FirstEnergy Corp. Q4 2025 Earnings Call Summary

Core Insights - The company delivered a 2025 core EPS of $2.55, achieving the top of the guidance range due to new base rates, formula rate investments, and a 3% increase in residential demand [1] - A $36 billion five-year capital program was launched, representing a 30% increase over the previous plan, aimed at driving a 10% rate base CAGR through 2030 [1] - The company prioritized transmission infrastructure, allocating $19 billion to address aging assets, with 70% of lines expected to reach end-of-life within a decade [1] - A credit rating upgrade to BBB was achieved at S&P following positive regulatory outcomes in Ohio and an improved financial foundation [1] - The company maintained strict cost discipline, achieving over $200 million in baseline O&M savings since 2022 to mitigate the impact of capital investments on customer bills [1] - A 10% improvement in distribution reliability metrics was leveraged, particularly in New Jersey and Pennsylvania, validating the effectiveness of commission-approved investment programs [1]