FirstEnergy (FE) financial statements
FirstEnergy reported revenue of $15.1B in fiscal 2025, up 3.9% a year over 9 years.
Net income was $1.0B and the operating margin 14.6%, against 19.2% in 2016.
Free cash flow was -$1.0B, and the company returned $1.0B in dividends.
The diluted share count rose 36% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from FirstEnergy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.7B | $10.9B | $11.3B | $11.0B | $10.8B | $11.1B | $12.5B | $12.9B | $13.5B | $15.1B |
| Operating income | $2.1B | $2.4B | $2.5B | $2.5B | $2.2B | $1.7B | $1.9B | $2.3B | $2.4B | $2.2B |
| Interest expense | $973M | $1.0B | $1.1B | $1.0B | $1.1B | $1.1B | $1.0B | $1.1B | $1.1B | $1.2B |
| Pre-tax income | $1.1B | $1.4B | $1.5B | $1.1B | $1.1B | $1.6B | $1.4B | $1.5B | $1.5B | $1.6B |
| Income tax | $527M | $1.7B | $490M | $213M | $126M | $320M | $1.0B | $267M | $377M | $288M |
| Net income | -$6.2B | -$1.7B | $1.3B | $912M | $1.1B | $1.3B | $406M | $1.1B | $978M | $1.0B |
| EPS (diluted) | -$14.49 | -$3.88 | $1.99 | $1.68 | $1.99 | $2.35 | $0.71 | $1.92 | $1.70 | $1.76 |
| Diluted shares | 426M | 444M | 494M | 542M | 543M | 546M | 572M | 574M | 577M | 578M |
| Operating margin | 19.2% | 22.2% | 22.2% | 22.7% | 20.0% | 15.5% | 15.3% | 17.6% | 17.6% | 14.6% |
| Net margin | -57.7% | -15.8% | 12.0% | 8.3% | 10.0% | 11.5% | 3.3% | 8.6% | 7.3% | 6.8% |
Balance sheet
Fiscal years, from FirstEnergy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $199M | $588M | $367M | $627M | $1.7B | $1.5B | $160M | $137M | $111M | $57M |
| Receivables | $1.4B | $1.3B | $1.2B | $1.1B | $1.2B | $1.0B | $1.3B | $1.3B | $1.5B | $1.7B |
| Inventory | $564M | $236M | $252M | $281M | $317M | $260M | $421M | $512M | $549M | $577M |
| Total current assets | $3.0B | $3.1B | $2.4B | $2.4B | $3.7B | $3.2B | $2.4B | $2.6B | $2.8B | $3.0B |
| Property, plant and equipment | $29.4B | $28.1B | $29.9B | $31.6B | $33.3B | $34.7B | $36.3B | $38.4B | — | — |
| Goodwill | $5.6B | $5.6B | $5.6B | $5.6B | $5.6B | $5.6B | $5.6B | $5.6B | $5.6B | $5.6B |
| Total assets | $43.1B | $42.3B | $40.1B | $42.3B | $44.5B | $45.4B | $46.1B | $48.8B | $52.0B | $55.9B |
| Total current liabilities | $7.1B | $4.1B | $4.6B | $4.9B | $5.0B | $4.4B | $4.0B | $5.4B | $5.0B | $5.3B |
| Long-term debt | $18.2B | $18.7B | $17.8B | $19.6B | $22.1B | $22.2B | $21.2B | $22.9B | $22.5B | $25.5B |
| Total liabilities | $36.9B | $38.3B | $40.0B | $35.3B | $37.2B | $36.8B | $35.5B | $37.9B | $38.3B | $42.0B |
| Shareholders' equity | $6.2B | $3.9B | $6.8B | $7.0B | $7.2B | $8.7B | $10.2B | $10.4B | $12.5B | $12.5B |
| Net debt | $19.7B | $18.7B | $17.9B | $19.4B | $20.5B | $22.4B | $21.4B | $24.0B | $23.4B | $26.2B |
Cash flow
Fiscal years, from FirstEnergy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.4B | $3.8B | $1.4B | $2.5B | $1.4B | $2.8B | $2.7B | $1.4B | $2.9B | $3.7B |
| Capital spending | $2.8B | $2.6B | $2.7B | $2.7B | $2.7B | $2.5B | $2.8B | $3.4B | $4.0B | $4.7B |
| Free cash flow | $548M | $1.2B | -$1.3B | -$198M | -$1.2B | $324M | -$165M | -$2.0B | -$1.1B | -$1.0B |
| Stock-based compensation | — | — | $0 | $0 | $0 | — | — | — | — | — |
| Dividends paid | $611M | $639M | $711M | $814M | $845M | $849M | $891M | $906M | $970M | $1.0B |
| Net borrowing | -$355M | $2.4B | -$1.1B | $1.5B | $2.3B | $1.6B | -$2.3B | $2.6B | -$660M | $2.8B |
| Free cash flow margin | 5.1% | 11.2% | -11.2% | -1.8% | -11.4% | 2.9% | -1.3% | -15.3% | -8.5% | -6.7% |
| Dividends per share | $1.43 | $1.44 | $1.44 | $1.50 | $1.56 | $1.55 | $1.56 | $1.58 | $1.68 | $1.76 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for FE.
Open FE in InvestinglyQuestions
What was FirstEnergy's revenue in 2025?
$15.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does FirstEnergy generate?
-$1.0B in fiscal 2025 (operating cash flow minus capital spending).
From FirstEnergy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.