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Firstenergy (FE) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Jul 28, 2026 · Firstenergy (FE) Q2 2026 earnings results →
Q2 2026 Revenue up 9% year over year to $3.7B · 8¢ of every $1 of revenue kept as net profit · operating margin 18.4%
Firstenergy made $3.7B in Q2 2026 (+9% Y/Y): Distribution services and retail generation $2.8B, Transmission $686M, Other $205M. Operating margin 18.4%, net earnings $288M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 28, 2026.
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What changed this quarter
Revenue was $3.7B in Q2 2026, up 9% year over year and down 12% from the previous quarter. Distribution services and retail generation was the largest line at 76% of revenue. Transmission added $0.12B year over year (up 22%), 42% of the total change.
Operating profit was $0.68B, a 18.4% margin (down 0.7 points year over year). Of the extra revenue versus Q2 2025, 10% reached operating profit, below the 19% margin then. Total costs grew 10% against revenue growth of 9%. Net earnings were $0.29B, up 7% year over year. The effective tax rate was 20.7%.
Operating cash flow was $1.0B (down 9% year over year), 281% of net income including minority interests. Non-cash charges added back $0.42B of depreciation. Working capital and other items added $0.21B. Capital expenditures of $1.3B exceeded it, leaving free cash flow of −$0.36B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Jul 28, 2026 | $3.7B | +9% | 18.4% | $288M | $989M |
| Q1 2026 | 10-Q | Apr 28, 2026 | $4.2B | +12% | 19.7% | $405M | $148M |
| Q4 2025 | 10-K | Feb 18, 2026 | $3.8B | +20% | -0.6% | $7.0M | $1.1B |
| Q3 2025 | 10-Q | Oct 28, 2025 | $4.1B | +11% | 20.0% | $441M | $845M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $3.4B | +3% | 19.1% | $268M | $1.1B |
| Q1 2025 | 10-Q | Apr 30, 2025 | $3.8B | +14% | 20.0% | $360M | $637M |
| Q4 2024 | 10-K | Feb 27, 2025 | $3.2B | +1% | 19.3% | $261M | $1.0B |
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About Firstenergy
FE and its subsidiaries are principally involved in the transmission, distribution, and generation of electricity. FirstEnergy’s electric operating companies comprise one of the nation’s largest investor-owned electric systems, serving over six million customers in the Midwest and Mid-Atlantic regions. FirstEnergy’s transmission operations include more than 24,000 miles of transmission lines and two regional transmission operation centers, and MP and AGC control 3,610 MWs of total generation capacity. The Electric Companies’ combined service areas encompass approximately 65,000 square miles in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York, providing distribution services for over six million customers in an area with a population of approximately 14 million and a total rate base of approximately $21.3 billion as of December 31, 2025.
In its own words, from its 10-K, filed Feb 18, 2026.
Firstenergy against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +13%. Operating margin: 18.4% against the peers' median 26.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FE Firstenergy | Q2 2026 | $3.7B | +9% | 18.4% |
| Southern Power | Q3 2026 | $8.8B | +13% | 33.9% |
| NEE NextEra Energy | Q3 2026 | $8.1B | +2% | 32.4% |
| Florida Power & Light | Q2 2026 | $7.5B | +12% | 29.7% |
| CEG Constellation Energy | Q2 2026 | $7.5B | +23% | 7.7% |
| NRG NRG Energy | Q2 2026 | $7.5B | +11% | 13.0% |
| AEP Texas | Q3 2026 | $6.8B | +14% | 26.5% |
| VST Vistra | Q3 2026 | $6.3B | +28% | 26.9% |
| D Dominion Energy | Q3 2026 | $5.6B | +24% | 32.8% |
Source: Firstenergy 10-Q on SEC EDGAR · CIK 1031296 · Electric Services
Guidance and outlook
13F: who owns FE and who is buying
More on FE
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results