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 billionwith 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:
