FirstEnergy Corp. reported 2025 GAAP earnings of $1.02 billion, or $1.77 per share ($1.76 diluted), on revenue of $15.1 billion, compared with GAAP earnings of $978 million, or $1.70 per share, on revenue of $13.5 billion in 2024. On a non-GAAP basis, Core Earnings reached $2.55 per share in 2025, representing a 7.6% increase from $2.37 per share in 2024 and placing results at the top end of the company’s revised guidance range.
The company reaffirmed its 2026 Core Earnings guidance of $2.62 to $2.82 per share, implying approximately 9% growth compared with the midpoint of its original 2025 guidance. Looking further ahead, FirstEnergy announced a $36 billion capital investment plan for 2026 through 2030 under its Energize365 program, positioning the company to deliver compounded annual Core EPS growth near the upper end of its 6–8% long-term target range.
Chairman, President and CEO Brian X. Tierney stated that in 2025 the company strengthened its financial foundation while executing $5.6 billion in system investments to enhance reliability and advance regulatory initiatives designed to support both customers and investors. The company also announced a quarterly dividend increase, reflecting confidence in its financial outlook and long-term strategy.
The expanded Energize365 investment program represents nearly a 30% increase compared with the prior five-year plan and is expected to drive approximately 10% compounded annual rate base growth through 2030. Of the $36 billion total, more than $19 billion is allocated to transmission investments, aimed at strengthening grid resilience, minimizing outages, preparing for future demand growth, and supporting regional and national energy priorities.
Operationally, 2025 Core Earnings growth was driven by FirstEnergy’s regulated investment strategy, including new base rates implemented in Pennsylvania, nearly 11% transmission rate base growth, and stronger distribution sales. These gains were partially offset by higher operating expenses, increased maintenance activity, higher financing costs, and share dilution associated with prior equity transactions.
Within the Distribution segment, Core Earnings increased by $0.23 per share year over year, primarily due to the implementation of new Pennsylvania base rates and improved sales, partly offset by higher planned operating expenses and lower tax benefits. The Integrated segment benefited from a 14% increase in transmission rate base and stronger demand, while the Stand-Alone Transmission segment recorded a 9% year-over-year rate base increase, supporting higher earnings.
FirstEnergy stated that its 2026 outlook is supported by a planned $6 billion in capital investments next year focused on distribution infrastructure renewal, grid modernization, and high-voltage transmission system reliability improvements. While the company does not provide a quantitative reconciliation of forward-looking non-GAAP measures to GAAP guidance due to forecasting complexities, management emphasized that its investment-driven, regulated business model provides strong visibility into long-term earnings growth.
With its updated capital plan and reaffirmed earnings guidance, FirstEnergy is positioning itself to deliver sustained value to customers through improved grid reliability, to communities through infrastructure modernization, and to investors through disciplined financial performance and steady earnings growth.
