FirstEnergy Corp.

FirstEnergy reported second-quarter GAAP earnings of $0.50 per share, compared with $0.46 in Q2 2025, and core earnings of $0.50 per share, compared with $0.52 a year ago. For the first six months, core earnings were $1.22 per share versus $1.19 last year. The company said it deployed $2.9 billion of its planned $6 billion of 2026 capital spending through the first half, up 19% versus 2025, and generated a 9.5% consolidated trailing-12-month ROE. Management reaffirmed 2026 core earnings guidance of $2.62 to $2.82 per share and its $36 billion five-year capital plan, while saying upside investments from West Virginia generation and transmission could be added later. In West Virginia, it expects a new rate order before month end that would raise cumulative revenue by $76 million, with $38 million beginning August 1 and another similar increase on June 1 of next year.

Brian Tierney emphasized that FirstEnergy is executing well against its 2026 plan while also creating new growth paths. His tone was notably upbeat around data centers and West Virginia, where he said forecasted demand has reached about 25 GW and that the company may have a meaningful generation role to play. He framed the company as having more optionality than before, with constructive regulation, transmission growth, and new-generation opportunities potentially lifting the long-term earnings profile.

Jon Taylor said Q2 and year-to-date performance was in line with plan, with core EPS of $0.50 in Q2 and $1.22 for the first half. He pointed to returns on customer-focused formula rate investments, planned higher operating expenses, and strong capital deployment as the main drivers, and noted the company had invested $2.9 billion of its $6 billion 2026 plan. He also highlighted a 9.5% consolidated trailing-12-month ROE and said the company expects a new West Virginia rate order before month end that would add $76 million of cumulative revenue. On financing, he said there was no change to the current plan and that incremental capex could likely be funded with about 30% to 40% incremental equity, though customer milestone payments on new generation could reduce that need.

Analysts focused on West Virginia data-center demand, the structure and timing of new generation, New Jersey regulatory risk, and how much incremental capex may be outside the current plan. Management said West Virginia has some near-term transmission capacity but will need additional buildout for later years, estimated generation investment could average about $250 million per gigawatt, and a Genco structure could speed approvals versus the traditional CPCN process. On New Jersey, management said the filing is being discussed collaboratively with regulators and the governor’s office and that they do not expect trouble, while in Pennsylvania they would shift capital if recovery deteriorated. They also said about $400 million of already-contracted data-center investment is outside the current plan and that additional contracted load must be incorporated through ongoing PJM planning and customer timelines.