FirstEnergy (FE) Q3 2025 earnings summary

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.