FE
FirstEnergy Corp.44.03
-0.58-1.3%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
WV gen financing, execution details
Q&A detailed West Virginia CCGT financing—50% DOE loan, 15% CWIP cash recovery, 35% equity—with negligible bill effects and openness to another 1.2GW for data centers post-approval. Management touted execution confidence on $36B capex via contractor ties and approved transmission projects, half demand-driven. Equity needs pegged ratable at ~1% market cap yearly, hybrids in mix. Pennsylvania LTIP covers 45% of spend for reliability; New Jersey timing flexible amid affordability push. ROE stays 9.5-10% via rate cases. They have the relationships. Analysts' affordability probes drew measured reaffirmations; watch WV nod, data center contracts.
Key Stats
Market Cap
25.43BP/E (TTM)
19.14Basic EPS (TTM)
2.30Dividend Yield
0.04%Recent Filings
10-K
FY2025 results
FirstEnergy's FY2025 delivered $1.0B earnings attributable to FE, up 4% y/y, with revenues climbing 12% to $15.1B on higher distribution and transmission rates plus colder Q1/Q4 weather boosting usage 1.3% y/y (weather-adjusted flat). Q4 shone via base rate gains in PA/NJ/WV and regulated capex momentum, though Ohio's PUCO order triggered $352M impairment and $275M customer refunds. Transmission rate base hit $5.4B; capex soared to $5.6B, fueling $36B Energize365 plan through 2030. Liquidity strong at $4.8B; debt steady. Yet, securities litigation lingers.
8-K
FE tops Core EPS, affirms guidance
FirstEnergy hit 2025 Core Earnings of $2.55 per share, up 7.6% from 2024, fueled by $5.6B investments and new Pennsylvania rates—yet GAAP EPS dipped to $1.77 amid Ohio regulatory charges. Affirmed 2026 Core EPS guidance of $2.62-$2.82; unveiled $36B Energize365 plan through 2030 for 10% rate base growth. Transmission now drives nearly half earnings.
8-K
Director Williams to exit
8-K
2026 Core EPS $2.62-$2.82
FirstEnergy issued 2026 Core EPS guidance of $2.62-$2.82, up 7.5% from the raised 2025 midpoint of $2.53, backed by a $6B capex plan—9% above 2025's $5.5B—targeting grid upgrades and transmission resilience. Plans $1.86/share dividends at 60-70% payout. Affirmed 6-8% CAGR through 2029, upper half targeted. Guidance carries risks from investigations and weather.
8-K
PUCO rate win, audit penalties
FirstEnergy's Ohio utilities secured PUCO approval on November 19, 2025, for their 2024 base rate case, setting a $4.4B distribution rate base, 9.63% ROE, and $34M net revenue boost, while recovering $245M storm costs over 5 years. But consolidated audits mandate $250.7M in customer refunds and forfeitures, booked as a Q4 special item outside core earnings. Three-year rate plan filing slated for Q1 2026. Guidance holds firm.
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