Key Highlights

  • Consensus EPS of 0.90 compares with reported second-quarter EPS of 0.50, against 0.46 a year earlier.
  • Consensus revenue of USD 4.24 billion compares with second-quarter revenues of USD 3,678 million, against USD 3,380 million.
  • Earnings attributable to the company rose USD 20 million to USD 288 million, helped by higher transmission revenues.
  • Distribution segment earnings fell USD 18 million, with milder weather, higher operating expenses and higher net financing costs cited.

FirstEnergy (NYSE:FE) reports third-quarter results on Tuesday, Oct. 27, after the market closes. Consensus stands at EPS of 0.90 on revenue of USD 4.24 billion, and the company has a market capitalization of USD 26.72 billion.

FirstEnergy is an electric utility holding company with distribution and transmission operations. In the second quarter, revenues were USD 3,678 million against USD 3,380 million, and earnings attributable to the company were USD 288 million against USD 268 million.

Estimates Against the Last Reported Quarter

The EPS estimate of 0.90 is above the basic and diluted EPS of 0.50 reported for the second quarter, which compared with 0.46 a year earlier, and the estimates table does not state its EPS basis. The revenue estimate of USD 4.24 billion is above the USD 3,678 million reported.

Net income was USD 352 million against USD 318 million, of which USD 64 million was attributable to noncontrolling interest against USD 50 million. For the first six months, earnings attributable to the company were USD 693 million, or 1.20 per share, against USD 628 million, or 1.09.

Transmission Gains and Distribution Pressure

The filing attributes the USD 20 million rise in earnings primarily to higher transmission revenues from regulated capital investments that increased rate base, along with true-up adjustments from the annual formula rate update.

Distribution segment earnings attributable to the company decreased USD 18 million, which the filing ties to lower customer usage from milder weather, higher planned operating expenses and higher net financing costs, partly offset by the absence of customer credits tied to the Ohio Stipulation recognized in 2025.

Cooling degree days were consistent with the prior-year quarter and 6% above normal.

Expense Lines and Financing Costs

Purchased power was USD 1,157 million against USD 953 million, other operating expenses were USD 1,165 million against USD 995 million, and general taxes were USD 324 million against USD 302 million. The provision for depreciation was USD 424 million against USD 415 million, and the deferral of regulatory assets was a reduction of USD 225 million against USD 99 million.

Total operating expenses were USD 3,001 million against USD 2,734 million, and operating income was USD 677 million against USD 646 million. Interest expense was USD 337 million against USD 299 million, offset in part by capitalized financing costs of USD 52 million against USD 42 million.

Income before income taxes was USD 444 million against USD 406 million, with income taxes of USD 92 million against USD 88 million.

Cash Flow, Capital Investment and Balance Sheet

For the six months, net cash provided from operating activities was USD 1,137 million against USD 1,719 million, and capital investments were USD 2,600 million against USD 2,233 million. Cash and cash equivalents were USD 63 million against USD 57 million, and restricted cash was USD 128 million against USD 42 million.

Total assets were USD 58,221 million at June 30, 2026 against USD 55,904 million at the prior year-end. The estimates table lists a market capitalization of USD 26.72 billion.

Markers for the Release

Reported EPS against 0.90 and revenues against USD 4.24 billion are the headline comparisons. Other markers are transmission revenues, distribution earnings, purchased power and interest expense.