FirstEnergy (FE) Q4 2025 earnings summary

Executive summary

• Achieved strong 2025 financial and operational results, with Core EPS of $2.55, up 7.6% year-over-year and at the top end of guidance.

• Announced a $36 billion, 5-year capital investment plan focused on grid reliability, resiliency, and customer benefits, representing a 30% increase from the prior plan.

• S&P upgraded senior unsecured credit rating to BBB+ from BBB-, reflecting improved financial discipline.

• Significant progress on regulatory and strategic initiatives, including favorable outcomes in Ohio and positioning for sustainable long-term growth.

• Revenue reached $15.1 billion, a 12% increase from 2024, driven by regulated investment strategies and higher customer demand.

Financial highlights

• 2025 GAAP EPS was $1.77, up from $1.70 in 2024; Core EPS reached $2.55, up from $2.37.

• Cash from operations reached $3.7 billion, nearly 30% above 2024.

• $5.6 billion in capital investments, up 25% from 2024 and 12% above plan.

• Quarterly dividends totaled $1.78 per share, a 5% increase from 2024.

• TTM consolidated ROE was 9.8% for 2025, in line with the 9.5–10% target.

Outlook and guidance

• 2026 Core EPS guidance is $2.62–$2.82 per share, representing 7% growth over 2025.

• 2026–2030 capital investment plan totals $36 billion, with 10% annual rate base growth and Core EPS CAGR near the top end of 6–8%.

• Dividend payout ratio targeted at 60–70% of Core EPS.

• Consolidated ROE targeted at 9.5–10% through the planning period.

• Anticipates customer bills to remain below in-state peers and below inflation through 2030.