Delivers Core Earnings (non-GAAP) of $0.83 per share for the third quarter and $2.02 per share year to date; improvements of 9% and 15%, respectively, compared to the same periods of 2024
Narrows full-year 2025 Core Earnings guidance range to $2.50 to $2.56 per share, in the upper half of original range
Deployed over $4 billion in capital investments through September to support grid reliability and resiliency; 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
AKRON, Ohio, Oct. 22, 2025 /PRNewswire/ -- FirstEnergy Corp. (NYSE:FE) today reported third quarter 2025 GAAP earnings of $441 million, or $0.76 per basic and diluted share, on revenue of $4.1 billion. This compares to third quarter 2024 GAAP earnings of $419 million, or $0.73 per basic and diluted share, on revenue of $3.7 billion. GAAP results include the impact of special items listed in the table below.
Core Earnings (non-GAAP) for the third quarter of 2025 were $0.83 per share, compared to $0.76 per share in the third quarter of 2024, an increase of 9%.
Based on the strength of its year-to-date results and outlook for the balance of the year, FirstEnergy is narrowing 2025 Core Earnings guidance to $2.50 to $2.56 per share, in the upper half of its original range of $2.40 to $2.60 per share. The company deployed over $4 billion in capital investments through the first nine months of 2025 and is increasing its planned investments from $5.0 billion to $5.5 billion this year. FirstEnergy also affirmed its 6-8% compounded annual Core Earnings growth rate target from 2025 through 2029. This growth is supported by the company's Energize365 capital investment plan, which includes $28 billion in investments from 2025 to 2029.
"Our strong results reflect our team's unwavering focus on creating value for our customers and investors," said Brian X. Tierney, FirstEnergy Board Chair, President and Chief Executive Officer. "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.
"The proliferation of large data center load is transforming the electric industry, particularly in our region," Tierney added. "We see a strong need for additional transmission capital investments to reliably serve customers and move power where it's needed. We believe our transmission system, which is ideally situated in the middle of the PJM region, is a strategic advantage to FirstEnergy to support and enable this transformation. We currently expect total transmission investments to increase by 30% in our next 5-year capital plan, driving compound transmission rate base growth up to 18%.
"In West Virginia, we recently provided our recommendations to keep power affordable, accessible and reliable," Tierney continued. "As part of our Integrated Resource Plan, we are pursuing a project to add 1.2 gigawatts of dispatchable combined-cycle generation in the state that would be operational around 2031. This project is aligned with West Virginia's energy goals and would represent a 35% increase in FirstEnergy's current regulated generation portfolio."
Third Quarter Results
Third quarter 2025 Core Earnings benefited from the impact of new base rates in Pennsylvania and growth in transmission rate base under formula rate programs, partially offset by higher planned operating expense that was approved with new base rates and work that was accelerated into 2025.
In the Distribution segment, Core Earnings increased $0.03 per share compared to the third quarter of 2024, primarily due to new base rates in Pennsylvania that went into effect on Jan. 1, 2025, and higher residential and commercial load. This was partially offset by higher planned operating expenses as described above.
In the Integrated segment, the company's capital investments in formula rate programs drove transmission rate base growth of 16% and benefited earnings by $0.03 per share. This was more than offset by a higher effective tax rate, lower distribution demand from commercial customers and higher planned operating expenses as described above.
In the Stand-Alone Transmission segment, Core Earnings increased $0.08 per share compared to the third quarter of 2024, primarily due to a 9% increase in rate base resulting from capital investments and a lower effective tax rate.
In Corporate/Other, results were flat compared to the third quarter.
Year-to-Date Results
For the first nine months of 2025, FirstEnergy reported GAAP earnings of $1,069 million, or $1.85 per basic and diluted share, on revenue of $11.3 billion. This compares to GAAP earnings of $717 million, or $1.25 per basic share ($1.24 diluted), on revenue of $10.3 billion in the first nine months of 2024. GAAP results for both periods reflect the impact of special items listed below.
Core Earnings (non-GAAP) for the first nine months of 2025 were $2.02 per share, compared to $1.76 per share in the same period of 2024, an increase of 15%.
Core Earnings growth reflects the continued success of the company's regulated investment strategy, the impact of new base rates in Pennsylvania, West Virginia and New Jersey, and higher weather-related distribution sales. These factors offset the impacts of higher planned operating expenses, which includes the impact of accelerated work, increased financing costs and dilution from the FET equity interest transaction that closed in March 2024.
Consolidated GAAP Earnings Per Share (EPS) to Core (Non-GAAP) EPS Reconciliation
Three Months Ended Sept. 30,
Nine Months Ended Sept. 30,
2025
2024
2025
2024
Earnings ...
