FirstEnergy (FE) Financials

$45.87 -0.91 (-1.95%)

Closing price 03:59 PM Eastern

Extended Trading

$45.98 +0.11 (+0.24%)

As of 05:41 PM Eastern

Annual Income Statements for FirstEnergy

This table shows FirstEnergy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	578	-6,177	-1,724	981	908	1,079	1,283	406	1,102	978	1,020
Consolidated Net Income / (Loss)	578	-6,177	-1,724	1,348	912	1,079	1,283	439	1,176	1,127	1,271
Net Income / (Loss) Continuing Operations	578	551	-289	1,022	904	1,003	1,239	439	1,197	1,127	1,271
Total Pre-Tax Income	893	1,078	1,426	1,512	1,117	1,129	1,559	1,439	1,464	1,504	1,559
Total Operating Income	2,292	2,054	2,428	2,502	2,510	2,162	1,726	1,910	2,266	2,375	2,206
Total Gross Profit	8,748	10,129	10,431	10,723	10,538	7,720	7,687	7,866	8,224	9,096	9,855
Total Revenue	15,026	10,700	10,928	11,261	11,035	10,790	11,132	12,459	12,870	13,472	15,090
Operating Revenue	15,026	10,700	10,928	11,261	11,035	10,790	11,132	12,459	12,870	13,472	15,090
Total Cost of Revenue	6,278	571	497	538	497	3,070	3,445	4,593	4,646	4,376	5,235
Operating Cost of Revenue	6,278	571	497	538	497	3,070	3,445	4,593	4,646	4,376	5,235
Total Operating Expenses	6,456	8,075	8,003	8,221	8,028	5,558	5,961	5,956	5,958	6,721	7,649
Selling, General & Admin Expense	3,740	5,889	5,728	6,242	5,879	3,291	3,196	3,817	3,579	4,044	4,122
Depreciation Expense	1,282	933	1,027	1,136	1,220	1,274	1,302	1,375	1,461	1,581	1,664
Other Operating Expenses / (Income)	1,220	913	940	843	1,008	1,046	1,073	764	903	981	1,236
Impairment Charge	42	43	-	-	-	-	-	-	15	115	352
Other Special Charges / (Income)	-	-	-	-	0.00	0.00	121	-	0.00	0.00	275
Total Other Income / (Expense), net	-1,399	-976	-1,002	-990	-1,393	-1,033	-167	-471	-802	-871	-647
Interest Expense	1,015	918	953	1,051	962	988	1,066	1,126	1,063	1,096	1,056
Interest & Investment Income	-22	44	53	205	243	2.00	31	168	175	58	0.00
Other Income / (Expense), net	-362	-102	-102	-144	-674	-47	868	487	86	167	409
Income Tax Expense	315	527	1,715	490	213	126	320	1,000	267	377	288
Net Income / (Loss) Discontinued Operations	-	-6,728	-1,435	326	8.00	76	44	-	-21	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	0.00	367	4.00	0.00	0.00	33	74	149	251
Basic Earnings per Share	$1.37	($14.49)	($3.88)	$1.99	$1.70	$1.99	$2.35	$0.71	$1.92	$1.70	$1.77
Weighted Average Basic Shares Outstanding	422M	426M	444M	492M	535M	542M	545M	571M	573M	575M	577M
Diluted Earnings per Share	$1.37	($14.49)	($3.88)	$1.99	$1.68	$1.99	$2.35	$0.71	$1.92	$1.70	$1.76
Weighted Average Diluted Shares Outstanding	424M	426M	444M	494M	542M	543M	546M	572M	574M	577M	578M
Weighted Average Basic & Diluted Shares Outstanding	421.90M	442.48M	444.30M	493M	540.71M	543.22M	570.34M	572.25M	574.44M	576.70M	591.56M
Cash Dividends to Common per Share	$1.44	-	$1.44	$1.44	$1.52	$1.56	$1.56	$1.56	-	$1.69	$1.76

This table shows FirstEnergy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	400	175	253	45	419	261	360	268	441	-49	405
Consolidated Net Income / (Loss)	420	192	267	98	466	296	414	318	532	7.00	466
Net Income / (Loss) Continuing Operations	441	192	267	98	466	296	414	318	532	7.00	466
Total Pre-Tax Income	470	266	402	163	560	379	540	406	610	3.00	604
Total Operating Income	666	568	612	423	727	613	754	646	830	-24	828
Total Gross Profit	2,166	2,112	2,146	2,275	2,504	2,171	2,528	2,259	2,644	2,424	2,612
Total Revenue	3,487	3,146	3,287	3,280	3,729	3,176	3,765	3,380	4,148	3,797	4,202
Operating Revenue	3,487	3,146	3,287	3,280	3,729	3,176	3,765	3,380	4,148	3,797	4,202
Total Cost of Revenue	1,321	1,034	1,141	1,005	1,225	1,005	1,237	1,121	1,504	1,373	1,590
Operating Cost of Revenue	1,321	1,034	1,141	1,005	1,225	1,005	1,237	1,121	1,504	1,373	1,590
Total Operating Expenses	1,500	1,544	1,534	1,852	1,777	1,558	1,774	1,613	1,814	2,448	1,784
Selling, General & Admin Expense	967	896	1,006	1,170	1,099	884	1,034	995	976	1,117	1,460
Depreciation Expense	366	373	381	397	400	403	411	415	417	421	421
Other Operating Expenses / (Income)	167	536	147	285	311	271	329	203	332	372	-97
Total Other Income / (Expense), net	-196	-302	-210	-260	-167	-234	-214	-240	-220	27	-224
Interest Expense	263	268	275	341	241	239	250	281	261	264	272
Other Income / (Expense), net	24	-75	44	59	53	11	36	41	41	291	48
Income Tax Expense	29	74	135	65	94	83	126	88	78	-4.00	138
Net Income / (Loss) Attributable to Noncontrolling Interest	20	17	14	53	47	35	54	50	91	56	61
Basic Earnings per Share	$0.70	$0.30	$0.44	$0.08	$0.73	$0.45	$0.62	$0.46	$0.76	($0.07)	$0.70
Weighted Average Basic Shares Outstanding	573M	573M	574M	575M	576M	575M	577M	577M	577M	577M	578M
Diluted Earnings per Share	$0.69	$0.31	$0.44	$0.08	$0.73	$0.45	$0.62	$0.46	$0.76	($0.08)	$0.70
Weighted Average Diluted Shares Outstanding	574M	574M	576M	576M	577M	577M	578M	578M	578M	578M	580M
Weighted Average Basic & Diluted Shares Outstanding	573.81M	574.44M	575.52M	575.92M	576.32M	576.70M	590.78M	591.03M	591.29M	591.56M	592.06M
Cash Dividends to Common per Share	-	-	$0.43	-	-	-	$0.45	-	-	-	$0.47

This table details how cash moves in and out of FirstEnergy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	46	47	383	-214	250	1,122	-290	-1,305	-27	-25	-55
Net Cash From Operating Activities	3,460	3,383	3,808	1,410	2,467	1,423	2,811	2,683	1,387	2,891	3,700
Net Cash From Continuing Operating Activities	3,460	3,383	3,808	1,410	2,467	1,423	2,811	2,683	1,387	2,891	3,700
Net Income / (Loss) Continuing Operations	578	-6,177	-1,724	1,348	912	1,003	1,283	439	1,176	1,127	1,271
Consolidated Net Income / (Loss)	578	-6,177	-1,724	1,348	912	1,079	1,283	439	1,176	1,127	1,271
Depreciation Expense	1,826	1,974	1,700	1,384	1,217	1,199	1,664	1,317	1,255	1,446	1,607
Non-Cash Adjustments To Reconcile Net Income	556	10,889	2,609	-386	734	-834	-704	-321	-125	186	536
Changes in Operating Assets and Liabilities, net	452	-3,303	1,223	-936	-396	55	568	1,248	-919	132	286
Net Cash From Investing Activities	-3,122	-3,302	-2,723	-3,018	-2,873	-2,908	-2,559	-3,076	-3,652	-4,350	-5,065
Net Cash From Continuing Investing Activities	-3,122	-3,302	-2,723	-3,018	-2,873	-2,908	-2,559	-3,076	-3,652	-4,350	-5,065
Purchase of Property, Plant & Equipment	-2,704	-2,835	-2,587	-2,675	-2,665	-2,657	-2,487	-2,848	-3,356	-4,030	-4,705
Purchase of Investments	-1,648	-1,789	-2,268	-1,463	-1,675	-208	-59	-59	-50	-134	-114
Sale and/or Maturity of Investments	1,534	1,678	2,170	909	1,637	186	48	48	38	121	102
Other Investing Activities, net	-324	-371	-426	-214	-170	-229	-216	-217	-284	-307	-348
Net Cash From Financing Activities	-292	-34	-702	1,394	656	2,607	-542	-912	2,238	1,434	1,310
Net Cash From Continuing Financing Activities	-292	-34	-702	1,394	656	2,607	-542	-912	2,238	1,434	1,310
Repayment of Debt	-996	-2,374	-4,738	-2,724	-824	-1,173	-2,793	-3,157	-609	-3,110	-3,499
Payment of Dividends	-607	-611	-639	-772	-820	-845	-849	-912	-978	-1,056	-1,116
Issuance of Debt	1,311	2,951	4,675	2,424	2,300	4,625	2,100	800	3,825	2,100	5,925
Other Financing Activities, net	-	-	-	-	-	0.00	0.00	2,348	0.00	3,500	0.00
Cash Interest Paid	1,028	1,050	1,039	1,071	960	970	1,085	1,021	1,002	1,062	999
Cash Income Taxes Paid	37	-16	53	49	12	6.00	-7.00	21	58	161	73

This table details how cash moves in and out of FirstEnergy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-70	35	736	-812	362	-311	9.00	451	817	-1,332	-19
Net Cash From Operating Activities	642	958	-40	1,112	775	1,044	637	1,082	845	1,136	148
Net Cash From Continuing Operating Activities	642	958	-40	1,112	775	1,044	637	1,082	845	1,136	148
Net Income / (Loss) Continuing Operations	420	192	267	98	466	296	414	318	532	7.00	466
Consolidated Net Income / (Loss)	420	192	267	98	466	296	414	318	532	7.00	466
Depreciation Expense	236	387	276	487	434	391	408	348	514	337	117
Non-Cash Adjustments To Reconcile Net Income	-13	34	11	-27	5.00	255	25	54	36	421	-141
Changes in Operating Assets and Liabilities, net	-1.00	345	-594	554	-130	102	-210	362	-237	371	-294
Net Cash From Investing Activities	-926	-1,179	-870	-1,006	-1,085	-1,389	-1,093	-1,321	-1,391	-1,260	-1,372
Net Cash From Continuing Investing Activities	-926	-1,179	-870	-1,006	-1,085	-1,389	-1,093	-1,321	-1,391	-1,260	-1,372
Purchase of Property, Plant & Equipment	-848	-1,090	-790	-942	-1,004	-1,294	-1,005	-1,218	-1,316	-1,166	-1,255
Purchase of Investments	-13	-13	-16	-8.00	-90	-20	-30	-6.00	-63	-15	-23
Sale and/or Maturity of Investments	10	10	13	4.00	87	17	27	3.00	59	13	20
Other Investing Activities, net	-75	-86	-77	-60	-78	-92	-85	-100	-71	-92	-114
Net Cash From Financing Activities	214	256	1,646	-918	672	34	465	690	1,363	-1,208	1,205
Net Cash From Continuing Financing Activities	214	256	1,646	-918	672	34	465	690	1,363	-1,208	1,205
Repayment of Debt	-23	-4.00	-561	-936	-1,027	-586	-351	-2,068	-155	-925	-343
Payment of Dividends	-233	-245	-243	-252	-281	-280	-269	-282	-282	-283	-282
Issuance of Debt	470	505	150	270	780	900	1,085	3,040	1,800	-	1,830

This table presents FirstEnergy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	52,094	43,148	42,257	40,063	42,301	44,464	45,432	46,108	48,767	52,044	55,904
Total Current Assets	3,040	2,950	3,110	2,392	2,444	3,714	3,237	2,415	2,568	2,776	2,979
Cash & Equivalents	131	199	588	367	627	1,734	1,462	160	137	111	57
Restricted Cash	70	176	51	62	52	67	49	46	42	43	42
Accounts Receivable	1,595	1,615	1,452	1,491	1,322	1,439	1,279	1,571	1,584	1,833	2,021
Inventories, net	785	564	236	252	281	317	260	421	512	549	577
Other Current Assets	324	140	-	20	-	-	187	217	293	240	282
Plant, Property, & Equipment, net	37,214	29,387	28,101	29,911	31,650	33,294	34,744	36,285	38,412	41,102	44,413
Plant, Property & Equipment, gross	52,374	45,118	38,112	40,704	43,077	45,277	47,416	49,543	52,223	55,650	59,602
Accumulated Depreciation	15,160	15,731	10,011	10,793	11,427	11,938	12,672	13,258	13,811	14,548	15,189
Total Noncurrent Assets	11,840	10,811	11,046	7,760	8,207	7,411	7,451	7,408	7,787	8,166	8,512
Long-Term Investments	506	512	2,130	253	1,181	605	655	622	663	652	641
Goodwill	6,418	5,618	5,618	5,618	5,618	5,618	5,618	5,618	5,618	5,618	5,618
Other Noncurrent Operating Assets	4,916	4,681	3,298	1,889	1,408	1,188	1,178	1,168	1,506	1,896	2,253
Total Liabilities & Shareholders' Equity	52,094	43,148	42,257	40,063	42,301	44,464	45,432	46,108	48,767	52,044	55,904
Total Liabilities	39,672	36,907	38,332	33,249	35,326	37,227	36,757	35,465	37,851	38,324	41,978
Total Current Liabilities	5,602	7,126	4,113	4,634	4,862	5,004	4,416	3,958	5,386	4,997	5,271
Short-Term Debt	2,874	4,360	858	1,753	1,380	2,346	1,606	451	2,025	1,527	1,048
Accounts Payable	1,075	1,043	827	965	918	827	943	1,503	1,362	1,575	2,002
Customer Deposits	-	-	-	-	-	-	214	223	227	233	250
Dividends Payable	-	-	-	-	-	212	222	223	235	245	257
Current Deferred & Payable Income Tax Liabilities	519	580	533	533	545	640	647	668	700	727	768
Current Employee Benefit Liabilities	334	363	257	318	258	349	313	272	304	205	286
Other Current Liabilities	800	780	660	822	1,512	348	188	364	241	216	287
Other Current Nonoperating Liabilities	-	-	978	243	249	282	283	254	292	269	373
Total Noncurrent Liabilities	34,070	29,781	34,219	28,615	30,464	32,223	32,341	31,507	32,465	33,327	36,707
Long-Term Debt	19,099	18,192	18,687	17,751	19,618	22,131	22,248	21,203	22,885	22,496	25,508
Asset Retirement Reserve & Litigation Obligation	1,410	1,639	3,290	3,310	2,525	1,826	2,124	1,847	1,214	995	1,185
Noncurrent Deferred & Payable Income Tax Liabilities	6,773	3,765	3,171	2,502	2,849	3,095	3,437	4,202	4,530	5,613	6,032
Noncurrent Employee Benefit Liabilities	4,245	3,719	3,975	2,906	3,065	3,345	2,669	2,335	1,663	1,698	1,469
Other Noncurrent Operating Liabilities	1,752	1,709	1,568	2,146	1,716	1,826	1,863	1,920	2,173	2,525	2,513
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	12,422	6,241	3,925	6,814	6,975	7,237	8,675	10,643	10,916	13,720	13,926
Total Preferred & Common Equity	12,421	6,241	3,925	6,814	6,975	7,237	8,675	10,166	10,437	12,455	12,510
Total Common Equity	12,421	6,241	3,925	6,743	6,975	7,237	8,675	10,166	10,437	12,455	12,510
Common Stock	9,994	10,599	10,045	11,581	10,922	10,130	10,295	11,379	10,551	12,426	12,489
Retained Earnings	2,256	-4,532	-6,262	-4,879	-3,967	-2,888	-1,605	-1,199	-97	43	35
Accumulated Other Comprehensive Income / (Loss)	171	174	142	41	20	-5.00	-15	-14	-17	-14	-14
Noncontrolling Interest	1.00	-	-	-	-	-	0.00	477	479	1,265	1,416

This table presents FirstEnergy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	47,065	47,471	48,767	51,299	51,021	50,756	52,044	52,771	54,230	55,884	56,917
Total Current Assets	2,485	2,520	2,568	4,063	3,258	3,068	2,776	2,959	3,469	4,211	3,048
Cash & Equivalents	171	118	137	888	60	439	111	132	569	1,404	52
Restricted Cash	43	26	42	27	43	26	43	31	45	27	28
Accounts Receivable	1,461	1,573	1,584	1,669	1,800	1,781	1,833	1,888	1,888	1,865	1,968
Inventories, net	449	481	512	538	536	536	549	567	595	578	582
Other Current Assets	361	322	293	491	369	286	240	341	372	337	418
Plant, Property, & Equipment, net	37,149	37,678	38,412	38,804	39,410	40,119	41,102	41,701	42,665	43,704	45,250
Plant, Property & Equipment, gross	50,820	51,532	52,223	52,795	53,628	54,480	55,650	56,475	57,668	58,715	60,677
Accumulated Depreciation	13,671	13,854	13,811	13,991	14,218	14,361	14,548	14,774	15,003	15,011	15,427
Total Noncurrent Assets	7,431	7,273	7,787	8,432	8,353	7,569	8,166	8,111	8,096	7,969	8,619
Long-Term Investments	638	626	663	688	670	688	652	657	668	634	638
Goodwill	5,618	5,618	5,618	5,618	5,618	5,618	5,618	5,618	5,618	5,618	5,618
Other Noncurrent Operating Assets	1,175	1,029	1,506	1,376	1,315	1,263	1,896	1,836	1,810	1,717	2,363
Total Liabilities & Shareholders' Equity	47,065	47,471	48,767	51,299	51,021	50,756	52,044	52,771	54,230	55,884	56,917
Total Liabilities	36,094	36,526	37,851	37,686	37,293	37,064	38,324	38,909	40,059	41,700	42,811
Total Current Liabilities	4,149	4,796	5,386	6,273	6,356	5,473	4,997	7,114	5,647	5,634	5,841
Short-Term Debt	1,352	1,572	2,025	2,863	3,120	2,102	1,527	3,563	2,072	1,960	1,729
Accounts Payable	1,200	1,262	1,362	1,383	1,477	1,520	1,575	1,516	1,826	1,640	2,027
Customer Deposits	223	225	227	228	228	228	233	236	241	246	254
Dividends Payable	0.00	235	235	245	0.00	245	245	257	0.00	257	269
Current Deferred & Payable Income Tax Liabilities	604	657	700	823	726	729	727	715	683	731	744
Current Employee Benefit Liabilities	257	252	304	199	197	156	205	257	271	249	226
Other Current Liabilities	230	290	241	227	324	221	216	290	251	253	294
Other Current Nonoperating Liabilities	283	303	292	305	284	272	269	280	303	298	298
Total Noncurrent Liabilities	31,945	31,730	32,465	31,413	30,937	31,591	33,327	31,795	34,412	36,066	36,970
Long-Term Debt	22,656	22,882	22,885	21,652	20,831	21,603	22,496	21,223	23,746	25,510	26,331
Asset Retirement Reserve & Litigation Obligation	1,519	1,316	1,214	964	956	916	995	998	1,013	971	877
Noncurrent Deferred & Payable Income Tax Liabilities	4,392	4,449	4,530	5,288	5,389	5,492	5,613	5,740	5,830	6,019	6,206
Noncurrent Employee Benefit Liabilities	1,516	1,512	1,663	1,663	1,655	1,651	1,698	1,698	1,697	1,701	1,471
Other Noncurrent Operating Liabilities	1,862	1,571	2,173	1,846	2,106	1,929	2,525	2,136	2,126	1,865	2,085
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,971	10,945	10,916	13,613	13,728	13,692	13,720	13,862	14,171	14,184	14,106
Total Preferred & Common Equity	10,510	10,474	10,437	12,397	12,474	12,427	12,455	12,567	12,851	12,798	12,654
Total Common Equity	10,510	10,474	10,437	12,397	12,474	12,427	12,455	12,567	12,851	12,798	12,654
Common Stock	11,197	10,762	10,551	12,414	12,443	12,414	12,426	12,435	12,451	12,472	12,497
Retained Earnings	-672	-272	-97	0.00	45	27	43	146	414	340	171
Accumulated Other Comprehensive Income / (Loss)	-15	-16	-17	-17	-14	-14	-14	-14	-14	-14	-14
Noncontrolling Interest	461	471	479	1,216	1,254	1,265	1,265	1,295	1,320	1,386	1,452

This table displays calculated financial ratios and metrics derived from FirstEnergy's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.15%	-28.79%	2.13%	3.05%	-2.01%	-2.22%	3.17%	11.92%	3.30%	4.68%	12.01%
EBITDA Growth	40.78%	3.21%	2.55%	-7.05%	-18.41%	8.55%	28.49%	-12.78%	-2.21%	13.71%	5.87%
EBIT Growth	81.73%	1.14%	19.16%	1.38%	-22.14%	15.20%	22.65%	-7.59%	-1.88%	8.08%	2.87%
NOPAT Growth	12.15%	-29.23%	-146.87%	443.68%	20.12%	-5.45%	-28.58%	-57.52%	217.96%	-3.94%	1.06%
Net Income Growth	93.31%	-1,168.69%	72.09%	178.19%	-32.34%	18.31%	18.91%	-65.78%	167.88%	-4.17%	12.78%
EPS Growth	92.96%	-1,157.66%	73.22%	151.29%	-15.58%	18.45%	18.09%	-69.79%	170.42%	-11.46%	3.53%
Operating Cash Flow Growth	27.53%	-2.23%	12.56%	-62.97%	74.96%	-42.32%	97.54%	-4.55%	-48.30%	108.44%	27.98%
Free Cash Flow Firm Growth	348.51%	723.73%	-47.63%	-88.54%	103.16%	-194.14%	133.07%	-289.98%	-245.70%	90.64%	-600.14%
Invested Capital Growth	1.92%	-16.87%	-14.26%	5.20%	4.62%	10.02%	3.73%	3.49%	11.16%	5.46%	7.80%
Revenue Q/Q Growth	0.39%	-27.35%	38.29%	1.54%	-0.33%	-1.24%	1.12%	4.33%	-0.24%	0.22%	4.29%
EBITDA Q/Q Growth	0.37%	39.32%	-21.54%	-3.98%	-18.37%	41.02%	7.47%	-7.43%	0.55%	3.38%	-8.87%
EBIT Q/Q Growth	12.27%	117.37%	-30.09%	-5.72%	-19.83%	51.29%	10.48%	-5.03%	-3.80%	5.43%	-12.01%
NOPAT Q/Q Growth	23.91%	67.02%	-120.67%	676.25%	6.27%	-12.26%	-8.17%	-58.76%	124.58%	3.86%	-21.53%
Net Income Q/Q Growth	16.06%	-917.63%	65.66%	204.58%	-21.45%	48.62%	16.85%	-64.91%	96.33%	10.17%	-18.53%
EPS Q/Q Growth	16.10%	-913.29%	67.26%	152.09%	-19.23%	48.51%	16.34%	-67.43%	110.99%	8.97%	-23.14%
Operating Cash Flow Q/Q Growth	5.07%	-9.42%	7.18%	-12.09%	-4.71%	-9.99%	5.04%	5.46%	8.78%	3.07%	2.55%
Free Cash Flow Firm Q/Q Growth	56.88%	417.16%	-56.36%	-80.51%	84.65%	-28.64%	-76.67%	-4.01%	24.44%	-234.08%	-2.89%
Invested Capital Q/Q Growth	-0.11%	-15.24%	-12.10%	1.19%	0.14%	-0.18%	2.26%	-0.41%	0.98%	1.88%	0.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.22%	63.73%	95.45%	95.22%	95.50%	71.55%	69.05%	63.14%	63.90%	67.52%	65.31%
EBITDA Margin	25.32%	36.69%	36.84%	33.23%	27.67%	30.71%	38.25%	29.81%	28.22%	30.66%	27.98%
Operating Margin	15.25%	19.20%	22.22%	22.22%	22.75%	20.04%	15.50%	15.33%	17.61%	17.63%	14.62%
EBIT Margin	12.84%	18.24%	21.28%	20.94%	16.64%	19.60%	23.30%	19.24%	18.28%	18.87%	17.33%
Profit (Net Income) Margin	3.85%	-57.73%	-15.78%	11.97%	8.26%	10.00%	11.53%	3.52%	9.14%	8.37%	8.42%
Tax Burden Percent	64.73%	-573.01%	-120.90%	89.15%	81.65%	95.57%	82.30%	30.51%	80.33%	74.93%	81.53%
Interest Burden Percent	46.27%	55.23%	61.31%	64.12%	60.84%	53.38%	60.10%	60.03%	62.24%	59.17%	59.62%
Effective Tax Rate	35.27%	48.89%	120.27%	32.41%	19.07%	11.16%	20.53%	69.49%	18.24%	25.07%	18.47%
Return on Invested Capital (ROIC)	4.34%	3.33%	-1.85%	6.71%	7.68%	6.76%	4.53%	1.86%	5.49%	4.88%	4.62%
ROIC Less NNEP Spread (ROIC-NNEP)	0.18%	-29.17%	-7.57%	4.98%	1.96%	2.81%	4.13%	1.19%	2.54%	2.18%	2.52%
Return on Net Nonoperating Assets (RNNOA)	0.31%	-69.52%	-32.07%	18.40%	5.55%	8.42%	11.60%	2.69%	5.42%	4.27%	4.57%
Return on Equity (ROE)	4.65%	-66.20%	-33.92%	25.10%	13.23%	15.18%	16.13%	4.55%	10.91%	9.15%	9.19%
Cash Return on Invested Capital (CROIC)	2.44%	21.75%	13.51%	1.63%	3.17%	-2.78%	0.86%	-1.58%	-5.08%	-0.44%	-2.88%
Operating Return on Assets (OROA)	3.72%	4.10%	5.45%	5.73%	4.46%	4.88%	5.77%	5.24%	4.96%	5.04%	4.84%
Return on Assets (ROA)	1.11%	-12.97%	-4.04%	3.28%	2.21%	2.49%	2.85%	0.96%	2.48%	2.24%	2.35%
Return on Common Equity (ROCE)	4.65%	-66.19%	-33.92%	24.94%	13.16%	15.18%	16.13%	4.43%	10.43%	8.50%	8.30%
Return on Equity Simple (ROE_SIMPLE)	4.65%	-98.97%	-43.92%	19.78%	13.08%	14.91%	14.79%	4.32%	11.27%	9.05%	0.00%
Net Operating Profit after Tax (NOPAT)	1,484	1,050	-492	1,691	2,031	1,921	1,372	583	1,853	1,780	1,798
NOPAT Margin	9.87%	9.81%	-4.50%	15.02%	18.41%	17.80%	12.32%	4.68%	14.40%	13.21%	11.92%
Net Nonoperating Expense Percent (NNEP)	4.17%	32.50%	5.72%	1.73%	5.72%	3.95%	0.40%	0.66%	2.95%	2.70%	2.10%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.80%	5.17%	4.72%	4.44%
Cost of Revenue to Revenue	41.78%	36.27%	4.55%	4.78%	4.50%	28.45%	30.95%	36.86%	36.10%	32.48%	34.69%
SG&A Expenses to Revenue	24.89%	24.10%	52.42%	55.43%	53.28%	30.50%	28.71%	30.64%	27.93%	30.87%	27.32%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	42.97%	44.53%	73.23%	73.00%	72.75%	51.51%	53.55%	47.80%	46.29%	49.89%	50.69%
Earnings before Interest and Taxes (EBIT)	1,930	1,952	2,326	2,358	1,836	2,115	2,594	2,397	2,352	2,542	2,615
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,804	3,926	4,026	3,742	3,053	3,314	4,258	3,714	3,632	4,130	4,222
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.75	1.53	2.63	2.25	3.08	1.96	2.33	2.14	1.91	1.82	2.10
Price to Tangible Book Value (P/TBV)	1.55	15.31	0.00	13.50	15.85	8.78	6.62	4.79	4.14	3.32	3.80
Price to Revenue (P/Rev)	0.62	0.89	0.95	1.35	1.95	1.32	1.82	1.75	1.55	1.68	1.74
Price to Earnings (P/E)	16.09	0.00	0.00	15.48	23.69	13.18	15.77	53.71	18.10	23.19	25.71
Dividend Yield	6.55%	6.43%	6.20%	4.85%	3.82%	5.95%	4.20%	4.09%	4.55%	4.28%	3.97%
Earnings Yield	6.22%	0.00%	0.00%	6.46%	4.22%	7.59%	6.34%	1.86%	5.53%	4.31%	3.89%
Enterprise Value to Invested Capital (EV/IC)	0.91	1.12	1.10	1.32	1.50	1.22	1.36	1.35	1.25	1.26	1.32
Enterprise Value to Revenue (EV/Rev)	2.09	2.99	2.48	3.03	3.68	3.36	3.77	3.46	3.46	3.50	3.54
Enterprise Value to EBITDA (EV/EBITDA)	8.24	8.14	6.73	9.11	13.32	10.95	9.85	11.61	12.25	11.42	12.66
Enterprise Value to EBIT (EV/EBIT)	16.25	16.37	11.65	14.45	22.14	17.16	16.16	17.98	18.92	18.55	20.44
Enterprise Value to NOPAT (EV/NOPAT)	21.14	30.44	0.00	20.15	20.01	18.89	30.56	73.98	24.01	26.50	29.72
Enterprise Value to Operating Cash Flow (EV/OCF)	9.06	9.45	7.12	24.17	16.48	25.50	14.91	16.07	32.08	16.31	14.45
Enterprise Value to Free Cash Flow (EV/FCFF)	37.62	4.66	7.54	82.67	48.55	0.00	160.79	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.83	3.73	4.98	2.86	3.01	3.38	2.75	2.03	2.28	1.75	1.91
Long-Term Debt to Equity	1.60	3.04	4.76	2.61	2.81	3.06	2.56	1.99	2.10	1.64	1.83
Financial Leverage	1.75	2.38	4.24	3.70	2.84	3.00	2.81	2.25	2.13	1.96	1.82
Leverage Ratio	4.18	5.10	8.40	7.67	5.97	6.11	5.65	4.74	4.40	4.09	3.90
Compound Leverage Factor	1.93	2.82	5.15	4.92	3.63	3.26	3.40	2.84	2.74	2.42	2.33
Debt to Total Capital	64.70%	78.88%	83.28%	74.11%	75.07%	77.18%	73.33%	67.05%	69.53%	63.65%	65.60%
Short-Term Debt to Total Capital	8.17%	14.75%	3.66%	6.66%	4.93%	7.40%	4.94%	1.40%	5.65%	4.05%	2.59%
Long-Term Debt to Total Capital	56.53%	64.13%	79.62%	67.45%	70.13%	69.78%	68.39%	65.65%	63.88%	59.60%	63.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.48%	1.34%	3.35%	3.50%
Common Equity to Total Capital	35.30%	21.12%	16.72%	25.62%	24.93%	22.82%	26.67%	31.48%	29.13%	33.00%	30.90%
Debt to EBITDA	5.98	5.94	4.85	5.21	6.88	7.39	5.60	5.83	6.86	5.82	6.29
Net Debt to EBITDA	5.80	5.71	4.17	5.03	6.27	6.66	5.09	5.61	6.63	5.62	6.11
Long-Term Debt to EBITDA	5.23	4.83	4.64	4.74	6.43	6.68	5.23	5.71	6.30	5.45	6.04
Debt to NOPAT	15.34	22.20	-39.72	11.53	10.34	12.74	17.39	37.16	13.45	13.50	14.77
Net Debt to NOPAT	14.87	21.36	-34.09	11.13	9.42	11.49	15.81	35.74	12.99	13.05	14.35
Long-Term Debt to NOPAT	13.41	18.05	-37.98	10.50	9.66	11.52	16.22	36.39	12.35	12.64	14.18
Altman Z-Score	0.55	0.29	0.37	0.51	0.57	0.50	0.68	0.73	0.67	0.73	0.75
Noncontrolling Interest Sharing Ratio	0.01%	0.01%	0.00%	0.66%	0.51%	0.00%	0.00%	2.47%	4.43%	7.08%	9.70%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.54	0.41	0.76	0.52	0.50	0.74	0.73	0.61	0.48	0.56	0.57
Quick Ratio	0.31	0.25	0.50	0.40	0.40	0.63	0.62	0.44	0.32	0.39	0.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	834	6,866	3,596	412	837	-788	261	-495	-1,712	-160	-1,123
Operating Cash Flow to CapEx	128.91%	119.96%	173.17%	62.67%	92.57%	53.56%	120.54%	94.21%	41.33%	71.74%	78.64%
Free Cash Flow to Firm to Interest Expense	0.82	7.48	3.77	0.39	0.87	-0.80	0.24	-0.44	-1.61	-0.15	-1.06
Operating Cash Flow to Interest Expense	3.41	3.69	4.00	1.34	2.56	1.44	2.64	2.38	1.30	2.64	3.50
Operating Cash Flow Less CapEx to Interest Expense	0.76	0.61	1.69	-0.80	-0.21	-1.25	0.45	-0.15	-1.85	-1.04	-0.95
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.29	0.22	0.26	0.27	0.27	0.25	0.25	0.27	0.27	0.27	0.28
Accounts Receivable Turnover	8.91	6.67	7.13	7.65	7.85	7.82	8.19	8.74	8.16	7.89	7.83
Inventory Turnover	7.84	5.75	1.24	2.20	1.86	10.27	11.94	13.49	9.96	8.25	9.30
Fixed Asset Turnover	0.41	0.32	0.38	0.39	0.36	0.33	0.33	0.35	0.34	0.34	0.35
Accounts Payable Turnover	5.33	3.66	0.53	0.60	0.53	3.52	3.89	3.76	3.24	2.98	2.93
Days Sales Outstanding (DSO)	40.98	54.75	51.22	47.70	46.52	46.70	44.56	41.75	44.74	46.29	46.61
Days Inventory Outstanding (DIO)	46.57	63.44	293.76	165.54	195.72	35.55	30.57	27.06	36.65	44.25	39.25
Days Payable Outstanding (DPO)	68.43	99.60	686.67	607.88	691.44	103.73	93.77	97.19	112.54	122.49	124.70
Cash Conversion Cycle (CCC)	19.12	18.59	-341.69	-394.65	-449.20	-21.49	-18.64	-28.38	-31.15	-31.95	-38.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	34,479	28,663	24,575	25,854	27,048	29,757	30,868	31,946	35,511	37,451	40,372
Invested Capital Turnover	0.44	0.34	0.41	0.45	0.42	0.38	0.37	0.40	0.38	0.37	0.39
Increase / (Decrease) in Invested Capital	650	-5,816	-4,088	1,279	1,194	2,709	1,111	1,078	3,565	1,940	2,921
Enterprise Value (EV)	31,357	31,963	27,105	34,076	40,652	36,291	41,921	43,108	44,491	47,165	53,454
Market Capitalization	9,299	9,541	10,329	15,183	21,514	14,220	20,233	21,805	19,944	22,683	26,222
Book Value per Share	$29.36	$14.66	$8.82	$13.18	$12.91	$13.34	$15.93	$17.78	$18.19	$21.61	$21.16
Tangible Book Value per Share	$14.19	$1.46	($3.81)	$2.20	$2.51	$2.98	$5.62	$7.95	$8.40	$11.86	$11.66
Total Capital	35,186	29,550	23,470	26,318	27,973	31,714	32,529	32,297	35,826	37,743	40,482
Total Debt	22,764	23,309	19,545	19,504	20,998	24,477	23,854	21,654	24,910	24,023	26,556
Total Long-Term Debt	19,890	18,949	18,687	17,751	19,618	22,131	22,248	21,203	22,885	22,496	25,508
Net Debt	22,057	22,422	16,776	18,822	19,138	22,071	21,688	20,826	24,068	23,217	25,816
Capital Expenditures (CapEx)	2,684	2,820	2,199	2,250	2,665	2,657	2,332	2,848	3,356	4,030	4,705
Debt-free, Cash-free Net Working Capital (DFCFNWC)	111	-191	-784	-918	-1,717	-745	-1,084	-1,298	-972	-848	-1,343
Debt-free Net Working Capital (DFNWC)	312	184	-145	-489	-1,038	1,056	427	-1,092	-793	-694	-1,244
Net Working Capital (NWC)	-2,562	-4,176	-1,003	-2,242	-2,418	-1,290	-1,179	-1,543	-2,818	-2,221	-2,292
Net Nonoperating Expense (NNE)	906	7,227	1,232	343	1,119	842	89	144	677	653	527
Net Nonoperating Obligations (NNO)	22,057	22,422	20,650	19,040	20,073	22,520	22,193	21,303	24,595	23,731	26,446
Total Depreciation and Amortization (D&A)	1,874	1,974	1,700	1,384	1,217	1,199	1,664	1,317	1,280	1,588	1,607
Debt-free, Cash-free Net Working Capital to Revenue	0.74%	-1.79%	-7.17%	-8.15%	-15.56%	-6.90%	-9.74%	-10.42%	-7.55%	-6.29%	-8.90%
Debt-free Net Working Capital to Revenue	2.08%	1.72%	-1.33%	-4.34%	-9.41%	9.79%	3.84%	-8.76%	-6.16%	-5.15%	-8.24%
Net Working Capital to Revenue	-17.05%	-39.03%	-9.18%	-19.91%	-21.91%	-11.96%	-10.59%	-12.38%	-21.90%	-16.49%	-15.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($14.49)	$0.00	$0.00	$0.00	$1.99	$2.35	$0.71	$1.92	$1.70	$1.77
Adjusted Weighted Average Basic Shares Outstanding	0.00	426M	0.00	0.00	0.00	542M	545M	571M	573M	575M	577M
Adjusted Diluted Earnings per Share	$0.00	($14.49)	$0.00	$0.00	$0.00	$1.99	$2.35	$0.71	$1.92	$1.70	$1.76
Adjusted Weighted Average Diluted Shares Outstanding	0.00	426M	0.00	0.00	0.00	543M	546M	572M	574M	577M	578M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	442.48M	0.00	0.00	0.00	543.22M	570.34M	572.25M	574.44M	576.70M	591.56M
Normalized Net Operating Profit after Tax (NOPAT)	1,511	1,072	1,700	1,691	2,031	1,921	1,468	1,337	1,853	1,780	2,310
Normalized NOPAT Margin	10.05%	10.02%	15.55%	15.02%	18.41%	17.80%	13.19%	10.73%	14.40%	13.21%	15.31%
Pre Tax Income Margin	5.94%	10.07%	13.05%	13.43%	10.12%	10.46%	14.00%	11.55%	11.38%	11.16%	10.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.90	2.13	2.44	2.24	1.91	2.14	2.43	2.13	2.21	2.32	2.48
NOPAT to Interest Expense	1.46	1.14	-0.52	1.61	2.11	1.94	1.29	0.52	1.74	1.62	1.70
EBIT Less CapEx to Interest Expense	-0.74	-0.95	0.13	0.10	-0.86	-0.55	0.25	-0.40	-0.94	-1.36	-1.98
NOPAT Less CapEx to Interest Expense	-1.18	-1.93	-2.82	-0.53	-0.66	-0.75	-0.90	-2.01	-1.41	-2.05	-2.75
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	105.02%	-9.89%	-37.07%	57.27%	89.91%	78.31%	66.17%	207.74%	83.16%	93.70%	87.80%
Augmented Payout Ratio	105.02%	-9.89%	-37.07%	57.27%	89.91%	78.31%	66.17%	207.74%	83.16%	93.70%	87.80%

This table displays calculated financial ratios and metrics derived from FirstEnergy's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	592,059,622.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	592,059,622.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.68
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.35%	-0.98%	1.73%	9.12%	6.94%	0.95%	14.54%	3.05%	11.24%	19.55%	11.61%
EBITDA Growth	-3.94%	2.33%	6.76%	1.68%	31.10%	15.34%	28.54%	6.81%	14.09%	-30.81%	-17.11%
EBIT Growth	12.01%	-15.87%	11.95%	-17.32%	13.04%	26.57%	20.43%	42.53%	11.67%	-57.21%	10.89%
NOPAT Growth	61.51%	200.88%	-4.81%	-31.72%	-3.19%	16.77%	42.21%	98.96%	19.65%	-111.70%	10.51%
Net Income Growth	22.09%	149.87%	-13.87%	-61.42%	10.95%	54.17%	55.06%	224.49%	14.16%	-97.64%	12.56%
EPS Growth	18.97%	144.29%	-13.73%	-80.49%	5.80%	45.16%	40.91%	475.00%	4.11%	-117.78%	12.90%
Operating Cash Flow Growth	15.88%	13.24%	64.29%	1,200.99%	20.72%	8.98%	1,692.50%	-2.70%	9.03%	8.81%	-76.77%
Free Cash Flow Firm Growth	-64.18%	-112.55%	-195.00%	-0.17%	59.89%	53.69%	80.02%	47.97%	-168.86%	-103.73%	-322.96%
Invested Capital Growth	9.64%	11.16%	11.99%	8.08%	4.53%	5.46%	3.48%	4.89%	9.20%	7.80%	9.51%
Revenue Q/Q Growth	16.00%	-9.78%	4.48%	-0.21%	13.69%	-14.83%	18.55%	-10.23%	22.72%	-8.46%	10.67%
EBITDA Q/Q Growth	-2.83%	-4.97%	5.91%	3.97%	25.28%	-16.39%	18.03%	-13.61%	33.82%	-56.39%	64.40%
EBIT Q/Q Growth	18.35%	-28.55%	33.06%	-26.52%	61.83%	-20.00%	26.60%	-13.04%	26.78%	-69.35%	228.09%
NOPAT Q/Q Growth	67.77%	-34.39%	-0.86%	-37.43%	137.88%	-20.86%	20.74%	-12.47%	43.06%	-107.74%	1,240.75%
Net Income Q/Q Growth	65.35%	-54.29%	39.06%	-63.30%	375.51%	-36.48%	39.86%	-23.19%	67.30%	-98.68%	6,557.14%
EPS Q/Q Growth	68.29%	-55.07%	41.94%	-81.82%	812.50%	-38.36%	37.78%	-25.81%	65.22%	-110.53%	975.00%
Operating Cash Flow Q/Q Growth	735.64%	49.22%	-104.18%	2,880.00%	-30.31%	34.71%	-38.98%	69.86%	-21.90%	34.44%	-86.97%
Free Cash Flow Firm Q/Q Growth	2.20%	-27.94%	-12.95%	29.12%	60.84%	-47.75%	51.28%	-84.57%	-102.37%	-11.95%	-1.15%
Invested Capital Q/Q Growth	2.20%	0.98%	4.40%	0.31%	-1.15%	1.88%	2.44%	1.68%	2.91%	0.57%	4.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	62.12%	67.13%	65.29%	69.36%	67.15%	68.36%	67.14%	66.83%	63.74%	63.84%	62.16%
EBITDA Margin	26.56%	27.97%	28.35%	29.54%	32.56%	31.96%	31.82%	30.62%	33.39%	15.91%	23.63%
Operating Margin	19.10%	18.05%	18.62%	12.90%	19.50%	19.30%	20.03%	19.11%	20.01%	-0.63%	19.70%
EBIT Margin	19.79%	15.67%	19.96%	14.70%	20.92%	19.65%	20.98%	20.33%	21.00%	7.03%	20.85%
Profit (Net Income) Margin	12.04%	6.10%	8.12%	2.99%	12.50%	9.32%	11.00%	9.41%	12.83%	0.18%	11.09%
Tax Burden Percent	89.36%	72.18%	66.42%	60.12%	83.21%	78.10%	76.67%	78.33%	87.21%	233.33%	77.15%
Interest Burden Percent	68.12%	53.96%	61.28%	33.82%	71.79%	60.74%	68.35%	59.10%	70.03%	1.12%	68.95%
Effective Tax Rate	6.17%	27.82%	33.58%	39.88%	16.79%	21.90%	23.33%	21.67%	12.79%	-133.33%	22.85%
Return on Invested Capital (ROIC)	6.88%	4.97%	4.56%	2.86%	6.06%	5.57%	5.68%	5.52%	6.57%	-0.57%	5.87%
ROIC Less NNEP Spread (ROIC-NNEP)	5.97%	4.02%	3.95%	2.19%	5.48%	4.81%	4.99%	4.74%	5.78%	-0.32%	5.21%
Return on Net Nonoperating Assets (RNNOA)	12.12%	8.56%	7.43%	4.16%	10.51%	9.44%	8.72%	8.21%	10.17%	-0.58%	9.77%
Return on Equity (ROE)	19.00%	13.54%	11.99%	7.02%	16.57%	15.00%	14.40%	13.73%	16.74%	-1.15%	15.64%
Cash Return on Invested Capital (CROIC)	-6.74%	-5.08%	-6.09%	-2.90%	0.33%	-0.44%	1.76%	0.92%	-2.84%	-2.88%	-4.46%
Operating Return on Assets (OROA)	5.53%	4.25%	5.28%	3.96%	5.72%	5.25%	5.63%	5.43%	5.70%	1.97%	5.90%
Return on Assets (ROA)	3.37%	1.66%	2.15%	0.80%	3.42%	2.49%	2.95%	2.51%	3.48%	0.05%	3.14%
Return on Common Equity (ROCE)	18.20%	12.94%	11.15%	6.53%	15.41%	13.94%	13.08%	12.46%	15.15%	-1.04%	14.11%
Return on Equity Simple (ROE_SIMPLE)	5.72%	0.00%	9.14%	7.83%	8.23%	0.00%	10.14%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	625	410	406	254	605	479	578	506	724	-56	639
NOPAT Margin	17.92%	13.03%	12.37%	7.75%	16.22%	15.07%	15.35%	14.97%	17.45%	-1.47%	15.20%
Net Nonoperating Expense Percent (NNEP)	0.91%	0.95%	0.61%	0.67%	0.59%	0.76%	0.68%	0.78%	0.78%	-0.25%	0.66%
Return On Investment Capital (ROIC_SIMPLE)	-	1.14%	-	-	-	1.27%	1.50%	1.27%	1.74%	-0.14%	1.52%
Cost of Revenue to Revenue	37.88%	32.87%	34.71%	30.64%	32.85%	31.64%	32.86%	33.17%	36.26%	36.16%	37.84%
SG&A Expenses to Revenue	27.73%	28.48%	30.61%	35.67%	29.47%	27.83%	27.46%	29.44%	23.53%	29.42%	34.75%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.02%	49.08%	46.67%	56.46%	47.65%	49.06%	47.12%	47.72%	43.73%	64.47%	42.46%
Earnings before Interest and Taxes (EBIT)	690	493	656	482	780	624	790	687	871	267	876
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	926	880	932	969	1,214	1,015	1,198	1,035	1,385	604	993
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.79	1.91	1.75	1.75	2.06	1.82	1.85	1.85	2.12	2.10	2.37
Price to Tangible Book Value (P/TBV)	3.86	4.14	3.20	3.18	3.75	3.32	3.35	3.29	3.77	3.80	4.26
Price to Revenue (P/Rev)	1.45	1.55	1.68	1.65	1.90	1.68	1.67	1.69	1.87	1.74	1.93
Price to Earnings (P/E)	35.80	18.10	20.41	24.97	28.63	23.19	21.48	18.18	20.36	25.71	28.14
Dividend Yield	4.77%	4.55%	4.23%	4.32%	3.77%	4.28%	4.21%	4.27%	3.80%	3.97%	3.51%
Earnings Yield	2.79%	5.53%	4.90%	4.00%	3.49%	4.31%	4.65%	5.50%	4.91%	3.89%	3.55%
Enterprise Value to Invested Capital (EV/IC)	1.22	1.25	1.24	1.24	1.34	1.26	1.27	1.27	1.34	1.32	1.40
Enterprise Value to Revenue (EV/Rev)	3.33	3.46	3.55	3.50	3.67	3.50	3.48	3.53	3.72	3.54	3.78
Enterprise Value to EBITDA (EV/EBITDA)	11.88	12.25	12.42	12.47	12.36	11.42	11.05	11.13	11.63	12.66	14.63
Enterprise Value to EBIT (EV/EBIT)	17.55	18.92	18.92	19.92	20.47	18.55	18.15	17.23	18.13	20.44	21.76
Enterprise Value to NOPAT (EV/NOPAT)	52.02	24.01	25.02	26.56	28.80	26.50	24.87	22.86	23.50	29.72	31.62
Enterprise Value to Operating Cash Flow (EV/OCF)	33.66	32.08	31.41	17.30	17.60	16.31	13.61	14.03	14.93	14.45	18.30
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	412.77	0.00	73.27	141.17	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.23	2.28	1.80	1.74	1.73	1.75	1.79	1.82	1.94	1.91	1.99
Long-Term Debt to Equity	2.09	2.10	1.59	1.52	1.58	1.64	1.53	1.68	1.80	1.83	1.87
Financial Leverage	2.03	2.13	1.88	1.90	1.92	1.96	1.75	1.73	1.76	1.82	1.87
Leverage Ratio	4.16	4.40	4.02	3.97	3.99	4.09	3.79	3.77	3.83	3.90	3.92
Compound Leverage Factor	2.83	2.37	2.46	1.34	2.86	2.49	2.59	2.23	2.68	0.04	2.70
Debt to Total Capital	69.08%	69.53%	64.30%	63.57%	63.39%	63.65%	64.13%	64.56%	65.95%	65.60%	66.55%
Short-Term Debt to Total Capital	4.44%	5.65%	7.51%	8.28%	5.62%	4.05%	9.22%	5.18%	4.71%	2.59%	4.10%
Long-Term Debt to Total Capital	64.64%	63.88%	56.79%	55.29%	57.77%	59.60%	54.91%	59.38%	61.24%	63.01%	62.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.33%	1.34%	3.19%	3.33%	3.38%	3.35%	3.35%	3.30%	3.33%	3.50%	3.44%
Common Equity to Total Capital	29.59%	29.13%	32.51%	33.11%	33.23%	33.00%	32.52%	32.14%	30.72%	30.90%	30.01%
Debt to EBITDA	6.77	6.86	6.64	6.46	5.93	5.82	5.64	5.79	5.93	6.29	6.99
Net Debt to EBITDA	6.56	6.63	6.21	6.25	5.65	5.62	5.45	5.50	5.48	6.11	6.81
Long-Term Debt to EBITDA	6.34	6.30	5.87	5.62	5.41	5.45	4.83	5.32	5.51	6.04	6.55
Debt to NOPAT	29.64	13.45	13.38	13.76	13.83	13.50	12.69	11.89	11.99	14.77	15.10
Net Debt to NOPAT	28.71	12.99	12.51	13.32	13.16	13.05	12.27	11.30	11.08	14.35	14.71
Long-Term Debt to NOPAT	27.74	12.35	11.82	11.97	12.61	12.64	10.87	10.93	11.13	14.18	14.17
Altman Z-Score	0.56	0.54	0.59	0.57	0.67	0.60	0.58	0.62	0.68	0.61	0.69
Noncontrolling Interest Sharing Ratio	4.21%	4.43%	6.96%	6.94%	7.05%	7.08%	9.14%	9.23%	9.51%	9.70%	9.82%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.53	0.48	0.65	0.51	0.56	0.56	0.42	0.61	0.75	0.57	0.52
Quick Ratio	0.35	0.32	0.48	0.36	0.41	0.39	0.28	0.44	0.58	0.39	0.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,466	-3,155	-3,564	-2,526	-989	-1,461	-712	-1,314	-2,659	-2,977	-3,011
Operating Cash Flow to CapEx	75.71%	87.89%	-5.06%	118.05%	77.19%	80.68%	63.38%	88.83%	64.21%	97.43%	11.79%
Free Cash Flow to Firm to Interest Expense	-9.38	-11.77	-12.96	-7.41	-4.10	-6.11	-2.85	-4.68	-10.19	-11.28	-11.07
Operating Cash Flow to Interest Expense	2.44	3.57	-0.15	3.26	3.22	4.37	2.55	3.85	3.24	4.30	0.54
Operating Cash Flow Less CapEx to Interest Expense	-0.78	-0.49	-3.02	0.50	-0.95	-1.05	-1.47	-0.48	-1.80	-0.11	-4.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.27	0.26	0.27	0.27	0.27	0.27	0.27	0.27	0.28	0.28
Accounts Receivable Turnover	8.55	8.16	8.12	8.10	8.02	7.89	7.84	7.62	7.94	7.83	8.05
Inventory Turnover	11.59	9.96	9.11	9.14	8.66	8.25	8.09	8.11	8.74	9.30	9.73
Fixed Asset Turnover	0.35	0.34	0.34	0.34	0.35	0.34	0.35	0.34	0.35	0.35	0.36
Accounts Payable Turnover	4.09	3.24	3.46	3.36	3.17	2.98	3.09	2.78	3.08	2.93	3.15
Days Sales Outstanding (DSO)	42.71	44.74	44.97	45.09	45.54	46.29	46.53	47.90	45.99	46.61	45.32
Days Inventory Outstanding (DIO)	31.49	36.65	40.09	39.94	42.13	44.25	45.09	44.99	41.77	39.25	37.53
Days Payable Outstanding (DPO)	89.27	112.54	105.59	108.54	115.26	122.49	118.31	131.39	118.49	124.70	115.71
Cash Conversion Cycle (CCC)	-15.07	-31.15	-20.54	-23.52	-27.59	-31.95	-26.68	-38.49	-30.73	-38.83	-32.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	35,167	35,511	37,075	37,190	36,761	37,451	38,365	39,010	40,144	40,372	42,015
Invested Capital Turnover	0.38	0.38	0.37	0.37	0.37	0.37	0.37	0.37	0.38	0.39	0.39
Increase / (Decrease) in Invested Capital	3,091	3,565	3,970	2,780	1,594	1,940	1,290	1,820	3,383	2,921	3,650
Enterprise Value (EV)	42,916	44,491	45,828	46,235	49,359	47,165	48,571	49,641	53,872	53,454	58,762
Market Capitalization	18,761	19,944	21,700	21,803	25,542	22,683	23,310	23,785	27,081	26,222	29,968
Book Value per Share	$18.27	$18.19	$21.60	$21.67	$21.58	$21.61	$21.79	$21.75	$21.65	$21.16	$21.39
Tangible Book Value per Share	$8.47	$8.40	$11.81	$11.91	$11.82	$11.86	$12.05	$12.24	$12.15	$11.66	$11.89
Total Capital	35,399	35,826	38,128	37,679	37,397	37,743	38,648	39,989	41,654	40,482	42,166
Total Debt	24,454	24,910	24,515	23,951	23,705	24,023	24,786	25,818	27,470	26,556	28,060
Total Long-Term Debt	22,882	22,885	21,652	20,831	21,603	22,496	21,223	23,746	25,510	25,508	26,331
Net Debt	23,684	24,068	22,912	23,178	22,552	23,217	23,966	24,536	25,405	25,816	27,342
Capital Expenditures (CapEx)	848	1,090	790	942	1,004	1,294	1,005	1,218	1,316	1,166	1,255
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-848	-972	-262	-81	-768	-848	-755	-720	-894	-1,343	-1,144
Debt-free Net Working Capital (DFNWC)	-704	-793	653	22	-303	-694	-592	-106	537	-1,244	-1,064
Net Working Capital (NWC)	-2,276	-2,818	-2,210	-3,098	-2,405	-2,221	-4,155	-2,178	-1,423	-2,292	-2,793
Net Nonoperating Expense (NNE)	205	218	139	156	139	183	164	188	192	-63	173
Net Nonoperating Obligations (NNO)	24,222	24,595	23,462	23,462	23,069	23,731	24,503	24,839	25,960	26,446	27,909
Total Depreciation and Amortization (D&A)	236	387	276	487	434	391	408	348	514	337	117
Debt-free, Cash-free Net Working Capital to Revenue	-6.57%	-7.55%	-2.03%	-0.61%	-5.71%	-6.29%	-5.41%	-5.12%	-6.18%	-8.90%	-7.37%
Debt-free Net Working Capital to Revenue	-5.46%	-6.16%	5.05%	0.17%	-2.25%	-5.15%	-4.24%	-0.75%	3.71%	-8.24%	-6.85%
Net Working Capital to Revenue	-17.64%	-21.90%	-17.10%	-23.47%	-17.89%	-16.49%	-29.78%	-15.50%	-9.83%	-15.19%	-17.99%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.70	$0.30	$0.44	$0.08	$0.73	$0.45	$0.62	$0.46	$0.76	($0.07)	$0.70
Adjusted Weighted Average Basic Shares Outstanding	573M	573M	574M	575M	576M	575M	577M	577M	577M	577M	578M
Adjusted Diluted Earnings per Share	$0.69	$0.31	$0.44	$0.08	$0.73	$0.45	$0.62	$0.46	$0.76	($0.08)	$0.70
Adjusted Weighted Average Diluted Shares Outstanding	574M	574M	576M	576M	577M	577M	578M	578M	578M	578M	580M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	573.81M	574.44M	575.52M	575.92M	576.32M	576.70M	590.78M	591.03M	591.29M	591.56M	592.06M
Normalized Net Operating Profit after Tax (NOPAT)	625	410	406	254	605	479	578	506	724	-17	639
Normalized NOPAT Margin	17.92%	13.03%	12.37%	7.75%	16.22%	15.07%	15.35%	14.97%	17.45%	-0.44%	15.20%
Pre Tax Income Margin	13.48%	8.46%	12.23%	4.97%	15.02%	11.93%	14.34%	12.01%	14.71%	0.08%	14.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.62	1.84	2.39	1.41	3.24	2.61	3.16	2.44	3.34	1.01	3.22
NOPAT to Interest Expense	2.38	1.53	1.48	0.75	2.51	2.00	2.31	1.80	2.77	-0.21	2.35
EBIT Less CapEx to Interest Expense	-0.60	-2.23	-0.49	-1.35	-0.93	-2.80	-0.86	-1.89	-1.71	-3.41	-1.39
NOPAT Less CapEx to Interest Expense	-0.85	-2.54	-1.39	-2.02	-1.66	-3.41	-1.71	-2.53	-2.27	-4.63	-2.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	160.77%	83.16%	86.58%	99.59%	99.80%	93.70%	84.93%	74.43%	71.35%	87.80%	85.34%
Augmented Payout Ratio	160.77%	83.16%	86.58%	99.59%	99.80%	93.70%	84.93%	74.43%	71.35%	87.80%	85.34%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, retail-investor friendly look at FirstEnergy (FE) using quarterly statements from 2022 through 2025. The focus is on revenue, profits, cash flow, and the balance sheet to highlight notable trends and potential implications for investors.

2025 Q4 revenue climbed to 3.797 billion, a solid increase versus 2024’s 3.176 billion and 2022’s levels, suggesting top-line growth across the latest year.
2025 (Q3) net income from continuing operations was strong at 532 million, indicating ongoing profitability in core operations before noncontrolling earnings and other items.
Operating cash flow has remained robust in 2025, with net cash from continuing operating activities of 0.845 billion in Q3 and 1.136 billion in Q4, supporting debt service and capital expenditure needs.
The balance sheet shows a solid capital base, with total common equity around 12.8 billion by Q3 2025 and total assets near 55+ billion, implying substantial equity cushion and capacity to fund ongoing capital investments.
FE operates in a regulated utility framework, which typically provides steadier cash flows but also exposes the business to rate-case risk and regulatory shifts; this is a neutral factor for now given the recurring regulatory backdrop.
Long-term debt remained substantial (roughly 21–25 billion across recent quarters), reflecting a high-leverage profile typical of large utilities; this is a neutral to watch item given interest-rate sensitivity and regulatory financing needs.
Several historical restatements and adjustments (notably in 2023–2024 data) have introduced some accounting revisions; investors may view this as a neutral risk factor when evaluating trends over multiple years.
In 2025 Q4, operating income was negative (-24 million) and net income attributable to common shareholders was also negative (-49 million) for that quarter, signaling near-term profitability pressure on a quarterly basis.
Free cash flow has been negative in several 2025 quarters due to capex outlays outpacing cash from operations (for example, Q2 2025 roughly -132 million; Q3 2025 around -471 million), suggesting ongoing capital investment weighs on cash available for dividends or debt reduction.
FE’s quarterly net change in cash and equivalents was negative in Q4 2025 (-1.332 billion), indicating a liquidity pullback at quarter-end despite positive CFO in prior periods.

05/05/26 05:49 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About FirstEnergy's Financials

When does FirstEnergy's financial year end?

According to the most recent income statement we have on file, FirstEnergy's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has FirstEnergy's net income changed over the last 10 years?

FirstEnergy's net income appears to be on an upward trend, with a most recent value of $1.27 billion in 2025, rising from $578 million in 2015. The previous period was $1.13 billion in 2024. Check out FirstEnergy's forecast to explore projected trends and price targets.

What is FirstEnergy's operating income?

FirstEnergy's total operating income in 2025 was $2.21 billion, based on the following breakdown:

Total Gross Profit: $9.86 billion
Total Operating Expenses: $7.65 billion

How has FirstEnergy's revenue changed over the last 10 years?

Over the last 10 years, FirstEnergy's total revenue changed from $15.03 billion in 2015 to $15.09 billion in 2025, a change of 0.4%.

How much debt does FirstEnergy have?

FirstEnergy's total liabilities were at $41.98 billion at the end of 2025, a 9.5% increase from 2024, and a 5.8% increase since 2015.

How much cash does FirstEnergy have?

In the past 10 years, FirstEnergy's cash and equivalents has ranged from $57 million in 2025 to $1.73 billion in 2020, and is currently $57 million as of their latest financial filing in 2025.

How has FirstEnergy's book value per share changed over the last 10 years?

Over the last 10 years, FirstEnergy's book value per share changed from 29.36 in 2015 to 21.16 in 2025, a change of -27.9%.

Related Companies

Financial statements for NYSE:FE last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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FirstEnergy (FE) Financials

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FirstEnergy (FE) Financials

Annual Income Statements for FirstEnergy

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Annual Cash Flow Statements for FirstEnergy

Quarterly Cash Flow Statements for FirstEnergy

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Quarterly Balance Sheets for FirstEnergy

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Quarterly Metrics And Ratios for FirstEnergy

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Key Financial Trends

Frequently Asked Questions About FirstEnergy's Financials

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