10-KPeriod: FY2025

FIRSTENERGY CORP Annual Report, Year Ended Dec 31, 2025

Filed February 18, 2026For Securities:FE

Summary

FirstEnergy Corp. (FE) reported a net income of $1,020 million for the year ended December 31, 2025, representing an increase of $42 million compared to the previous year. This growth was primarily driven by the absence of significant penalties and settlements recorded in 2024, alongside higher customer usage and increased revenues from regulated capital investments. The company's Energize365 investment plan was increased to $36 billion for the 2026-2030 period, signaling a strong commitment to grid modernization, reliability, and supporting growing customer demand, with significant allocations to distribution and transmission infrastructure. The company's operational performance saw improvements across its segments, with the Integrated segment showing a notable earnings increase of $53 million. While facing some headwinds, such as a $352 million impairment charge in Ohio related to rate case disallowances, FirstEnergy successfully managed its financial position, evidenced by an increase in its consolidated interest coverage ratio and available liquidity. The company also continued its focus on returning value to shareholders with a declared increase in its quarterly cash dividend.

Financial Highlights

45 data points
Beta

Revenue

$15.09B

Net Income

$1.02B

6.8% Net Margin

EPS (Diluted)

$1.76

Total Assets

$55.90B

Cash & Equivalents

$57.00M

Free Cash Flow

$3.70B

Financial Statements
Beta
Revenue$15.09B
Operating Expenses$12.88B
Operating Income$2.21B
Net Income$1.02B
EPS (Basic)$1.77
EPS (Diluted)$1.76
Shares Outstanding (Basic)577.00M
Shares Outstanding (Diluted)578.00M

Key Highlights

  • 1FirstEnergy Corp. reported a net income of $1,020 million for the year ended December 31, 2025, a 4% increase from $978 million in 2024.
  • 2The company increased its Energize365 investment plan to $36 billion for the 2026-2030 period, an approximately 25% increase from the previous five-year plan, focusing on grid modernization and reliability.
  • 3Capital investment forecasts show significant planned spending across Distribution (28%), Integrated (35%), and Stand-Alone Transmission (35%) segments over the next five years.
  • 4The Integrated segment experienced a $53 million increase in earnings attributable to FE, driven by rate case implementations and higher customer usage.
  • 5Despite a $352 million pre-tax impairment charge in the Ohio segment due to rate case disallowances, overall earnings increased due to other positive factors and the absence of prior year charges.
  • 6FirstEnergy declared a $0.02 per share increase in its quarterly cash dividend to $0.465 per share, payable in June 2026, reflecting a 4.5% increase.
  • 7The company maintained compliance with its debt covenants, with a consolidated interest coverage ratio of approximately 4.4 times as of December 31, 2025.

Frequently Asked Questions

FirstEnergy reported a net income of $1,020 million, or $1.76 per diluted share, for the year ended December 31, 2025. This represents an increase from the prior year, primarily due to the absence of significant penalties and settlements recorded in 2024, coupled with higher customer usage and increased revenues from regulated capital investments.

FirstEnergy has increased its Energize365 investment plan to $36 billion for the 2026-2030 period, a 25% increase from its previous five-year plan. This investment will be allocated across its Distribution (28%), Integrated (35%), and Stand-Alone Transmission (35%) segments, focusing on grid modernization, reliability improvements, and supporting growing customer demand, including data centers.

FirstEnergy's Board of Directors declared a $0.02 per share increase to the quarterly cash common stock dividend, bringing it to $0.465 per share payable in June 2026. This represents a 4.5% increase compared to 2025 dividends and reflects the company's strategy to balance enhanced shareholder returns with substantial regulated investments.

The company continues to navigate regulatory matters, including a $352 million pre-tax impairment charge recognized in the fourth quarter of 2025 related to disallowances in the Ohio base rate case. Additionally, there are ongoing legal proceedings related to past lobbying activities and an HB 6 investigation, although the company has largely completed its obligations under a deferred prosecution agreement. FirstEnergy's operations are subject to various state and federal regulations that influence rates and capital recovery.