Firstenergy Corp
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −5.50%.
Did FE Beat Earnings? Q4 2025 Results
FirstEnergy closed out a strong 2025, delivering full-year core earnings of $2.55 per share, a 7.6% increase over the prior year and a result that landed at the top end of the company's raised guidance range of $2.50 to $2.56. Revenue reached $15.09 billion for the year, up from $13.47 billion in 2024, while GAAP net income came in at $1.02 billion, or $1.77 per share. The primary engine behind the beat was the Integrated segment, where 14% transmission rate base growth and firmer customer demand drove Core EPS of $0.87, with Pennsylvania's new base rates also lifting Distribution results. Notably, the company's data center pipeline has more than doubled since early 2025, now representing 12.9 GW of long-term demand that underpins an expanded $36.00 billion Energize365 capital plan for 2026 through 2030, targeting 10% compounded annual rate base growth. Looking ahead, FirstEnergy affirmed 2026 Core EPS guidance of $2.62 to $2.82 per share, alongside a 4.5% dividend increase to $1.86 annually.
- New Pennsylvania base rates effective January 1, 2025
- Total transmission rate base growth of nearly 11%
- Stronger distribution sales and residential customer demand
- 9% Stand-Alone Transmission rate base growth year over year
- 14% Integrated segment transmission rate base growth
- S&P credit rating upgrade to BBB from BBB- for FirstEnergy Corp.
- Baseline O&M reduced by over $200M or 15% since 2022
- 10% improvement in system-wide SAIDI reliability metrics
- Favorable weather contributing approximately $0.10/share vs. 2024
“In 2025, we reinforced our financial foundation and delivered on the strategies that are moving our company forward. We deployed $5.6 billion of system investments to enhance reliability while advancing key regulatory strategies that support long-term customer benefits and our commitments to the investment community. We are proud of our solid execution against our capital plan and solid financial discipline, which resulted in Core Earnings of $2.55 per share.”
FirstEnergy CEO, on the earnings call
Forward Guidance & Outlook
FirstEnergy affirmed 2026 Core EPS guidance of $2.62 to $2.82 per share, representing approximately 9% growth versus the original 2025 guidance midpoint. The company announced a $36 billion Energize365 capital investment plan for 2026–2030, a nearly 30% increase over the prior five-year plan, including $6 billion in 2026. This investment plan supports 10% compounded annual rate base growth through 2030 and positions the company to deliver Core EPS compounded annual growth near the top end of 6–8% from 2026 to 2030. The 2026-2030 financing plan targets approximately 65% of investments funded by cash from operations, with approximately $3 billion annually of incremental debt and up to $2 billion of equity/equity-like content over the period. The company is targeting approximately 14% FFO/Debt and maintaining a BBB/Baa2 credit profile. Quarterly dividends of $0.465 per share are planned for 2026 (totaling $1.86/share annually), with a targeted dividend payout ratio of 60-70% of Core EPS. The company expects weather-adjusted sales CAGR of 2.2%, primarily from approximately 5% industrial growth driven by data centers. Baseline O&M is forecast to grow at 1%-1.5% CAGR. Additionally, FirstEnergy expects approval in the second half of 2026 for its $2.5 billion West Virginia combined-cycle gas turbine generation investment.
FE YoY Financials
FE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.