Firstenergy Corp
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.45%.
Did FE Beat Earnings? Q3 2025 Results
FirstEnergy posted a stronger-than-expected third quarter, with core earnings per share of $0.83 beating the $0.77 consensus estimate by 8.03% and revenue of $4.15 billion clearing expectations by 5.18%, representing 11.2% growth from the year-ago period. The utility's outperformance was anchored by new base rates in Pennsylvania, steady transmission rate base growth under formula rate programs, and a notable surge in residential and commercial load, the latter increasingly driven by contracted data center demand that has now reached 3.8 GW, with a pipeline of 11.7 GW nearly doubling since earlier this year. Wells Fargo recently initiated coverage of the stock with an Overweight rating, reflecting broader investor confidence in the company's infrastructure buildout. On the strength of year-to-date results, FirstEnergy narrowed its full-year 2025 core EPS guidance to $2.50 to $2.56, the upper half of its original range, while lifting its capital investment plan by 10% to $5.50 billion and reaffirming a 6% to 8% compound annual core EPS growth target through 2029.
- New base rates in Pennsylvania effective January 1, 2025
- Transmission rate base growth of 16% in Integrated segment and 9% in Stand-Alone Transmission
- Higher residential and commercial load
- Formula rate investment programs driving earnings growth
- Strong financial discipline with YTD O&M favorable to plan
“Our strong results reflect our team's unwavering focus on creating value for our customers and investors. We remain ahead of plan on each of our key financial metrics, and we are well-positioned to deliver 2025 Core Earnings between $2.50 to $2.56 per share. Our solid execution also allowed us to increase our 2025 capital program by 10% – putting even more resources into making energy service more reliable and resilient for our customers and fueling our communities' and company's growth. We are in a great position to continue making these important investments in the years ahead.”
FirstEnergy CEO, on the earnings call
Forward Guidance & Outlook
FirstEnergy narrowed its full-year 2025 Core EPS guidance to $2.50-$2.56 per share, in the upper half of its original $2.40-$2.60 range, reflecting strong year-to-date performance. The company increased its 2025 capital investment plan by 10% to $5.5 billion from $5.0 billion. FirstEnergy affirmed its 6-8% compounded annual Core EPS growth rate target from 2025 through 2029, supported by its Energize365 plan of approximately $28 billion in investments. The company expects total transmission investments to increase by 30% in its next five-year capital plan, driving compound transmission rate base growth of up to 18%. In West Virginia, FirstEnergy is pursuing a project to add 1,200 MW of combined-cycle gas generation operational around 2031 and 70 MW of solar, with an initial investment estimate of approximately $2.5 billion. An Ohio base rate case decision is expected in November 2025, and the company plans to file a multi-year rate plan thereafter. The company targets an attractive total shareholder return of 10-12% (6-8% Core EPS growth plus approximately 4% dividend yield), with potential upside through P/E expansion.
FE YoY Financials
FE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.