Reports second quarter 2025 GAAP earnings of $0.46 per share and Core Earnings (non-GAAP) of $0.52 per share, ahead of plan
Reports June 2025 year-to-date GAAP earnings of $1.09 per share and Core Earnings of $1.19 per share; represents a 19% increase in Core Earnings year-over-year
Deploys $2.5 billion in customer-focused capital investments through June, aligned with $5 billion 2025 investment plan and $28 billion 2025-2029 Energize365 program
Affirms full-year 2025 Core Earnings guidance of $2.40 to $2.60 per share, targeting upper half of the range
Affirms 6-8% compounded annual Core Earnings growth rate from 2025 through 2029
AKRON, Ohio, July 30, 2025 /PRNewswire/ — FirstEnergy Corp. (NYSE:FE) today reported second quarter 2025 GAAP earnings of $268 million, or $0.46 per basic and diluted share, on revenue of $3.4 billion. This compares to second quarter 2024 GAAP earnings of $45 million, or $0.08 per basic and diluted share, on revenue of $3.3 billion. GAAP results include the impact of special items listed below.
Core Earnings (non-GAAP) for the second quarter of 2025 were $0.52 per share, compared to $0.51 per share in the second quarter of 2024.
FirstEnergy affirmed its 2025 Core Earnings guidance range of $2.40 to $2.60 per share, based on 578 million shares outstanding, and is targeting the upper half of the range. The company also affirmed its 6-8% compounded Core Earnings growth rate target from 2025 through 2029. This growth is supported by FirstEnergy’s five-year, $28 billion capital investment plan, Energize365, which includes $5 billion in targeted investments in 2025. The company has deployed $2.5 billion in capital investments through the first half of 2025.
“Our performance through the first six months of 2025 reflects our work to optimize FirstEnergy for stable growth and financial strength while investing in the reliability and resilience of our electric system,” said Brian X. Tierney, FirstEnergy Board Chair, President and Chief Executive Officer. “We are delivering on each of our key financial metrics and are on track to deliver results in the upper half of our guidance range.”
Second Quarter Results
Second quarter 2025 Core Earnings benefited from the impact of new base rates in Pennsylvania and growth in transmission rate base under formula rate programs. These drivers were partially offset by milder temperatures throughout the second quarter of 2025 as compared to 2024, which reduced customer demand by nearly 3%.
Second quarter Core Earnings in the Distribution segment increased $0.06 per share compared to the second quarter of 2024 primarily due to new base rates in Pennsylvania that went into effect on Jan. 1, 2025, and lower operating expenses and financing costs. This was partially offset by the impact of milder temperatures on customer demand.
In the Integrated segment, Core Earnings were flat compared to the second quarter of 2024. Results benefited from 14% growth in transmission rate base resulting from capital investments in formula rate programs and a lower effective tax rate. These offset lower customer demand and slightly higher planned operating expenses.
In the Stand-Alone Transmission segment, Core Earnings decreased $0.01 per share compared to the second quarter of 2024. Rate base increased 8% as capital investments grew by 48% compared to the second quarter of 2024, partially offsetting the impact of annual revenue requirement true-ups.
In Corporate/Other, results decreased $0.04 per share compared to the second quarter of 2024 due to higher financing costs, mainly associated with the extinguishment of promissory notes connected with the FirstEnergy Transmission, LLC (FET) minority interest sale, which closed in March 2024.
First Half Results
For the first half of 2025, FirstEnergy reported GAAP earnings of $628 million, or $1.09 per basic and diluted share, on revenue of $7.1 billion. This compares to GAAP earnings of $298 million, or $0.52 per basic and diluted share, on revenue of $6.6 billion in the first half of 2024. GAAP results for both periods reflect the impact of special items listed below.
Core Earnings (non-GAAP) for the first half of 2025 were $1.19 per share, compared to $1.00 per share in the first half of 2024.
Core Earnings growth reflects the continued success of the company’s regulated investment strategy, higher weather-related distribution sales, the impact of new base rates in Pennsylvania, West Virginia and New Jersey, and lower operating expenses compared to the first half of 2024. These factors offset the impact of dilution from the FET transaction.
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Consolidated GAAP Earnings Per Share (EPS) to Core (Non-GAAP) EPS Reconciliation |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2025 |
2024 |
2025 |
2024 |
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Earnings Attributable to FirstEnergy Corp. |
$268 |
$45 |
$628 |
$298 |
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Basic EPS (GAAP) |
$0.46 |
$0.08 |
$1.09 |
$0.52 |
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