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Cover and table of contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the FISCAL YEAR ended December 31, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________________ to ___________________
| Commission | Registrants; | I.R.S. Employer | |||||||||||||||||||||||||||
| File Number | Address and Telephone Number | States of Incorporation | Identification No. | ||||||||||||||||||||||||||
| 333-21011 | FIRSTENERGY CORP. | Ohio | 34-1843785 | ||||||||||||||||||||||||||
| 341 White Pond Drive | |||||||||||||||||||||||||||||
| Akron | OH | 44320 | |||||||||||||||||||||||||||
| Telephone | (800) | 736-3402 | |||||||||||||||||||||||||||
| 1-3141 | JERSEY CENTRAL POWER & LIGHT COMPANY | New Jersey | 21-0485010 | ||||||||||||||||||||||||||
| 300 Madison Avenue | |||||||||||||||||||||||||||||
| Morristown | NJ | 07962 | |||||||||||||||||||||||||||
| Telephone | (800) | 736-3402 |
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
| Common Stock, $0.10 par value per share | FE | New York Stock Exchange |
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
None.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
| FirstEnergy Corp. | Yes | ☐ | No | ☑ | ||||||||||
| Jersey Central Power & Light Company | Yes | ☐ | No | ☑ |
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
| FirstEnergy Corp. | Yes | ☐ | No | ☑ | ||||||||||
| Jersey Central Power & Light Company | Yes | ☐ | No | ☑ |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
| FirstEnergy Corp. | Yes | ☑ | No | ☐ | ||||||||||
| Jersey Central Power & Light Company | Yes | ☑ | No | ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
| FirstEnergy Corp. | Yes | ☑ | No | ☐ | ||||||||||
| Jersey Central Power & Light Company | Yes | ☑ | No | ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large Accelerated Filer | ☑ FirstEnergy Corp. | ||||
| Accelerated Filer | ☐ | ||||
| Non-accelerated Filer | ☑ Jersey Central Power & Light Company | ||||
| Smaller Reporting Company | ☐ | ||||
| Emerging Growth Company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| FirstEnergy Corp. | ☐ | ||||
| Jersey Central Power & Light Company | ☐ |
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
| FirstEnergy Corp. | ☑ | ||||
| Jersey Central Power & Light Company | ☐ |
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
| FirstEnergy Corp. | ☐ |
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
| FirstEnergy Corp. | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
| FirstEnergy Corp. | Yes | ☐ | No | ☑ | ||||||||||
| Jersey Central Power & Light Company | Yes | ☐ | No | ☑ |
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.
$23,208,851,454 as of June 30, 2025
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:
| Registrants | CLASS | AS OF JANUARY 31, 2026 | |||||||||
| FirstEnergy Corp. | Common Stock, $0.10 par value | 577,932,879 | |||||||||
| Jersey Central Power & Light Company | Common Stock, $10 par value | 13,628,447, all held by FirstEnergy Corp. |
This combined Form 10-K is separately filed by FirstEnergy Corp. and Jersey Central Power & Light Company. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Jersey Central Power & Light Company makes no representation as to information relating to FirstEnergy Corp.
Jersey Central Power & Light Company meets the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and is therefore filing this Form 10-K with the reduced disclosure format specified in General Instruction I(2) to Form 10-K.
Documents Incorporated By Reference
| PART OF FORM 10-K INTO WHICH | ||||||||
| DOCUMENT | DOCUMENT IS INCORPORATED | |||||||
| Portions of the Definitive Proxy Statement for the 2026 Annual Meeting of Shareholders of FirstEnergy Corp. to be held May 20, 2026. | Part III |
TABLE OF CONTENTS
| Page | |||||
| Glossary of Terms | iii | ||||
| Part I | |||||
| Item 1. Business | 1 | ||||
| The Companies | 1 | ||||
| Utility Regulation | 3 | ||||
| Capital Requirements | 4 | ||||
| Supply Plan | 4 | ||||
| System Demand | 5 | ||||
| Regional Reliability | 5 | ||||
| Competition | 5 | ||||
| Seasonality | 5 | ||||
| Human Capital | 6 | ||||
| Information About Our Executive Officers | 8 | ||||
| FirstEnergy Website and Other Social Media Sites and Applications | 9 | ||||
| Item 1A. Risk Factors | 10 | ||||
| Item 1B. Unresolved Staff Comments | 24 | ||||
| Item 1C. Cybersecurity | 24 | ||||
| Item 2. Properties | 26 | ||||
| Item 3. Legal Proceedings | 27 | ||||
| Item 4. Mine Safety Disclosures | 27 | ||||
| Part II | 28 | ||||
| Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 28 | ||||
| Item 6. [Reserved] | 29 | ||||
| Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 29 | ||||
| FirstEnergy Corp. Management's Discussion and Analysis of Financial Condition and Results of Operations | 31 | ||||
| Jersey Central Power & Light Company Management’s Narrative Discussion and Analysis of Results of Operations | 80 | ||||
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk | 85 | ||||
| Item 8. Financial Statements and Supplementary Data | 85 | ||||
| Reports of Independent Registered Public Accounting Firm | 86 | ||||
| FirstEnergy Corp. | |||||
| Consolidated Statements of Income | 90 | ||||
| Consolidated Statements of Comprehensive Income | 91 | ||||
| Consolidated Balance Sheets | 92 | ||||
| Consolidated Statements of Stockholders' Equity | 94 | ||||
| Consolidated Statements of Cash Flows | 95 | ||||
| Jersey Central Power & Light Company | |||||
| Statements of Income and Comprehensive Income | 96 | ||||
| Balance Sheets | 97 | ||||
| Statements of Stockholder's Equity | 98 | ||||
| Statements of Cash Flows | 99 | ||||
| Combined Notes To Financial Statements of the Registrants | 100 | ||||
| Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure | 171 | ||||
| Item 9A. Controls and Procedures | 171 | ||||
| Item 9B. Other Information | 171 | ||||
| Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections | 171 |
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| Part III | 171 | ||||
| Item 10. Directors, Executive Officers and Corporate Governance | 171 | ||||
| Item 11. Executive Compensation | 172 | ||||
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 172 | ||||
| Item 13. Certain Relationships and Related Transactions, and Director Independence | 172 | ||||
| Item 14. Principal Accountant Fees and Services | 173 | ||||
| Part IV | 173 | ||||
| Item 15. Exhibit and Financial Statement Schedules | 173 | ||||
| Item 16. Form 10-K Summary | 179 |
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GLOSSARY OF TERMS
The following abbreviations and acronyms are used in this report to identify FirstEnergy Corp. and its current and former subsidiaries, including Jersey Central Power & Light Company:
| AE Supply | Allegheny Energy Supply Company, LLC, a wholly owned unregulated generation subsidiary of FE | ||||
| AGC | Allegheny Generating Company, a wholly owned generation subsidiary of MP | ||||
| ATSI | American Transmission Systems, Incorporated, a wholly owned transmission subsidiary of FET | ||||
| CEI | The Cleveland Electric Illuminating Company, a wholly owned Ohio electric power company subsidiary of FE | ||||
| Electric Companies | OE, CEI, TE, FE PA, JCP&L, MP and PE | ||||
| FE | FirstEnergy Corp., a public electric power holding company | ||||
| FE PA | FirstEnergy Pennsylvania Electric Company, a wholly owned Pennsylvania electric power company subsidiary of FirstEnergy Pennsylvania Holding Company LLC, a wholly owned subsidiary of FE | ||||
| FESC | FirstEnergy Service Company, which provides legal, financial and other corporate support services | ||||
| FET | FirstEnergy Transmission, LLC a consolidated VIE of FE, and the parent company of ATSI, MAIT and TrAIL, and having a joint venture in PATH and Valley Link | ||||
| FEV | FirstEnergy Ventures Corp., which invests in certain unregulated enterprises and business ventures | ||||
| FirstEnergy | FirstEnergy Corp., together with its consolidated subsidiaries | ||||
| Global Holding | Global Mining Holding Company, LLC, a joint venture between FEV, WMB Marketing Ventures, LLC and Pinesdale LLC | ||||
| Grid Growth | Grid Growth Ventures, LLC, a holding company formed by FET and Transource on September 29, 2025 | ||||
| Grid Growth EHV | Grid Growth EHV Holdings, LLC, a subsidiary of Grid Growth | ||||
| Grid Growth Subsidiaries | The six subsidiaries of Grid Growth: (i) Grid Growth EHV Holdings, LLC; (ii) Grid Growth Ohio, LLC; (iii) Grid Growth West Virginia, LLC; (iv) Grid Growth Virginia, LLC; (v) Grid Growth Ohio EHV, LLC; and (vi) Grid Growth Virginia Development, Inc. - that will develop, construct, own, operate and maintain those transmission projects awarded by PJM | ||||
| JCP&L | Jersey Central Power & Light Company, a wholly owned New Jersey electric power company subsidiary of FE | ||||
| KATCo | Keystone Appalachian Transmission Company, a wholly owned transmission subsidiary of FE | ||||
| MAIT | Mid-Atlantic Interstate Transmission, LLC, a wholly owned transmission subsidiary of FET | ||||
| ME | Metropolitan Edison Company, a former wholly owned Pennsylvania electric power company subsidiary of FE, which merged with and into FE PA on January 1, 2024 | ||||
| MP | Monongahela Power Company, a wholly owned West Virginia electric power company subsidiary of FE | ||||
| OE | Ohio Edison Company, a wholly owned Ohio electric power company subsidiary of FE | ||||
| Ohio Companies | CEI, OE and TE | ||||
| PATH | Potomac-Appalachian Transmission Highline, LLC, a joint venture between FE and a subsidiary of AEP | ||||
| PATH-Allegheny | PATH Allegheny Transmission Company, LLC | ||||
| PATH-WV | PATH West Virginia Transmission Company, LLC | ||||
| PE | The Potomac Edison Company, a wholly owned Maryland and West Virginia electric power company subsidiary of FE | ||||
| Penn | Pennsylvania Power Company, a former wholly owned Pennsylvania electric power company subsidiary of OE, which merged with and into FE PA on January 1, 2024 | ||||
| Pennsylvania Companies | ME, PN, Penn and WP, each of which merged with and into FE PA on January 1, 2024 | ||||
| PN | Pennsylvania Electric Company, a former wholly owned Pennsylvania electric power company subsidiary of FE, which merged with and into FE PA on January 1, 2024 | ||||
| Registrants | FE and JCP&L | ||||
| Signal Peak | Signal Peak Energy, LLC, an indirect subsidiary of Global Holding that owns mining operations near Roundup, Montana | ||||
| TE | The Toledo Edison Company, a wholly owned Ohio electric power company subsidiary of FE | ||||
| TrAIL | Trans-Allegheny Interstate Line Company, a wholly owned transmission subsidiary of FET | ||||
| Transmission Companies | ATSI, MAIT, TrAIL and KATCo | ||||
| Valley Link | Valley Link Transmission Company, LLC, a holding company formed by FET, DominionHV and Transource on November 24, 2024 | ||||
| Valley Link Subsidiaries | The five subsidiaries of Valley Link: (i) Valley Link Transmission Maryland, LLC; (ii) Valley Link Transmission, Ohio, LLC; (iii) Valley Link Transmission Virginia, LLC; (iv) Valley Link Transmission Virginia Development, Inc.; and (v) Valley Link Transmission West Virginia, LLC - that will develop, construct, own, operate and maintain those transmission projects awarded by PJM | ||||
| WP | West Penn Power Company, a former wholly owned Pennsylvania electric power company subsidiary of FE, which merged with and into FE PA on January 1, 2024 |
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| The following abbreviations and acronyms may be used to identify frequently used terms in this report: | |||||
| 2026 Convertible Notes | FE's 4.00% convertible senior notes, due 2026 | ||||
| 2029 Convertible Notes | FE’s 3.625% convertible senior notes, due 2029 | ||||
| 2031 Convertible Notes | FE’s 3.875% convertible senior notes, due 2031 | ||||
| A&R FET LLC Agreement | Fourth Amended and Restated Limited Liability Company Operating Agreement of FET | ||||
| ACE | Affordable Clean Energy | ||||
| AEP | American Electric Power Company, Inc. | ||||
| AFS | Available-for-sale | ||||
| AFUDC | Allowance for Funds Used During Construction | ||||
| Amended Credit Facilities | Collectively, the eight separate senior unsecured syndicated revolving credit facilities entered into by FE, FET, the Electric Companies, and the Transmission Companies, each as amended from time to time, most recently on October 27, 2025 | ||||
| AMI | Advanced Metering Infrastructure | ||||
| AMT | Alternative Minimum Tax | ||||
| AOCI | Accumulated Other Comprehensive Income (Loss) | ||||
| ARO | Asset Retirement Obligation | ||||
| ARP | Alternative Revenue Program | ||||
| ASC | Accounting Standards Codification | ||||
| ASU | Accounting Standards Update | ||||
| BGS | Basic Generation Service | ||||
| Brookfield | North American Transmission Company II L.P., a controlled investment vehicle entity of Brookfield Super-Core Infrastructure Partners | ||||
| Brookfield Guarantors | Brookfield Super-Core Infrastructure Partners L.P., Brookfield Super-Core Infrastructure Partners (NUS) L.P., and Brookfield Super-Core Infrastructure Partners (ER) SCSp | ||||
| CAA | Clean Air Act | ||||
| CCR | Coal Combustion Residual | ||||
| CERCLA | Comprehensive Environmental Response, Compensation, and Liability Act of 1980 | ||||
| CFR | Code of Federal Regulations | ||||
| CISO | Chief Information Security Officer | ||||
| CO2 | Carbon Dioxide | ||||
| CODM | Chief Operating Decision Maker | ||||
| COVID-19 | Coronavirus disease | ||||
| CPCN | Certificate of Public Convenience and Necessity | ||||
| CPP | EPA's Clean Power Plan | ||||
| CSAPR | Cross-State Air Pollution Rule | ||||
| CWIP | Construction Work in Progress | ||||
| D.C. Circuit | U.S. Court of Appeals for the District of Columbia Circuit | ||||
| DCPD | FE Deferred Compensation Plan for Outside Directors | ||||
| DCR | Delivery Capital Recovery | ||||
| DMR | Distribution Modernization Rider | ||||
| DOE | U.S. Department of Energy | ||||
| DominionHV | Dominion High Voltage Mid-Atlantic, Inc., an affiliate of VEPCO | ||||
| DPA | Deferred Prosecution Agreement entered into on July 21, 2021 between FE and the U.S. Attorney’s Office for the S.D. Ohio | ||||
| DSP | Default Service Plan | ||||
| EDC | Electric Distribution Company | ||||
| EDCP | FE Amended and Restated Executive Deferred Compensation Plan | ||||
| EEI | The Edison Electric Institute | ||||
| EGS | Electric Generation Supplier | ||||
| EGU | Electric Generation Unit |
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| ELG | Effluent Limitation Guidelines | ||||
| EmPOWER Maryland | EmPOWER Maryland Energy Efficiency Act | ||||
| ENEC | Expanded Net Energy Cost | ||||
| Energize365 | FirstEnergy's Transmission and Distribution Infrastructure Investment Program | ||||
| EnergizeNJ | JCP&L's second Infrastructure Investment Program | ||||
| EPA | U.S. Environmental Protection Agency | ||||
| EPS | Earnings per Share | ||||
| ESP | Electric Security Plan | ||||
| Exchange Act | Securities and Exchange Act of 1934, as amended | ||||
| FASB | Financial Accounting Standards Board | ||||
| FE Board | The Board of Directors of FE | ||||
| FERC | Federal Energy Regulatory Commission | ||||
| FET Equity Interest Sale | Sale of an additional 30% membership interest of FET, such that Brookfield owns 49.9% of FET | ||||
| FET P&SA II | Purchase and Sale Agreement entered into on February 2, 2023, by and between FE, FET, Brookfield, and the Brookfield Guarantors | ||||
| FIP | Federal Implementation Plan | ||||
| Fitch | Fitch Ratings Service | ||||
| FMB | First Mortgage Bond | ||||
| FTR | Financial Transmission Right | ||||
| GAAP | Generally Accepted Accounting Principles in the United States | ||||
| GHG | Greenhouse Gas | ||||
| Grid Growth Operating Agreement | Amended and Restated Operating Agreement of Grid Growth, dated as of February 13, 2026 | ||||
| HB 15 | House Bill 15, as passed by Ohio's 136th General Assembly | ||||
| HB 6 | House Bill 6, as passed by Ohio's 133rd General Assembly | ||||
| ICP 2015 | FirstEnergy Corp. 2015 Incentive Compensation Plan | ||||
| ICP 2020 | FirstEnergy Corp. 2020 Incentive Compensation Plan | ||||
| ISC2 | International Information System Security Certification Consortium | ||||
| IRA of 2022 | Inflation Reduction Act of 2022 | ||||
| IRS | Internal Revenue Service | ||||
| kV | Kilovolt | ||||
| kWh | Kilowatt-hour | ||||
| LOC | Letter of Credit | ||||
| LTIIP | Long-Term Infrastructure Improvement Plan | ||||
| MDPSC | Maryland Public Service Commission | ||||
| MGP | Manufactured Gas Plants | ||||
| Moody’s | Moody’s Investors Service, Inc. | ||||
| MW | Megawatt | ||||
| MWh | Megawatt-hour | ||||
| NAV | Net Asset Value | ||||
| NCI | Noncontrolling Interest | ||||
| NERC | North American Electric Reliability Corporation | ||||
| NJBPU | New Jersey Board of Public Utilities | ||||
| NOL | Net Operating Loss | ||||
| NOx | Nitrogen Oxide | ||||
| NSR | New Source Review | ||||
| NUG | Non-Utility Generation | ||||
| NYPSC | New York State Public Service Commission | ||||
| OAG | Ohio Attorney General | ||||
| OBBBA | One Big Beautiful Bill Act of 2025, as signed into law on July 4, 2025 |
v
| OCC | Ohio Consumers' Counsel | ||||
| ODSA | Ohio Development Service Agency | ||||
| Ohio Stipulation | Stipulation and Recommendation, dated November 1, 2021, entered into by and among the Ohio Companies, the OCC, PUCO staff, and several other signatories | ||||
| OPEB | Other Postemployment Benefits | ||||
| OPIC | Other paid-in capital | ||||
| OVEC | Ohio Valley Electric Corporation | ||||
| PA Consolidation | Consolidation of the Pennsylvania Companies on January 1, 2024 | ||||
| PEER | FirstEnergy's Program for Enhanced Employee Retirement, as announced in 2023 | ||||
| PJM | PJM Interconnection, LLC, an RTO serving the PJM Region | ||||
| PJM Region | The territory that PJM coordinates the movement of electricity through, including all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia. | ||||
| PJM Tariff | PJM Open Access Transmission Tariff | ||||
| PP&E | Property, Plant and Equipment | ||||
| PPUC | Pennsylvania Public Utility Commission | ||||
| PUCO | Public Utilities Commission of Ohio | ||||
| Regulation FD | Regulation Fair Disclosure promulgated by the SEC | ||||
| RFC | ReliabilityFirst Corporation | ||||
| ROE | Return on Equity | ||||
| RSU | Restricted Stock Unit | ||||
| RTEP | Regional Transmission Expansion Plan | ||||
| RTO | Regional Transmission Organization | ||||
| S&P | Standard & Poor’s Ratings Service | ||||
| S&P 500 | Standard & Poor’s 500 index | ||||
| S.D. Ohio | Federal District Court, Southern District of Ohio | ||||
| SEC | U.S. Securities and Exchange Commission | ||||
| Securities Act | Securities Act of 1933, as amended | ||||
| SEET | Significantly Excessive Earnings Test | ||||
| SIP | State Implementation Plan(s) under the CAA | ||||
| Sixth Circuit | U.S. Court of Appeals for the Sixth Circuit | ||||
| SO2 | Sulfur Dioxide | ||||
| SOFR | Secured Overnight Financing Rate | ||||
| SOS | Standard Offer Service | ||||
| SPE | Special Purpose Entity | ||||
| TCJA | Tax Cuts and Jobs Act adopted December 22, 2017 | ||||
| Transource | Transource Energy, LLC, a subsidiary of AEP | ||||
| U.S. | United States | ||||
| Valley Link Operating Agreement | Amended and Restated Operating Agreement of Valley Link, dated as of February 21, 2025 | ||||
| VEPCO | Virginia Electric and Power Company, a subsidiary of Dominion Energy, Inc. | ||||
| VIE | Variable Interest Entity | ||||
| VSCC | Virginia State Corporation Commission | ||||
| WVPSC | Public Service Commission of West Virginia |
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PART I