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FirstEnergy (FE) Financials

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$47.40 +0.56 (+1.19%)
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Annual Income Statements for FirstEnergy

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

Quarterly Income Statements for FirstEnergy

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 175 253 45 419 261 360 268 441 -49 405 288
Consolidated Net Income / (Loss)		 192 267 98 466 296 414 318 532 7.00 466 352
Net Income / (Loss) Continuing Operations		 192 267 98 466 296 414 318 532 7.00 466 352
Total Pre-Tax Income 		266 402 163 560 379 540 406 610 3.00 604 444
Total Operating Income		 568 612 423 727 613 754 646 830 -24 828 677
Total Gross Profit		 2,112 2,146 2,275 2,504 2,171 2,528 2,259 2,644 2,424 2,612 2,365
Total Revenue		 3,146 3,287 3,280 3,729 3,176 3,765 3,380 4,148 3,797 4,202 3,678
Operating Revenue		 3,146 3,287 3,280 3,729 3,176 3,765 3,380 4,148 3,797 4,202 3,678
Total Cost of Revenue		 1,034 1,141 1,005 1,225 1,005 1,237 1,121 1,504 1,373 1,590 1,313
Operating Cost of Revenue		 1,034 1,141 1,005 1,225 1,005 1,237 1,121 1,504 1,373 1,590 1,313
Total Operating Expenses		 1,544 1,534 1,852 1,777 1,558 1,774 1,613 1,814 2,448 1,784 1,688
Selling, General & Admin Expense		 896 1,006 1,170 1,099 884 1,034 995 976 1,117 1,460 1,165
Depreciation Expense		 373 381 397 400 403 411 415 417 421 421 424
Other Operating Expenses / (Income)		 536 147 285 311 271 329 203 332 372 -97 99
Total Other Income / (Expense), net		 -302 -210 -260 -167 -234 -214 -240 -220 27 -224 -233
Interest Expense		 268 275 341 241 239 250 281 261 264 272 285
Other Income / (Expense), net		 -75 44 59 53 11 36 41 41 291 48 52
Income Tax Expense		 74 135 65 94 83 126 88 78 -4.00 138 92
Net Income / (Loss) Attributable to Noncontrolling Interest		 17 14 53 47 35 54 50 91 56 61 64
Basic Earnings per Share		 $0.30 $0.44 $0.08 $0.73 $0.45 $0.62 $0.46 $0.76 ($0.07) $0.70 $0.50
Weighted Average Basic Shares Outstanding		 573M 574M 575M 576M 575M 577M 577M 577M 577M 578M 578M
Diluted Earnings per Share		 $0.31 $0.44 $0.08 $0.73 $0.45 $0.62 $0.46 $0.76 ($0.08) $0.70 $0.50
Weighted Average Diluted Shares Outstanding		 574M 576M 576M 577M 577M 578M 578M 578M 578M 580M 579M
Weighted Average Basic & Diluted Shares Outstanding		 574.44M 575.52M 575.92M 576.32M 576.70M 590.78M 591.03M 591.29M 591.56M 592.06M 592.27M

Annual Cash Flow Statements for FirstEnergy

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

Quarterly Cash Flow Statements for FirstEnergy

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 35 736 -812 362 -311 9.00 451 817 -1,332 -19 111
Net Cash From Operating Activities		 958 -40 1,112 775 1,044 637 1,082 845 1,136 148 989
Net Cash From Continuing Operating Activities		 958 -40 1,112 775 1,044 637 1,082 845 1,136 148 989
Net Income / (Loss) Continuing Operations		 192 267 98 466 296 414 318 532 7.00 466 352
Consolidated Net Income / (Loss)		 192 267 98 466 296 414 318 532 7.00 466 352
Depreciation Expense		 387 276 487 434 391 408 348 514 337 117 475
Non-Cash Adjustments To Reconcile Net Income		 34 11 -27 5.00 255 25 54 36 421 -141 -199
Changes in Operating Assets and Liabilities, net		 345 -594 554 -130 102 -210 362 -237 371 -294 361
Net Cash From Investing Activities		 -1,179 -870 -1,006 -1,085 -1,389 -1,093 -1,321 -1,391 -1,260 -1,372 -1,456
Net Cash From Continuing Investing Activities		 -1,179 -870 -1,006 -1,085 -1,389 -1,093 -1,321 -1,391 -1,260 -1,372 -1,456
Purchase of Property, Plant & Equipment		 -1,090 -790 -942 -1,004 -1,294 -1,005 -1,218 -1,316 -1,166 -1,255 -1,345
Purchase of Investments		 -13 -16 -8.00 -90 -20 -30 -6.00 -63 -15 -23 -16
Sale and/or Maturity of Investments		 10 13 4.00 87 17 27 3.00 59 13 20 13
Other Investing Activities, net		 -86 -77 -60 -78 -92 -85 -100 -71 -92 -114 -108
Net Cash From Financing Activities		 256 1,646 -918 672 34 465 690 1,363 -1,208 1,205 578
Net Cash From Continuing Financing Activities		 256 1,646 -918 672 34 465 690 1,363 -1,208 1,205 578
Repayment of Debt		 -4.00 -561 -936 -1,027 -586 -351 -2,068 -155 -925 -343 -424
Payment of Dividends		 -245 -243 -252 -281 -280 -269 -282 -282 -283 -282 -294
Issuance of Debt		 505 150 270 780 900 1,085 3,040 1,800 - 1,830 1,296

Annual Balance Sheets for FirstEnergy

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

Quarterly Balance Sheets for FirstEnergy

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 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 3/31/2026 6/30/2026
Total Assets		 47,471 48,767 51,299 51,021 50,756 52,044 52,771 54,230 55,884 56,917 58,221
Total Current Assets		 2,520 2,568 4,063 3,258 3,068 2,776 2,959 3,469 4,211 3,048 3,205
Cash & Equivalents		 118 137 888 60 439 111 132 569 1,404 52 63
Restricted Cash		 26 42 27 43 26 43 31 45 27 28 128
Accounts Receivable		 1,573 1,584 1,669 1,800 1,781 1,833 1,888 1,888 1,865 1,968 2,010
Inventories, net		 481 512 538 536 536 549 567 595 578 582 559
Other Current Assets		 322 293 491 369 286 240 341 372 337 418 445
Plant, Property, & Equipment, net		 37,678 38,412 38,804 39,410 40,119 41,102 41,701 42,665 43,704 45,250 46,287
Plant, Property & Equipment, gross		 51,532 52,223 52,795 53,628 54,480 55,650 56,475 57,668 58,715 60,677 61,893
Accumulated Depreciation		 13,854 13,811 13,991 14,218 14,361 14,548 14,774 15,003 15,011 15,427 15,606
Total Noncurrent Assets		 7,273 7,787 8,432 8,353 7,569 8,166 8,111 8,096 7,969 8,619 8,729
Long-Term Investments		 626 663 688 670 688 652 657 668 634 638 635
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		 1,029 1,506 1,376 1,315 1,263 1,896 1,836 1,810 1,717 2,363 2,476
Total Liabilities & Shareholders' Equity		 47,471 48,767 51,299 51,021 50,756 52,044 52,771 54,230 55,884 56,917 58,221
Total Liabilities		 36,526 37,851 37,686 37,293 37,064 38,324 38,909 40,059 41,700 42,811 43,795
Total Current Liabilities		 4,796 5,386 6,273 6,356 5,473 4,997 7,114 5,647 5,634 5,841 5,928
Short-Term Debt		 1,572 2,025 2,863 3,120 2,102 1,527 3,563 2,072 1,960 1,729 1,881
Accounts Payable		 1,262 1,362 1,383 1,477 1,520 1,575 1,516 1,826 1,640 2,027 2,122
Customer Deposits		 225 227 228 228 228 233 236 241 246 254 256
Dividends Payable		 235 235 245 0.00 245 245 257 0.00 257 269 0.00
Current Deferred & Payable Income Tax Liabilities		 657 700 823 726 729 727 715 683 731 744 738
Current Employee Benefit Liabilities		 252 304 199 197 156 205 257 271 249 226 256
Other Current Liabilities		 290 241 227 324 221 216 290 251 253 294 287
Other Current Nonoperating Liabilities		 303 292 305 284 272 269 280 303 298 298 388
Total Noncurrent Liabilities		 31,730 32,465 31,413 30,937 31,591 33,327 31,795 34,412 36,066 36,970 37,867
Long-Term Debt		 22,882 22,885 21,652 20,831 21,603 22,496 21,223 23,746 25,510 26,331 27,102
Asset Retirement Reserve & Litigation Obligation		 1,316 1,214 964 956 916 995 998 1,013 971 877 891
Noncurrent Deferred & Payable Income Tax Liabilities		 4,449 4,530 5,288 5,389 5,492 5,613 5,740 5,830 6,019 6,206 6,314
Noncurrent Employee Benefit Liabilities		 1,512 1,663 1,663 1,655 1,651 1,698 1,698 1,697 1,701 1,471 1,464
Other Noncurrent Operating Liabilities		 1,571 2,173 1,846 2,106 1,929 2,525 2,136 2,126 1,865 2,085 2,096
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		 10,945 10,916 13,613 13,728 13,692 13,720 13,862 14,171 14,184 14,106 14,426
Total Preferred & Common Equity		 10,474 10,437 12,397 12,474 12,427 12,455 12,567 12,851 12,798 12,654 12,935
Total Common Equity		 10,474 10,437 12,397 12,474 12,427 12,455 12,567 12,851 12,798 12,654 12,935
Common Stock		 10,762 10,551 12,414 12,443 12,414 12,426 12,435 12,451 12,472 12,497 12,490
Retained Earnings		 -272 -97 0.00 45 27 43 146 414 340 171 459
Accumulated Other Comprehensive Income / (Loss)		 -16 -17 -17 -14 -14 -14 -14 -14 -14 -14 -14
Noncontrolling Interest		 471 479 1,216 1,254 1,265 1,265 1,295 1,320 1,386 1,452 1,491

Annual Metrics And Ratios for FirstEnergy

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%

Quarterly Metrics And Ratios for FirstEnergy

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 592,059,622.00 592,268,379.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 592,059,622.00 592,268,379.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.68 0.49
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -0.98% 1.73% 9.12% 6.94% 0.95% 14.54% 3.05% 11.24% 19.55% 11.61% 8.82%
EBITDA Growth		 2.33% 6.76% 1.68% 31.10% 15.34% 28.54% 6.81% 14.09% -30.81% -17.11% 14.67%
EBIT Growth		 -15.87% 11.95% -17.32% 13.04% 26.57% 20.43% 42.53% 11.67% -57.21% 10.89% 6.11%
NOPAT Growth		 200.88% -4.81% -31.72% -3.19% 16.77% 42.21% 98.96% 19.65% -111.70% 10.51% 6.08%
Net Income Growth		 149.87% -13.87% -61.42% 10.95% 54.17% 55.06% 224.49% 14.16% -97.64% 12.56% 10.69%
EPS Growth		 144.29% -13.73% -80.49% 5.80% 45.16% 40.91% 475.00% 4.11% -117.78% 12.90% 8.70%
Operating Cash Flow Growth		 13.24% 64.29% 1,200.99% 20.72% 8.98% 1,692.50% -2.70% 9.03% 8.81% -76.77% -8.60%
Free Cash Flow Firm Growth		 -112.55% -195.00% -0.17% 59.89% 53.69% 80.02% 47.97% -168.86% -103.73% -322.96% -160.60%
Invested Capital Growth		 11.16% 11.99% 8.08% 4.53% 5.46% 3.48% 4.89% 9.20% 7.80% 9.51% 10.15%
Revenue Q/Q Growth		 -9.78% 4.48% -0.21% 13.69% -14.83% 18.55% -10.23% 22.72% -8.46% 10.67% -12.47%
EBITDA Q/Q Growth		 -4.97% 5.91% 3.97% 25.28% -16.39% 18.03% -13.61% 33.82% -56.39% 64.40% 21.25%
EBIT Q/Q Growth		 -28.55% 33.06% -26.52% 61.83% -20.00% 26.60% -13.04% 26.78% -69.35% 228.09% -16.78%
NOPAT Q/Q Growth		 -34.39% -0.86% -37.43% 137.88% -20.86% 20.74% -12.47% 43.06% -107.74% 1,240.75% -15.98%
Net Income Q/Q Growth		 -54.29% 39.06% -63.30% 375.51% -36.48% 39.86% -23.19% 67.30% -98.68% 6,557.14% -24.46%
EPS Q/Q Growth		 -55.07% 41.94% -81.82% 812.50% -38.36% 37.78% -25.81% 65.22% -110.53% 975.00% -28.57%
Operating Cash Flow Q/Q Growth		 49.22% -104.18% 2,880.00% -30.31% 34.71% -38.98% 69.86% -21.90% 34.44% -86.97% 568.24%
Free Cash Flow Firm Q/Q Growth		 -27.94% -12.95% 29.12% 60.84% -47.75% 51.28% -84.57% -102.37% -11.95% -1.15% -13.72%
Invested Capital Q/Q Growth		 0.98% 4.40% 0.31% -1.15% 1.88% 2.44% 1.68% 2.91% 0.57% 4.07% 2.28%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 67.13% 65.29% 69.36% 67.15% 68.36% 67.14% 66.83% 63.74% 63.84% 62.16% 64.30%
EBITDA Margin		 27.97% 28.35% 29.54% 32.56% 31.96% 31.82% 30.62% 33.39% 15.91% 23.63% 32.74%
Operating Margin		 18.05% 18.62% 12.90% 19.50% 19.30% 20.03% 19.11% 20.01% -0.63% 19.70% 18.41%
EBIT Margin		 15.67% 19.96% 14.70% 20.92% 19.65% 20.98% 20.33% 21.00% 7.03% 20.85% 19.82%
Profit (Net Income) Margin		 6.10% 8.12% 2.99% 12.50% 9.32% 11.00% 9.41% 12.83% 0.18% 11.09% 9.57%
Tax Burden Percent		 72.18% 66.42% 60.12% 83.21% 78.10% 76.67% 78.33% 87.21% 233.33% 77.15% 79.28%
Interest Burden Percent		 53.96% 61.28% 33.82% 71.79% 60.74% 68.35% 59.10% 70.03% 1.12% 68.95% 60.91%
Effective Tax Rate		 27.82% 33.58% 39.88% 16.79% 21.90% 23.33% 21.67% 12.79% -133.33% 22.85% 20.72%
Return on Invested Capital (ROIC)		 4.97% 4.56% 2.86% 6.06% 5.57% 5.68% 5.52% 6.57% -0.57% 5.87% 5.63%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.02% 3.95% 2.19% 5.48% 4.81% 4.99% 4.74% 5.78% -0.32% 5.21% 4.94%
Return on Net Nonoperating Assets (RNNOA)		 8.56% 7.43% 4.16% 10.51% 9.44% 8.72% 8.21% 10.17% -0.58% 9.77% 9.23%
Return on Equity (ROE)		 13.54% 11.99% 7.02% 16.57% 15.00% 14.40% 13.73% 16.74% -1.15% 15.64% 14.86%
Cash Return on Invested Capital (CROIC)		 -5.08% -6.09% -2.90% 0.33% -0.44% 1.76% 0.92% -2.84% -2.88% -4.46% -5.06%
Operating Return on Assets (OROA)		 4.25% 5.28% 3.96% 5.72% 5.25% 5.63% 5.43% 5.70% 1.97% 5.90% 5.58%
Return on Assets (ROA)		 1.66% 2.15% 0.80% 3.42% 2.49% 2.95% 2.51% 3.48% 0.05% 3.14% 2.69%
Return on Common Equity (ROCE)		 12.94% 11.15% 6.53% 15.41% 13.94% 13.08% 12.46% 15.15% -1.04% 14.11% 13.40%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 9.14% 7.83% 8.23% 0.00% 10.14% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 410 406 254 605 479 578 506 724 -56 639 537
NOPAT Margin		 13.03% 12.37% 7.75% 16.22% 15.07% 15.35% 14.97% 17.45% -1.47% 15.20% 14.59%
Net Nonoperating Expense Percent (NNEP)		 0.95% 0.61% 0.67% 0.59% 0.76% 0.68% 0.78% 0.78% -0.25% 0.66% 0.69%
Return On Investment Capital (ROIC_SIMPLE)		 1.14% - - - 1.27% 1.50% 1.27% 1.74% -0.14% 1.52% 1.24%
Cost of Revenue to Revenue		 32.87% 34.71% 30.64% 32.85% 31.64% 32.86% 33.17% 36.26% 36.16% 37.84% 35.70%
SG&A Expenses to Revenue		 28.48% 30.61% 35.67% 29.47% 27.83% 27.46% 29.44% 23.53% 29.42% 34.75% 31.67%
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		 49.08% 46.67% 56.46% 47.65% 49.06% 47.12% 47.72% 43.73% 64.47% 42.46% 45.89%
Earnings before Interest and Taxes (EBIT)		 493 656 482 780 624 790 687 871 267 876 729
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 880 932 969 1,214 1,015 1,198 1,035 1,385 604 993 1,204
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.91 1.75 1.75 2.06 1.82 1.85 1.85 2.12 2.10 2.37 2.13
Price to Tangible Book Value (P/TBV)		 4.14 3.20 3.18 3.75 3.32 3.35 3.29 3.77 3.80 4.26 3.76
Price to Revenue (P/Rev)		 1.55 1.68 1.65 1.90 1.68 1.67 1.69 1.87 1.74 1.93 1.74
Price to Earnings (P/E)		 18.10 20.41 24.97 28.63 23.19 21.48 18.18 20.36 25.71 28.14 25.34
Dividend Yield		 4.55% 4.23% 4.32% 3.77% 4.28% 4.21% 4.27% 3.80% 3.97% 3.51% 3.79%
Earnings Yield		 5.53% 4.90% 4.00% 3.49% 4.31% 4.65% 5.50% 4.91% 3.89% 3.55% 3.95%
Enterprise Value to Invested Capital (EV/IC)		 1.25 1.24 1.24 1.34 1.26 1.27 1.27 1.34 1.32 1.40 1.33
Enterprise Value to Revenue (EV/Rev)		 3.46 3.55 3.50 3.67 3.50 3.48 3.53 3.72 3.54 3.78 3.61
Enterprise Value to EBITDA (EV/EBITDA)		 12.25 12.42 12.47 12.36 11.42 11.05 11.13 11.63 12.66 14.63 13.70
Enterprise Value to EBIT (EV/EBIT)		 18.92 18.92 19.92 20.47 18.55 18.15 17.23 18.13 20.44 21.76 20.83
Enterprise Value to NOPAT (EV/NOPAT)		 24.01 25.02 26.56 28.80 26.50 24.87 22.86 23.50 29.72 31.62 30.27
Enterprise Value to Operating Cash Flow (EV/OCF)		 32.08 31.41 17.30 17.60 16.31 13.61 14.03 14.93 14.45 18.30 18.33
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 412.77 0.00 73.27 141.17 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.28 1.80 1.74 1.73 1.75 1.79 1.82 1.94 1.91 1.99 2.01
Long-Term Debt to Equity		 2.10 1.59 1.52 1.58 1.64 1.53 1.68 1.80 1.83 1.87 1.88
Financial Leverage		 2.13 1.88 1.90 1.92 1.96 1.75 1.73 1.76 1.82 1.87 1.87
Leverage Ratio		 4.40 4.02 3.97 3.99 4.09 3.79 3.77 3.83 3.90 3.92 3.93
Compound Leverage Factor		 2.37 2.46 1.34 2.86 2.49 2.59 2.23 2.68 0.04 2.70 2.40
Debt to Total Capital		 69.53% 64.30% 63.57% 63.39% 63.65% 64.13% 64.56% 65.95% 65.60% 66.55% 66.77%
Short-Term Debt to Total Capital		 5.65% 7.51% 8.28% 5.62% 4.05% 9.22% 5.18% 4.71% 2.59% 4.10% 4.33%
Long-Term Debt to Total Capital		 63.88% 56.79% 55.29% 57.77% 59.60% 54.91% 59.38% 61.24% 63.01% 62.45% 62.43%
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		 1.34% 3.19% 3.33% 3.38% 3.35% 3.35% 3.30% 3.33% 3.50% 3.44% 3.43%
Common Equity to Total Capital		 29.13% 32.51% 33.11% 33.23% 33.00% 32.52% 32.14% 30.72% 30.90% 30.01% 29.80%
Debt to EBITDA		 6.86 6.64 6.46 5.93 5.82 5.64 5.79 5.93 6.29 6.99 6.95
Net Debt to EBITDA		 6.63 6.21 6.25 5.65 5.62 5.45 5.50 5.48 6.11 6.81 6.75
Long-Term Debt to EBITDA		 6.30 5.87 5.62 5.41 5.45 4.83 5.32 5.51 6.04 6.55 6.50
Debt to NOPAT		 13.45 13.38 13.76 13.83 13.50 12.69 11.89 11.99 14.77 15.10 15.35
Net Debt to NOPAT		 12.99 12.51 13.32 13.16 13.05 12.27 11.30 11.08 14.35 14.71 14.91
Long-Term Debt to NOPAT		 12.35 11.82 11.97 12.61 12.64 10.87 10.93 11.13 14.18 14.17 14.35
Altman Z-Score		 0.54 0.59 0.57 0.67 0.60 0.58 0.62 0.68 0.61 0.69 0.64
Noncontrolling Interest Sharing Ratio		 4.43% 6.96% 6.94% 7.05% 7.08% 9.14% 9.23% 9.51% 9.70% 9.82% 9.83%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.48 0.65 0.51 0.56 0.56 0.42 0.61 0.75 0.57 0.52 0.54
Quick Ratio		 0.32 0.48 0.36 0.41 0.39 0.28 0.44 0.58 0.39 0.35 0.35
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -3,155 -3,564 -2,526 -989 -1,461 -712 -1,314 -2,659 -2,977 -3,011 -3,424
Operating Cash Flow to CapEx		 87.89% -5.06% 118.05% 77.19% 80.68% 63.38% 88.83% 64.21% 97.43% 11.79% 73.53%
Free Cash Flow to Firm to Interest Expense		 -11.77 -12.96 -7.41 -4.10 -6.11 -2.85 -4.68 -10.19 -11.28 -11.07 -12.02
Operating Cash Flow to Interest Expense		 3.57 -0.15 3.26 3.22 4.37 2.55 3.85 3.24 4.30 0.54 3.47
Operating Cash Flow Less CapEx to Interest Expense		 -0.49 -3.02 0.50 -0.95 -1.05 -1.47 -0.48 -1.80 -0.11 -4.07 -1.25
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.27 0.26 0.27 0.27 0.27 0.27 0.27 0.27 0.28 0.28 0.28
Accounts Receivable Turnover		 8.16 8.12 8.10 8.02 7.89 7.84 7.62 7.94 7.83 8.05 8.12
Inventory Turnover		 9.96 9.11 9.14 8.66 8.25 8.09 8.11 8.74 9.30 9.73 10.02
Fixed Asset Turnover		 0.34 0.34 0.34 0.35 0.34 0.35 0.34 0.35 0.35 0.36 0.36
Accounts Payable Turnover		 3.24 3.46 3.36 3.17 2.98 3.09 2.78 3.08 2.93 3.15 2.93
Days Sales Outstanding (DSO)		 44.74 44.97 45.09 45.54 46.29 46.53 47.90 45.99 46.61 45.32 44.95
Days Inventory Outstanding (DIO)		 36.65 40.09 39.94 42.13 44.25 45.09 44.99 41.77 39.25 37.53 36.44
Days Payable Outstanding (DPO)		 112.54 105.59 108.54 115.26 122.49 118.31 131.39 118.49 124.70 115.71 124.66
Cash Conversion Cycle (CCC)		 -31.15 -20.54 -23.52 -27.59 -31.95 -26.68 -38.49 -30.73 -38.83 -32.86 -43.27
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 35,511 37,075 37,190 36,761 37,451 38,365 39,010 40,144 40,372 42,015 42,971
Invested Capital Turnover		 0.38 0.37 0.37 0.37 0.37 0.37 0.37 0.38 0.39 0.39 0.39
Increase / (Decrease) in Invested Capital		 3,565 3,970 2,780 1,594 1,940 1,290 1,820 3,383 2,921 3,650 3,961
Enterprise Value (EV)		 44,491 45,828 46,235 49,359 47,165 48,571 49,641 53,872 53,454 58,762 57,147
Market Capitalization		 19,944 21,700 21,803 25,542 22,683 23,310 23,785 27,081 26,222 29,968 27,499
Book Value per Share		 $18.19 $21.60 $21.67 $21.58 $21.61 $21.79 $21.75 $21.65 $21.16 $21.39 $21.85
Tangible Book Value per Share		 $8.40 $11.81 $11.91 $11.82 $11.86 $12.05 $12.24 $12.15 $11.66 $11.89 $12.36
Total Capital		 35,826 38,128 37,679 37,397 37,743 38,648 39,989 41,654 40,482 42,166 43,409
Total Debt		 24,910 24,515 23,951 23,705 24,023 24,786 25,818 27,470 26,556 28,060 28,983
Total Long-Term Debt		 22,885 21,652 20,831 21,603 22,496 21,223 23,746 25,510 25,508 26,331 27,102
Net Debt		 24,068 22,912 23,178 22,552 23,217 23,966 24,536 25,405 25,816 27,342 28,157
Capital Expenditures (CapEx)		 1,090 790 942 1,004 1,294 1,005 1,218 1,316 1,166 1,255 1,345
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -972 -262 -81 -768 -848 -755 -720 -894 -1,343 -1,144 -1,033
Debt-free Net Working Capital (DFNWC)		 -793 653 22 -303 -694 -592 -106 537 -1,244 -1,064 -842
Net Working Capital (NWC)		 -2,818 -2,210 -3,098 -2,405 -2,221 -4,155 -2,178 -1,423 -2,292 -2,793 -2,723
Net Nonoperating Expense (NNE)		 218 139 156 139 183 164 188 192 -63 173 185
Net Nonoperating Obligations (NNO)		 24,595 23,462 23,462 23,069 23,731 24,503 24,839 25,960 26,446 27,909 28,545
Total Depreciation and Amortization (D&A)		 387 276 487 434 391 408 348 514 337 117 475
Debt-free, Cash-free Net Working Capital to Revenue		 -7.55% -2.03% -0.61% -5.71% -6.29% -5.41% -5.12% -6.18% -8.90% -7.37% -6.53%
Debt-free Net Working Capital to Revenue		 -6.16% 5.05% 0.17% -2.25% -5.15% -4.24% -0.75% 3.71% -8.24% -6.85% -5.32%
Net Working Capital to Revenue		 -21.90% -17.10% -23.47% -17.89% -16.49% -29.78% -15.50% -9.83% -15.19% -17.99% -17.21%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.30 $0.44 $0.08 $0.73 $0.45 $0.62 $0.46 $0.76 ($0.07) $0.70 $0.50
Adjusted Weighted Average Basic Shares Outstanding		 573M 574M 575M 576M 575M 577M 577M 577M 577M 578M 578M
Adjusted Diluted Earnings per Share		 $0.31 $0.44 $0.08 $0.73 $0.45 $0.62 $0.46 $0.76 ($0.08) $0.70 $0.50
Adjusted Weighted Average Diluted Shares Outstanding		 574M 576M 576M 577M 577M 578M 578M 578M 578M 580M 579M
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		 574.44M 575.52M 575.92M 576.32M 576.70M 590.78M 591.03M 591.29M 591.56M 592.06M 592.27M
Normalized Net Operating Profit after Tax (NOPAT)		 410 406 254 605 479 578 506 724 -17 639 537
Normalized NOPAT Margin		 13.03% 12.37% 7.75% 16.22% 15.07% 15.35% 14.97% 17.45% -0.44% 15.20% 14.59%
Pre Tax Income Margin		 8.46% 12.23% 4.97% 15.02% 11.93% 14.34% 12.01% 14.71% 0.08% 14.37% 12.07%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.84 2.39 1.41 3.24 2.61 3.16 2.44 3.34 1.01 3.22 2.56
NOPAT to Interest Expense		 1.53 1.48 0.75 2.51 2.00 2.31 1.80 2.77 -0.21 2.35 1.88
EBIT Less CapEx to Interest Expense		 -2.23 -0.49 -1.35 -0.93 -2.80 -0.86 -1.89 -1.71 -3.41 -1.39 -2.16
NOPAT Less CapEx to Interest Expense		 -2.54 -1.39 -2.02 -1.66 -3.41 -1.71 -2.53 -2.27 -4.63 -2.27 -2.84
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 83.16% 86.58% 99.59% 99.80% 93.70% 84.93% 74.43% 71.35% 87.80% 85.34% 84.08%
Augmented Payout Ratio		 83.16% 86.58% 99.59% 99.80% 93.70% 84.93% 74.43% 71.35% 87.80% 85.34% 84.08%

Financials Breakdown Chart

Key Financial Trends

FirstEnergy’s latest quarter showed a solid rebound in profitability, but the balance sheet remains highly leveraged and cash generation was only modest. In Q1 2026, revenue rose to $4.20 billion, operating income improved to $828 million, and common shareholders earned $405 million, versus a loss to common shareholders in Q4 2025. At the same time, the company continued to carry substantial debt and used debt issuance to support financing needs.

  • Revenue and earnings improved sharply versus the prior quarter. Q1 2026 revenue increased to $4.20 billion from $3.80 billion in Q4 2025, while net income attributable to common shareholders swung to a $405 million profit from a $49 million loss.
  • Operating profitability returned to a healthy level. Operating income was $828 million in Q1 2026, up from a $24 million operating loss in Q4 2025.
  • Gross margin remained strong. Gross profit of $2.61 billion on $4.20 billion of revenue suggests the regulated utility model continues to support steady margin structure.
  • Operating cash flow turned positive after a weak end to 2025. FirstEnergy generated $148 million of operating cash flow in Q1 2026 versus $1.136 billion in Q4 2025, but the key point is that operations remained cash-generative despite seasonal and working-capital swings.
  • Equity increased sequentially. Total equity and noncontrolling interests rose to $14.11 billion in Q1 2026 from $14.18 billion in Q3 2025, while common equity stayed relatively stable, helping support the capital base.
  • Dividend coverage appears manageable, but not especially wide. Q1 2026 earnings per share were $0.70, while cash dividends to common shareholders were $0.465 per share, indicating the dividend was covered by earnings in the quarter, though not by a large margin.
  • Capital spending remains heavy. FirstEnergy spent $1.255 billion on property, plant and equipment in Q1 2026, underscoring continued infrastructure investment and ongoing cash needs.
  • Accounts receivable and working capital are still large. Q1 2026 accounts receivable were $1.97 billion, which is normal for a utility but still ties up a meaningful amount of cash.
  • Leverage remains elevated. Long-term debt was $26.33 billion and short-term debt was $1.73 billion at the end of Q1 2026, leaving the company heavily dependent on debt financing.
  • Balance sheet liquidity is limited. Cash and equivalents were only $52 million, with restricted cash of $28 million, leaving a relatively thin cash cushion versus the debt load and capital spending requirements.

Longer-term trend: Compared with 2023 and early 2024, FirstEnergy has generally improved earnings power and operating performance, but the company still relies on significant borrowing to fund investment and dividend commitments. For retail investors, the story is one of a relatively stable utility business with improving profitability, offset by a balance sheet that remains debt-heavy and cash-light.

08/14/26 01:28 PM ETAI Generated. May Contain Errors.

FirstEnergy Financials - Frequently Asked Questions

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.

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.

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

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%.

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.

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.

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%.


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Financial statements for NYSE:FE last updated on 7/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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