FirstEnergy
Operator of regulated electric distribution, transmission, and generation systems across six states.
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Profile
Operates regulated electric distribution utilities across the Midwest and Mid-Atlantic, plus high-voltage transmission and regulated generation. Revenue comes from retail electric service and transmission charges, while returns depend on state and federal rate recovery for grid investment.
Distributes electricity through regulated utilities in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York, while transmission companies move power across the Midwest and Mid-Atlantic. Operations are organized as Distribution, Integrated, and Stand-Alone Transmission; the Integrated business also includes regulated generation centered in West Virginia.
Earns revenue from customer electric service and transmission charges, with grid investment expanding the regulated asset base under the Energize365 program. The portfolio serves residential, commercial, and industrial customers and combines state-regulated distribution with FERC-regulated transmission.
Execution centers on upgrading local networks, strengthening high-voltage infrastructure, restoring service after severe weather, and connecting new demand. Returns and cash flows depend on rate-case outcomes, formula-rate updates, cost recovery allowed by state commissions and FERC, electricity demand, weather, and reliable operation of a large multistate grid.
Company facts
Key statistics
Year to date +1.3% · Average volume (30d) 4.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 31, 2026 | Barclays | Reiterate | Overweight | $55 | $54 | |
| Jul 20, 2026 | Barclays | Reiterate | Overweight | $50 | $55 | |
| Jun 24, 2026 | Morgan Stanley | Reiterate | Overweight | $50 | $52 | |
| Jun 11, 2026 | UBS | Reiterate | Neutral | $46 | $51 | |
| May 15, 2026 | TD Cowen | Upgrade | Hold | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $0.50 | $0.50 | −0.4% | $3.51B | $3.70B | +5.4% | −1.05% |
| Apr 28, 2026Q1 FY26 | $0.72 | $0.72 | +0.6% | $3.80B | $4.20B | +10.5% | −1.29% |
| Feb 17, 2026Q4 FY25 | $0.54 | $0.53 | −2.6% | $3.07B | $3.80B | +23.9% | −0.83% |
| Oct 22, 2025Q3 FY25 | $0.74 | $0.83 | +12.0% | $3.89B | $4.15B | +6.7% | −1.63% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.77B | $3.38B | $4.15B | $3.80B | $4.20B | $3.68B | |
| Gross profit | $2.53B | $2.26B | $2.50B | $975.0M | $2.61B | $2.37B | |
| Operating income | $754.0M | $646.0M | $830.0M | $603.0M | $828.0M | $677.0M | |
| Net income | $360.0M | $268.0M | $441.0M | −$49.0M | $405.0M | $289.0M | |
| Diluted EPS | $0.62 | $0.46 | $0.76 | −$0.08 | $0.70 | $0.50 | |
| Gross margin | 67.1% | 66.8% | 60.3% | 25.7% | 62.2% | 64.3% | |
| Operating margin | 20.0% | 19.1% | 20.0% | 15.9% | 19.7% | 18.4% |
Fiscal years (4-quarter sums)FY21 $11.13B · FY22 $12.46B · FY23 $12.87B · FY24 $13.47B · FY25 $15.09B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $63.0M · Total debt $28.98B · Total assets $58.22B · Shareholders' equity $12.94B
Dividends
Raised for 11 straight years — most recently to $0.465 from $0.445 in May 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 7, 2026 | Aug 7 | Sep 1 | $0.465 | |
| May 7, 2026 | May 7 | Jun 1 | $0.465 | raised from $0.445 |
| Feb 6, 2026 | Feb 6 | Mar 1 | $0.445 | |
| Nov 7, 2025 | Nov 7 | Dec 1 | $0.445 | |
| Aug 7, 2025 | Aug 7 | Sep 1 | $0.445 | |
| May 7, 2025 | May 7 | Jun 1 | $0.445 | raised from $0.425 |
| Feb 7, 2025 | Feb 7 | Mar 1 | $0.425 | |
| Nov 7, 2024 | Nov 7 | Dec 1 | $0.425 |
Ownership
Shares outstanding 578.64M · Float 548.17M · 94.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Capital World Investors | 77.82M | 13.45% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 49.76M | 8.60% | 13F | Aug 7, 2026 |
| State Street Corp | 40.61M | 7.02% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 34.89M | 6.03% | 13F | Aug 13, 2026 |
| GIC Private Ltd | 28.98M | 5.03% | 13G | Apr 14, 2025 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 11, 2026 | James F. Oneil | director | −7,945 | $50.60 |
| Mar 10, 2026 | Jon Taylor K. | officer: SVP, CFO and Strategy | −26,800 | $50.94 |
| Mar 6, 2026 | Jason Lisowski | officer: VP, Controller & CAO | −4,373 | $50.84 |
Peers
- Exelon
Nation's largest pure-play T&D utility, adjacent in PA, MD, and NJ.
- American Electric Power
Ohio territory peer, Valley Link JV partner, and top U.S. transmission owner.
- Public Service Enterprise Group
NJ's dominant electric utility, sharing NJBPU and PJM zone with FE's JCP&L.
- PPL
PA's central/eastern T&D utility adjacent to FE's Met-Ed and Penelec zones.
- Dominion Energy
Valley Link JV co-developer; Appalachian corridor transmission peer in WV/VA/MD.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| FirstEnergy | $46.29 | +0.92% | $26.54B | 24.5 | 15.9 | 1.7 | +9.5% |
| Exelon | $44.08 | +0.38% | $45.26B | 16.0 | 14.9 | 1.8 | +10.0% |
| American Electric Power | $125.76 | +2.84% | $66.59B | 21.2 | 18.4 | 3.0 | +7.0% |
| Public Service Enterprise Group | $73.19 | −0.01% | $36.47B | 18.2 | 16.3 | 2.9 | −9.0% |
| PPL | $34.18 | −0.03% | $25.74B | 20.2 | 16.5 | 3.6 | +4.3% |
| Dominion Energy | $65.52 | −0.02% | $57.63B | 22.8 | 17.1 | 3.1 | +17.6% |
| Median | 20.2 | 16.5 | 3.0 | +7.0% |