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Firstenergy (FE) FY2024 results: revenue $13.5 billion, up 4.7% on the year

Firstenergy Corp. (FE) reported revenue of $13.5 billion for fiscal 2024, the year ended 31 December 2024, up 4.7% on the year before. Net income was $978 million, down 11.3%, and diluted earnings per share $1.70. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue
$13.5 billion
+4.7% on the year
FY2017FY2024
Operating margin
17.6%
17.6% a year earlier
FY2017FY2024
Net income
$978 million
-11.3% on the year
FY2017FY2024
Diluted EPS
$1.70
-11.5% on the year
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue13,47212,87012,459+4.7%
Operating income2,3752,2661,910+4.8%
Operating margin17.6%17.6%15.3%
Interest expense1,1441,1241,039+1.8%
Pre-tax income1,5041,4641,439+2.7%
Income tax3772671,000+41.2%
Effective tax rate25.1%18.2%69.5%
Net income9781,102406-11.3%
Net margin7.3%8.6%3.3%
Diluted EPS$1.70$1.92$0.71-11.5%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow2,8911,3872,683+108.4%
Capital expenditure4,0303,3562,848+20.1%
Free cash flow-1,139-1,969-165
Free cash flow margin-8.5%-15.3%-1.3%
Cash from investing-4,350-3,652-3,076
Cash from financing1,4342,238-912-35.9%
Depreciation and amortisationn/an/a1,317
Dividends paid970906891+7.1%
Dividend per share$1.70$1.60$1.56+6.2%
Diluted shares, weighted577m574m572m+0.5%
Shares outstanding at period end577m574m572m+0.4%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity12,45510,43710,166+19.3%
Non-controlling interest1,265479477+164.1%
Debt24,02324,91021,654-3.6%
Operating lease liabilities192179247+7.3%
Finance lease liabilities9.011.017.0-18.2%
Other liabilities14,10012,75113,547+10.6%
Total liabilities and equity52,04448,76746,108+6.7%
Fixed assetsn/a38,41236,285
Goodwill5,6185,6185,6180.0%
Investments652663622-1.7%
Cash and equivalents111137160-19.0%
Receivables1,5301,3181,318+16.1%
Inventory549512421+7.2%
Other assets43,5842,1071,684+1,968.5%
Total assets52,04448,76746,108+6.7%

10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.