FirstEnergy (FE) Q2 2025 earnings summary

Executive summary

• Second quarter 2025 GAAP earnings were $0.46 per share, with Core Earnings of $0.52 per share, both ahead of plan and up from $0.08 and $0.51 per share, respectively, in Q2 2024.

• Year-to-date 2025 Core EPS was $1.19 per share, a 19% increase year-over-year, and GAAP EPS was $1.09 per share.

• Reaffirmed 2025 Core EPS guidance of $2.40–$2.60 per share, targeting the upper half, and maintained a 6–8% Core EPS CAGR outlook for 2025–2029.

• $2.5 billion in capital investments deployed in H1 2025, supporting a $5 billion annual and $28 billion five-year plan.

• Completed sale of Signal Peak minority interest in July 2025, fully exiting coal mining exposure and removing related liabilities.

Financial highlights

• Q2 2025 revenues increased to $3.38 billion, with operating income rising to $646 million; first half 2025 GAAP net income was $628 million on $7.1 billion revenue.

• Core EPS for Q2 2025 was $0.52, up from $0.51 in Q2 2024; first half Core EPS was $1.19, up from $1.00 year-over-year.

• Cash from operations for the first half of 2025 was $1.7 billion, up 60% from 2024.

• Declared dividend of $0.445 per share in Q2 2025, up ~5% from 2024.

• Consolidated return on equity reached 9.7% on a trailing 12-month basis, within the 9.5%–10% target range.

Outlook and guidance

• Full-year 2025 Core Earnings guidance affirmed at $2.40–$2.60 per share, targeting the upper half of the range.

• Five-year $28 billion capital investment plan reiterated, with no incremental equity needs anticipated beyond employee benefit programs.

• Targeted compound annual growth rate of 6%–8% through 2029 and shareholder return opportunity of 10%–12%.

• FFO to debt targeted at 14%+ through 2029.

• Dividend growth targeted in line with a 60–70% payout ratio of Core EPS.