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FirstEnergy
FirstEnergy (FE) investor relations material
FirstEnergy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
2025 delivered strong financial results, with Core EPS of $2.55, up 7.6% year-over-year and at the top end of guidance.
S&P upgraded the senior unsecured credit rating to BBB or higher, reflecting improved financial discipline and constructive regulatory outcomes.
Announced a $36 billion, 5-year capital investment plan for 2026–2030, a 30% increase over the prior plan, focused on reliability, grid resiliency, and transmission.
Targeting Core EPS CAGR near the top end of 6–8% and consolidated ROEs of 9.5–10% through 2030.
Revenue reached $15.1 billion, a 12% increase from 2024, driven by regulated investment strategies and higher customer demand.
Financial highlights
2025 GAAP EPS was $1.77, up from $1.70 in 2024, with Core EPS of $2.55, a 7.6% increase year-over-year.
Cash from operations reached $3.7 billion, nearly 30% above 2024.
$5.6 billion in capital investments deployed, up 25% from 2024 and 12% above the original plan.
Quarterly dividends totaled $1.78 per share, a 5% increase from 2024.
TTM consolidated ROE was 9.8% for 2025, in line with the 9.5–10% target.
Outlook and guidance
2026 Core EPS guidance is $2.62–$2.82 per share, representing 7% growth over 2025.
Five-year capital plan increased by $8 billion (30%) to $36 billion, with 75% in formula rate programs and 10% annual rate base growth targeted through 2030.
Dividend payout ratio targeted at 60–70% of Core EPS.
Load forecast includes 2% customer demand growth, mainly from a 5% increase in industrials.
Up to $2 billion in equity financing planned, with a focus on maintaining investment-grade credit metrics.
WV generation financing: cash recovery during construction
Data center growth: how to protect existing customers?
O&M reductions: how to sustain with accelerated work?
WV generation project: financing & approval timeline?
Data center CapEx impact per gigawatt & location?
Affordability strategy: initiatives & bill impact?
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Next FirstEnergy earnings date
Q1 202623 Apr, 2026
FirstEnergy
Next FirstEnergy earnings date
Q1 202623 Apr, 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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