FirstEnergy Executes a High-Stakes Capital Plan—Is Wall Street Underestimating the Upside?

In evaluating FirstEnergy Corp.’s third-quarter 2025 results, several key aspects inform an investment thesis. On the positive side, the company reported increases in both GAAP and core earnings per share, underscoring strong operational performance. Specifically, FirstEnergy’s core earnings saw a rise to $0.83 per share from $0.76 the previous year, while year-to-date core earnings jumped 15% to $2.02 per share, driven by effective execution of customer-focused investments and base rate adjustments in Pennsylvania. The company’s commitment to reinvest in infrastructure is evident in its 30% increase in year-over-year capital investments, totaling $4 billion in the first nine months of 2025. FirstEnergy’s decision to raise its 2025 capital investment program by 10% to $5.5 billion and narrow its guidance range indicates ongoing confidence in its investment strategy.