FirstEnergy Earnings Call Transcripts
Fiscal Year 2026
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The meeting covered board elections, auditor ratification, and a shareholder proposal for an independent board chairman. Q&A addressed virtual meeting formats and plans to expand solar capacity in West Virginia. Voting results will be finalized and published.
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Core Earnings rose 7.5% year-over-year in Q1 2026, with strong regulated investment, cost discipline, and robust capital deployment. The company reaffirmed its 2026 guidance and long-term growth targets, while addressing affordability and regulatory engagement across key states.
Fiscal Year 2025
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Delivered strong 2025 results with core EPS up 7.6% and a $36B capital plan focused on grid reliability and growth. Rate base expected to grow 10%, with customer bills remaining below peers and robust regulatory progress supporting long-term earnings growth.
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Core EPS rose 15% year-over-year, prompting a raised 2025 guidance and a 10% increase in capital investment plans. Transmission and data center-driven growth underpin a robust outlook, with a 6%-8% earnings CAGR reaffirmed.
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Q2 2025 core earnings rose to $0.52 per share, with strong growth in transmission and distribution. The $28B capital plan is on track, driven by surging data center demand and robust financial discipline. Guidance is reaffirmed, with no new equity needs anticipated.
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The meeting featured board and executive updates, approval of a dividend increase, and a major shareholder proposal on lobbying transparency. Strategic investments in grid reliability and growth were detailed, with management addressing concerns about layoffs and infrastructure.
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Q1 2025 core EPS rose 37% year-over-year to $0.67, driven by new base rates, strong demand, and disciplined cost management. The company reaffirmed 2025 core EPS guidance, targeting the upper half of the range, and continues to see robust capital investment and data center growth.
Fiscal Year 2024
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2024 operating EPS reached $2.63, with strong regulated earnings growth and major rate case wins. 2025 core EPS guidance is $2.40–$2.60, supported by a $5B capital plan and robust data center demand pipeline. Dividend growth and investment-grade credit metrics are expected to continue.
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Q3 2024 operating earnings were $0.85 per share, impacted by high storm costs and the absence of prior tax benefits, leading to a narrowed 2024 guidance of $2.61-$2.71 per share. The $26B CapEx plan and 6%-8% long-term growth target were reaffirmed, with increased investments in reliability and transmission.
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Q2 2024 operating earnings rose 19% year-over-year to $0.56 per share, driven by rate adjustments and higher demand, while GAAP earnings were impacted by special items. The company reaffirmed its 2024 guidance, completed a major equity raise, strengthened its balance sheet, and made progress on regulatory and legacy issues.