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FirstEnergy 8-K Report, Regulation FD Disclosure (Dec 9, 2025)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed December 9, 2025
Period End
December 9, 2025
Security
FE
In the record · 2016–202610-K1310-Q338-K179

FE filed 13 annual reports (10-K), 33 quarterly reports (10-Q) and 179 current reports (8-K) between 2016 and 2026.

  1. Bankruptcy8-K · Apr ’18Apr ’18
  2. Material agreement8-K · Nov ’19Nov ’19
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Mar ’24Mar ’24

01—Abstract

Summary

Summary of the 8-K filed December 9, 2025. Cited figures are marked; the original filing is the authoritative source.

FirstEnergy (FE) furnished an 8-K on December 9, 2025 (Item 7.01, Regulation FD) containing an Investor Letter and a 2026 Financial Guidance Presentation.

The headline is initial 2026 Core (non-GAAP) EPS guidance of $2.62 to $2.82a, with a midpoint of $2.72. That midpoint implies about 7.5% growth over the increased 2025 midpoint of $2.53 and roughly 9% over the original 2025 midpoint of $2.50. The company also reaffirmed its 6-8% Core EPS CAGR target for 2025-2029 and said it expects to guide to the upper half of that range.

Management tied the outlook to a $6 billionb 2026 capital plan, up 9% from the $5.5 billion 2025 plan, with about 72% of investment in formula-rate programs. Capital allocation and shareholder returns were the other major elements. FirstEnergy plans to declare 2026 dividends totaling $1.86 per share (four quarterly payments of $0.465), a 4.5% increase that implies a payout ratio of about 68% of Core EPS, within its 60-70% target.

The 2026 financing plan calls for $2.9 billionc of subsidiary long-term debt issuances, $2.3 billion of it new money, and management is targeting about 14% FFO/Debt to support BBB-level credit metrics. The base 2025-2029 plan includes a $28 billion investment program, a roughly 9% FE-owned rate base CAGR, and no incremental equity beyond employee benefit programs. The filing also flags near-term items for investors.

Special items from the November 19, 2025 PUCO orders on the Ohio 2024 base rate case and consolidated Ohio audits are expected in Q4 2025 and will be excluded from Core earnings, which keeps GAAP results volatile. Several catalysts are scheduled for 2026: an Ohio three-year rate plan filing in 1Q26, a West Virginia plan for about 1,200 MW of combined-cycle gas and 70 MW of solar, PJM Open Window transmission awards, and an update to the long-term plan on the Q4 2025 earnings call in February 2026. Investors should weigh the constructive guidance against the regulatory, legal (including HB 6), and credit-rating risks the company lists.

02—Key points

Key Highlights

  1. 2026 Core EPS guidance of $2.62-$2.82 (midpoint $2.72), about 7.5% above the increased 2025 midpoint of $2.53 and about 9% above the original 2025 midpoint of $2.50.
  2. 2026 capital investment plan of $6.0 billion, up 9% from $5.5 billion in 2025; about 72% in formula-rate programs, with transmission at $3.0 billion (up 13%).
  3. Reaffirmed 6-8% Core EPS CAGR for 2025-2029 and guided to the upper half of that range; the updated 2026-2030 long-term plan is due with the Q4 2025 call in February 2026.
  4. Planned 2026 dividends of $1.86 per share (4 x $0.465), up about 4.5%, with an expected payout ratio of ~68% against a 60-70% target; current dividend yield about 4.0% as of 12/5/25.
  5. 2026 financing plan of $2.9 billion in subsidiary long-term debt issuances ($2.3 billion net new money), targeting ~14% FFO/Debt to support BBB credit metrics.
  6. Q4 2025 special items tied to the November 19, 2025 PUCO Ohio orders (refunds, restitution, impairments) will be excluded from Core EPS, so GAAP results will differ materially from guidance.
  7. Upcoming catalysts include Ohio three-year rate plan and MD/WV base rate case filings in 2026, a WV generation filing in 1Q26, and PJM Open Window award approvals in 1Q26.

03—Questions

Frequently Asked Questions

  1. What is FirstEnergy's 2026 earnings guidance?

    FirstEnergy initiated 2026 Core (non-GAAP) EPS guidance of $2.62 to $2.82 per share, with a midpoint of $2.72. That midpoint is about 7.5% above the increased 2025 midpoint of $2.53 and about 9% above the original 2025 midpoint of $2.50.

  2. Is FirstEnergy still targeting long-term earnings growth?

    Yes. The company affirmed its 6-8% Core EPS compound annual growth rate target for 2025-2029 and said it expects to land in the upper half of that range. It plans to update the five-year plan with its fourth quarter 2025 earnings call in early 2026.

  3. How much is FirstEnergy investing in 2026, and where is it going?

    The 2026 capital plan is $6.0 billion, up 9% from $5.5 billion in 2025. Transmission receives $3.0 billion, Stand-Alone Transmission $2.0 billion, Integrated $2.2 billion, Distribution $1.7 billion, and Corp/Other $0.1 billion. About 72% is in formula-rate programs, which provide more predictable, real-time recovery.

  4. What dividend can investors expect in 2026?

    The company plans to declare 2026 dividends totaling $1.86 per share, paid as four quarterly dividends of $0.465. This is about 4.5% above the $1.78 declared for 2025 and implies a payout ratio of about 68% of Core EPS, within the 60-70% target. Declarations are subject to Board approval.

  5. Why could GAAP results differ significantly from the Core EPS guidance?

    The company expects Q4 2025 special items, including refunds, restitution, and impairments tied to the November 19, 2025 PUCO orders on the Ohio 2024 base rate case and consolidated Ohio audits. These are excluded from Core earnings. The company also says it cannot reliably reconcile forward Core EPS to GAAP without unreasonable effort, so GAAP outcomes may be materially different.

04—Continue

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