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Visual22 Oct 2025
Epiroc's cash spent on M&A
FirstEnergy (FE) investor relations material
FirstEnergy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Third-quarter 2025 GAAP earnings were $0.76 per share on $4.1 billion revenue, up from $0.73 per share on $3.7 billion revenue in Q3 2024; Core EPS reached $0.83, a 9% increase year-over-year, and year-to-date Core EPS rose 15% to $2.02.
2025 capital investment plan increased by 10% to $5.5 billion, with over $4 billion invested year-to-date and more than half allocated to transmission.
2025 Core EPS guidance midpoint raised and range narrowed to $2.50–$2.56 per share, in the upper half of the original range.
Affirmed 6–8% Core EPS CAGR from 2025–2029, supported by a $28 billion investment plan and constructive regulatory progress.
Strong demand growth from data centers is projected to drive a 50% increase in system peak load by 2035.
Financial highlights
Q3 2025 Core EPS was $0.83, up 9% year-over-year, driven by new Pennsylvania base rates and formula-rate investments.
Year-to-date 2025 Core EPS reached $2.02, a 15% increase over 2024, with consolidated ROE at 10.1%, above the 9.5–10% target.
Year-to-date 2025 revenue was $11.3 billion, up from $10.3 billion in 2024.
Cash from operations was $2.6 billion through September, up $700 million from 2024 and 40% year-over-year.
Declared a $0.445 per share dividend in September, a 5% decrease versus 2024.
Outlook and guidance
2025 Core EPS guidance raised and narrowed to $2.50–$2.56 per share, in the upper half of the original range.
2025 capital investment plan increased to $5.5 billion; $28 billion base investment plan reaffirmed for 2025–2029.
6–8% Core EPS CAGR reaffirmed for 2025–2029, with total shareholder return proposition of 10–12%.
Transmission investments projected to increase by 30% in the next five-year capital plan.
Significant increase in 2026–2030 investment expected to be announced on 4Q25 earnings call.
Detail drivers for the increased 2025 capital plan?
Quantify data center load impact on transmission growth?
What is the financial impact of the WV generation project?
WV gas generation: financing & earnings impact?
Drivers of 30% transmission CapEx increase?
FE's strategy for rising customer energy bills?
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Next FirstEnergy earnings date
Q4 202513 Feb, 2026
Next FirstEnergy earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Energy First
FirstEnergy is an American company energy company that primarily engages in the generation, transmission, and distribution of electricity. First Energy serves over six million customers across the Midwest and Mid-Atlantic regions, including Ohio, Pennsylvania, West Virginia, New Jersey, Maryland, and New York. The company operates a vast network of power plants and electricity distribution systems and also provides a host of related services for its customers. The company is headquartered in Akron, Ohio, and its shares are listed on the NYSE.
An Important Merger
FirstEnergy was formed in 1997 through the merger of Ohio Edison Company and Interior Energy Corporation. Ohio Edison had been a longstanding player in the Ohio electric utility industry, while Centerior was formed in the mid-80s through the merger of two electrical companies. Following its formation, FirstEnergy embarked on a phase of rapid expansion through acquisitions and investments in diversified energy generation sources. Some other companies operating in the same industry include Duke Energy, Exelon, and AEP.
Generating Electricity
The company's generation portfolio includes a mix of coal, nuclear, and renewable energy sources. Its nuclear assets, particularly in Ohio and Pennsylvania, have been important pieces in its power generation business, although they have also presented challenges, such as regulatory and safety issues.
In recent years, FirstEnergy has shown an increasing interest in renewable energy, incorporating wind and solar projects into its portfolio. This shift is in line with industry-wide trends towards more sustainable and environmentally friendly energy sources. Despite this gradual shift, energy sources like coal and nuclear continue to play a substantial role in FirstEnergy's power generation mix.
The Transmission of Electricity
This segment of the company involves the high-voltage transmission of electric power from generation facilities to distribution networks, which then deliver electricity to end users. FirstEnergy’s transmission network is extensive, featuring a vast array of transmission lines and substations. Through its transmission business, FirstEnergy plays a pivotal role in ensuring the stable and continuous supply of electricity to both residential and commercial customers in its service areas.
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