FirstEnergy Corp

firstenergycorp.com

What Do They Do?

Distributes electricity, generates power and operates transmission facilities for residential, commercial and industrial customers across the Midwest and Mid-Atlantic.

How Do They Make Money?

Residential, commercial and industrial customers are billed for electricity as it is delivered; bills are generally due within 30 days. Transmission service is paid over time under rates updated annually.

revenue

Segment	Share	How money arrives
Distribution services and retail generation Usage-based	81% FY2022: 80%	Usage-based
Transmission Recurring	15% FY2022: 15%	Recurring
Other	3.9% FY2022: 5.5%

Who Are Their Customers?

Residential, commercial and industrial customers receive electricity directly through FirstEnergy’s utility operating companies in their service areas.

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$1B.

Operating income, FY2025

15% of revenue

▼ −7% vs FY2024 ($2.4B, 18%)

Net income, FY2025

7% of revenue

▲ +4% vs FY2024 ($978M, 7%)

Free cash flow, FY2025

−7% of revenue

▼ −12% (Loss) vs FY2024 (−$1.1B, −8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +9%; vs $3.4B in Q2 FY2025
Net income: ▲ +7%; vs $268M in Q2 FY2025

Distribution services and retail generation share of revenue vs 79.8% in Q2 FY2025

Jul 28, 2026 Reaffirmed earnings guidance and longer-term growth outlook Reaffirmed its 2026 earnings-per-share guidance of $2.62 to $2.82 and annual growth target near the top of 6% to 8% through 2030.

Growing. Revenue grew 36% in 4 years, from $11.1B in FY2021 to $15.1B in FY2025, about 8% a year.

Revenue over time

Distribution services and retail generation Transmission Other

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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