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 June 2025 Core Earnings reached $1.19 per share, a 19% increase year-over-year, and GAAP earnings were $1.09 per share.

• On track to deliver full-year 2025 results in the upper half of the $2.40–$2.60 per share guidance range, reaffirming a 6–8% Core EPS CAGR outlook through 2029.

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

• Sale of Signal Peak minority interest in July 2025 eliminated coal mining exposure and related liabilities.

Financial highlights

• Q2 2025 revenues increased to $3.4 billion, with operating income rising to $646 million from $423 million year-over-year.

• 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 through June 2025 was $1.7 billion, up 60% from 2024.

• Year-to-date capital investments reached $2.5 billion, 29% ahead of H1 2024.

• Dividend payments increased to $0.445 per share in Q2 2025, up ~5% from 2024.

Outlook and guidance

• 2025 Core Earnings guidance reaffirmed 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 except up to $100 million annually for employee benefit programs.

• Targeted compound annual growth rate of 6%–8% through 2029.

• Shareholder return opportunity targeted at 10%–12% with upside potential.

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