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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The disclosures in this note apply to both Registrants, unless indicated otherwise.
FirstEnergy

FE and its subsidiaries are principally involved in the transmission, distribution and generation of electricity through its reportable segments: Distribution, Integrated and Stand-Alone Transmission. FirstEnergy’s CODM evaluates segment performance based on earnings attributable to FE. The external segment reporting is consistent with the internal financial reports used by FirstEnergy's Chief Executive Officer, its CODM, to regularly assess performance of the business, make operating decisions and allocate resources.

The Distribution segment, which consists of the Ohio Companies and FE PA, distributes electricity through FirstEnergy’s electric operating companies in Ohio and Pennsylvania. The Distribution segment serves approximately 4.3 million customers in Ohio and Pennsylvania across its distribution footprint and purchases power for its provider of last resort, SOS, standard service offer and default service requirements. The segment’s results reflect the costs of securing and delivering electric generation to customers, including the deferral and amortization of certain costs.

The Integrated segment includes the distribution and transmission operations under JCP&L, MP and PE, as well as MP’s regulated generation operations. The Integrated segment distributes electricity to approximately 2 million customers in New Jersey, West Virginia and Maryland across its distribution footprint; provides transmission infrastructure in New Jersey, West Virginia, Maryland and Virginia to transmit electricity and operates 3,610 MWs of regulated net maximum generation capacity located primarily in West Virginia and Virginia. The segment will also include MP and PE’s 50 MWs of solar generation at five
sites in West Virginia once complete. The first three solar generation sites were completed and placed in service in 2024 and 2025, representing 30 MWs of net maximum generation capacity. The remaining two sites are expected to provide 20 MWs of net maximum generation capacity.

The Stand-Alone Transmission segment, which consists of FE's ownership in FET and KATCo, includes transmission infrastructure owned and operated by the Transmission Companies and used to transmit electricity. The segment’s revenues are primarily derived from forward-looking formula rates, pursuant to which the revenue requirement is updated annually based on a projected rate base and projected costs, which is subject to an annual true-up based on actual rate base and costs. The segment’s results also reflect the net transmission expenses related to the delivery of electricity on FirstEnergy’s transmission facilities.
Corporate/Other reflects corporate support and other costs not charged or attributable to the Electric Companies or Transmission Companies, including FE’s retained pension and OPEB assets and liabilities of former subsidiaries, interest expense on FE’s holding company debt and other investments or businesses that do not constitute an operating segment, including FEV’s investment of 33-1/3% equity ownership in Global Holding. On July 16, 2025, FEV sold its entire 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations, to WMB Marketing Ventures, LLC and Pinesdale LLC for $47.5 million, which approximates the book value of the investment as of June 30, 2025. Reconciling adjustments for the elimination of inter-segment transactions are shown separately in the following table of Segment Financial Information. Also included in Corporate/Other for segment reporting is 67 MWs of net maximum generation capacity, representing AE Supply’s OVEC capacity entitlement. As of June 30, 2025, Corporate/Other had approximately $7.1 billion of external FE holding company debt.
Financial information for FirstEnergy’s reportable segments and reconciliations to consolidated amounts is presented below:
For the Three Months Ended
DistributionIntegratedStand-Alone TransmissionTotal Reportable
Segments		Corporate/ OtherReconciling AdjustmentsFirstEnergy Consolidated
(In millions)
June 30, 2025
External revenues$1,665 $1,260 $451 $3,376 $4 $— $3,380 
Internal revenues10 1 5 16 — (16)— 
Total revenues$1,675 $1,261 $456 $3,392 $4 $(16)$3,380 
Other operating expenses(1)
634 306 74 1,014 (17)(2)995 
Depreciation(1)
163 139 92 394 21 — 415 
Amortization (deferral) of regulatory assets, net(98)(3)2 (99)— — (99)
Interest expense(1)
101 68 81 250 89 (40)299 
Income taxes (benefits)(1)
43 35 36 114 (26)— 88 
Other expense (income) items(2)
671 600 96 1,367 7 40 1,414 
Earnings (losses) attributable to FE161 116 75 352 (84)— 268 
Cash Flows from Investing Activities:
Capital investments$295 $433 $435 $1,163 $55 $— $1,218 
June 30, 2024
External revenues$1,640 $1,176 $463 $3,279 $1 $— $3,280 
Internal revenues8 2 5 15 — (15)— 
Total revenues$1,648 $1,178 $468 $3,294 $1 $(15)$3,280 
Other operating expenses(1)
640 338 91 1,069 103 (2)1,170 
Depreciation(1)
162 132 84 378 19 — 397 
Amortization (deferral) of regulatory assets, net(9)— 1 (8)— — (8)
Equity method investment earnings, net— — — — 22 — 22 
Interest expense(1)
109 65 66 240 84 (39)285 
Income taxes (benefits)(1)
21 36 41 98 (33)— 65 
Other expense (income) items(2)
657 499 104 1,260 49 39 1,348 
Earnings (losses) attributable to FE68 108 81 257 (212)— 45 
Cash Flows from Investing Activities:
Capital investments$254 $350 $318 $922 $20 $— $942 
For the Six Months Ended
June 30, 2025
External revenues$3,592 $2,608 $937 $7,137 $8 $— $7,145 
Internal revenues19 2 10 31 — (31)— 
Total revenues$3,611 $2,610 $947 $7,168 $8 $(31)$7,145 
Other operating expenses(1)
1,261 643 172 2,076 (42)(5)2,029 
Depreciation(1)
325 277 183 785 41 — 826 
Amortization (deferral) of regulatory assets, net(117)5 3 (109)— — (109)
Interest expense(1)
200 133 154 487 168 (68)587 
Income taxes (benefits)(1)
103 75 76 254 (40)— 214 
Other expense (income) items(2)
1,460 1,225 203 2,888 14 68 2,970 
Earnings (losses) attributable to FE379 252 156 787 (159)— 628 
Cash Flows from Investing Activities:
Capital investments$560 $828 $749 $2,137 $86 $— $2,223 
DistributionIntegratedStand-Alone TransmissionTotal Reportable
Segments		Corporate/ OtherReconciling AdjustmentsFirstEnergy Consolidated
June 30, 2024
External revenues$3,396 $2,270 $897 $6,563 $4 $— $6,567 
Internal revenues19 3 9 31 — (31)— 
Total revenues$3,415 $2,273 $906 $6,594 $4 $(31)$6,567 
Other operating expenses(1)
1,227 692 167 2,086 95 (5)2,176 
Depreciation(1)
323 254 165 742 36 — 778 
Amortization (deferral) of regulatory assets, net(97)(78)3 (172)— — (172)
Equity method investment earnings— — — — 43 — 43 
Interest expense(1)
225 136 131 492 201 (103)590 
Income taxes (benefits)(1)
62 71 101 234 (34)— 200 
Other expense (income) items(2)
1,442 1,008 174 2,624 13 103 2,740 
Earnings (losses) attributable to FE233 190 165 588 (290)— 298 
Cash Flows from Investing Activities:
Capital investments$469 $663 $576 $1,708 $24 $— $1,732 
As of June 30, 2025
Total assets$20,348 $19,472 $14,151 $53,971 $2,321 $(2,062)$54,230 
Total goodwill$3,222 $1,953 $443 $5,618 $— $— $5,618 
As of December 31, 2024
Total assets$19,949 $18,637 $13,528 $52,114 $1,975 $(2,045)$52,044 
Total goodwill$3,222 $1,953 $443 $5,618 $— $— $5,618 
(1) FirstEnergy considers this line to be a significant expense.
(2) Consists of Fuel, Purchased power, General taxes, Debt redemption costs, Miscellaneous income, net, Capitalized financing costs, and Income attributable to noncontrolling interest.
JCP&L

JCP&L is principally involved in the transmission and distribution of electricity through its reportable segments: Distribution and Transmission. JCP&L's CODM evaluates performance based on net income. The external segment reporting is consistent with the internal financial reports used by JCP&L's President, its CODM, to regularly assess performance of the business, make operating decisions and allocate resources.

JCP&L’s Distribution segment distributes electricity to approximately 1.2 million customers in New Jersey across its distribution footprint and procures electric supply to serve its BGS customers through a statewide auction process approved by the NJBPU. The segment’s results reflect the costs of securing and delivering electric generation to customers, including the deferral and amortization of certain costs.

JCP&L’s Transmission segment includes transmission infrastructure owned and operated by JCP&L and used to transmit electricity. The segment’s revenues are primarily derived from forward-looking formula rates, pursuant to which the revenue requirement is updated annually based on a projected rate base and projected costs, which is subject to an annual true-up based on actual rate base and costs. The segment’s results also reflect the net transmission expenses related to the delivery of electricity on JCP&L’s transmission facilities.

Financial information for JCP&L’s reportable segments and reconciliations are presented below:
For the Three Months Ended
DistributionTransmissionTotal Reportable
Segments		Reconciling AdjustmentsJCP&L
(In millions)
June 30, 2025
External revenues$529 $63 $592 $— $592 
Internal revenues44 — 44 (44)— 
Total revenues$573 $63 $636 $(44)$592 
Other operating expenses(1)
166 11 177 (44)133 
Depreciation(1)
53 12 65 — 65 
Deferral of regulatory assets, net(14)— (14)— (14)
Interest expense - other(1)
22 8 30 — 30 
Interest expense - affiliates(1)
2 — 2 — 2 
Income taxes12 10 22 — 22 
Other expense (income) items(2)
294 (6)288 — 288 
Net Income38 28 66 — 66 
Cash Flows from Investing Activities:
Capital investments$122 $149 $271 $— $271 

June 30, 2024
External revenues$491 $66 $557 $— $557 
Internal revenues38 — 38 (38)— 
Total revenues$529 $66 $595 $(38)$557 
Other operating expenses(1)
179 17 196 (38)158 
Depreciation(1)
51 11 62 — 62 
Deferral of regulatory assets, net(34)— (34)— (34)
Interest expense - other(1)
17 5 22 — 22 
Interest expense - affiliates(1)
6 — 6 — 6 
Income taxes13 8 21 — 21 
Other expense (income) items(2)
259 6 265 — 265 
Net Income38 19 57 — 57 
Cash Flows from Investing Activities:
Capital investments$75 $118 $193 $— $193 
For the Six Months Ended
DistributionTransmissionTotal Reportable
Segments		Reconciling AdjustmentsJCP&L
(In millions)
June 30, 2025
External revenues$1,034 $124 $1,158 $— $1,158 
Internal revenues87 — 87 (87)— 
Total revenues$1,121 $124 $1,245 $(87)$1,158 
Other operating expenses(1)
340 25 365 (87)278 
Depreciation(1)
106 24 130 — 130 
Deferral of regulatory assets, net(36)— (36)— (36)
Interest expense - other(1)
44 15 59 — 59 
Interest expense - affiliates(1)
3 — 3 — 3 
Income taxes21 17 38 — 38 
Other expense (income) items(2)
583 (12)571 — 571 
Net Income60 55 115 — 115 
Cash Flows from Investing Activities:
Capital investments$196 $281 $477 $— $477 
June 30, 2024
External revenues$905 $118 $1,023 $— $1,023 
Internal revenues76 — 76 (76)— 
Total revenues$981 $118 $1,099 $(76)$1,023 
Other operating expenses(1)
390 31 421 (76)345 
Depreciation(1)
101 22 123 — 123 
Deferral of regulatory assets, net(73)— (73)— (73)
Interest expense - other(1)
40 12 52 — 52 
Interest expense - affiliates(1)
10 — 10 — 10 
Income taxes3 14 17 — 17 
Other expense (income) items(2)
499 1 500 — 500 
Net Income11 38 49 — 49 
Cash Flows from Investing Activities:
Capital investments$146 $241 $387 $— $387 
As of June 30, 2025
Total assets$7,556 $2,894 $10,450 $— $10,450 
Total goodwill$1,213 $598 $1,811 $— $1,811 
As of December 31, 2024
Total assets$7,212 $2,715 $9,927 $— $9,927 
Total goodwill$1,213 $598 $1,811 $— $1,811 
(1) JCP&L considers this line to be a significant expense.
(2) Consists of Purchased power, General taxes, Miscellaneous income, net, and Capitalized financing costs.