FirstEnergy Corp. (NYSE: FE) reported full-year 2025 GAAP earnings of $1.02 billion, or $1.77 per share, an increase from $978 million, or $1.70 per share, in 2024. Consolidated revenue for the fiscal year reached $15.1 billion, compared with $13.5 billion in the previous year.
On a non-GAAP basis, 2025 core earnings were $2.55 per share, representing a 7.6% increase over the $2.37 per share reported in 2024. The company noted that 2025 figures were based on 577 million shares, compared to 575 million shares in 2024.
Financial performance across the company’s primary operating segments was as follows:
- Distribution: Core earnings in this segment increased by $0.23 per share compared to 2024. This was attributed to new base rates in Pennsylvania effective Jan. 1, 2025, and higher sales volumes. These results were partially offset by higher operating expenses and reduced tax benefits.
- Integrated: Earnings benefited from 14% growth in the transmission rate base and higher customer demand. These gains were offset by increased operating expenses and higher financing costs.
- Stand-Alone Transmission: Core earnings increased due to a 9% year-over-year expansion in the rate base resulting from capital investments.
Operational results in 2025 included the implementation of $5.6 billion in system investments. Regulatory developments included the impact of Ohio regulatory orders in the fourth quarter of 2025, which affected GAAP results. Specifically, these included charges resulting from PUCO orders related to the base rate case for Ohio companies and legacy matters.
Total transmission rate base growth across the company was nearly 11% for the year. Operating expenses were impacted by the acceleration of maintenance activities into 2025 that were originally planned for 2026.
FirstEnergy announced an updated five-year capital investment program, “Energize365,” totaling $36 billion for the period of 2026 through 2030. This plan represents a nearly 30% increase over the previous five-year investment cycle.
The program allocates more than $19 billion to total transmission investment. The company expects this plan to result in a 10% compounded annual growth rate through 2030.
For the 2026 fiscal year, FirstEnergy affirmed a core earnings guidance range of $2.62 to $2.82 per share. This represents a 9% growth rate when measured against the midpoint of the original 2025 guidance.
Key factors to monitor for the 2026-2030 period include the execution of $6 billion in planned 2026 capital investments and the projected compounded annual core earnings growth rate of 6% to 8%.
FirstEnergy closed 2025 with $15.1 billion in revenue and $1.02 billion in GAAP profit. Core earnings reached $2.55 per share. The Distribution and Transmission segments reported growth driven by rate base investments and new regulatory rates. The company enters 2026 with a $36 billion five-year investment plan focused on grid modernization.
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