FE · 10-Q · 2026Q1 · Full report
Financing Activity and Debt Issuances
FIRSTENERGY CORP · 2026-04-28 · Importance 89 · Surprise 82
Net cash provided from financing activities was $1,205 million in Q1 2026 versus $465 million in Q1 2025, driven by a mix of new senior unsecured note issuances and repayments. FE PA issued $300 million (4.15%, 2028) and $550 million (4.55%, 2031) in March 2026, and other affiliates (MAIT, ATSI) completed note sales ($250 million and $175 million, respectively) to refinance short-term borrowings and fund capital expenditures. FE also entered a one‑year FE Term Loan Facility (maturity April 27, 2027) and used proceeds to repay short-term borrowings; the company continues active liability management including redemptions of maturing senior unsecured notes. These financing flows materially increased liquidity and reshaped the company’s near-term maturity profile.
Key facts
- FE PA issued $550 million of 4.55% senior unsecured notes in March 2026.
- On March 11, 2026, MAIT agreed to sell $250 million of new 5.02% senior unsecured notes due May 1, 2036, with the sale expected to close on April 30, 2026.
- FE PA issued $300 million of 4.15% senior unsecured notes in March 2026.
- Total other expenses increased $5 million in the first three months of 2026 compared with the same period of 2025 primarily due to higher interest expense as a result of new debt issued since the first quarter of 2025, partially offset by higher capitalized interest and higher pension & OPEB non-service credits.
- On April 21, 2026, ATSI issued $175 million of new 5.19% senior unsecured notes due May 15, 2033.
- FE PA redeemed $300 million of 5.15% senior unsecured notes in March 2026.
- Net cash provided from financing activities was $1,205 million in the first three months of 2026.
- Net cash provided from financing activities was $465 million in the first three months of 2025.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +1.3% | Net cash provided from financing activities was $1,205 million in the first three months of 2026. |
| liability | negative | realized | -1.0% | FE PA issued $550 million of 4.55% senior unsecured notes in March 2026. |
| cash | positive | realized | +1.0% | FE PA issued $550 million of 4.55% senior unsecured notes in March 2026. |
| liability | negative | realized | -0.5% | FE PA issued $300 million of 4.15% senior unsecured notes in March 2026. |
| cash | positive | realized | +0.5% | FE PA issued $300 million of 4.15% senior unsecured notes in March 2026. |
| liability | positive | realized | +0.5% | FE PA redeemed $300 million of 5.15% senior unsecured notes in March 2026. |
| cash | negative | realized | -0.5% | FE PA redeemed $300 million of 5.15% senior unsecured notes in March 2026. |
| liability | negative | committed | -0.4% | On March 11, 2026, MAIT agreed to sell $250 million of new 5.02% senior unsecured notes due May 1, 2036, with the sale expected to close… |
| cash | positive | committed | +0.4% | On March 11, 2026, MAIT agreed to sell $250 million of new 5.02% senior unsecured notes due May 1, 2036, with the sale expected to close… |
| liability | negative | committed | -0.3% | On April 21, 2026, ATSI issued $175 million of new 5.19% senior unsecured notes due May 15, 2033. |
| cash | positive | committed | +0.3% | On April 21, 2026, ATSI issued $175 million of new 5.19% senior unsecured notes due May 15, 2033. |
| net_income | negative | realized | -0.1% | Total other expenses increased $5 million in the first three months of 2026 compared with the same period of 2025 primarily due to higher… |