Capital intensity remains high with quarterly CAPEX of $1.3 billion in 2026Q1, contributing to a negative free cash flow position that necessitates consistent access to external capital markets.
FirstEnergy Corp. (FE) cash flow statement — 29-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 3.12B | 3.7B | 2.89B | 1.39B | 2.68B | 2.81B | 1.42B | 2.47B | 1.41B | 3.81B | 3.37B | 3.45B | 2.71B | 2.66B | 2.32B | 3.06B | 3.08B | 2.46B | 2.22B | 1.69B | 1.94B | 2.22B | 1.88B | 1.95B | 1.92B | 1.28B | 1.51B | 1.49B | 1.16B | 856.4M |
| Operating CF Growth % | -67.52% | 27.98% | 108.44% | -48.3% | -4.55% | 97.54% | -42.32% | 74.96% | -62.97% | 12.96% | -2.2% | 27.05% | 1.92% | 14.74% | -24.26% | -0.42% | 24.79% | 11.09% | 30.99% | -12.64% | -12.66% | 18.27% | -3.84% | 1.92% | 49.44% | -15% | 1.31% | 28.82% | 34.9% | - |
| Operating CF / Revenue % | 19.7% | 24.52% | 21.46% | 10.78% | 21.53% | 25.25% | 13.19% | 22.36% | 12.52% | 27.17% | 23.15% | 22.94% | 18.03% | 17.85% | 15.16% | 18.84% | 23.06% | 19.01% | 16.28% | 13.23% | 16.86% | 18.52% | 15.07% | 15.86% | 15.76% | 16.02% | 21.45% | 23.55% | 19.71% | 30.35% |
| Net Income | 1.09B | 1.27B | 1.13B | 1.18B | 439M | 1.28B | 1.08B | 912M | 1.35B | -1.72B | -6.18B | 578M | 213M | 375M | 755M | 856M | 718M | 990M | 1.34B | 1.31B | 1.25B | 861M | 878M | 423M | 629M | 646.45M | 598.97M | 568.3M | 441.4M | 305.8M |
| Depreciation & Amortization | 1.44B | 1.61B | 1.59B | 1.28B | 1.32B | 1.66B | 1.2B | 1.22B | 1.38B | 1.7B | 1.97B | 1.83B | 1.59B | 2.02B | 1.35B | 1.26B | 918M | 736M | 677M | 1.76B | 1.55B | 1.96B | 1.85B | 1.74B | 1.17B | 975.8M | 1.04B | 1.03B | 0 | 0 |
| Deferred Taxes | -159M | 219M | 316M | 252M | 989M | 297M | 113M | 252M | 485M | 839M | -3.06B | 284M | 162M | 243M | 647M | 798M | 450M | 384M | 366M | -9M | 159M | 154M | 258M | 54M | 91M | 31.63M | -79.43M | -45.1M | -23.8M | -29.6M |
| Other Non-Cash Items | -64M | 414M | 255M | -926M | -266M | -771M | -936M | -36M | -1.52B | 2.95B | 10.6B | 613M | 691M | 195M | -397M | -227M | 964M | 236M | 268M | -1.43B | -949M | -1.06B | -1.13B | -388M | -297M | -40.1M | -30.73M | -19.6M | 839.3M | 519.5M |
| Working Capital Changes | 660M | 189M | -395M | -395M | 204M | 338M | -32M | 122M | -285M | 41M | 50M | 159M | 55M | -173M | -32M | 383M | 27M | 99M | -362M | 67M | -72M | 301M | 40M | -70M | 322M | -332.09M | -16.36M | -47.5M | -101.6M | 60.7M |
| Capital Expenditures | -1.54B | -4.71B | -4.03B | -3.36B | -2.76B | -2.44B | -2.66B | -2.67B | -2.67B | -2.84B | -3.07B | -2.89B | -3.54B | -2.89B | -2.96B | -2.28B | -1.96B | -2.2B | -2.89B | -1.63B | -1.31B | -1.21B | -846M | -856M | -997.72M | -3.07B | -587.62M | -624.9M | -652.9M | -1.86B |
| CapEx / Revenue % | 9.73% | 31.18% | 29.91% | 26.08% | 22.12% | 21.96% | 24.62% | 24.15% | 23.75% | 20.27% | 21.06% | 19.26% | 23.56% | 19.36% | 19.37% | 14.01% | 14.72% | 16.99% | 21.19% | 12.76% | 11.43% | 10.08% | 6.79% | 6.96% | 8.21% | 38.44% | 8.36% | 9.89% | 11.14% | 65.84% |
| CapEx / D&A | 1.07x | 2.93x | 2.54x | 2.62x | 2.09x | 1.47x | 2.22x | 2.19x | 1.93x | 1.67x | 1.55x | 1.58x | 2.23x | 1.43x | 2.20x | 1.80x | 2.14x | 2.99x | 4.27x | 0.93x | 0.85x | 0.62x | 0.46x | 0.49x | 0.85x | 3.15x | 0.57x | 0.61x | - | - |
| CapEx Coverage (OCF/CapEx) | 2.02x | 0.79x | 0.72x | 0.41x | 0.97x | 1.15x | 0.54x | 0.93x | 0.53x | 1.34x | 1.10x | 1.19x | 0.77x | 0.92x | 0.78x | 1.34x | 1.57x | 1.12x | 0.77x | 1.04x | 1.47x | 1.84x | 2.22x | 2.28x | 1.92x | 0.42x | 2.57x | 2.38x | 1.77x | 0.46x |
| Cash from Investing | -5.5B | -5.07B | -4.35B | -3.65B | -3.08B | -2.56B | -2.91B | -2.87B | -3.02B | -2.72B | -3.28B | -3.12B | -3.36B | -3.09B | -3.16B | -956M | -1.95B | -2.19B | -2.98B | -313M | -1.11B | -1.33B | -481M | -712M | -815.7M | -3.07B | -690.36M | -611.7M | -782.9M | -1.86B |
| Acquisitions | -26M | 0 | 0 | 0 | 2.34B | 155M | 2M | 47M | 425M | 388M | 15M | 20M | 0 | 0 | 0 | 587M | -113M | 2.28B | 72M | 42M | 0 | 0 | 0 | 0 | 0 | -2.01B | 0 | 0 | 0 | -1.58B |
| Purchase of Investments | -117M | -114M | -134M | -50M | -59M | -59M | -208M | -1.68B | -963M | -2.27B | -1.79B | -1.65B | -2.24B | -2.1B | -3.02B | -4.31B | -3.22B | -2.31B | -1.75B | -1.4B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -47.8M | -8.9M |
| Sale of Investments | 105M | 102M | 121M | 38M | 48M | 48M | 186M | 1.64B | 909M | 2.17B | 1.68B | 1.54B | 2.17B | 2.02B | 3.08B | 4.27B | 3.24B | 2.23B | 1.66B | 1.29B | 121M | 0 | 278M | 0 | 0 | 0 | 17.45M | 41.2M | 0 | 0 |
| Other Investing | -3.93B | -348M | -307M | -284M | -2.65B | -258M | -231M | -217M | -289M | 223M | -103M | -121M | 254M | -133M | -255M | 777M | 109M | -2.19B | -74M | 1.38B | 85M | -125M | 87M | 144M | 182.03M | -209.01M | -120.19M | -28M | -82.2M | -62.3M |
| Cash from Financing | 1.96B | 1.31B | 1.43B | 2.24B | -912M | -542M | 2.61B | 656M | 1.39B | -702M | -22M | -279M | 513M | 477M | 807M | -2.92B | -983M | 49M | 1.18B | -1.34B | -804M | -876M | -1.46B | -1.32B | -1.12B | 1.96B | -879.99M | -842.6M | -392.9M | 1.02B |
| Dividends Paid | -1.04B | -1.02B | -970M | -906M | -891M | -849M | -845M | -820M | -772M | -639M | -611M | -607M | -604M | -920M | -920M | -881M | -670M | -670M | -671M | -616M | -586M | -546M | -491M | -453M | -439.63M | -334.63M | -334.22M | -341.5M | -339.1M | -237.8M |
| Dividend Payout Ratio % | - | 99.61% | 99.18% | 82.21% | 219.46% | 66.17% | 78.31% | 89.25% | 52.74% | - | - | 105.02% | 202.01% | 234.69% | 119.48% | 99.55% | 90.3% | 66.6% | 50% | 47.06% | 46.73% | 63.41% | 55.99% | 107.35% | 79.71% | 51.77% | 55.8% | 60.09% | 82.53% | 77.76% |
| Debt Issuance (Net) | 2M | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 1B | 0 | 0 | 850M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 934M | 0 | 96.74M | 0 | 0 | 204.2M | 1.56B |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -969M | -793M | -170M | -2M | -127M | -522M | -100.77M | -233.47M | -182.3M | -21.4M | -5M |
| Other Financing | -179M | -245M | 3.29B | -144M | 2.18B | -61M | -59M | -35M | -116M | -72M | -43M | -26M | -47M | -183M | -52M | -38M | -19M | -57M | 19M | 19M | -14M | -18M | -2M | 25M | 1M | 0 | 0 | 0 | 116.5M | 0 |
| Net Change in Cash | -423M | -55M | -25M | -27M | -1.3B | -290M | 1.12B | 250M | -214M | 390M | 68M | 46M | -133M | 46M | -30M | -817M | 145M | 329M | 416M | 39M | 26M | 11M | -61M | -82M | -23.88M | 170.92M | -62.53M | 34M | -20.4M | 20.9M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 0 | 0 | 0 | 0 | 100K | 0 |
| Cash at Beginning | 80M | 154M | 179M | 206M | 1.51B | 1.8B | 679M | 429M | 643M | 199M | 131M | 85M | 218M | 172M | 202M | 1.02B | 874M | 545M | 129M | 90M | 64M | 53M | 114M | 196M | 220.18M | 49.26M | 111.79M | 77.8M | 98.2M | 77.3M |
| Cash at End | 191M | 99M | 154M | 179M | 206M | 1.51B | 1.8B | 679M | 429M | 589M | 199M | 131M | 85M | 218M | 172M | 202M | 1.02B | 874M | 545M | 129M | 90M | 64M | 53M | 114M | 196.3M | 220.18M | 49.26M | 111.8M | 77.8M | 98.2M |
| Free Cash Flow | 1.58B | -1B | -1.14B | -1.97B | -73M | 366M | -1.23B | -198M | -1.26B | 967M | 304M | 553M | -832M | -226M | -644M | 785M | 1.11B | 262M | -669M | 61M | 624M | 1.01B | 1.03B | 1.1B | 917.56M | -1.79B | 920.21M | 863.4M | 502.4M | -1B |
| FCF Growth % | 260.53% | 11.76% | 42.15% | -2597.26% | -119.95% | 129.66% | -523.23% | 84.35% | -230.82% | 218.09% | -45.03% | 166.47% | -268.14% | 64.91% | -182.04% | -29.47% | 324.81% | 139.16% | -1196.72% | -90.22% | -38.34% | -1.84% | -5.93% | 19.45% | 151.17% | -294.85% | 6.58% | 71.86% | 150.18% | - |
| FCF Margin % | 9.97% | -6.66% | -8.45% | -15.3% | -0.59% | 3.29% | -11.44% | -1.79% | -11.23% | 6.9% | 2.09% | 3.68% | -5.53% | -1.52% | -4.21% | 4.83% | 8.34% | 2.02% | -4.91% | 0.48% | 5.43% | 8.44% | 8.28% | 8.91% | 7.55% | -22.41% | 13.09% | 13.66% | 8.57% | -35.48% |
| FCF / Net Income % | 145.3% | -98.53% | -116.46% | -178.68% | -17.98% | 28.53% | -114.37% | -21.71% | -93.84% | -56.09% | -4.92% | 95.67% | -278.26% | -57.65% | -83.64% | 88.7% | 150% | 26.04% | -49.85% | 4.66% | 49.76% | 117.54% | 117.56% | 259.72% | 166.23% | -277.36% | 153.63% | 151.93% | 122.27% | -327.37% |
Quick answers to the most common questions about buying FE stock.
FirstEnergy Corp. (FE) generated $3.70B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FirstEnergy Corp. (FE) reported negative free cash flow of $1.00B in 2025, indicating capital requirements exceeded cash from operations.
FirstEnergy Corp. (FE) spent $4.71B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, FirstEnergy Corp. (FE) returned $1.02B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Regulatory lag and leverage
Metrics are mathematically derived from official filings.
Aggressive Capital Deployment Strategy
As evidenced by the Energize365 plan, FirstEnergy consistently maintains high capital intensity, with quarterly CAPEX frequently exceeding $1.0 billion, as reported in recent financial statements, which underscores the company's commitment to expanding its regulated rate base through significant grid modernization and transmission infrastructure investments.
The high ratio of CAPEX to operating cash flow suggests that the company is in a heavy investment phase, which is typical for utilities seeking to grow their rate base. Investors should monitor whether these capital outlays translate into timely rate recovery, as the current pace of spending necessitates consistent regulatory support to maintain long-term financial health.
External Capital Reliance Remains High
Based on the reported cash flow data, FirstEnergy frequently experiences negative free cash flow, necessitating consistent access to external capital markets to fund its infrastructure projects, a trend that appears to be a structural requirement rather than a temporary liquidity shortfall for the utility.
The recurring FCF deficits highlight the company's reliance on debt and equity markets to bridge the gap between operational cash generation and the capital requirements of its grid modernization efforts. Given the company's historical regulatory challenges, the ability to secure this financing on favorable terms remains a critical variable for future solvency.
Dividend Coverage Amidst Capital Intensity
According to quarterly filings, the OCF-to-dividend coverage ratio has fluctuated significantly, reaching as low as 0.6 in 2026Q1, which suggests that dividend sustainability is increasingly sensitive to the timing of regulatory rate adjustments and the company's ongoing, massive capital expenditure requirements.
While the dividend remains a priority for management, the volatility in cash coverage ratios indicates that the payout is not currently supported by excess operating cash flow after accounting for necessary grid investments. This implies that the dividend is effectively being funded through external financing, which warrants caution regarding future payout growth.
Accounting Realities Versus Cash Flow
Financial statements indicate a persistent divergence between net income and operating cash flow, as seen in 2026Q1 where net income of $405 million contrasted with only $148 million in OCF, suggesting that non-cash accruals and regulatory accounting adjustments significantly mask the underlying cash-generating capacity of the business.
The reliance on regulatory assets and liabilities often creates a disconnect between GAAP earnings and actual cash inflows, making it difficult to assess the true quality of earnings. Analysts should interpret these figures as indicators of regulatory lag, where the company recognizes income that has not yet been realized in cash form.