FIRSTENERGY CORPFE
FIRSTENERGY CORP Financial Overview 2021–2025
Updated Aug 8, 2026Over the past five years, FirstEnergy committed $36 billion to its infrastructure plan covering FY2026 through FY2030, representing a 25% jump over its previous spending targets. This capital deployment underscores the utility’s central thesis: transitioning away from years of legal overhangs into a steady grid modernization growth story.
The company’s profitability absorbed structural shifts and penalties along the way. Net income dropped from $1.283 billion in FY2021 to a low of $406 million in FY2022 before rebounding to $1.020 billion in FY2025. By clearing a $100 million civil penalty in FY2024 and shedding a 30% equity stake in its transmission subsidiary for $2.3 billion in cash, the company cleaned up its balance sheet and funded its rate-base expansion. The operational pivot is yielding results; by Q1 2026, FirstEnergy posted $4.202 billion in quarterly revenue—an 11.6% year-over-year jump driven by implemented base rate cases and heavy capital investments.
With costly distractions resolved, financial flexibility allowed for consecutive dividend bumps, raising the quarterly payout to $0.465 per share in Q1 2026. The market rewarded this operational stability at the close of FY2025, when the stock traded at $44.77 and was valued at 25.4x earnings. Backed by an interest coverage ratio of 5.1 times at the end of Q2 2025 and a $25.9 billion market cap, FirstEnergy is structured to capture steady, regulated returns.
Recent Developments (Q1 and Q2 2026)
FirstEnergy sustained its momentum into Q2 2026, delivering $3.7 billion in revenue for a 9% year-over-year increase. This growth, fueled by higher transmission and generation sales, lifted quarterly net income by 7% to $288 million, or $0.50 per share. In H1 2026, capital investments reached $2.8 billion as the company accelerated grid upgrades. Operationally, FirstEnergy expanded its transmission joint venture with Brookfield in May 2026 to include the new Valley Link and Grid Growth projects. Additionally, director Melvin Williams announced his planned departure from the board.
Bulls favor the utility's reliable cash flow visibility, bolstered by an upgraded positive outlook from Moody's. Bears warn that mounting operating and interest expenses from recent debt issuances could compress future profitability. Trading at 27.6x earnings as of July 28, 2026, the equity commands a premium valuation that reflects its expected rate-base expansion.
What to watch: margin impacts from rising interest expenses; progress on the Valley Link and Grid Growth ventures.
Rev
$15.09B
FY2025
NI
$1.02B
FY2025
EPS
$1.77
FY2025
OCF
$3.70B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All FE Financial Metrics(53)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Short-Term Debt
- Deferred Revenue
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- NCI
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
FIRSTENERGY CORP 8-K Report, Financial Results (Jul 28, 2026)
FirstEnergy Corp. (FE) has filed an 8-K on July 28, 2026, to report its financial results for the second quarter and first half of 2026. The filing incorporates a news release and a "Strategic and Financial Highlights" document, both of which contain both GAAP and non-GAAP financial measures. Management utilizes these non-GAAP measures to assess performance and make operational decisions, believing they offer a more consistent and comparable view of business performance over time and against peers. Investors are directed to review Exhibits 99.1 and 99.2 for detailed financial data and reconciliations of non-GAAP measures to GAAP. The company also included a comprehensive list of forward-looking statements and associated risks. These risk factors cover a broad range of potential challenges including regulatory investigations, litigation, macroeconomic conditions, weather events, legislative and regulatory developments, capital market access, cybersecurity threats, strategic goal execution, and environmental regulations, among others. Investors should pay close attention to these disclosures when evaluating the company's future prospects.
FIRSTENERGY CORP 8-K Report, Regulation FD Disclosure (Jun 1, 2026)
FirstEnergy Corp. (FE) has filed an 8-K report on June 1, 2026, to announce the publication of an updated investor presentation. This presentation contains key strategic and regulatory updates, offering insights into the company's current direction and future plans. Investors should refer to this presentation for the most recent information regarding FirstEnergy's operations, financial outlook, and regulatory environment. The filing emphasizes that the information provided in the presentation is made available under Regulation FD and is not deemed "filed" with the SEC, though it is incorporated by reference and accessible on the company's investor relations website. While the 8-K itself does not contain detailed financial or operational data, it serves as a gateway to more comprehensive information that FirstEnergy is making public. Investors are encouraged to review the investor presentation to understand potential strategic shifts, regulatory developments, and their implications for the company's performance and shareholder value. The filing also includes a standard forward-looking statements disclaimer, outlining various risks and uncertainties that could materially affect the company's future results, including ongoing investigations, litigation, economic conditions, and regulatory changes.
FIRSTENERGY CORP 8-K Report, Material Agreement (May 20, 2026)
FirstEnergy Corp. (FE) filed an 8-K on May 20, 2026, detailing amendments to its joint venture agreement for its transmission subsidiary, FirstEnergy Transmission, LLC (FET). The Fifth Amended and Restated Limited Liability Company Agreement (Fifth LLC Agreement) extends the existing governance framework between FirstEnergy and its joint venture partner, Brookfield Super-Core Infrastructure Partners' investment vehicle (Investor), to two new transmission joint ventures: "Valley Link" and "Grid Growth." While the core governance structure, board composition, and Investor's approval rights regarding FET remain unchanged, the Fifth LLC Agreement specifically outlines how these arrangements will apply to the new joint ventures, ensuring consistent application of consent, consultation, and reporting requirements. Additionally, the filing reports the results of FirstEnergy's Annual Meeting of Shareholders held on the same date. Key outcomes include the re-election of all nominated directors, ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2026, and advisory approval of named executive officer compensation. A shareholder proposal requesting an independent board chair was not approved. These disclosures provide insight into the company's ongoing strategic partnerships in transmission infrastructure and shareholder governance.
FIRSTENERGY CORP 8-K Report, Financial Results (Apr 28, 2026)
FirstEnergy Corp. (FE) filed an 8-K on April 28, 2026, announcing its financial results for the three months ended March 31, 2026. The filing primarily incorporates a news release and a strategic and financial highlights document, both of which present financial information on both GAAP and non-GAAP bases. Management utilizes these non-GAAP measures to assess performance and facilitate comparisons, asserting their utility for understanding performance trends and peer group evaluation. While the specific financial figures are detailed in the referenced exhibits (99.1 and 99.2), this 8-K serves as the official notification and incorporation of that information into the SEC record. Investors are directed to these exhibits and the company's investor relations website for comprehensive details on the first-quarter 2026 performance, strategic updates, and forward-looking statements. The filing also includes extensive risk factors and forward-looking statements that investors should carefully review.
FIRSTENERGY CORP 8-K Report, Financial Results (Feb 17, 2026)
FirstEnergy Corp. (FE) filed an 8-K on February 17, 2026, to report its financial results for the year ended December 31, 2025. The filing primarily incorporates by reference a press release, which includes both GAAP and non-GAAP financial measures. Management utilizes these non-GAAP measures for operational evaluation and performance comparison, believing they offer a consistent view of business performance over time and against peers by excluding certain non-comparable adjustments. In addition to the financial results, the 8-K also disseminates Fourth Quarter 2025 Strategic and Financial Highlights and the latest annual Investor FactBook. These materials, also incorporated by reference, are accessible via the Investor Relations section of FirstEnergy's website. Investors are advised that important information may be exclusively released on the website, underscoring the need to regularly consult it for comprehensive updates. The company also includes standard forward-looking statements and risk factors relevant to its operations.
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