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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
Reported strong third-quarter and year-to-date results, with Q3 2025 GAAP EPS of $0.76 and Core EPS of $0.83, up 9% year-over-year; year-to-date Core EPS rose 15% to $2.02.
Raised full-year 2025 Core EPS guidance midpoint to $2.50–$2.56 per share and increased the 2025 capital investment plan by 10% to $5.5 billion.
Affirmed 6–8% compounded annual Core EPS growth rate through 2029, supported by a $28 billion investment plan.
Advanced major regulatory filings, including a West Virginia Integrated Resource Plan proposing 1.2 GW new gas generation and 70 MW solar.
Extended maturity dates of multiple revolving credit facilities by one year, updating interest rate definitions and administrative provisions.
Financial highlights
Q3 2025 GAAP EPS was $0.76; Core EPS was $0.83, up 9% year-over-year.
Year-to-date 2025 Core EPS reached $2.02, a 15% increase from 2024.
Year-to-date 2025 revenue was $11.3 billion, up from $10.3 billion in 2024.
Through September, $4 billion in capital invested, a 30% increase over the prior year.
Cash from operations was $2.6 billion through September, up 40% year-over-year.
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.
Reaffirmed 6–8% Core EPS CAGR through 2029 and a total shareholder return proposition of 10–12%.
2025 investment plan increased to $5.5 billion; $28 billion base investment plan for 2025–2029.
Transmission investments projected to increase by 30% in the next five-year plan; transmission rate base growth projected up to 18% per year through 2030.
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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