FIRSTENERGY CORP

Listed Company

FECIK 0001031296NYSELarge AcceleratedElectric ServicesOhioFY ends Dec 31

Period

FY 2025

Revenue

$15.09B

Net Income

$1.02B

Total Assets

$55.90B

Equity

$12.51B

Shares Out

578.43M

Op. Cash Flow

$3.70B

Business

FIRSTENERGY CORP is a diversified energy holding company that owns and consolidates regulated electric operating companies and businesses principally engaged in the transmission, distribution and generation of electricity. It provides electricity generation and delivery services, transmission operations, distribution services, regulated generation capacity, and corporate support services through FESC, as well as equity investments and joint ventures related to fuel supply and transmission projects. FirstEnergy reports results through Distribution, Integrated and Stand‑Alone Transmission segments. Its operations serve regulated retail and wholesale markets across the Midwest and Mid‑Atlantic regions via utility distribution systems and regional transmission networks.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	15,090	13,472	12,870	12,459	11,132
Fuel	652	464	538	730	481
Purchased power	4,583	3,912	4,108	3,863	2,964
Other operating expenses	4,122	4,044	3,579	3,817	3,196
Provision for depreciation	1,664	1,581	1,461	1,375	1,302
Deferral of regulatory assets, net	−109	−231	−261	−365	269
General taxes	1,345	1,212	1,164	1,129	1,073
Ohio settlement charges (Note 13.)	275	0	0	0	230
Impairment of assets (Note 1.)	352	115	15	—	—
Total operating expenses	12,884	11,097	10,604	10,549	9,406
OPERATING INCOME	2,206	2,375	2,266	1,910	1,726
Debt redemption costs (Note 11.)	−24	−85	−36	−171	−2
Equity method investment earnings, net (Note 1.)	0	58	175	168	31
Miscellaneous income, net	156	189	164	415	486
Pension and OPEB mark-to-market adjustments (Note 4.)	253	−22	−78	72	382
Interest expense	−1,217	−1,144	−1,124	−1,039	−1,139
Capitalized financing costs	185	133	97	84	75
Total other expense	−647	−871	−802	−471	−167
INCOME BEFORE INCOME TAXES	1,559	1,504	1,464	1,439	1,559
INCOME TAXES	288	377	267	1,000	320
INCOME FROM CONTINUING OPERATIONS	1,271	1,127	1,197	439	1,239
Discontinued operations (Note 1.)	0	0	−21	0	44
NET INCOME	1,271	1,127	1,176	439	1,283
Income attributable to noncontrolling interest (continuing operations)	251	149	74	33	0
EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP.	1,020	978	1,102	406	1,283
Earnings from continuing operations	1,020	978	1,123	406	1,239
Basic - continuing operations (in dollars per share)	1.77	1.7	1.96	0.71	2.27
Basic - discontinued operations (in dollars per share)	0	0	−0.04	0	0.08
Basic (in dollars per share)	1.77	1.7	1.92	0.71	2.35
Diluted - continuing operations (in dollars per share)	1.76	1.7	1.96	0.71	2.27
Diluted - discontinued operations (in dollars per share)	0	0	−0.04	0	0.08
Diluted (in dollars per share)	1.76	1.7	1.92	0.71	2.35
Basic (in shares)	577	575	573	571	545
Diluted (in shares)	578	577	574	572	546

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	57	111	137	160	1,462
Restricted cash	42	43	42	46	49
Customers	1,783	1,585	1,382	1,455	1,192
Less Allowance for uncollectible customer receivables	57	55	64	137	159
Receivable	1,726	1,530	1,318	1,318	1,033
Other, net of allowance for uncollectible accounts of $11 in 2025 and $6 in 2024	295	303	266	253	246
Materials and supplies, at average cost	577	549	512	421	260
Prepaid taxes and other	282	240	293	217	187
Total current assets	2,979	2,776	2,568	2,415	3,237
In service	56,213	52,896	50,107	—	—
Less Accumulated provision for depreciation	15,189	14,548	13,811	—	—
Net Plant	41,024	38,348	—	—	—
Construction work in progress	3,389	2,754	2,116	—	—
Total	44,413	41,102	38,412	—	—
Goodwill	5,618	5,618	5,618	5,618	5,618
Investments	641	652	663	622	655
Regulatory assets	829	617	369	33	71
Other	1,424	1,279	1,137	1,135	1,107
Total investments and other noncurrent assets	8,512	8,166	7,787	7,408	7,451
TOTAL ASSETS	55,904	52,044	48,767	46,108	45,432
Currently payable long-term debt	723	977	1,250	351	1,606
Short-term borrowings	325	550	775	100	0
Accounts payable	2,002	1,575	1,362	1,503	943
Accrued interest	373	269	292	254	283
Accrued taxes	768	727	700	668	647
Accrued compensation and benefits	286	205	304	272	313
Dividends payable	257	245	235	223	222
Customer deposits	250	233	227	223	214
Other	287	216	241	364	188
Total current liabilities	5,271	4,997	5,386	3,958	4,416
Long-term debt and other long-term obligations	25,508	22,496	22,885	21,203	22,248
Accumulated deferred income taxes	6,032	5,613	4,530	4,202	3,437
Retirement benefits	1,469	1,698	1,663	2,335	2,669
Regulatory liabilities	1,185	995	1,214	1,847	2,124
Other	2,513	2,525	2,173	1,920	1,863
Total noncurrent liabilities	36,707	33,327	32,465	31,507	10,093
TOTAL LIABILITIES	41,978	38,324	37,851	35,465	—
Common stock, $0.10 par value, authorized 700,000,000 shares - 577,851,052 and 576,612,245 shares outstanding as of December 31, 2025 and 2024, respectively	58	58	57	57	57
Other paid-in capital	12,431	12,368	10,494	11,322	10,238
Accumulated other comprehensive loss	−14	−14	−17	−14	−15
Retained earnings	35	43	−97	−1,199	−1,605
Total common stockholders' equity	12,510	12,455	10,437	10,166	8,675
Noncontrolling interest	1,416	1,265	479	477	0
TOTAL EQUITY	13,926	13,720	10,916	10,643	8,675
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 14.)	—	—	—	—	—
TOTAL LIABILITIES AND EQUITY	55,904	52,044	48,767	46,108	45,432

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	1,607	1,446	1,255	1,317	1,664
Impairment of assets	352	142	15	—	—
Charges (credits) associated with changes in ARO (Note 9.)	−54	200	10	—	—
Employee benefit costs, net	14	−32	−9	−279	−300
Pension and OPEB mark-to-market adjustments	−253	22	78	−72	−382
Deferred income taxes and investment tax credits, net	219	316	252	989	297
Transmission revenue collections, net	197	113	−180	79	182
Pension trust contribution	0	0	−750	0	0
Loss (gain) on disposal, net of tax	0	0	21	0	−47
Receivables	−186	−249	−13	−292	160
Materials and supplies	−28	−37	−91	−161	57
Prepaid taxes and other current assets	−24	−33	−43	−28	18
Accounts payable	210	124	−141	560	117
Accrued taxes	105	−126	32	22	7
Accrued interest	104	−23	38	−29	0
Ohio settlement customer restitution and refunds (Note 13.)	275	0	0	—	—
Other current liabilities	4	−141	41	21	−52
Cash collateral, net	4	90	−218	111	31
Employee benefit plan funding and related payments	−49	−59	−50	−49	−48
Other	−68	11	−36	55	−67
Net cash provided from operating activities	3,700	2,891	1,387	2,683	2,811
Capital investments	−4,705	−4,030	−3,356	−2,848	−2,487
Sales of investment securities held in trusts	102	121	38	48	48
Purchases of investment securities held in trusts	−114	−134	−50	−59	−59
Asset removal costs	−376	−305	−274	−213	−226
Other	28	−2	−10	−4	10
Net cash used for investing activities	−5,065	−4,350	−3,652	−3,076	−2,559
Long-term debt	5,925	2,100	3,150	700	2,100
Short-term borrowings, net	0	0	675	100	0
Long-term debt	−3,129	−2,760	−537	−3,005	−532
Short-term borrowings, net	−225	−225	0	0	−2,200
Proceeds from FET Equity Interest Sale (Note 1.)	0	3,500	0	0	0
Noncontrolling interest cash distributions	−100	−86	−72	−21	0
Common stock dividend payments	−1,016	−970	−906	−891	−849
Debt issuance and redemption costs, and other	−145	−125	−72	−152	−61
Net cash provided from financing activities	1,310	1,434	2,238	−912	−542
Net change in cash, cash equivalents and restricted cash	−55	−25	−27	−1,305	−290
Interest (net of amounts capitalized)	999	1,062	1,002	1,021	1,085
Income taxes, net of refunds	73	161	58	21	−7
Accrued capital investments	361	315	252	207	114
McElroy Run Transfer	99	0	0	—	—

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