FIRSTENERGY CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FIRSTENERGY CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	14,562	14,017	11,261	11,035	10,790	11,132	12,459	12,870	13,472	15,090
Operating income	2,054	2,428	2,502	2,510	2,162	1,726	1,910	2,266	2,375	2,206
Interest expense	973	1,005	1,116	1,033	1,065	1,139	1,039	1,124	1,144	1,217
Other non-operating income	-976	-1,002	-990	-1,393	-1,033	-167	-471	-802	-871	-647
Pre-tax income	1,078	1,426	1,512	1,117	1,129	1,559	1,439	1,464	1,504	1,559
Income tax	527	1,715	490	213	126	320	1,000	267	377	288
Income from continuing operations						1,239	406	1,123	978	1,020
Net income to minority interests	0	0	367		0	0	33	74	149	251
Net income	-6,177	-1,724	1,348	912	1,079	1,283	406	1,102	978	1,020
EBITDA	4,028	4,128	3,886	3,727	3,361	3,390	3,227	3,727	3,956	3,870
EPS, basic	-14.49	-3.88	1.99	1.70	1.99	2.35	0.71	1.92	1.70	1.77
EPS, diluted	-14.49	-3.88	1.99	1.68	1.99	2.35	0.71	1.92	1.70	1.76
Shares, basic (weighted)	426	444	492	535	542	545	571	573	575	577
Shares, diluted (weighted)	426	444	494	542	543	546	572	574	577	578
Dividend per share	1.44	1.44	1.82	1.53	1.56	1.56	1.56	1.60	1.70	1.78

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	199	588	367	627	1,734	1,462	160	137	111	57
Receivables	1,440	1,282	1,221	1,091	1,203	1,033	1,318	1,318	1,530	1,726
Inventory	564	236	252	281	317	260	421	512	549	577
Other current assets	158	151	175	157	157	187	217	293	240	282
Total current assets	2,950	3,110	2,392	2,444	3,714	3,237	2,415	2,568	2,776	2,979
Property, plant and equipment	29,387	28,101	29,911	31,650	33,294	34,744	36,285	38,412
Lease right-of-use assets				231	265	279	262	205	228	276
Goodwill	5,618	5,618	5,618	5,618	5,618	5,618	5,618	5,618	5,618	5,618
Intangible assets	120	105	93	80	73
Long-term investments	3,026	3,203	1,299	1,451	605	655	622	663	652	641
Other non-current assets	1,153	697	752	1,039	1,106	1,107	1,135	1,137	1,279	1,424
Total assets	43,148	42,257	40,063	42,301	44,464	45,432	46,108	48,767	52,044	55,904
Accounts payable	1,043	827	965	918	827	943	1,503	1,362	1,575	2,002
Deferred revenue						214	223	227	233	250
Short-term debt	1,685	558	503	380	146	1,606	351	1,250	977	723
Total current liabilities	7,126	4,113	4,634	4,862	5,004	4,416	3,958	5,386	4,997	5,271
Long-term debt	18,192	18,687	17,751	19,618	22,131	22,248	21,203	22,885	22,496	25,508
Lease liabilities				241	263	271	247	179	192	227
Other non-current liabilities	1,547	1,438	2,057	1,667	1,826	1,863	1,920	2,173	2,525	2,513
Total liabilities	42,974	42,115	40,028	35,326	37,227	36,757	35,465	37,851	38,324	41,978
Total debt	1,685	558	503	380	146	1,606	351	1,250	977	723
Paid-in capital	10,555	10,001	11,530	10,868	10,076	10,238	11,322	10,494	12,368	12,431
Retained earnings	-4,532	-6,262	-4,879	-3,967	-2,888	-1,605	-1,199	-97	43	35
Other comprehensive income	174	142	41	20	-5	-15	-14	-17	-14	-14
Shareholders' equity	6,241	3,925	6,814	6,975	7,237	8,675	10,166	10,437	12,455	12,510
Minority interests	0					0	477	479	1,265	1,416
Total equity	174	142	35	6,975	7,237	8,675	10,643	10,916	13,720	13,926
Total liabilities and equity	43,148	42,257	40,063	42,301	44,464	45,432	46,108	48,767	52,044	55,904
Shares outstanding	442	445	512	541	543	570	572	574	577	578

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-6,177	-1,724	1,348	912	1,079	1,283	439	1,176	1,127	1,271
Depreciation and amortization	1,974	1,700	1,384	1,217	1,199	1,664	1,317	1,461	1,581	1,664
Stock-based compensation			0	0	0
Deferred income tax	525	1,687	495	210	133	301	993	255	320	223
Change in inventory	41	-6	24	-37	-32	57	-161	-91	-37	-28
Cash from operations	3,383	3,808	1,410	2,467	1,423	2,811	2,683	1,387	2,891	3,700
Capital expenditures	-2,835	-2,587	-2,675	-2,665	-2,657	-2,487	-2,848	-3,356	-4,030	-4,705
Purchases of investments				-1,675	-208	-59	-59	-50	-134	-114
Sales and maturities of investments				1,637	186	48	48	38	121	102
Cash from investing	-3,302	-2,723	-3,018	-2,873	-2,908	-2,559	-3,076	-3,652	-4,350	-5,065
Debt issued	1,976	4,675	1,474	2,300	3,425	2,100	700	3,150	2,100	5,925
Debt repaid	-2,331	-2,291	-2,608	-789	-1,114	-532	-3,005	-537	-2,760	-3,129
Stock issued	0	0	850	0	0	1,000	0	0
Dividends paid	-611	-639	-711	-814	-845	-849	-891	-906	-970	-1,016
Cash from financing	-34	-702	1,394	656	2,607	-542	-912	2,238	1,434	1,310
Net change in cash	47	383	-214	250	1,122	-290	-1,305	-27	-25	-55
Free cash flow	548	1,221	-1,265	-198	-1,234	324	-165	-1,969	-1,139	-1,005
Interest paid	1,050	1,039	1,071	960	970	1,085	1,021	1,002	1,062	999
Income taxes paid	-16	53	49	12	6	-7	21	58	161	73

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $43.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	14.7%	Operating income / revenue.
EBITDA margin	25.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.5%	Pre-tax income / revenue.
Net margin	6.9%	Net income / revenue.
FCF margin	-11.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.7%	Cash from operations / revenue.
Effective tax rate	18.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.9%	Net income / average total assets.
Return on invested capital (ROIC)	4.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	31.9%	Capital expenditures / revenue.
D&A / revenue	10.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-7.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	0.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-2.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	4.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	35.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-1.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	3.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	35.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-2.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	28.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	21.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.52x	Current assets / current liabilities.
Quick ratio	0.29x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.11x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	47.0%	Total debt / total assets.
Liabilities / assets	75.2%	Total liabilities / total assets.
Net debt	$26.70B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.75x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.82x	Operating income / interest expense.
Working capital	-$2.79B	Current assets - current liabilities.
Goodwill and intangibles / assets	9.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$7.04B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.27x	Revenue / average total assets.
Receivables turnover	9.44x	Revenue / average receivables.
Days sales outstanding	39 days	365 x average receivables / revenue.
FCF conversion	-163.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	154.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.84	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$26.77	Revenue / diluted weighted shares.
FCF per share	-$3.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.54	Cash from operations / diluted weighted shares.
Book value per share	$21.88	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.16	Tangible book value / shares outstanding.
Cash per share	$0.09	(Cash + short-term investments) / shares outstanding.
Payout ratio	96.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$25.06B	Share price x shares outstanding.
Enterprise value	$51.76B	Market cap + total debt - cash - short-term investments.
P/E	23.5x	Market cap / net income. Only when net income is positive.
P/S	1.61x	Market cap / revenue.
P/B	1.98x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.56x	Market cap / tangible book value, when positive.
P/OCF	7.80x	Market cap / cash from operations, when positive.
EV/Sales	3.33x	Enterprise value / revenue.
EV/EBIT	22.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.1x	Enterprise value / EBITDA, when both are positive.
FCF yield	-7.0%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Dividend yield	4.1%	Dividends paid over the period / market cap.
Shareholder yield	4.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.67x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FIRSTENERGY CORP's revenue in fiscal 2025?

FIRSTENERGY CORP reported revenue of $15.09B for fiscal 2025, 12% higher than the year before.

Was FIRSTENERGY CORP profitable in fiscal 2025?

Yes. Net income was $1.02B, a net margin of 6.8%.

How much free cash flow did FIRSTENERGY CORP generate in fiscal 2025?

Cash from operations of $3.70B minus capital expenditures of $4.71B left free cash flow of -$1.01B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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