FirstEnergy Announces 2025 Financial Results, Affirms 2026 Guidance and Provides Long-Term Financial Outlook Focused on Delivering Value to Customers, Communities and Investors

Rhea-AI Summary

FirstEnergy (NYSE: FE) reported 2025 GAAP EPS $1.77 and Core EPS $2.55, at the top end of its revised guidance, on revenue of $15.1 billion. The company reported GAAP earnings of $1.02 billion and affirmed 2026 Core EPS guidance $2.62–$2.82.

FirstEnergy unveiled a $36 billion capital plan for 2026–2030 (Energize365) with ~10% compounded annual rate base growth and targeted Core EPS CAGR near the top end of 6–8%.

Positive

• Core EPS of $2.55, up 7.6% versus 2024
• Affirmed 2026 Core EPS guidance of $2.62–$2.82
• $36 billion 2026–2030 Energize365 capital plan
• 10% compounded annual rate base growth through 2030
• Board-approved dividend increase signaling confidence

Negative

• Higher operating and maintenance expenses in 2025
• Higher financing costs and dilution from prior transaction
• GAAP fourth-quarter charges from Ohio PUCO orders

News Market Reaction – FE

-0.83%

-0.83% Session close to close

In the Feb 18 session, FE declined 0.83%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights full‑year 2025 Core EPS of $2.55, at the top of the increased guidance ...

Analysis

This announcement highlights full‑year 2025 Core EPS of $2.55, at the top of the increased guidance range, alongside affirmed 2026 Core EPS guidance of $2.62–$2.82. It extends the Energize365 strategy into a $36 billion 2026–2030 grid investment plan, supporting projected Core EPS compounded growth near the top of 6–8%. Investors may track execution on the $5.6 billion of 2025 system investments, regulatory rulings, financing costs and how rate base growth translates into sustained Core EPS expansion.

Key Figures

2025 GAAP EPS: $1.77 per share 2025 Core EPS: $2.55 per share 2025 GAAP earnings: $1.02 billion +5 more

8 metrics

2025 GAAP EPS $1.77 per share Full year 2025 GAAP earnings per basic share

2025 Core EPS $2.55 per share Full year 2025 Core (non-GAAP) earnings per share

2025 GAAP earnings $1.02 billion Earnings attributable to FirstEnergy Corp. in 2025

2025 revenue $15.1 billion Full year 2025 revenue

2024 Core EPS $2.37 per share Full year 2024 Core Earnings per share

2026 Core EPS guidance $2.62–$2.82 per share Affirmed 2026 Core Earnings guidance range

2026–2030 capex plan $36 billion Energize365 capital investment plan for 2026–2030

2025 system investments $5.6 billion Capital deployed in 2025 to enhance reliability

Previous Earnings Reports

5 past events · Latest: Oct 22 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Oct 22	Q3 2025 earnings	Positive	-1.6%	Q3 GAAP and Core EPS up year-over-year; guidance tightened near high end.
Jul 30	Q2 2025 earnings	Positive	+2.2%	Q2 GAAP/Core EPS ahead of plan; 2025 guidance affirmed toward upper half.
Apr 23	Q1 2025 earnings	Positive	-0.7%	Q1 EPS and revenue rose versus 2024; guidance and growth targets reaffirmed.
Feb 26	FY 2024 results	Positive	-10.5%	Full-year 2024 Core earnings grew; capex lifted to support $28B plan.
Oct 29	Q3 2024 earnings	Neutral	-1.5%	Q3 EPS roughly flat; guidance in range and capex plan modestly increased.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have generally been positive fundamentally but often met with flat-to-negative next-day price moves.

Recent Company History

Over the past five earnings announcements, FirstEnergy has repeatedly highlighted steady Core EPS growth and expanding grid investments. Prior updates showed Core EPS rising to $2.37 in 2024 and quarterly Core EPS improving through 2025, supported by the $28 billion Energize365 plan through 2029. Market reactions averaged about -2.43% despite this constructive trend. Today’s report extends that story with $2.55 Core EPS for 2025 and a larger, longer-term capital plan and growth outlook through 2030.

Key Terms

gaap, non-gaap, core earnings, core eps, +4 more

8 terms

gaap financial

"Reports 2025 GAAP earnings of $1.77 per share and Core Earnings (non-GAAP)..."

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"Reports 2025 GAAP earnings of $1.77 per share and Core Earnings (non-GAAP)..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

core earnings financial

"Core Earnings (non-GAAP) in 2025 were $2.55 per share, a 7.6% increase..."

Core earnings are the profit a business generates from its normal, ongoing operations after removing one-time gains or losses and unusual accounting adjustments; think of it as the recurring paycheck a household can expect each month rather than a one-off inheritance or sale. Investors care because it highlights the company’s sustainable cash-making ability and makes performance easier to compare across periods and with other firms.

core eps financial

"Core EPS (Non-GAAP) | | $2.55 | $2.37"

Core EPS is a company’s reported earnings per share after removing one-time or unusual items so investors see the business’s regular profit per share; think of it as the household’s monthly income after ignoring a one-off inheritance or emergency expense. It matters because it highlights the company’s underlying, repeatable profitability and makes it easier to compare performance across periods and with other firms, though the adjustments can vary by company.

rate base financial

"total transmission rate base growth of nearly 11% and stronger distribution sales."

Rate base is the dollar value of the physical assets and capital a regulated utility uses to deliver its service — things like power plants, pipes, or equipment. Regulators use that value as the starting point to set prices the utility can charge by allowing a specific percentage return on that base, so a larger or higher-valued rate base usually means higher permitted revenues and therefore directly affects investor earnings and the company's ability to raise capital.

distribution segment financial

"In the Distribution segment, 2025 Core Earnings increased $0.23 per share..."

A distribution segment is the part of a company’s operations focused on getting products or services from the maker to the end customer—warehousing, transport, retail placement, and related logistics. For investors it highlights where sales are earned and costs or risks (like shipping delays or inventory buildup) live, much like checking the delivery wing of a store to see how well goods actually reach buyers and generate cash flow.

integrated segment financial

"In the Integrated segment, the company's capital investment program drove..."

An integrated segment is a business unit within a company that combines multiple stages of the value chain — for example design, production and sales — into one operating group rather than treating each activity separately. Investors care because an integrated segment can improve cost control, margin stability and resilience to supply shocks, so its revenue, profit and capital needs give a clearer picture of how efficiently the company turns inputs into finished products (like a bakery that both grows wheat and bakes bread).

stand-alone transmission segment financial

"In the Stand-Alone Transmission segment, 2025 Core Earnings increased..."

A stand-alone transmission segment is a distinct part of a company that owns and operates the wires, pipes, or networks used to move electricity, data, or other utilities from producers to users, and is run independently from the company’s other businesses. Investors care because such segments usually earn steady, regulated fees or long-term contracts, acting like a toll road that provides predictable cash flow and lower risk compared with more volatile operations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Reports 2025 GAAP earnings of $1.77 per share and Core Earnings (non-GAAP) of $2.55 per share,
at the top end of the increased and revised guidance range

Affirms 2026 Core Earnings guidance range of $2.62 to $2.82 per share, 
representing 9% growth versus original 2025 guidance midpoint

Announces 2026-2030 capital investment plan of $36 billion
with expected Core Earnings compounded annual growth near the top end of 6-8%

AKRON, Ohio, Feb. 17, 2026 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) today reported 2025 GAAP earnings of $1.02 billion, or $1.77 per basic share ($1.76 diluted), on revenue of $15.1 billion. These results include the impact of Ohio regulatory orders in the fourth quarter of 2025. In 2024, the company reported GAAP earnings of $978 million, or $1.70 per basic and diluted share, on revenue of $13.5 billion. GAAP results for both periods reflect the impact of additional special items listed below.

Core Earnings (non-GAAP) in 2025 were $2.55 per share, a 7.6% increase compared to Core Earnings of $2.37 per share in 2024.

"In 2025, we reinforced our financial foundation and delivered on the strategies that are moving our company forward," said Brian X. Tierney, FirstEnergy Board Chairman, President and Chief Executive Officer. "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.

"We are entering 2026 with strong momentum and a proven business model that is driving our transformation into a premier electric company with the financial strength and flexibility to deliver value across all stakeholders," Tierney continued. "Last week our Board approved an increased quarterly dividend that reflects this momentum and our confidence in the company's future.

"Our updated and extended Energize365 investment program builds on this progress. Our $36 billion investment plan for 2026 to 2030 includes more than $19 billion of total transmission investment," Tierney added. "These investments will build a stronger, more resilient grid to minimize outages, prepare for future demand and advance regional, state and national energy priorities."

Outlook

FirstEnergy reaffirmed its 2026 Core Earnings guidance of $2.62 to $2.82 per share. This outlook is supported by the company's Energize365 capital investment plan of $6 billion in 2026 for distribution infrastructure renewal, grid modernization and significant reliability and resiliency enhancements to the high-voltage transmission system.

FirstEnergy's $36 billion Energize365 program for 2026 through 2030 represents an increase of nearly 30% compared to its previous five-year investment plan and results in 10% compounded annual rate base growth through 2030. This investment plan positions FirstEnergy to deliver Core EPS compounded annual growth near the top end of 6-8% from 2026 to 2030.

2025 Results

Core Earnings growth in 2025 reflects FirstEnergy's regulated investment strategy, including the impact of base rates that were implemented in Pennsylvania during the year, total transmission rate base growth of nearly 11% and stronger distribution sales. These factors offset the impacts of higher operating expenses, which include the impact of increased maintenance work in Pennsylvania recovered in new base rates and maintenance activities accelerated into 2025 from 2026. Core Earnings also reflect higher financing costs and dilution in 2025 from the FET equity interest transaction that closed in March 2024.

In the Distribution segment, 2025 Core Earnings increased $0.23 per share compared to 2024, primarily due to new base rates in Pennsylvania that went into effect on Jan. 1, 2025, as well as stronger sales and lower financing costs. This was partially offset by higher planned operating expenses and lower tax benefits. GAAP results in the distribution segment include charges recognized in the fourth quarter of 2025 resulting from PUCO orders related to the Ohio companies' base rate case and legacy matters. 

In the Integrated segment, the company's capital investment program drove transmission rate base growth of 14%, resulting in higher transmission-related earnings. Earnings also benefited from stronger customer demand. This was primarily offset by higher operating expenses and increased financing costs.

In the Stand-Alone Transmission segment, 2025 Core Earnings increased primarily due to capital investments that drove a 9% increase in rate base year over year.

Consolidated GAAP Earnings Per Share (EPS) to Core (Non-GAAP) EPS Reconciliation
						12 Months Ended Dec. 31,
						2025	2024
	Earnings Attributable to FirstEnergy Corp. (GAAP) - $M					$1,020	$978
	Basic EPS (GAAP)					$1.77	$1.70
	Excluding Special Items:
		Net Pension/OPEB credits				(0.35)	(0.06)
		Signal Peak earnings impact				—	(0.13)
		ARO regulatory change				(0.06)	0.27
		Debt-related costs				0.03	0.12
		Enhanced employee retirement and other related costs				—	0.01
		FE Forward cost to achieve				—	0.10
		Investigation and other related costs				0.50	0.13
		Regulatory charges				0.58	0.09
		Reorganization costs				0.06	—
		Strategic transaction charges				0.02	0.14
		Total Special Items				0.78	0.67
	Core EPS (Non-GAAP)					$2.55	$2.37
	Per share amounts for the special items above are based on the after-tax effect of each item divided by the number of shares outstanding for the period. The current and deferred income tax effect was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rate ranges from 21% to 29%. Basic EPS (GAAP), and Core EPS (non-GAAP) are based on 577 million shares for the full year of 2025 and 575 million shares for the full year of 2024.

Non-GAAP Financial Measures 

We refer to certain financial measures, including Core Earnings (non-GAAP) per share ("Core EPS"), as "non-GAAP financial measures," which are not calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") and exclude the impact of "special items" from earnings attributable to FirstEnergy Corp., as reflected in the table above. Core EPS is calculated based on the weighted average number of common shares outstanding in the respective period.

Management uses these non-GAAP financial measures, including Core EPS, to evaluate the company's and its segments' performance and manage its operations and frequently references these non-GAAP financial measures in its decision-making, using them to facilitate historical and ongoing performance comparisons. Management believes that the non-GAAP financial measures of Core EPS provides consistent and comparable measures of performance of its businesses on an ongoing basis. Management also believes that this measure is useful to shareholders and other interested parties to understand performance trends and evaluate the company against its peer group by presenting period-over-period operating results without the effect of certain special items that may not be consistent or comparable across periods or across the company's peer group. These non-GAAP financial measures are intended to complement, and are not considered as alternatives to, the most directly comparable GAAP financial measures, which for Core EPS is EPS attributable to FirstEnergy Corp. (GAAP), as reconciled in the above table. Also, such non-GAAP financial measures may not be comparable to similarly titled measures used by other entities.

Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in evaluating the company's ongoing core activities and results of operations or otherwise warrant separate classification. More detail on special items for the period can be found in the Company's Strategic and Financial Highlights, available at the company's Investor Information website – www.firstenergycorp.com/ir.

Forward-Looking Non-GAAP Measures

A quantitative reconciliation of forward-looking non-GAAP measures, including 2026 Core EPS and Core EPS CAGR projections, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Specifically, management cannot, without unreasonable effort, predict the impact of these special items in the context of Core EPS guidance and Core EPS CAGR projections because these items, which could be significant, are difficult to predict and may be highly variable. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. Forward-looking statements, including these special items, are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth under "Forward-Looking Statements," below.

Investor Materials and Teleconference

FirstEnergy's Strategic and Financial Highlights presentation is posted on the company's Investor Information website – www.firstenergycorp.com/ir. It can be accessed through the Fourth Quarter 2025 Financial Results link. Important information may be disseminated initially or exclusively via the company's Investor Information website; investors should consult the site to access this information.

The company invites investors, customers and other interested parties to listen to a live webcast of its teleconference for financial analysts and view presentation slides at 9:00 a.m. EST tomorrow. FirstEnergy management will present an overview of the company's financial results followed by a question-and-answer session. The teleconference and presentation can be accessed on the Investor Information website by selecting the Fourth Quarter 2025 Earnings Webcast link. The webcast and presentation will be archived on the website.

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation's largest investor-owned electric systems, serving more than 6 million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. FirstEnergy's transmission subsidiaries operate more than 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on X @FirstEnergyCorp.

Forward-Looking Statements: This news release includes forward-looking statements based on information currently available to management and unless the context requires otherwise, references to "we," "us," "our" and "FirstEnergy" refers to FirstEnergy Corp. and its subsidiaries. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "forecast," "target," "will," "intend," "believe," "project," "estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 and settlements with the U.S. Attorney's Office for the Southern District of Ohio and the Securities and Exchange Commission ("SEC"); the risks and uncertainties associated with litigation, including the securities class-action lawsuit, regulatory proceedings, arbitration, mediation and similar proceedings; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and the vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters, which may result in increased storm restoration expenses or material liability and negatively affect future operating results; the potential liabilities and increased costs arising from regulatory actions or outcomes in response to severe weather conditions and other natural disasters; legislative and regulatory developments, and executive orders, including, but not limited to, matters related to rates, generation resource adequacy, co-location of generation and large loads, and compliance and enforcement activity; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions, and the loss of FirstEnergy Corp.'s status as a well-known seasoned issuer; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors', information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, strengthening our balance sheet and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations and may also cause it to make contributions to its pension sooner or in amounts that are larger than currently anticipated; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, our generation resource planning in West Virginia, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; ; changes to environmental laws and regulations, including, but not limited to, federal and state rules related to climate change, and potential changes to such laws and regulations; changes in customers' demand for power, including, but not limited to, economic conditions, the impact of climate change and emerging technology, particularly with respect to electrification, energy storage, co-location of generation and large loads, and distributed sources of generation; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, the One Big Beautiful Bill Act of 2025, as signed into law on July 4, 2025, or adverse tax audit results or rulings and potential changes to such laws and regulations; the ability to meet our publicly-disclosed goals relating to climate-related matters, opportunities, improvements, and efficiencies, including FirstEnergy's greenhouse gas reduction goals; and the risks and other factors discussed from time to time in FirstEnergy Corp.'s SEC filings. Dividends declared from time to time on FirstEnergy Corp.'s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by the FirstEnergy Corp. Board at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.'s Form 10-K, Form 10-Q and in other filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.'s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.

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SOURCE FirstEnergy Corp.

FAQ

What were FirstEnergy's reported 2025 GAAP and Core EPS (FE)?

FirstEnergy reported 2025 GAAP EPS $1.77 and Core EPS $2.55. According to the company, GAAP earnings were $1.02 billion on $15.1 billion revenue, with Core EPS reflecting exclusion of listed special items.

What is FirstEnergy's 2026 Core EPS guidance (FE) and expected growth?

FirstEnergy affirmed 2026 Core EPS guidance $2.62–$2.82. According to the company, this range represents about 9% growth versus the original 2025 guidance midpoint and supports multi-year targets.

How large is FirstEnergy's Energize365 capital plan and what does it target (FE)?

FirstEnergy announced a $36 billion Energize365 plan for 2026–2030. According to the company, it includes over $19 billion in transmission investment and targets ~10% rate base CAGR through 2030.

How did transmission and distribution performance affect FirstEnergy's 2025 results (FE)?

Transmission rate base grew double digits, lifting related earnings in 2025. According to the company, distribution benefited from new Pennsylvania base rates and stronger sales, offset partly by higher expenses.

What charges or headwinds affected FirstEnergy's 2025 GAAP results (FE)?

GAAP included fourth-quarter charges from PUCO Ohio orders and other special items totaling $0.78 per share. According to the company, these were excluded from Core EPS to show ongoing performance.