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FirstEnergy Corp.

FE

FirstEnergy Corp. • NYSE
$47.72 ▲ 0.76% (+0.36)
Market Cap $27.57 B
52w High $48.20
52w Low $37.58
Dividend Yield 1.76%
P/E 20.75
Volume 2.27M
Outstanding Shares 577.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.148B ▲ $1.673B ▲ $441M ▲ 10.632% ▲ $0.76 ▲ $1.289B ▲
Q2-2025 $3.38B ▼ $1.613B ▼ $268M ▼ 7.929% ▼ $0.46 ▼ $1.078B ▼
Q1-2025 $3.765B ▲ $1.774B ▲ $360M ▲ 9.562% ▲ $0.62 ▲ $1.201B ▲
Q4-2024 $3.176B ▼ $1.558B ▼ $261M ▼ 8.218% ▼ $0 ▼ $1.021B ▼
Q3-2024 $3.729B $1.777B $419M 11.236% $0.73 $1.235B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.431B ▲ $55.884B ▲ $41.7B ▲ $12.798B ▼
Q2-2025 $569M ▲ $54.23B ▲ $40.059B ▲ $12.851B ▲
Q1-2025 $132M ▲ $52.771B ▲ $38.909B ▲ $12.567B ▲
Q4-2024 $111M ▼ $52.044B ▲ $38.324B ▲ $12.455B ▲
Q3-2024 $439M $50.756B $37.064B $12.427B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $532M ▲ $845M ▼ $-1.391B ▼ $1.363B ▲ $817M ▲ $3.068B ▲
Q2-2025 $318M ▼ $1.082B ▲ $-1.321B ▼ $690M ▲ $451M ▲ $-136M ▲
Q1-2025 $414M ▲ $637M ▼ $-1.093B ▲ $465M ▲ $9M ▲ $-368M ▼
Q4-2024 $296M ▼ $1.044B ▲ $-1.389B ▼ $34M ▼ $-311M ▼ $-250M ▼
Q3-2024 $466M $775M $-1.085B $672M $362M $-229M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Regulated Distribution
Regulated Distribution
 $1.63Bn ▲$1.94Bn ▲$1.68Bn ▼$2.02Bn ▲
Regulated Transmission
Regulated Transmission
 $410.00M ▲$490.00M ▲$460.00M ▼$490.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, with the core utility business expanding at a measured but consistent pace. Profitability at the operating level has generally improved, suggesting better cost control and benefits from rate cases and grid investments. However, net income has been uneven, with one notably weak year that points to charges or one-off items impacting bottom-line results. Overall, the company looks operationally solid, but earnings are not perfectly smooth from year to year, which is typical for a regulated utility navigating regulatory and restructuring issues.

Balance Sheet

Balance Sheet The balance sheet is large and asset-heavy, as expected for a transmission and distribution utility, and total assets have trended upward over time. Equity has been building, which is a constructive sign for long-term financial strength. Debt remains high in absolute terms and forms a significant portion of the capital structure, reflecting the capital-intensive nature of the business. Cash on hand is quite lean, so the company is dependent on access to debt markets and ongoing cash generation to fund its plans, making funding conditions and credit ratings important watch points.

Cash Flow

Cash Flow The company consistently produces solid cash flow from operations, although the level has swung from year to year. It is spending heavily on capital projects, so free cash flow has often been negative, indicating that internal cash alone is not enough to cover all investment needs. This pattern fits with a major grid modernization and infrastructure build-out story: cash comes in steadily, but is quickly reinvested into the network. The key question is whether these investments continue to be added to the regulated rate base with supportive returns, allowing future cash flows to grow and eventually better cover the spending.

Competitive Edge

Competitive Edge FirstEnergy operates as a regulated monopoly in its territories, which provides a built-in customer base and generally predictable revenue, subject to regulator approval. Its extensive transmission and distribution network is a major barrier to entry; replicating this infrastructure would be extremely difficult and costly for any new player. The company’s scale and long history give it meaningful experience dealing with regulators across multiple states, which is a competitive advantage in a rule-heavy industry. The main competitive risks are less about direct rivals and more about regulatory outcomes, reputation, and how effectively it manages reliability, pricing, and the ongoing energy transition compared with peer utilities.

Innovation and R&D

Innovation and R&D Innovation is focused on grid modernization rather than traditional lab-style research and development. The Energize365 program aims to build a smarter, more resilient grid, with widespread smart meter rollout, automated equipment, and upgraded substations to reduce outages and handle rising demand from electrification and data centers. The company is also experimenting around the edges with new offerings, like home services and energy management tools, to deepen customer relationships. At the same time, it is trying to balance cleaner energy goals with reliability by investing in both gas-fired generation and solar, and it has taken minority stakes in decarbonization technologies through external funds to stay close to emerging ideas.

Summary

FirstEnergy looks like a classic regulated utility in transition: revenue and operating profits are trending upward, supported by large, ongoing infrastructure investments, but net earnings can still be choppy from year to year. The balance sheet is typical for the sector—heavy on long-lived assets and debt, with modest cash—so the company is reliant on healthy cash generation and continued access to financing. Cash flows show a story of intense reinvestment, with much of today’s money being plowed back into tomorrow’s grid. Its competitive position is anchored by its regulated monopoly status and large existing network, with performance heavily shaped by state-level regulatory decisions. The strategic opportunity lies in executing its large modernization program on time and on budget, securing supportive rate treatment, and managing the clean energy transition in a way that maintains reliability and financial stability.

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