Every material Form 8-K FirstEnergy filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
FirstEnergy reported third-quarter 2025 GAAP earnings of $441 million, or $0.76 per share, on revenue of $4.1 billion, up from $419 million and $3.7 billion a year earlier. The company narrowed its 2025 Core EPS guidance to $2.50 to $2.56 per share, within the upper half of its original $2.40 to $2.60 range, and raised its 2025 capital investment plan to $5.5 billion, while affirming a 6-8% annual Core Earnings growth target through 2029.
Q3 2025 Core EPS was $0.83, up 9% from $0.76 in Q3 2024; year-to-date Core EPS was $2.02, up 15% from $1.76.
2025 Core EPS guidance narrowed to $2.50 to $2.56 per share, versus the original $2.40 to $2.60 range.
2025 capital investment plan increased 10%, from $5.0 billion to $5.5 billion.
Company affirmed a 6-8% compounded annual Core Earnings growth rate target for 2025 through 2029.
FirstEnergy reported second quarter 2025 GAAP earnings of $268 million, or $0.46 per share, up from $45 million, or $0.08 per share, a year earlier, on revenue of $3.4 billion versus $3.3 billion. It affirmed its 2025 Core Earnings guidance of $2.40 to $2.60 per share, with the company targeting the upper half of that range, and kept its 6-8% Core Earnings growth target for 2025 through 2029. For shareholders, revenue and profit both rose, and the company reaffirmed rather than changed its full-year outlook.
Q2 2025 GAAP EPS was $0.46 versus $0.08 in Q2 2024; Core EPS was $0.52 versus $0.51.
First-half 2025 Core EPS was $1.19 versus $1.00 in the first half of 2024, a 19% year-over-year increase.
Full-year 2025 Core EPS guidance of $2.40 to $2.60 was affirmed, with the company targeting the upper half of the range.
Deployed $2.5 billion in capital investments through June 2025 against a $5 billion 2025 investment plan.
On June 17, 2025, FirstEnergy's Board approved changes to certain outstanding long-term incentive awards for its CEO, CFO, and other named executive officers. For the unfinished parts of the 2023-2025 and 2024-2026 performance periods, the 65% Operating EPS measure is replaced by Core EPS, which the company now uses for reporting and guidance, and the EPS payout is capped at 100% of target.
Board action dated June 17, 2025, on the Compensation Committee's recommendation, applies to all eligible recipients of the 2023 and 2024 LTIP awards
Operating EPS (weighted 65%) is replaced by Core EPS for January 1, 2025 onward; the relative total shareholder return measure (weighted 35%) is unchanged
2023-2025 awards: threshold $7.32 and target $7.76; 2024-2026 awards: threshold $7.44 and target $7.88, each with a 25% threshold payout and 100% target payout
The change follows the company's early 2025 decision to report and guide on Core EPS, effective with the quarter ended March 31, 2025
FirstEnergy completed the sale of $2.5 billion of convertible senior notes on June 12, 2025, consisting of $1.35 billion due 2029 and $1.15 billion due 2031. The company expects about $1.2 billion of the net proceeds to fund a repurchase of part of its $1.5 billion of 4.00% convertible notes due 2026, with the rest for debt repayment, redemption or refinancing, and general corporate purposes. For shareholders, the notes could lead to new common shares or cash settlement of conversions above principal, and the filing notes that 2026 note repurchases may affect the stock price.
$1.35 billion of 3.625% convertible notes due January 15, 2029 and $1.15 billion of 3.875% convertible notes due January 15, 2031, including full exercise of the initial purchasers' options for $200 million and $150 million, respectively
Expected net proceeds of about $2.47 billion, with about $1.2 billion planned for repurchasing part of the $1.5 billion of 2026 notes
Initial conversion price of about $47.78 per share, a premium of about 20% over the June 9, 2025 closing price on the NYSE
Hedging by holders of the 2026 notes could increase or reduce the market price of the stock and could result in a higher effective conversion price
FirstEnergy reported first quarter 2025 GAAP earnings of $360 million, or $0.62 per share, on revenue of $3.8 billion, up from $253 million, or $0.44 per share, on revenue of $3.3 billion a year earlier. Core Earnings (non-GAAP) were $0.67 per share, compared with $0.49 per share in the first quarter of 2024. The company affirmed its full-year 2025 Core Earnings guidance of $2.40 to $2.60 per share and its 6-8% targeted compound Core Earnings growth rate from 2025 through 2029.
Q1 2025 GAAP EPS was $0.62 versus $0.44 in Q1 2024; GAAP earnings were $360 million versus $253 million.
Q1 2025 Core EPS (non-GAAP) was $0.67 versus $0.49 a year earlier.
Revenue was $3.8 billion versus $3.3 billion in Q1 2024.
2025 Core EPS guidance of $2.40 to $2.60 per share was affirmed, not changed.
FirstEnergy reported full-year 2024 GAAP earnings from continuing operations of $978 million, or $1.70 per share, down from $1.96 in 2023, on revenue of $13.5 billion, up from $12.9 billion. Core (non-GAAP) earnings rose 8% to $2.37 per share, and the company introduced 2025 Core earnings guidance of $2.40 to $2.60 per share and a targeted 6-8% compound annual Core earnings growth rate through the five-year planning period. The GAAP decline reflects $0.93 per share in special items.
Full-year 2024 GAAP EPS was $1.70, versus $1.96 in 2023; Operating (non-GAAP) EPS was $2.63, versus $2.56.
Fourth-quarter 2024 GAAP EPS was $0.45, versus $0.30 a year earlier; Core EPS was $0.61, versus $0.52.
2025 Core EPS guidance is $2.40 to $2.60 per share, representing 5.5% growth at the midpoint over 2024 Core earnings.
Energize365 is extended through 2029 with a base capital investment plan of $28 billion, an 8% increase over the prior five-year program.
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