XML 49 R26.htm IDEA: XBRL DOCUMENT v3.25.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 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, at book value to WMB Marketing Ventures, LLC and Pinesdale LLC for $47.5 million. 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 September 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)
September 30, 2025
External revenues$2,010 $1,651 $483 $4,144 $4 $— $4,148 
Internal revenues10 2 5 17 — (17)— 
Total revenues$2,020 $1,653 $488 $4,161 $4 $(17)$4,148 
Other operating expenses(1)
570 337 75 982 (3)(3)976 
Depreciation(1)
165 141 92 398 19 — 417 
Amortization of regulatory assets, net46 42 1 89 — — 89 
Equity method investment earnings— — — — — — — 
Interest expense(1)
101 75 83 259 85 (32)312 
Income taxes (benefits)(1)
48 60 (21)87 (9)— 78 
Other expense (income) items(2)
860 815 136 1,811 (8)32 1,835 
Earnings (losses) attributable to FE230 183 122 535 (94)— 441 
Cash Flows from Investing Activities:
Capital investments$416 $508 $412 $1,336 $(20)$— $1,316 
September 30, 2024
External revenues$1,806 $1,451 $470 $3,727 $2 $— $3,729 
Internal revenues11 1 5 17 — (17)— 
Total revenues$1,817 $1,452 $475 $3,744 $2 $(17)$3,729 
Other operating expenses(1)
644 349 113 1,106 (4)(3)1,099 
Depreciation(1)
163 132 84 379 21 — 400 
Amortization (deferral) of regulatory assets, net(55)20 2 (33)— — (33)
Equity method investment earnings, net— — — — 21 — 21 
Interest expense(1)
106 62 70 238 80 (42)276 
Income taxes (benefits)(1)
34 36 40 110 (16)— 94 
Other expense (income) items(2)
732 656 94 1,482 (29)42 1,495 
Earnings (losses) attributable to FE193 197 72 462 (43)— 419 
Cash Flows from Investing Activities:
Capital investments$289 $382 $299 $970 $34 $— $1,004 
For the Nine Months Ended
September 30, 2025
External revenues$5,602 $4,259 $1,420 $11,281 $12 $— $11,293 
Internal revenues29 4 15 48 — (48)— 
Total revenues$5,631 $4,263 $1,435 $11,329 $12 $(48)$11,293 
Other operating expenses(1)
1,831 980 247 3,058 (45)(8)3,005 
Depreciation(1)
490 418 275 1,183 60 — 1,243 
Amortization (deferral) of regulatory assets, net(71)47 4 (20)— — (20)
Equity method investment earnings— — — — — — — 
Interest expense(1)
301 208 237 746 253 (100)899 
Income taxes (benefits)(1)
151 135 55 341 (49)— 292 
Other expense (income) items(2)
2,320 2,040 339 4,699 6 100 4,805 
Earnings (losses) attributable to FE609 435 278 1,322 (253)— 1,069 
Cash Flows from Investing Activities:
Capital investments$976 $1,336 $1,161 $3,473 $66 $— $3,539 
DistributionIntegratedStand-Alone TransmissionTotal Reportable
Segments		Corporate/ OtherReconciling AdjustmentsFirstEnergy Consolidated
September 30, 2024
External revenues$5,202 $3,721 $1,367 $10,290 $6 $— $10,296 
Internal revenues30 4 14 48 — (48)— 
Total revenues$5,232 $3,725 $1,381 $10,338 $6 $(48)$10,296 
Other operating expenses(1)
1,871 1,041 280 3,192 91 (8)3,275 
Depreciation(1)
486 386 249 1,121 57 — 1,178 
Amortization (deferral) of regulatory assets, net(152)(58)5 (205)— — (205)
Equity method investment earnings— — — — 64 — 64 
Interest expense(1)
331 198 201 730 281 (145)866 
Income taxes (benefits)(1)
96 107 141 344 (50)— 294 
Other expense (income) items(2)
2,174 1,664 268 4,106 (16)145 4,235 
Earnings (losses) attributable to FE426 387 237 1,050 (333)— 717 
Cash Flows from Investing Activities:
Capital investments$758 $1,045 $875 $2,678 $58 $— $2,736 
As of September 30, 2025
Total assets$20,487 $20,603 $14,543 $55,633 $2,238 $(1,987)$55,884 
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)
September 30, 2025
External revenues$797 $67 $864 $— $864 
Internal revenues44 — 44 (44)— 
Total revenues$841 $67 $908 $(44)$864 
Other operating expenses(1)
185 17 202 (44)158 
Depreciation(1)
53 13 66 — 66 
Deferral of regulatory assets, net11 — 11 — 11 
Interest expense - other(1)
25 9 34 — 34 
Interest expense - affiliates(1)
3 — 3 — 3 
Income taxes32 9 41 — 41 
Other expense (income) items(2)
439 (7)432 — 432 
Net Income93 26 119 — 119 
Cash Flows from Investing Activities:
Capital investments$136 $169 $305 $— $305 

September 30, 2024
External revenues$708 $57 $765 $— $765 
Internal revenues39 — 39 (39)— 
Total revenues$747 $57 $804 $(39)$765 
Other operating expenses(1)
203 15 218 (39)179 
Depreciation(1)
50 12 62 — 62 
Deferral of regulatory assets, net(25)— (25)— (25)
Interest expense - other(1)
17 5 22 — 22 
Interest expense - affiliates(1)
5 — 5 — 5 
Income taxes33 8 41 — 41 
Other expense (income) items(2)
376 (4)372 — 372 
Net Income88 21 109 — 109 
Cash Flows from Investing Activities:
Capital investments$91 $121 $212 $— $212 
For the Nine Months Ended
DistributionTransmissionTotal Reportable
Segments		Reconciling AdjustmentsJCP&L
(In millions)
September 30, 2025
External revenues$1,831 $191 $2,022 $— $2,022 
Internal revenues131 — 131 (131)— 
Total revenues$1,962 $191 $2,153 $(131)$2,022 
Other operating expenses(1)
525 42 567 (131)436 
Depreciation(1)
159 37 196 — 196 
Deferral of regulatory assets, net(25)— (25)— (25)
Interest expense - other(1)
69 24 93 — 93 
Interest expense - affiliates(1)
6 — 6 — 6 
Income taxes54 25 79 — 79 
Other expense (income) items(2)
1,022 (19)1,003 — 1,003 
Net Income152 82 234 — 234 
Cash Flows from Investing Activities:
Capital investments$332 $450 $782 $— $782 
September 30, 2024
External revenues$1,613 $175 $1,788 $— $1,788 
Internal revenues115 — 115 (115)— 
Total revenues$1,728 $175 $1,903 $(115)$1,788 
Other operating expenses(1)
593 46 639 (115)524 
Depreciation(1)
151 34 185 — 185 
Deferral of regulatory assets, net(98)— (98)— (98)
Interest expense - other(1)
57 17 74 — 74 
Interest expense - affiliates(1)
15 — 15 — 15 
Income taxes36 22 58 — 58 
Other expense (income) items(2)
875 (3)872 — 872 
Net Income99 59 158 — 158 
Cash Flows from Investing Activities:
Capital investments$237 $362 $599 $— $599 
As of September 30, 2025
Total assets$8,241 $3,249 $11,490 $— $11,490 
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.