FIRSTENERGY CORP FE
FE and its subsidiaries are principally involved in the transmission, distribution, and generation of electricity. FirstEnergy's electric operating companies comprise one of the nation's largest investor-owned electric systems, serving over six million customers in the Midwest and Mid-Atlantic regions. FirstEnergy's transmission operations include more than 24,000 miles of transmission lines and two regional transmission operation centers, and MP and AGC control 3,610 MWs of total generation capacity.
The Electric Companies' combined service areas encompass approximately 65,000 square miles in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York, providing distribution services for over six million customers in an area with a population of approximately 14 million and a total rate base of approximately $21.3 billion as of December 31, 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.09B | $13.47B | $12.87B | $12.46B | $11.13B | $10.79B | $10.80B | $10.94B | $10.93B | $10.70B |
| Total operating expenses | $12.88B | $11.10B | $10.60B | $10.55B | $9.41B | $8.63B | $8.53B | $8.76B | $8.50B | $8.65B |
| Operating income | $2.21B | $2.38B | $2.27B | $1.91B | $1.73B | $2.16B | $2.51B | $2.50B | $2.43B | $2.05B |
| Interest expense | $1.22B | $1.14B | $1.12B | $1.04B | $1.14B | $1.06B | $1.03B | $1.12B | $1.00B | $973.0M |
| Pre-tax income | $1.56B | $1.50B | $1.46B | $1.44B | $1.56B | $1.13B | $1.12B | $1.51B | $1.43B | $1.08B |
| Income tax | $288.0M | $377.0M | $267.0M | $1.00B | $320.0M | $126.0M | $213.0M | $490.0M | $1.72B | $527.0M |
| Net income | $1.02B | $978.0M | $1.10B | $406.0M | $1.28B | $1.08B | $912.0M | $1.35B | -$1.72B | -$6.18B |
| EPS, basic | 1.77 | 1.70 | 1.92 | 0.71 | 2.35 | 1.99 | 1.70 | 1.99 | -3.88 | -14.49 |
| EPS, diluted | 1.76 | 1.70 | 1.92 | 0.71 | 2.35 | 1.99 | 1.68 | 1.99 | -3.88 | -14.49 |
| Shares, diluted (wtd. avg.) | $578.0M | $577.0M | $574.0M | $572.0M | $546.0M | $543.0M | $542.0M | $494.0M | $444.0M | $426.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $57.0M | $111.0M | $179.0M | $206.0M | $1.51B | $1.80B | $679.0M | $429.0M | $643.0M | $260.0M |
| Receivables | $1.73B | $1.53B | $1.32B | $1.32B | $1.03B | $1.20B | $1.09B | $1.22B | $1.28B | $1.44B |
| Inventory | $577.0M | $549.0M | $512.0M | $421.0M | $260.0M | $317.0M | $281.0M | $252.0M | $236.0M | $564.0M |
| Total current assets | $2.98B | $2.78B | $2.57B | $2.42B | $3.24B | $3.71B | $2.44B | $2.39B | $3.11B | $2.95B |
| Property, plant and equipment | — | — | $38.41B | $36.28B | $34.74B | $33.29B | $31.65B | $29.91B | $28.10B | $29.39B |
| Goodwill | $5.62B | $5.62B | $5.62B | $5.62B | $5.62B | $5.62B | $5.62B | $5.62B | $5.62B | $5.62B |
| Other intangibles | — | — | — | — | — | $73.0M | $80.0M | $93.0M | $105.0M | $120.0M |
| Total assets | $55.90B | $52.04B | $48.77B | $46.11B | $45.43B | $44.46B | $42.30B | $40.06B | $42.26B | $43.15B |
| Accounts payable | $2.00B | $1.57B | $1.36B | $1.50B | $943.0M | $827.0M | $918.0M | $965.0M | $827.0M | $1.04B |
| Short-term debt | $723.0M | $977.0M | $1.25B | $351.0M | $1.61B | $146.0M | $380.0M | $503.0M | $558.0M | $1.69B |
| Total current liabilities | $5.27B | $5.00B | $5.39B | $3.96B | $4.42B | $5.00B | $4.86B | $4.63B | $4.11B | $7.13B |
| Total liabilities | $41.98B | $38.32B | $37.85B | $35.47B | — | — | — | — | — | — |
| Retained earnings | $35.0M | $43.0M | -$97.0M | -$1.20B | -$1.60B | -$2.89B | -$3.97B | -$4.88B | -$6.26B | -$4.53B |
| Total equity | $12.51B | $12.46B | $10.92B | $10.64B | $8.68B | $7.24B | $6.97B | $6.81B | $3.92B | $6.24B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.70B | $2.89B | $1.39B | $2.68B | $2.81B | $1.42B | $2.47B | $1.41B | $3.81B | $3.38B |
| Depreciation and amortisation | $1.66B | $1.58B | $1.46B | $1.38B | $1.30B | $1.20B | $1.22B | $1.38B | $1.70B | $1.97B |
| Capital expenditure | $4.71B | $4.03B | $3.36B | $2.85B | $2.49B | $2.66B | $2.67B | $2.67B | $2.59B | $2.83B |
| Investing cash flow | -$5.07B | -$4.35B | -$3.65B | -$3.08B | -$2.56B | -$2.91B | -$2.87B | -$3.02B | -$2.72B | -$3.30B |
| Financing cash flow | $1.31B | $1.43B | $2.24B | -$912.0M | -$542.0M | $2.61B | $656.0M | $1.39B | -$702.0M | -$34.0M |
| Dividends paid | $1.02B | $970.0M | $906.0M | $891.0M | $849.0M | $845.0M | $814.0M | $711.0M | $639.0M | $611.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001031296-26-000046.
Others in SIC 4911
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| NEE | NEXTERA ENERGY INC | $173.98B | 25.3x | 9.8% |
| CEG | Constellation Energy Corp | $105.92B | 40.4x | 19.5% |
| AEP | AMERICAN ELECTRIC POWER CO INC | $67.74B | 18.7x | 8.7% |
| D | DOMINION ENERGY, INC | $57.90B | 19.1x | 16.5% |
| VST | Vistra Corp. | $50.11B | 68.5x | 19.1% |
| DTE | DTE ENERGY CO | $28.31B | 19.4x | — |
| ES | EVERSOURCE ENERGY | $26.76B | 15.6x | 14.3% |
| PPL | PPL Corp | $26.42B | 22.1x | 8.6% |