FirstEnergy Corp (NYSE:FE) released its first quarter 2026 financial results this week, reporting earnings that came in modestly below analyst expectations on the bottom line while revenue topped estimates. Despite the revenue beat, the market response has been subdued, with shares edging slightly lower in after-hours trading.
Earnings Recap
For the quarter ended March 2026, FirstEnergy reported GAAP earnings of $0.70 per share. On an adjusted (non-GAAP) basis, core earnings came in at $0.72 per share. Analysts had been forecasting adjusted earnings of $0.7351 per share, leaving a small miss of roughly $0.015 per share.
Revenue for the quarter was $4.202 billion, comfortably ahead of the consensus estimate of $3.919 billion. That represents a revenue beat of approximately 7.2%.
The company also noted that it invested nearly $1.4 billion in customer-focused capital during the quarter, consistent with its plan to invest $6 billion in 2026 and $36 billion over the 2026-2030 period.
Market Reaction
The after-market performance currently sits at -0.10%, indicating a neutral-to-slightly-negative initial reaction from traders. The slight dip likely reflects the minor EPS miss, even as the revenue outperformance provided some offset.
Looking at broader recent trends:
- Last week: +2.2%
- Last two weeks: -2.86%
- Last month: -1.67%
The stock had been trending lower over the past month, and the tepid after-hours response suggests the earnings report did little to change near-term sentiment.
Analyst Outlook and Guidance
FirstEnergy reaffirmed its full-year guidance and capital plan in the press release, though the company did not provide specific updated earnings or revenue projections for the remainder of fiscal 2026.
For context, analysts are currently modeling:
- Q2 2026 revenue estimate: $3.717 billion with EPS of $0.57
- Full-year 2026 revenue estimate: $15.547 billion
- Full-year 2026 EPS estimate: $2.81
With the company maintaining its existing guidance, the outlook may not have provided enough upside surprise to shift expectations significantly.
Valuation Metrics
FirstEnergy currently trades at a forward P/E multiple that reflects the steady, regulated nature of its utility business. The company's $36 billion capital plan through 2030 signals management confidence in long-term demand for grid modernization and reliability investments, which supports the current valuation.
Analyst Views
The modest EPS miss versus consensus could prompt some analyst revisions in the coming days. However, the revenue beat and reaffirmed guidance may temper any negative adjustments. Most analysts covering FE have maintained a cautious-to-bullish stance, given the company's regulated utility exposure and sizable infrastructure investment pipeline.
Want to see more? View FirstEnergy's complete earnings history and future analyst projections on ChartMill's FE earnings page or check out analyst ratings and forecasts for the latest estimates.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always conduct your own research before making investment decisions.