FirstEnergy

FirstEnergy owns regulated electric utilities that serve customers in Ohio, Pennsylvania, New Jersey, West Virginia and Maryland. It reports three segments. Distribution serves about 4.3 million customers in Ohio and Pennsylvania. Integrated serves about 2 million customers in New Jersey, West Virginia and Maryland, and it includes the power plants of Mon Power in West Virginia.

Stand-Alone Transmission covers its transmission companies, held through FirstEnergy Transmission (FET), in which a Brookfield fund owns 49.9%. State commissions set its distribution rates, and FERC sets its transmission rates. Its Energize365 plan invests $36 billion from 2026 to 2030, about 30% more than the earlier plan.

The market prices FirstEnergy for its high debt and for the legal and regulatory cost of the Ohio bribery scandal of 2020. FirstEnergy still operates under a Deferred Prosecution Agreement from July 2021, and Ohio regulators ordered it in January 2026 to pay customers about $275 million in restitution and refunds. Total debt was about $30.1 billion at September 30, 2026, and the $36 billion building plan needs much more debt. FirstEnergy also plans to fund up to 35% of new investments, such as the Maidsville Energy Center, with equity or equity-like securities, which can dilute shareholders.

For the gap to close, three things must be true. FirstEnergy must reach its 2026 Core Earnings guidance of $2.62 to $2.82 per share, which it now expects at or slightly above the midpoint, and keep growth near the top of 6% to 8% a year through 2030. Ohio regulators must approve a fair three-year rate plan that starts in July 2027. New data center demand, now 7.9 GW contracted, must turn into transmission and generation investment.

The first steps are a West Virginia order on the Maidsville Energy Center, expected in Q4 2026, and a transmission plan at least 25% larger, expected in early 2027. The Ohio rate plan decision, expected by mid-2027, is the main test. If these checks pass, the gap can close over the next two to four quarters. The main reason it may not close is a new legal or regulatory cost from the Ohio scandal.

1. Oct 27, 2026Passed

   Q3 2026 results: guidance and data center demandFirstEnergy keeps its 2026 Core Earnings guidance of $2.62 to $2.82 per share and reports more contracted data center demand passes; a lower guidance or new scandal costs fail.Outcome: FirstEnergy kept its 2026 guidance and now expects results at or slightly above the midpoint, and contracted data center demand rose to 7.9 GW from 6.4 GW in Q2 2026.
2. Q4 2026 · est.Due this quarter

   West Virginia order on the Maidsville Energy CenterAn order in Q4 2026 that approves the 1.2 GW gas plant passes; a rejection or a delay into the second half of 2027 fails.
3. Jan 27, 2027 · est.Pending

   Q4 2026 results and the 2027 to 2031 plan2026 Core EPS at or above the $2.72 midpoint and a 2027 to 2031 plan with at least 25% more transmission investment pass; Core EPS below the midpoint or a smaller plan fails.
4. Q2 2027 · est.Pending

   Ohio three-year rate plan decisionAn order that grants a large part of the requested increases with a return on equity near 10% passes; a low return or a large cut in the request fails.

Every passed and failed checkpoint across all picks

• October 27, 2026FirstEnergy reported Q3 2026 results. GAAP EPS was $0.96, and Core EPS was $0.98, up from $0.83 a year earlier. Core EPS for the first nine months rose 9% to $2.20. FirstEnergy kept its 2026 Core EPS guidance of $2.62 to $2.82 and now expects results at or slightly above the midpoint. Contracted data center demand rose to 7.9 GW, nearly double the level at the end of 2025. FirstEnergy expects to make its $19 billion transmission plan at least 25% larger when it rolls the plan forward to 2027 to 2031. It reserved turbines from Siemens for the Maidsville Energy Center, with delivery in 2030, and it expects the West Virginia order on the plant in Q4 2026.
• September 4, 2026FirstEnergy's Maryland utility filed a base rate case. The Maryland commission must decide by April 2, 2027, for new rates from April 3, 2027.
• August 6, 2026FirstEnergy's New Jersey utility filed a base rate case. FirstEnergy expects new rates in Q2 2027, but the effect on customer bills is delayed until 2028.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · fe-20260930
• 8-KEarnings release and Investor disclosureFiled October 27, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · fe-20260630
• 8-KEarnings release and Investor disclosureFiled July 28, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled June 1, 2026 · fe-20260601
• 8-KNew material agreement and Shareholder vote resultsFiled May 20, 2026 · fe-20260520
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 28, 2026 · fe-20260331
• 8-KEarnings release and Investor disclosureFiled April 28, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 18, 2026 · fe-20251231
• 8-KEarnings release and Investor disclosureFiled February 17, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1031296)

• The Ohio bribery scandal still brings legal costs and lawsuits, including a securities class action. FirstEnergy says that it cannot yet estimate the loss from some of these cases.
• FirstEnergy must fund a $36 billion building plan with large amounts of new debt. Total debt rose to about $30.1 billion at September 30, 2026, from $26.6 billion at December 31, 2025. FirstEnergy plans to fund up to 35% of new investments with equity or equity-like securities, which can dilute shareholders. A credit rating cut would raise its borrowing costs.
• The Ohio three-year rate plan and other state cases decide most of its earnings growth. Low allowed returns or rejected costs would slow growth.
• Much of the new demand depends on data centers. If projects are delayed or cancelled, the added transmission and generation investment can be smaller than expected.

FirstEnergy funds itself with long-term debt at the holding company, at FirstEnergy Transmission and at each utility, and with short-term borrowings under its credit facilities. At September 30, 2026, long-term debt and other long-term obligations were $25.93 billion, currently payable long-term debt was $2.16 billion and short-term borrowings were $1.97 billion, so total debt was about $30.1 billion, up from $26.6 billion at December 31, 2025. Read more

Yield at the current rate

4.0% (current annual rate, at today’s price)

Dividend yield

4.0% (last 12 months, at today’s price of $46.53)

Paid per share

$1.84 in the last 12 months (4 payments)

Current annual rate

$1.86 ($0.465 × 4 a year)

Payout ratio

100% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 6, 2026, $0.465 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 2.4% a year. From 2015 to 2025, the dividend grew by about 2.0% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.