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Sep 30
FirstEnergy Q3 2025 Earnings Report
FirstEnergy reported its third quarter 2025 earnings, highlighting strong financial performance and increased capital investments.
Key Takeaways
FirstEnergy delivered strong third-quarter 2025 results with GAAP earnings of $0.76 per share and Core Earnings of $0.83 per share, an increase of 9% compared to the prior year. The company narrowed its full-year 2025 Core Earnings guidance to $2.50 to $2.56 per share and increased its capital investment program for 2025 to $5.5 billion, driven by grid reliability and resiliency efforts, and anticipated growth in transmission investments.
GAAP earnings for Q3 2025 were $0.76 per share on revenue of $4.1 billion.
Core Earnings (non-GAAP) for Q3 2025 were $0.83 per share, a 9% increase from Q3 2024.
Full-year 2025 Core Earnings guidance was narrowed to $2.50 to $2.56 per share, reflecting strong performance.
The company increased its 2025 capital investment program by 10% to $5.5 billion and projects a 30% increase in future transmission investments.
FirstEnergy
FirstEnergy
Forward Guidance
FirstEnergy narrowed its full-year 2025 Core Earnings guidance to $2.50 to $2.56 per share, reflecting confidence in its performance. The company also increased its 2025 capital investment program to $5.5 billion and affirmed its 6-8% compounded annual Core Earnings growth rate target through 2029, supported by significant planned investments.
Positive Outlook
- Narrows full-year 2025 Core Earnings guidance range to $2.50 to $2.56 per share, in the upper half of original range.
- Increases 2025 investment program by 10% to $5.5 billion.
- Projects 30% increase in future transmission investments driven by industry transformation.
- Affirms 6-8% compounded annual Core Earnings growth rate from 2025 through 2029.
- Energize365 capital investment plan includes $28 billion in investments from 2025 to 2029.
Challenges Ahead
- Higher planned operating expense partially offset Core Earnings benefits in the Distribution segment.
- Higher effective tax rate and lower distribution demand from commercial customers impacted the Integrated segment.
- Higher planned operating expenses, increased financing costs, and dilution from the FET equity interest transaction impacted year-to-date Core Earnings growth.