v3.26.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Consolidated Segment and Reconciliation
PJMOtherCorporate and EliminationsTotal
Three Months Ended March 31, 2026
Operating revenues$1,110 $28 $(9)$1,129 
Operation, maintenance and development expenses (a)
158 7 
Interest expense and other finance charges— — 119 119 
Other segment items (b)
473 
Adjusted EBITDA
479 
Capital expenditures67 2 — 69 
Three Months Ended March 31, 2025
Operating revenues$367 $42 $(19)$390 
Operation, maintenance and development expenses (a)
138 8 
Interest expense and other finance charges— — 74 74 
Other segment items (b)
20 
Adjusted EBITDA
209 
Capital expenditures62 1 1 64 
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(a)This significant segment expense category aligns with the segment-level information that is regularly reviewed by the CODM.
(b)Other segment items are primarily comprised of fuel and energy purchases.
Reconciliation of segment Adjusted EBITDA to Income (Loss) Before Income Taxes:
Three Months Ended March 31,
20262025
PJM Segment Adjusted EBITDA$479 $209 
Reconciling Items:
Interest expense and other finance charges$(119)$(74)
Depreciation, amortization and accretion (a)
(63)(70)
Nuclear fuel amortization (a)
(24)(26)
Unrealized gain (loss) on commodity derivative contracts(154)(182)
Nuclear decommissioning trust funds gain (loss), net(22)(12)
Stock-based and other long-term incentive compensation expense
(2)(13)
Acquisition and divestiture activities (b)
(1)(7)
Operational and other restructuring activities (c)
(9)(2)
"Other" operating segment9 9 
Corporate and Eliminations(15)(18)
Other items2 (1)
Income (Loss) Before Income Taxes$81 $(187)
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(a)Includes the periodic amortization of fair value adjustments associated with acquired fuel supply contract liabilities and intangible assets.
(b)Includes the non-recurring: (i) advisory fees associated with completed acquisitions and divestitures; (ii) remaining settlements on contracts of divested assets; and (iii) non-recurring finance fees charged to the Consolidated Statement of Operations associated with acquisition financing fee arrangements.
(c)Non-recurring severance and retention costs and strategic initiative costs.