FirstEnergy (FE) Q3 2025 10-Q Quarterly Report
FirstEnergy (FE) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 28, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
FirstEnergy Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Revenue Q3 2025 $4,148M, up $419M (+11.2%) vs Q3 2024 $3,729M, driven by Pennsylvania base rate case and regulated capital investments
- • Earnings attributable to FE Q3 2025 $441M (+5.3%) vs Q3 2024 $419M; effective tax rate rose to 19.5% from 15.4%; operating margin approx. 15.1% vs 15.7% YoY (calculated)
- • Best segment: Distribution +$37M earnings increase, revenues +$203M; Worst: Integrated segment -$14M earnings, despite +$201M revenues
- • Cash & equivalents rose to $1,404M (Sep 30) from $111M (Dec 31, 2024); Operating cash flow nine months 2025 $2,564M up $717M YoY; Investing outflows increased by $844M due to capital investments
- • Near-term: Increased capital investment plan to $5.5B for 2025 (+10%); regulatory approvals pending in NJ, OH with significant transmission projects underway; potential headwinds from tariff impacts and regulatory uncertainty in Ohio and elsewhere
Risk Factors
- • No new or changed risk factors since 2024 10-K filing
- • Carried-forward regulatory risk: evolving energy regulations impacting operational compliance
- • Carried-forward market risk: exposure to fluctuating wholesale electricity prices affecting near-term revenue
- • Carried-forward financial risk: liquidity management amid capital-intensive infrastructure investments
- • Carried-forward legal risk: ongoing litigation related to environmental and operational issues
FirstEnergy Q3 2025 Quarterly FinancialsXBRL
Revenue
$4.1B
▲ +11.2% YoY▲ +22.7% QoQ
Net Income
$441M
▲ +5.3% YoY▲ +64.6% QoQ
Operating Margin
20.0%
▲ +51bp YoY▲ +90bp QoQ
Net Margin
10.6%
▼ -60bp YoY▲ +270bp QoQ
ROE
3.4%
Total Assets
$55.9B
EPS (Diluted)
$0.76
▲ +5.6% YoY▲ +61.7% QoQ
Operating Cash Flow
$845M
▲ +9.0% YoY▼ -21.9% QoQ
Source: XBRL data from FirstEnergy Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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