumped 17% to $1.25 billion over the same period, keeping the company on track to hit its reaffirmed full-year core EPS guidance of $2.62 to $2.82. Capitalizing on this localized load growth, management proposed the 1.2 GW Maidsville Energy Center to bolster regional generation.

Bulls see the anticipated 25% increase in transmission investments over the next five years as a reliable catalyst for compounding rate base returns. Conversely, bears warn that rising interest expenses from new debt issuances and ongoing investigation costs pressure overall profitability, leaving the stock looking richly valued at 26.4x earnings as of the Q3 2026 reporting date, not today.

What to watch: final approval for the Maidsville Energy Center; outcomes of the $254 millione Ohio rate case.

03—Filings

Recent SEC Filings

  1. 8-KFirstEnergy 8-K Report, Financial Results (Oct 27, 2026)FirstEnergy Corp. reported strong third-quarter 2026 financial results, with GAAP earnings of $0.96 per share and non-GAAP Core Earnings of $0.98 per share. Year-to-date Core Earnings increased by 9% to $2.20 per share compared to the same period in 2025. The company reaffirmed its full-year 2026 Core Earnings guidance and anticipates results at or slightly above the midpoint of its $2.62 to $2.82 per share range. FirstEnergy is actively executing its $36 billion Energize365 capital investment plan, aimed at modernizing its grid and strengthening its transmission infrastructure. The company highlighted significant growth opportunities, particularly in West Virginia, with plans to expand electricity generation, including the proposed Maidsville Energy Center. Additionally, increasing demand from large customers, especially data centers, is driving a projected increase of at least 25% in transmission investments over the next five years. The company reiterated its commitment to a Core Earnings compound annual growth rate near the top end of its 6% to 8% target through 2030.
  2. 8-KFirstEnergy 8-K Report, Financial Results (Jul 28, 2026)FirstEnergy reported second-quarter 2026 GAAP earnings of $288 million, or $0.50 per share, up from $268 million, or $0.46, a year earlier. Revenue rose to $3.7 billion from $3.4 billion. Core Earnings (non-GAAP) were also $0.50 per share, in line with plan but down from $0.52 in the second quarter of 2025. The decline came mainly from the Distribution segment (down $0.06), driven by planned maintenance expenses that management says will reverse in the second half of 2026. The Integrated segment was flat, and Stand-Alone Transmission rose $0.04 on 11% transmission rate base growth. For the first half, GAAP EPS was $1.20 and Core EPS was $1.22, compared with $1.09 and $1.19 a year earlier. Management reaffirmed 2026 Core EPS guidance of $2.62 to $2.82 per share and expects long-term Core EPS compound annual growth near the top of its 6% to 8% target range for 2026 through 2030. That outlook rests on a five-year, $36 billion Energize365 investment plan, about 30% larger than the prior plan, with $6 billion planned for 2026 and $2.9 billion deployed through June. The company reports a trailing-twelve-month consolidated ROE of 9.5%, within its 9.5% to 10% target, and says about 75% of projected investments earn returns through formula-rate recovery. The main growth catalyst is data center demand. Total pipeline and contracted demand reached 24.8 GW, up about 30% since the first quarter, and contracted demand reached 6.4 GW, up about 50%. West Virginia demand rose 137% to 4.3 GW, and FirstEnergy is evaluating new generation there, including the proposed 1.2 GW Maidsville gas plant. Investors should watch near-term regulatory milestones, including West Virginia rate and CPCN orders, New Jersey and Maryland base rate filings expected in the third quarter, and PJM Open Window proposals due September 21, 2026. Because this filing is dated July 28, 2026, the timing of these items should be checked against later disclosures.
  3. 8-KFirstEnergy 8-K Report, Regulation FD Disclosure (Jun 1, 2026)FirstEnergy's June 1, 2026 Form 8-K furnishes its Spring Investor Update (Exhibit 99.1), which reaffirms 2026 Core EPS guidance of $2.62-$2.82 per share (midpoint implying 8.8% growth over the original 2025 guidance midpoint) and reaffirms a long-term Core EPS CAGR near the top end of 6-8% for 2026-2030. The company also reaffirmed its $36B five-year investment plan, which drives a targeted ~10% rate base CAGR, with ~75% of projected investments in formula-rate recovery that reduces regulatory lag. Management targets a total shareholder return opportunity of roughly 12%, a dividend growth policy tied to a 60%-70% payout ratio of Core EPS, ~14% FFO/Debt, and continued BBB/Baa2 credit profile. The update highlights several regulatory filings and growth initiatives. In West Virginia, Mon Power and Potomac Edison-WV filed a base rate case on May 15, 2026 requesting a $188M increase, but the WV PSC ordered movement toward an alternative Inflation and Investment Adjustment of $76M in two phases, with a hearing set for July 9. In Ohio, OE, CEI and TE filed a three-year rate plan on May 22, 2026, seeking $254M/$59M/$80M in revenue increases for July 2027-June 2030 and ~$2.5B of capital investment. The company also reports a 32% increase in contracted data center demand to 4.3 GW (up to 5.6 GW by 2035 including the new contracts), and a proposed 1,270 MW gas and solar generation build (Maidsville Energy Center, $2.7B) with CPCN approval expected in 2H 2026, which the company says is incremental to plan. For investors, the key takeaways are reaffirmed guidance and multi-year targets alongside a growing set of regulatory outcomes still pending. Several items, including the WV alternative rate approach, the Ohio rate plan, and the Maidsville CPCN, carry timing and approval risk, and the Maidsville investment is explicitly not embedded in the plan. The filing also carries standard forward-looking statement caveats, including ongoing government investigation and DPA-related exposure, and the company notes its Core EPS excludes special items that it cannot reconcile to GAAP without unreasonable effort.
  4. 8-KFirstEnergy 8-K Report, Material Agreement (May 20, 2026)FirstEnergy Corp. (FE) filed an 8-K on May 20, 2026, detailing amendments to its joint venture agreement for its transmission subsidiary, FirstEnergy Transmission, LLC (FET). The Fifth Amended and Restated Limited Liability Company Agreement (Fifth LLC Agreement) extends the existing governance framework between FirstEnergy and its joint venture partner, Brookfield Super-Core Infrastructure Partners' investment vehicle (Investor), to two new transmission joint ventures: "Valley Link" and "Grid Growth." While the core governance structure, board composition, and Investor's approval rights regarding FET remain unchanged, the Fifth LLC Agreement specifically outlines how these arrangements will apply to the new joint ventures, ensuring consistent application of consent, consultation, and reporting requirements. Additionally, the filing reports the results of FirstEnergy's Annual Meeting of Shareholders held on the same date. Key outcomes include the re-election of all nominated directors, ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2026, and advisory approval of named executive officer compensation. A shareholder proposal requesting an independent board chair was not approved. These disclosures provide insight into the company's ongoing strategic partnerships in transmission infrastructure and shareholder governance.
  5. 8-KFirstEnergy 8-K Report, Financial Results (Apr 28, 2026)FirstEnergy (FE) reported first quarter 2026 GAAP earnings of $405 million, or $0.70 per basic and diluted share, on revenue of $4.2 billion, compared with GAAP earnings of $360 million, or $0.62 per share, on $3.8 billion of revenue in 1Q25. Non-GAAP Core Earnings were $0.72 per share, up 7.5% from $0.67 in the prior-year quarter. The GAAP-to-Core gap of $0.02 reflects a $0.04 charge for investigation-related costs partially offset by a $0.02 net pension/OPEB credit. Growth was driven primarily by formula-rate investment returns, lower operating expenses, and higher transmission rate base, which grew 19% in the Integrated segment and 11% in Stand-Alone Transmission. Trailing 12-month consolidated ROE improved to 9.8%, within management's targeted 9.5%-10% range. Management reaffirmed 2026 Core EPS guidance of $2.62 to $2.82 per share and its long-term Core EPS CAGR target near the top end of 6-8% for 2026-2030. The company invested about $1.4 billion in the quarter, up 33% year over year, and is pursuing a $36 billion Energize365 capital plan for 2026-2030, roughly 30% above the prior five-year plan, which management says supports about 10% rate base CAGR. Credit positioning also improved: Moody's moved FE's outlook to positive in March, and all FE entities remain investment grade at all three major agencies. The filing also highlights upside optionality and regulatory timing. Management cited potential incremental transmission investment and West Virginia generation (a 1.2 GW CCGT under a CPCN filed in February, with hearings in July and approval expected in 2H 2026). Data center pipeline demand reached 14.9 GW by 2035, though contracted demand is a smaller 4.3 GW. Ohio's three-year rate plan and a West Virginia base rate case are expected to be filed in May 2026. Investors should note that the company does not provide a GAAP reconciliation for forward Core EPS guidance, that GAAP results include special items that can be volatile, and that the filing also includes extensive forward-looking risk disclosures tied to regulatory, weather, and legal exposures.
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04—See also

Related Companies

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