Firstenergy
FE · NYSEElectric Services · Fiscal year ends Dec 31
Firstenergy reported revenue of $15.1B in the fiscal year ended Dec 2025, up 12.0% from the year before. Operating income was $2.2B, an operating margin of 14.6%, and net income was $1B. Operating cash flow of $3.7B less capital expenditure of $4.7B left free cash flow of −$1B. Net debt was $26.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $11.1B | $12.5B | $12.9B | $13.5B | $15.1B |
| Operating income | $1.7B | $1.9B | $2.3B | $2.4B | $2.2B |
| Interest expense | $1.1B | $1B | $1.1B | $1.1B | $1.2B |
| Pre-tax income | $1.6B | $1.4B | $1.5B | $1.5B | $1.6B |
| Income tax | $320M | $1B | $267M | $377M | $288M |
| Net income | $1.3B | $406M | $1.1B | $978M | $1B |
| Diluted EPS | 2.35 | 0.71 | 1.92 | 1.70 | 1.76 |
| Diluted shares | 546M | 572M | 574M | 577M | 578M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $160M | $137M | $111M | $57M |
| Receivables | $1B | $1.3B | $1.3B | $1.5B | $1.7B |
| Inventory | $260M | $421M | $512M | $549M | $577M |
| Current assets | $3.2B | $2.4B | $2.6B | $2.8B | $3B |
| Net PP&E | $34.7B | $36.3B | $38.4B | – | – |
| Goodwill | $5.6B | $5.6B | $5.6B | $5.6B | $5.6B |
| Total assets | $45.4B | $46.1B | $48.8B | $52B | $55.9B |
| Payables | $943M | $1.5B | $1.4B | $1.6B | $2B |
| Deferred revenue | $214M | $223M | $227M | $233M | $250M |
| Current liabilities | $4.4B | $4B | $5.4B | $5B | $5.3B |
| Short-term debt | $1.6B | $351M | $1.3B | $977M | $723M |
| Long-term debt | $22.2B | $21.2B | $22.9B | $22.5B | $25.5B |
| Total liabilities | – | $35.5B | $37.9B | $38.3B | $42B |
| Shareholders' equity | $8.7B | $10.2B | $10.4B | $12.5B | $12.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.8B | $2.7B | $1.4B | $2.9B | $3.7B |
| Capital expenditure | $2.5B | $2.8B | $3.4B | $4B | $4.7B |
| Free cash flow | $324M | −$165M | −$2B | −$1.1B | −$1B |
| Depreciation & amortisation | $1.7B | $1.3B | $1.5B | $1.6B | $1.7B |
| Dividends paid | $849M | $891M | $906M | $970M | $1B |
| Dividend per share | 1.56 | 1.56 | 1.60 | 1.70 | 1.78 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.1% | 3.3% | 4.7% | 12.0% |
| Operating income growth (YoY) | – | 10.7% | 18.6% | 4.8% | −7.1% |
| EPS growth (YoY) | – | −69.8% | 170.4% | −11.5% | 3.5% |
| Operating margin | 15.5% | 15.3% | 17.6% | 17.6% | 14.6% |
| Net margin | 11.5% | 3.3% | 8.6% | 7.3% | 6.8% |
| Return on equityBlank when equity is negative | 14.8% | 4.0% | 10.6% | 7.9% | 8.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.2% | 4.5% | 5.2% | 5.0% | 4.4% |
| Free cash flow margin | 2.9% | −1.3% | −15.3% | −8.5% | −6.7% |
| Cash conversion (CFO ÷ net income) | 2.19x | 6.61x | 1.26x | 2.96x | 3.63x |
| Receivable days | 34 | 39 | 37 | 41 | 42 |
| Interest cover | 1.52x | 1.84x | 2.02x | 2.08x | 1.81x |
| Debt ÷ equity | 2.75x | 2.12x | 2.31x | 1.88x | 2.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $22.4B | $21.4B | $24B | $23.4B | $26.2B |
| Current ratio | 0.73x | 0.61x | 0.48x | 0.56x | 0.57x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.