FirstEnergy Corp. (NYSE: FE) is a major American utility company, established in 1997 through the merger of Ohio Edison and Centerior Energy. Headquartered in Akron, Ohio, FirstEnergy provides electric services to around 6 million customers in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York. The company operates through ...FirstEnergy Corp. (NYSE: FE) is a major American utility company, established in 1997 through the merger of Ohio Edison and Centerior Energy. Headquartered in Akron, Ohio, FirstEnergy provides electric services to around 6 million customers in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York. The company operates through two primary segments: Regulated Distribution and Regulated Transmission. Its generation portfolio includes diverse sources such as coal, nuclear, hydroelectric, natural gas, wind, and solar, with a transmission network spanning over 24,000 circuit miles and distribution lines of over 273,000 miles.
Financially, FirstEnergy reported a market capitalization of approximately $27.5 billion, with a price-to-earnings ratio of 25.35. The company's revenue per share is $27.38, and it maintains a dividend yield of about 3.8%, reflecting a commitment to returning value to shareholders. Its enterprise value is $56.4 billion, and the EV/EBITDA ratio stands at 12.07.
Leadership is headed by Brian X. Tierney, who serves as Chairman, President, and CEO. Under his guidance, FirstEnergy focuses on reliability, safety, and environmental stewardship, aiming to transition to cleaner energy sources while maintaining grid stability. The company employs over 12,000 full-time staff and is actively involved in community development and sustainability initiatives. Recent efforts include modernizing the grid, enhancing cybersecurity, and reducing carbon emissions.
Despite its strengths, FirstEnergy faces challenges such as a high debt-to-equity ratio of 2.24 and regulatory pressures in a changing energy landscape. However, its solid operational cash flow and strategic investments position it for future growth in the regulated utility sector.
Operator : Hello, and welcome to FirstEnergy Corp.'s Second Quarter Earnings Call. As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Karen Sagot, Vice President of Investor Relations. Thank you. Please go ahead.
Karen Sagot : Thank you. Good morning, everyone, and welcome to FirstEnergy's Second Quarter 2026 Earnings Review. Our earnings release, presentation and related financial information are available on our website at firstenergycorp.com/ir. Today's discussion will include the use of non-GAAP financial measures and forward-looking statements, which are subject to risks and uncertainties. Factors discussed in our earnings news release during today's conference call and in our SEC filings, could cause our actual results to differ materially from these forward-looking statements. The appendix of today's presentation includes supplemental information, along with the reconciliation of non-GAAP financial measures. Please read our cautionary statements and discussion of non-GAAP financial measures on Slides 2 and 3 of the presentation. Our Chairman, President and Chief Executive Officer, Brian Tierney, will lead our call today, and he will be joined by Jon Taylor, our Senior Vice President and Chief Financial Officer. Now it's my pleasure to turn the call over to Brian.
Brian Tierney : Thank you, Karen, and good morning, everyone. We have made significant progress in key strategic and regulatory priorities and are executing well against our 2026 plan. I'm excited to share with you today the strides we have made and the opportunities we are pursuing. We delivered another quarter of solid financial and operational performance. We are reaffirming our 2026 $6 billion capital investment plan and our core earnings guidance range of $2.62 per share to $2.82. Jon will take you through the second quarter details later in the call. We are also reaffirming our $36 billion 5-year capital investment plan and our core earnings growth near the top end of 6% to 8% through 2030 with meaningful upside opportunities that I'll describe later. Our performance reflects strong execution and financial discipline, a fundamental change in how we operate, how we adapt, how we invest and how we serve our customers. We're executing across every part of our business. We're advancing constructive regulatory outcomes within our footprint, deploying customer-focused capital at a record pace and delivering the financial performance we expected through the first half of the year. This performance is important, not only because it demonstrates disciplined execution, but also positions us to capture future growth opportunities that can meaningfully expand FirstEnergy's long-term earnings growth. And that's where the story becomes even more compelling. We're now focused on both executing today's plan and creating pathways that have the potential to strengthen it. Perhaps the clearest example is the demand we're seeing from data …