v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
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. The external reportable segments are consistent with the internal financial reports used by FirstEnergy's Chairman, President and Chief Executive Officer, its CODM, to regularly assess the performance of each segment. FirstEnergy's CODM uses earnings attributable to FE from continuing operations to assess performance, including considering actual versus budget variances to make operating decisions and allocate resources to the segments.

FirstEnergy’s 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 default service or standard service offer requirements. The segment’s results reflect the costs of securing and delivering electric generation to customers, including the deferral and amortization of certain costs.

FirstEnergy’s Integrated segment includes the distribution and transmission operations of 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 generation capacity located primarily in West Virginia and Virginia, which includes three solar generation sites, representing 30 MWs of generation capacity. The segment’s results reflect the costs of securing and delivering electric generation to customers, including the deferral and amortization of certain costs. Additionally, February 13, 2026, MP and PE filed a CPCN to construct and operate the 1,200 MW combined cycle gas turbine plant, that will be known as Maidsville Energy Center, and the 70 MWs of solar generation capacity, each referenced in their integrated resource plan above, for an estimated capital investment totaling approximately $2.7 billion as of the date of the filing. See Note 9., “Regulatory Matters,” of the Combined Notes to Financial Statements of the Registrants for additional details.

FirstEnergy’s 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.
FirstEnergy’s 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. Reconciling adjustments for the elimination of inter-segment transactions are shown separately in the following table of Segment Financial Information. Included in Corporate/Other for segment reporting is 67 MWs of generation capacity, representing AE Supply’s OVEC capacity entitlement. As of June 30, 2026, Corporate/Other had approximately $7.4 billion of external FE holding company debt.
Financial information for FirstEnergy’s reportable segments and reconciliations to consolidated amounts is presented below:
(In millions)
For the Three Months Ended
DistributionIntegratedStand-Alone TransmissionTotal Reportable
Segments		Corporate/ OtherReconciling AdjustmentsFirstEnergy Consolidated
June 30, 2026
External revenues$1,704 $1,433 $537 $3,674 $4 $— $3,678 
Internal revenues10 1 7 18 — (18)— 
Total revenues$1,714 $1,434 $544 $3,692 $4 $(18)$3,678 
Other operating expenses(1)
662 418 95 1,175 (7)(3)1,165 
Depreciation(1)
164 142 98 404 20 — 424 
Amortization (deferral) of regulatory assets, net(163)(63)1 (225)— — (225)
Interest expense(1)
110 83 88 281 87 (31)337 
Income taxes (benefits)(1)
33 38 47 118 (26)— 92 
Other expense (income) items(2)
765 693 118 1,576 (10)31 1,597 
Earnings (losses) attributable to FE143 123 97 363 (75)— 288 
Cash Flows from Investing Activities:
Capital investments$427 $530 $417 $1,374 $(29)$— $1,345 
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 $443 $435 $1,173 $55 $— $1,228 
For the Six Months Ended
June 30, 2026
External revenues$3,685 $3,135 $1,046 $7,866 $14 $— $7,880 
Internal revenues19 2 14 35 — (35)— 
Total revenues$3,704 $3,137 $1,060 $7,901 $14 $(35)$7,880 
Other operating expenses(1)
1,378 1,090 174 2,642 (11)(6)2,625 
Depreciation(1)
329 281 195 805 40 — 845 
Amortization (deferral) of regulatory assets, net(417)(268)3 (682)— — (682)
Interest expense(1)
217 161 173 551 173 (61)663 
Income taxes (benefits)(1)
97 84 93 274 (44)— 230 
Other expense (income) items(2)
1,711 1,513 234 3,458 (13)61 3,506 
Earnings (losses) attributable to FE389 276 188 853 (160)— 693 
Cash Flows from Investing Activities:
Capital investments$791 $1,006 $750 $2,547 $53 $— $2,600 
(In millions)DistributionIntegratedStand-Alone TransmissionTotal Reportable
Segments		Corporate/ OtherReconciling AdjustmentsFirstEnergy Consolidated
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 $838 $749 $2,147 $86 $— $2,233 
As of June 30, 2026
Total assets$21,386 $21,508 $15,468 $58,362 $1,829 $(1,970)$58,221 
Total goodwill$3,222 $1,953 $443 $5,618 $— $— $5,618 
As of December 31, 2025
Total assets$20,653 $20,352 $14,903 $55,908 $1,793 $(1,797)$55,904 
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

As of January 1, 2026, JCP&L made changes in how management evaluates operating performance and allocates resources. As a result of these changes, JCP&L reassessed its operating segments and determined that its operations are now managed as a single integrated business. Historically, JCP&L reported two operating segments, Distribution and Transmission. Accordingly, JCP&L changed its external segment reporting to present its results, including comparative periods, as a single reportable segment for the first six months of 2026, and reclassified prior periods for comparability. There are no changes to JCP&L’s significant expenses, measure of profit or loss, or other segment items. Similarly, JCP&L’s goodwill reporting units were also changed to a single reporting unit as of January 1, 2026.
JCP&L’s Statements of Income and Comprehensive Income are consistent with the internal financial reports used by JCP&L's President, its CODM. JCP&L’s CODM uses net income to regularly assess performance, including considering actual versus budget variances to make operating decisions and allocate resources. JCP&L considers Other operating expenses, Provision for depreciation and Interest expense to be significant expenses. See JCP&L’s Statements of Income and Comprehensive Income. Total Assets are reported on the Balance Sheets and Capital investments are reported within Cash Flows from Investing on the Statement of Cash Flows.