FirstEnergy

FirstEnergy ended 2025 with 25.5 billion dollars of long‑term debt and 0.7 billion dollars of current maturities at the parent and subsidiaries, against total equity of 13.9 billion dollars.

Liquidity across amended credit facilities was approximately 5.6 billion dollars at year‑end 2025. S&P upgraded FirstEnergy Corp. to BBB+ on December 23, 2025, while FET and transmission subsidiaries sit in the A area, and management targets about 14% FFO/debt to sustain the profile.

Reported free cash flow is negative by design as the company invests into a growing rate base (2025 capital investments 5.1 billion dollars vs CFO 3.7 billion dollars), partially debt‑funded at ring‑fenced subsidiaries. Dividend capacity has improved, with a recent increase to 0.465 dollars per share quarterly.

Key sensitivities remain interest rates and storm restoration costs.