FIRSTENERGY TRANSMISSION, LLC, 10-K filed on 2/24/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Jun. 30, 2025
Cover [Abstract]    
Document Type 10-K  
Document Annual Report true  
Document Period End Date Dec. 31, 2025  
Current Fiscal Year End Date --12-31  
Document Transition Report false  
Entity File Number 333-282554  
Entity Registrant Name FIRSTENERGY TRANSMISSION, LLC  
Entity Tax Identification Number 20-5763884  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 5001 NASA Boulevard  
Entity Address, City or Town Fairmont  
Entity Address, State or Province WV  
Entity Address, Postal Zip Code 26554  
City Area Code (800)  
Local Phone Number 736-3402  
Entity Common Stock Shares Outstanding 0  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
ICFR Auditor Attestation Flag false  
Document Financial Statement Error Correction false  
Entity Shell Company false  
Entity Public Float   $ 0
Entity Central Index Key 0002038118  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus FY  
Amendment Flag false  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Cleveland, Ohio
Auditor Firm ID 238
v3.25.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUES:      
Total revenues $ 1,820 $ 1,701 $ 1,652
OPERATING EXPENSES:      
Other operating expenses [1] 302 329 313
Provision for depreciation 351 321 291
Amortization of regulatory assets, net 5 6 6
General taxes 301 279 256
Total operating expenses 959 935 866
OPERATING INCOME 861 766 786
OTHER INCOME (EXPENSE):      
Miscellaneous income, net 1 4 2
Pension and OPEB mark-to-market adjustment 22 7 (31)
Capitalized financing costs 81 57 38
Total other expense (193) (193) (212)
INCOME BEFORE INCOME TAXES 668 573 574
INCOME TAXES 90 162 136
NET INCOME 578 411 438
Income attributable to noncontrolling interest 76 69 69
EARNINGS ATTRIBUTABLE TO FIRSTENERGY TRANSMISSION, LLC 502 342 369
Non-affiliates      
REVENUES:      
Total revenues 1,802 1,684 1,636
OTHER INCOME (EXPENSE):      
Interest expense (308) (266) (220)
Affiliates      
REVENUES:      
Total revenues 18 17 16
OPERATING EXPENSES:      
Other operating expenses 191 187 180
OTHER INCOME (EXPENSE):      
Interest income from affiliates 14 12 16
Pension and OPEB mark-to-market adjustment 22 7 (31)
Interest expense $ (3) $ (7) $ (17)
[1] Includes affiliated operating expenses of $191 million, $187 million and $180 million in 2025, 2024 and 2023, respectively.
v3.25.4
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other operating expenses [1] $ 302 $ 329 $ 313
Affiliates      
Other operating expenses $ 191 $ 187 $ 180
[1] Includes affiliated operating expenses of $191 million, $187 million and $180 million in 2025, 2024 and 2023, respectively.
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 8 $ 8
Receivables-    
Notes receivable from affiliated companies 268 197
Prepaid taxes and other 42 22
 Total current assets 414 344
PROPERTY, PLANT AND EQUIPMENT:    
In service 14,069 12,894
Less — Accumulated provision for depreciation 2,804 2,596
Property, plant and equipment in service net of accumulated provision for depreciation 11,265 10,298
Construction work in progress 1,204 914
Total property, plant and equipment 12,469 11,212
INVESTMENTS AND OTHER NONCURRENT ASSETS:    
Goodwill 224 224
Investments 19 19
Regulatory assets 0 18
Property taxes 313 289
Operating lease right-of-use asset [1] 412 412
Other 38 47
Total investments and other noncurrent assets 1,006 1,009
TOTAL ASSETS [2] 13,889 12,565
Current:    
Currently payable long-term debt 75 625
Short-term borrowings- 246 302
Accounts payable 119 142
Accrued taxes 335 306
Accrued interest 101 68
Other 15 15
Total current liabilities 891 1,458
NONCURRENT LIABILITIES:    
Long-term debt and other long-term obligations 6,629 5,239
Accumulated deferred income taxes 1,540 1,412
Property taxes 321 289
Regulatory liabilities 476 442
Noncurrent operating lease obligation [3] 405 406
Other 9 9
Liabilities, Noncurrent, Total 9,380 7,797
TOTAL LIABILITIES [2] 10,271 9,255
MEMBERS' EQUITY:    
Members' equity 2,250 2,250
Retained earnings 588 286
Total members' equity 2,838 2,536
Noncontrolling interest 780 774
TOTAL EQUITY 3,618 3,310
COMMITMENTS, GUARANTEES AND CONTINGENCIES (NOTE 10.)
TOTAL LIABILITIES AND EQUITY 13,889 12,565
Affiliates    
Receivables-    
Affiliated companies 5 23
Current:    
Short-term borrowings- 1 2
Non-affiliates    
Receivables-    
Affiliated companies 91 94
Current:    
Short-term borrowings- $ 245 $ 300
[1] Includes $409 million as of December 31, 2025 and $410 million as of December 31, 2024 associated with affiliated leases.
[2] As of December 31, 2025 and 2024, the assets of FET's VIE were $4,532 million and $3,854 million, respectively, that can only be used to settle obligations of the VIE. As of December 31, 2025 and 2024, these assets include, respectively: Accounts receivable of $26 million and $32 million, Notes receivable from affiliated companies of $21 million and $5 million, Prepaid taxes and other current assets of $3 million and $2 million, Property, plant, and equipment of $4,249 million and $3,558 million, Goodwill of $224 million in 2025 and 2024, Regulatory assets of $18
million in 2024, Operating lease right-of-use asset of $1 million in 2025 and 2024, and Other noncurrent assets of $8 million and $14 million in 2025 and 2024. The consolidated liabilities as of December 31, 2025 and 2024, include $2,185 million and $1,760 million, respectively, of liabilities of the VIE whose creditors have no recourse to FET. As of December 31, 2025 and 2024, these liabilities include, respectively: Short-term borrowings of $150 million in 2025, Accounts payable of $78 million and $90 million, Accrued interest of $16 million and $11 million, Accrued taxes of $8 million and $7 million, other current liabilities of $7 million and $8 million, Long-term debt and other long-term obligations of $1,474 million and $1,276 million, Accumulated deferred income taxes of $434 million and $366 million, Regulatory liabilities $16 million in 2025, and Other noncurrent liabilities of $2 million in 2025 and 2024.
[3] Includes $403 million as of December 31, 2025 and $404 million as of December 31, 2024 associated with affiliated leases.
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating lease [1] $ 412 $ 412
Noncurrent operating lease obligation [2] 405 406
Assets [3] 13,889 12,565
Notes receivable from affiliated companies 268 197
Prepaid taxes and other current assets 42 22
Property, plant, and equipment 12,469 11,212
Goodwill 224 224
Regulatory assets 0 18
Other noncurrent assets 38 47
Liabilities [3] 10,271 9,255
Short-term borrowings- 246 302
Accounts payable 119 142
Accrued interest 101 68
Accrued taxes 335 306
Other current liabilities 15 15
Long-term debt and other long-term obligations 6,629 5,239
Accumulated deferred income taxes 1,540 1,412
Regulatory liabilities 476 442
Other noncurrent liabilities 9 9
Variable Interest Entity, Primary Beneficiary    
Operating lease [1] 1 1
Assets 4,532 3,854
Accounts receivable 26 32
Notes receivable from affiliated companies 21 5
Prepaid taxes and other current assets 3 2
Property, plant, and equipment 4,249 3,558
Goodwill 224 224
Regulatory assets   18
Other noncurrent assets 8 14
Liabilities 2,185 1,760
Short-term borrowings- 150  
Accounts payable 78 90
Accrued interest 16 11
Accrued taxes 8 7
Other current liabilities 7 8
Long-term debt and other long-term obligations 1,474 1,276
Accumulated deferred income taxes 434 366
Regulatory liabilities 16  
Other noncurrent liabilities 2 2
Affiliated companies    
Operating lease 409 410
Noncurrent operating lease obligation $ 403 $ 404
[1] Includes $409 million as of December 31, 2025 and $410 million as of December 31, 2024 associated with affiliated leases.
[2] Includes $403 million as of December 31, 2025 and $404 million as of December 31, 2024 associated with affiliated leases.
[3] As of December 31, 2025 and 2024, the assets of FET's VIE were $4,532 million and $3,854 million, respectively, that can only be used to settle obligations of the VIE. As of December 31, 2025 and 2024, these assets include, respectively: Accounts receivable of $26 million and $32 million, Notes receivable from affiliated companies of $21 million and $5 million, Prepaid taxes and other current assets of $3 million and $2 million, Property, plant, and equipment of $4,249 million and $3,558 million, Goodwill of $224 million in 2025 and 2024, Regulatory assets of $18
million in 2024, Operating lease right-of-use asset of $1 million in 2025 and 2024, and Other noncurrent assets of $8 million and $14 million in 2025 and 2024. The consolidated liabilities as of December 31, 2025 and 2024, include $2,185 million and $1,760 million, respectively, of liabilities of the VIE whose creditors have no recourse to FET. As of December 31, 2025 and 2024, these liabilities include, respectively: Short-term borrowings of $150 million in 2025, Accounts payable of $78 million and $90 million, Accrued interest of $16 million and $11 million, Accrued taxes of $8 million and $7 million, other current liabilities of $7 million and $8 million, Long-term debt and other long-term obligations of $1,474 million and $1,276 million, Accumulated deferred income taxes of $434 million and $366 million, Regulatory liabilities $16 million in 2025, and Other noncurrent liabilities of $2 million in 2025 and 2024.
v3.25.4
CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY - USD ($)
$ in Millions
Total
Total Members' Equity
Members' Equity
Retained Earnings
Noncontrolling Interest
Beginning balance at Dec. 31, 2022 $ 3,163 $ 2,400 $ 2,312 $ 88 $ 763
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 438 369   369 69
Distribution declared (360) (360) (62) (298)  
Distribution to noncontrolling interest (66)       (66)
Ending balance at Dec. 31, 2023 3,175 2,409 2,250 159 766
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 411 342   342 69
Distribution declared (215) (215)   (215)  
Distribution to noncontrolling interest (61)       (61)
Ending balance at Dec. 31, 2024 3,310 2,536 2,250 286 774
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 578 502   502 76
Distribution declared (200) (200)   (200)  
Distribution to noncontrolling interest (70)       (70)
Ending balance at Dec. 31, 2025 $ 3,618 $ 2,838 $ 2,250 $ 588 $ 780
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 578 $ 411 $ 438
Adjustments to reconcile net income to net cash from operating activities-      
Depreciation, amortization and impairments 357 329 292
Pension and OPEB mark-to-market adjustments (22) (7) 31
Deferred income taxes and investment tax credits, net 30 190 90
Allowance for equity funds used during construction (61) (40) (26)
Transmission revenue collections, net 166 144 (138)
Changes in current assets and liabilities-      
Receivables 21 (19) (7)
Prepaid taxes and other current assets (20) (1) 2
Accounts payable 27 89 (35)
Accrued taxes 36 44 (16)
Accrued interest 33 6 4
Other current liabilities (1) 3 6
Other 22 (9) (4)
Net cash provided from operating activities 1,166 1,140 637
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital investments (1,491) (1,172) (1,042)
Loans with affiliated companies, net (71) (180) 1,537
Asset removal costs (106) (83) (91)
Other (5) (2) 2
Net cash (used for) provided from investing activities (1,673) (1,437) 406
New financing-      
Long-term debt 1,475 1,200 325
Redemptions and repayments-      
Long-term debt (625) (600) 0
Cash distributions paid to noncontrolling interest (70) (61) (66)
Distribution payments (200) (215) (1,527)
Other (17) (14) (5)
Net cash provided from (used for) financing activities 507 229 (1,044)
Net change in cash, cash equivalents and restricted cash 0 (68) (1)
Cash, cash equivalents, and restricted cash at beginning of period 8 76 77
Cash, cash equivalents, and restricted cash at end of period 8 8 76
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest (net of amounts capitalized) 253 248 218
Income taxes, net of refunds 50 (16) 74
Significant non-cash transactions:      
Accrued capital investments 104 125 116
Affiliates      
New financing-      
Short-term borrowings- 0 0 229
Redemptions and repayments-      
Short-term borrowings- (1) (381) 0
Non-affiliates      
New financing-      
Short-term borrowings- 0 300 0
Redemptions and repayments-      
Short-term borrowings- $ (55) $ 0 $ 0
v3.25.4
ORGANIZATION AND BASIS OF PRESENTATION
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION AND BASIS OF PRESENTATION
Unless otherwise indicated, defined terms and abbreviations used herein have the meanings set forth in the accompanying Glossary of Terms.

FET, a consolidated VIE of FE, is the parent of the FET Subsidiaries. Through its subsidiaries, FET owns high-voltage transmission facilities in PJM, which consist of 12,515 circuit miles of transmission lines with nominal voltages of 500 kV, 345 kV, 230 kV, 138 kV, 115 kV, 69 kV and 46 kV in Ohio, Pennsylvania, West Virginia, Maryland and Virginia. FET plans, operates, and maintains its transmission system in accordance with NERC reliability standards, and other applicable regulatory requirements. In addition, FET and its subsidiaries comply with the regulations, orders, policies and practices prescribed by FERC and the PUCO, PPUC, WVPSC, MDPSC and VSCC.

FET also owns a 34% equity interest in Valley Link. On November 25, 2024, FET, DominionHV, and Transource formed Valley Link, which is the holding company responsible for managing and executing those projects awarded by PJM, and entered into a limited liability agreement. Valley Link is the owner of the Valley Link Subsidiaries, which are organized in various states. The Valley Link Subsidiaries comprise the entities that are expected to develop, construct, own, operate and maintain those transmission projects awarded by PJM.
On February 13, 2026, FET and Transource entered into the Grid Growth Operating Agreement, which established the general framework for FET and Transource to accept, design, develop, construct, own, operate and finance those transmission projects awarded by PJM to certain of the subsidiaries of Grid Growth. This general framework includes parameters regarding the relationship among the two members, confers governance rights to members so long as certain ownership percentages are maintained and defines the list of projects that Grid Growth will have the right to develop. Grid Growth is the sole owner of Grid Growth Ohio and owns an 80% interest in Grid Growth EHV, with Transource owning the remaining interest. As of February 13, 2026, the relative ownership interests of the members are FET (50%) and Transource (50%).

As of March 25, 2024, FET owns 100% of MAIT's equity interests (Class A and Class B). FET presents FE's ownership of FET's special purpose membership interest net assets and net income as NCI. NCI is included as a component of equity on FET's Consolidated Balance Sheets. So long as FE holds the FET special purpose membership interests, it will receive 100% of any Class B distributions made by MAIT.

FET and its subsidiaries consolidate all majority-owned subsidiaries over which they exercise control and, when applicable, entities for which they have a controlling financial interest. Intercompany transactions and balances are eliminated in consolidation as appropriate and permitted pursuant to GAAP. FET and its subsidiaries consolidate a VIE (MAIT) when it is determined to be a primary beneficiary. Investments in affiliates over which FET and its subsidiaries have the ability to exercise significant influence, but do not have a controlling financial interest, follow the equity method of accounting. Under the equity method, the interest in the entity is reported as an investment in the Consolidated Balance Sheets and the percentage of FET's ownership share of the entity's earnings is reported in the Consolidated Statements of Income and Comprehensive Income.

On May 31, 2022, Brookfield acquired 19.9% of the issued and outstanding membership interests of FET. On March 25, 2024, Brookfield acquired an additional incremental 30% equity interest in FET. As a result of the closing of the transaction, Brookfield's interest in FET increased from 19.9% to 49.9%, while FE retained the remaining 50.1% ownership interests of FET. FET continues to be consolidated in FirstEnergy's financial statements. Pursuant to the terms of the FET P&SA II, in connection with the closing, Brookfield, FET and FE entered into the A&R FET LLC Agreement, which amended and restated in its entirety the Third Amended and Restated Limited Liability Company Agreement of FET. The A&R FET LLC Agreement, among other things, provides for the governance, exit, capital and distribution, and other arrangements for FET from and following the closing. Under the A&R FET LLC Agreement, as of the closing, the FET Board consists of five directors, two of whom are appointed by Brookfield and three of whom are appointed by FE.

The accompanying consolidated financial statements have been prepared in accordance with GAAP and the rules and regulations of the SEC. FET and its subsidiaries follow GAAP and comply with the related regulations, orders, policies and practices prescribed by FERC and the PUCO, PPUC, WVPSC, MDPSC and VSCC. The preparation of financial statements in conformity with GAAP requires management to make periodic estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. The reported results of operations are not necessarily indicative of results of operations for any future period. FET and its subsidiaries have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Certain prior year amounts have been reclassified to conform to the current year presentation.
Economic Conditions

While supply lead times have not fully returned to levels prior to the COVID-19 pandemic, FET and its subsidiaries continue to monitor the situation in light of demand increases across the industry, including due to data center usage, and the imposition of tariffs and retaliatory tariffs that have been, and may be, imposed by the U.S. government in response. FET and the FET Subsidiaries continue to implement mitigation strategies to address supply constraints and do not expect any corresponding service disruptions or any material impact on its capital investment plan. However, the situation remains fluid and a prolonged continuation or further increase in demand, or the continuation of uncertain or adverse macroeconomic conditions, including inflationary pressures and new or increased existing tariffs, could lead to an increase in supply chain disruptions that could, in turn, have an adverse effect on FET’s consolidated results of operations, cash flow and financial condition.

The U.S. presidential administration has imposed widespread and substantial tariffs on imports, with additional tariffs to potentially be adopted in the future. The imposition of these or any other new or increased tariffs or resultant trade wars, and uncertainties associated with the same, could have an adverse effect on FET’s consolidated cash flow and financial condition.
ACCOUNTING FOR THE EFFECTS OF REGULATION

FET is subject to regulation that sets the prices (rates) that it is permitted to charge customers based on costs that the regulatory agencies determine are permitted to be recovered. At times, regulatory agencies permit the future recovery of costs that would be currently charged to expense by an unregulated company. The ratemaking process results in the recording of regulatory assets and liabilities based on anticipated future cash inflows and outflows.

FET reviews the probability of recovery of regulatory assets, and settlement of regulatory liabilities, at each balance sheet date and whenever new events occur. Factors that may affect probability include changes in the regulatory environment, issuance of a regulatory commission order, or passage of new legislation. Upon material changes to these factors, where applicable, FET will record new regulatory assets or liabilities and will assess whether it is probable that currently recorded regulatory assets and liabilities will be recovered or settled in future rates. If recovery of a regulatory asset is no longer probable, FET will write off that regulatory asset as a charge against earnings. FET considers the entire regulatory asset balance as the unit of account for the purposes of balance sheet classification rather than the next years recovery and, as such, net regulatory assets and liabilities are presented in the non-current section on the FET Consolidated Balance Sheets. See Note 9., "Regulatory Matters," of the Notes to Consolidated Financial Statements for additional information.

The following table provides information about the composition of net regulatory assets and liabilities as of December 31, 2025 and 2024, and the changes during the year 2025:
As of December 31,
Net Regulatory Assets (Liabilities) by Source20252024Change
 (In millions)
Customer payables for future income taxes$(487)$(582)$95 
Asset removal costs33 9 24 
Deferred transmission costs(48)117 (165)
MISO exit fee(1)
21 26 (5)
Vegetation management costs(1)
5 6 (1)
Net Regulatory Liabilities included on the Consolidated Balance Sheets$(476)$(424)$(52)
(1) These regulatory assets do not earn a current return, but they are currently being recovered by rates.
INVESTMENTS

All temporary cash investments purchased with an initial maturity of three months or less are reported as cash equivalents on the Consolidated Balance Sheets, at cost, which approximates their fair market value.

Valley Link - On February 21, 2025, FET, DominionHV and Transource entered into the Valley Link Operating Agreement, which established the general framework for Valley Link and the Valley Link Subsidiaries to accept, design, develop, construct, own, operate and finance those transmission projects awarded by PJM to Valley Link. This general framework includes parameters regarding the relationship among the three members, confers governance rights to its members so long as certain ownership percentages are maintained, as described below, and defines the list of projects that Valley Link will have the right to develop. Valley Link is the owner of the Valley Link Subsidiaries, which are organized in various states. On February 26, 2025, in response to the PJM 2024 RTEP Long-Term Proposal Window #1, PJM awarded two electric transmission projects to Valley Link estimated to be approximately $3 billion, with FET's share estimated to be approximately $1 billion.
As of February 21, 2025, the relative ownership interests of the members are FET (34%), DominionHV (30%), and Transource (36%), and Valley Link will not be consolidated with FET for financial or tax reporting purposes and expects to be accounted for
under equity method accounting. As of December 31, 2025 and 2024, there were no investment balances recorded on FET's Consolidated Balance Sheets.
PATH WV - FET owns 50% of the West Virginia Series (PATH-WV), which is a joint venture with a subsidiary of AEP. FET is not the primary beneficiary of PATH-WV, as it does not have control over the significant activities affecting the economics of PATH-WV. FET's ownership interest in PATH-WV is subject to the equity method of accounting.
In March 2024, PATH completed the process of terminating all of its FERC-jurisdictional rates and facilities, with the result that PATH no longer is a "public utility" and no longer is subject to FERC jurisdiction. FET and its non-affiliated joint venture partner are in the process of terminating the PATH corporate entities. As of December 31, 2025 and 2024 the carrying value of the equity method investment was $17 million, which is expected to be recovered through a distribution. FET's pre-tax equity earnings in PATH-WV were immaterial for the years ended December 31, 2025, 2024 and 2023.
RECEIVABLES

Under a formula rate mechanism approved by the FERC, the FET Subsidiaries make annual filings in order to recover incurred costs and an allowed return. An initial rate filing is made for each calendar year using estimated costs, which is used to determine the initial billings to customers. All prudently incurred allowable operation and maintenance costs, a return earned on rate base and income taxes are recovered or refunded through a subsequent true-up mechanism. As such, FET recognizes revenue as it incurs recoverable costs and earns the allowed return. Any differences between revenues earned based on actual costs and the amounts billed based on estimated costs are recognized as a regulatory asset or liability, and will be recovered or refunded, respectively, in subsequent periods.

Other receivables include PJM receivables resulting from transmission sales. The FET Subsidiaries uncollectible risk on PJM receivables is minimal due to the nature of PJM's settlement process whereby members of PJM legally agree to share the cost of defaults and as a result there is no allowance for doubtful accounts.
GOODWILL

In a business combination, the excess of the purchase price over the estimated fair value of the assets acquired and liabilities assumed is recognized as goodwill. Goodwill is evaluated for impairment annually on July 31 and more frequently if indicators of impairment arise. In evaluating goodwill for impairment, qualitative factors are assessed to determine whether it is more likely than not (that is, likelihood of more than 50%) that the fair value of the reporting unit is less than its carrying value (including goodwill). If it is concluded that it is not more likely than not that the fair value of the reporting unit is less than its carrying value, then no further testing is required. However, if management concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying value or bypasses the qualitative assessment, then the quantitative goodwill impairment test is performed to identify a potential goodwill impairment and measure the amount of impairment to be recognized, if any.

No impairment of goodwill was indicated in 2025 and 2024. In 2025 and 2024, a qualitative assessment was performed, assessing economic, industry and market considerations in addition to overall financial performance. Key factors used in the assessment included: growth rates, interest rates, expected investments, utility sector market performance, regulatory and legal developments, and other market considerations. It was determined that the fair values of the reporting unit was, more likely than not, greater than their carrying values and a quantitative analysis was not necessary.
PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment reflects original cost (net of any impairments recognized), including payroll and related costs such as taxes, employee benefits, administrative and general costs, and financing costs incurred to place the assets in service. The costs of normal maintenance, repairs and minor replacements are expensed as incurred. Liabilities for planned major maintenance projects are recognized as they are incurred.

FET and the FET Subsidiaries provide for depreciation on a straight-line basis at various rates over the estimated lives of property included in plant in service. The annual composite rates for the FET Subsidiaries' electric plant were 2.6%, 2.6% and 2.5% in 2025, 2024 and 2023, respectively.

For the years ended December 31, 2025, 2024 and 2023, capitalized financing costs on FET's Consolidated Statements of Income include $61 million, $40 million and $26 million, respectively, of allowance for equity funds used during construction and $20 million, $17 million and $12 million, respectively, of capitalized interest.

Long-lived assets classified as held and used are evaluated for impairment when events or changes in circumstances indicate that the carrying value of the long-lived assets may not be recoverable. First, the estimated undiscounted future cash flows attributable to the assets is compared with the carrying value of the assets. If the carrying value is greater than the undiscounted future cash flows, an impairment charge is recognized equal to the amount the carrying value of the assets exceeds its estimated fair value.
SEGMENT INFORMATION

FET has one operating segment, which is the entire entity. FET's Consolidated Statements of Income are consistent with the internal financial reports used by FET's President, its CODM. FET's CODM uses earnings attributable to FET to regularly assess performance and considers actual versus budget variances to make operating decisions and allocate resources. FET considers Other operating expenses, Provision for depreciation, General taxes, Interest expense and Income taxes to be significant expenses. See the Consolidated Statements of Income.
NEW ACCOUNTING PRONOUNCEMENTS

Recently Adopted Pronouncements - ASU 2023-09, "Income taxes (Topic 280): Improvements to Income Tax Disclosures" (Issued in December 2023): ASU 2023-09 enhances disclosures primarily related to existing rate reconciliation and income taxes paid information to help investors better assess how a company's operations and related tax risks and tax planning and operational opportunities affect the tax rate and prospects for future cash flows. Disclosure requirements include a tabular reconciliation using both percentages and amounts, separated out into specific categories with certain reconciling items at or above 5% of the statutory tax as well as by nature and/or jurisdiction. In addition, entities will be required to disclose income taxes paid (net of refunds received), broken out between federal, state/local and foreign, and amounts paid to an individual jurisdiction when 5% or more of the total income taxes are paid to such jurisdiction. ASU 2023-09 was effective beginning with this Annual Report on Form 10-K for the year ended December 31, 2025, see Note 3., "Taxes," of the Notes to Consolidated Financial Statements for the applicable disclosures, which are provided for all periods presented.

Recently Issued Pronouncements - The following new authoritative accounting guidance issued by the FASB has not yet been adopted. Unless otherwise indicated, FET is currently assessing the impact such guidance may have on its financial statements and disclosures, as well as the potential to early adopt where applicable. FET has assessed other FASB issuances of new standards not described below based upon the current expectation that such new standards will not significantly impact FET's financial reporting.

ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)" (Issued in November 2024 and subsequently updated within ASU 2025-01): ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for FET beginning with the Annual Report on Form 10-K for the year ended December 31, 2027, with early adoption permitted. The guidance is permitted to be applied prospectively, and comparative disclosures are not required for reporting periods beginning before the effective date. Entities can elect to apply the new standard retrospectively to any or all prior periods presented in the financial statements.

ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (Issued in September 2025): ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. In evaluating whether it is probable the project will be completed; an entity is required to consider whether there is significant uncertainty associated with the development activities of the software. ASU 2025-06 is effective for FET beginning with the financials for the first quarter of 2028. The guidance is permitted to be applied using a prospective, retrospective or modified transition approach. Early adoption is permitted.

ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (Issued in December 2025): ASU 2025-10 establishes authoritative guidance for the recognition, measurement, presentation, and disclosure of government grants received by business entities. ASU 2025-10 requires that a government grant be recognized when it is probable that the entity will comply with the conditions of the grant and that the grant will be received and permits two approaches for asset related grants: (1) the cost reduction method (reduce the carrying amount of the asset) and (2) deferred income method (recognize income over the useful life of the asset). Income-related grants are recognized systematically in income as the related costs are incurred. ASU 2025-10 is effective for FET beginning with financials for the first quarter of 2029, with early adoption permitted. The guidance is permitted to be applied using a modified prospective, modified retrospective or full retrospective approach.
v3.25.4
REVENUE
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
FET and its subsidiaries account for revenue from contracts with customers under ASC 606, Revenue from Contracts with Customers. Revenue from leases, financial instruments, other contractual rights or obligations and other revenues that are not from contracts with customers are outside the scope of the standard and accounted for under other existing GAAP.

FET and its subsidiaries have elected the optional invoice practical expedient for most revenues and utilize the optional short-term contract exemption for transmission revenues due to the annual establishment of revenue requirements, which eliminates the need to provide certain revenue disclosures regarding unsatisfied performance obligations.
Through the FET Subsidiaries, FET owns high-voltage transmission facilities in PJM to transmit electricity from generation sources to distribution facilities. the FET Subsidiaries transmission revenue is primarily derived from the forward-looking formula transmission rates. Revenue requirements under forward-looking formula rates for the FET Subsidiaries are updated annually based on a projected rate base and projected costs, which is subject to an annual true-up based on rate base and actual costs. Revenues and cash receipts for the stand-ready obligation of providing transmission service are recognized ratably over time.

The following table represents a disaggregation of revenue from contracts with regulated transmission customers for the years ended December 31, 2025, 2024 and 2023, by transmission owner:
Revenues from Contracts with Customers by Transmission Asset OwnerFor the Years Ended December 31,
 2025
 2024
 2023
(In millions)
ATSI$1,059 $980 $964 
TrAIL260 270 275 
MAIT483 436 395 
PATH — (2)2 
Total Revenue from Contracts with Customers1,802 1,684 1,636 
Other revenue unrelated to contracts with customers18 17 16 
Total revenues$1,820 $1,701 $1,652 
v3.25.4
TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
TAXES TAXES
FET and its subsidiaries record income taxes in accordance with the liability method of accounting. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts recognized for tax purposes. Investment tax credits, which were deferred when utilized, are being amortized over the recovery period of the related property. Deferred income tax liabilities related to temporary tax and accounting basis differences and tax credit carryforward items are recognized at the statutory income tax rates in effect when the liabilities are expected to be paid. Deferred tax assets are recognized based on income tax rates expected to be in effect when they are settled.

FET and its subsidiaries' consolidated financial statements include its allocated amount of current and deferred tax expense for all years presented. FET and its subsidiaries are parties to an intercompany income tax allocation agreement with FirstEnergy that provides for the allocation of consolidated tax liabilities. For periods subsequent to the closing of the FET Equity Interest Sale, FET and its subsidiaries no longer are members of the FirstEnergy consolidated group for federal income tax purposes and, instead, will file their own consolidated federal income tax return and have their own income tax allocation agreement.

During 2025, FERC issued orders to a non-affiliate concluding that, based on certain previously issued IRS private letter rulings, certain NOL carryforward deferred tax assets, as computed on a separate return basis, should be included in rate base for ratemaking purposes. FET determined in the third quarter of 2025 that these rulings and orders also would apply to certain of its subsidiaries, resulting in a benefit from a reduction in regulatory liabilities, reflected in the effective tax rate reconciliation table below as the remeasurement of excess deferred income taxes, and an increase in accumulated deferred income tax assets for ratemaking purposes, which will increase overall rate base. FET made the appropriate updates in its annual formula rates for its impacted subsidiaries.

On July 4, 2025, President Trump signed into law the OBBBA, which, among other things, makes permanent certain corporate tax incentives that were set to expire in the TCJA and terminates tax credits for most wind and solar projects placed in service after 2027. Because many of the provisions of the TCJA will be continued under the OBBBA, and as FET is not materially impacted by tax incentives associated with wind and solar projects, FET does not expect to be materially impacted by the OBBBA.

While FET continues to believe, more likely than not, it will be subject to corporate AMT, additional IRS guidance issued on February 18, 2026, provides certain tax repair deductions in calculating corporate AMT, which may reduce or otherwise significantly change FET’s AMT estimates or its conclusions as to whether it is an AMT payer. FET continues to evaluate this most recent AMT guidance, as well as prior guidance issued by the U.S. Treasury and/or IRS. Any adverse developments concerning corporate AMT liability, including guidance from the U.S. Treasury and/or the IRS or unfavorable regulatory treatment by FERC and/or applicable state regulatory authorities, could negatively impact FET’s cash flows, results of operations and financial condition.

During 2024, FET recognized an income tax charge of approximately $24 million relating to the FET Equity Interest Sale.
For the Years Ended December 31,
INCOME TAXES:202520242023
(In millions)
Currently payable (receivable) -
Federal$49 $(43)$38 
State11 15 8 
60 (28)46 
Deferred, net -
Federal5 173 70 
State25 17 20 
30 190 90 
Total income taxes$90 $162 $136 

FET and its subsidiaries' consolidated tax rates are affected by permanent items, such as AFUDC equity and other flow-through items, as well as discrete items that may occur in any given period, but are not consistent from period to period. The following table provides a reconciliation of federal income tax expense at the federal statutory rate to the total income taxes for the years ended December 31, 2025, 2024 and 2023:
For the Years Ended December 31,
(In millions) 202520242023
Amount %Amount%Amount%
Income from continuing operations, before income taxes$668 $573 $574 
Federal statutory income tax$140 21.0 %$120 21.0 %$121 21.0 %
Federal
Tax credits(1)(0.1)%— — %— — %
Nontaxable and Nondeductible
AFUDC equity income(13)(1.9)%(8)(1.4)%(6)(1.0)%
AFUDC equity depreciation2 0.3 %2 0.3 %1 0.2 %
Other— 
Excess deferred tax amortization3 0.4 %(2)(0.3)%(3)(0.5)%
Remeasurement of excess deferred income taxes(70)(10.5)%— — %— %
Federal and state related flow-through(4)(0.6)%(3)(0.5)%— — %
Deferred taxes associated with FET equity interest sale— — %24 4.2 %— — %
Other2 0.3 %1 0.2 %(1)(0.2)%
State and municipal income taxes, net of federal effect (1) (2)
31 4.6 %28 4.9 %24 4.2 %
Total income taxes on income from continuing operations (3)
$90 13.5 %$162 28.3 %$136 23.7 %
(1) Valuation allowances have been established for certain state NOL carryforwards that reduce deferred tax assets to an amount that will be realized on a more-likely-than-not basis. The net change in the total valuation allowance is included in state income tax, net of federal income tax effect, in the above tables.
(2) Pennsylvania makes up the majority of the registrants' respective domestic state income taxes, net of federal effect.
(3) There were no amounts for the years ended December 31, 2025, 2024, or 2023 at FET related to changes in valuation allowances, cross-border tax laws, changes in laws or rates, foreign tax effects, or changes in unrecognized tax benefits.
Accumulated deferred income taxes as of December 31, 2025 and 2024, were as follows:
As of December 31,
(In millions)20252024
Property basis differences$1,518 $1,370 
Regulatory asset/liability41 64 
Loss carryforwards and tax credits(37)(40)
Valuation allowances21 22 
Other(3)(4)
Accumulated deferred income tax liability, net$1,540 $1,412 

FET and its subsidiaries have recorded as deferred income tax assets the effect of NOLs and tax credits that will more likely than not be realized through future operations and through the reversal of existing temporary differences. As of December 31, 2025, FET and its subsidiaries' loss carryforwards consisted of approximately $526 million ($26 million, net of tax) of state and municipal NOL carryforwards, of which approximately $120 million ($5 million, net of tax) is expected to be utilized based on current estimates and assumptions prior to expiration, which will begin in 2029. In addition, FET and its subsidiaries' tax credit carryforwards consisted of AMT credits of $10 million, which have no expiration.

The following table summarizes the changes in valuation allowances on DTAs related to state NOLs discussed above for the years ended December 31, 2025, 2024 and 2023:
As of December 31,
(In millions)202520242023
Beginning of year balance$22 $22 $27 
Charged to income(1)— (5)
Charged to other accounts— — — 
Write-offs— — — 
End of year balance$21 $22 $22 

FET and its subsidiaries account for uncertainty in income taxes recognized in its financial statements. A recognition threshold and measurement attribute are utilized for financial statement recognition and measurement of tax positions taken or expected to be taken on a company's tax return. As of December 31, 2025 and 2024, FET and its subsidiaries' total unrecognized income tax benefits were approximately $3 million.

FET and its subsidiaries recognize interest expense or income and penalties related to uncertain tax positions by applying the applicable statutory interest rate to the difference between the tax position recognized and the amount previously taken or expected to be taken on the income tax return. FET and its subsidiaries include interest expense or income and penalties in the provision for income taxes. During 2025, FET and its subsidiaries recognized an immaterial amount of interest associated with their unrecognized tax benefits, and their cumulative net interest payable balance as of December 31, 2025 was also not material.

FET's consolidated federal income tax return for 2024 is open to potential IRS examination. Prior to the closing of the FET Equity Interest Sale, FET and its subsidiaries were included in FirstEnergy's consolidated federal income tax returns and those returns for years 2022 and forward remain open to potential IRS examination. State and local income tax returns of FET and its subsidiaries remain open to potential examination in various jurisdictions from 2022 and forward.
Income taxes net of refunds for the years ended December 31, 2025, 2024 and 2023, are as follows:

For the Years Ended December 31,
(In millions) 202520242023
Federal payments (receipts)
Internal Revenue Service$42 $(25)$66 
Total Federal42 (25)66 
State & Municipal payments
Ohio 3 — — 
Pennsylvania4 3 4 
West Virginia— 5 4 
Other1 1 — 
Total State & Municipal8 9 8 
Total Income Taxes Paid (net of Refunds)$50 $(16)$74 

General Taxes

General taxes associated with real and personal property taxes for the years ended December 31, 2025, 2024 and 2023 were $301 million, $279 million and $256 million, respectively.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
FET and the FET Subsidiaries primarily lease fiber optics, land and other property and equipment under cancellable and noncancellable leases.

ATSI has a ground lease with the Ohio Companies and FE PA under an operating lease agreement. Land use is rented to ATSI under the terms and conditions of a ground lease. ATSI, the Ohio Companies and FE PA reserve the right to use (and to permit authorized others to use) the land for any purpose that does not cause a violation of electrical safety code or applicable law, or does not impair ATSI's ability to satisfy its service obligations. Additional uses of such land for ATSI's facilities require prior written approval from the applicable operating companies. ATSI purchases directly any new property acquired for transmission use. ATSI makes fixed quarterly lease payments for the ground lease of approximately $5 million through December 31, 2049, unless terminated prior to maturity, or extended by ATSI for up to 10 additional successive periods of 50 years each.

MAIT has a ground lease with FE PA under an operating lease agreement. FE PA reserves the right to use (and to permit authorized others to use) the land for any purpose that does not cause a violation of electrical safety code or applicable law, or does not impair MAIT's ability to satisfy its service obligations. Additional uses of such land for MAIT's facilities require prior written approval from the applicable operating company. MAIT purchases directly any new property acquired for transmission use. MAIT makes variable quarterly lease payments through January 1, 2043, unless terminated prior to maturity, or extended by MAIT for up to two additional successive periods of 25 years each and one successive term of 24 years. MAIT's lease payment for the ground lease was approximately $4 million in 2025, 2024 and 2023. MAIT does not have an operating lease liability or asset associated with this agreement as the lease payments are variable.

FET and the FET Subsidiaries account for leases under, "Leases (Topic 842)". Leases with an initial term of 12 months or less are recognized as lease expense on a straight-line basis over the lease term and not recorded on the balance sheet. Most leases include one or more, options to renew, with renewal terms that can extend the lease term from 1 to 40 years, and certain leases include options to terminate. The exercise of lease renewal options is at FET and the FET Subsidiaries sole discretion. Renewal options are included within the lease liability if they are reasonably certain based on various factors relative to the contract. Certain leases also include options to purchase the leased property or a right of first offering if the lessor would decide to sell the leased property. The depreciable life of leased assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. FET and the FET Subsidiaries have elected a policy to not separate lease components from non-lease components for all asset classes.
Finance leases for assets used in regulated operations are recognized in FET's Consolidated Statement of Income such that amortization of the right-of-use asset and interest on lease liabilities equals the expense recorded for ratemaking purposes. All operating lease expenses are recognized in Other operating expense. The components of lease expense were as follows:
For the Years Ended December 31,
(In millions)202520242023
Operating lease costs(1)
$49 $38 $34 
Finance lease costs:
Amortization of right-of-use assets1 1 1 
Interest on lease liabilities— — — 
Total finance lease cost1 1 1 
Total lease cost$50 $39 $35 
(1) Includes $27 million, $17 million and $13 million of short-term lease costs for the years ended December 31, 2025, 2024 and 2023, respectively.

Supplemental balance sheet information related to leases was as follows:
(In millions)Financial Statement Line ItemAs of December 31, 2025As of December 31, 2024
Assets
Operating lease assets(1)
Operating lease right-of-use asset$412 $412 
Finance lease assets(2)
Property, plant and equipment14 15 
Total leased assets $426 $427 
Liabilities
Current:
Operating Other current liabilities$6 $6 
Noncurrent:
Operating Noncurrent operating lease obligation405 406 
Total leased liabilities $411 $412 
(1) Operating lease assets are recorded net of accumulated amortization of $5 million and $4 million as of December 31, 2025 and 2024, respectively.
(2) Finance lease assets are recorded net of accumulated amortization of $6 million and $5 million as of December 31, 2025 and 2024, respectively.

Supplemental cash flow information related to leases was as follows:
Cash paid for amounts included in the measurement of lease liabilities For the Year Ended December 31,
(In millions)202520242023
Operating cash flows from operating leases$21 $21 $21 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $— $1 $— 
Lease terms and discount rates were as follows:
As of December 31, 2025As of December 31, 2024
As of December 31, 2023
Weighted-average remaining lease terms (years)
Operating leases 73.774.675.7
Finance leases 13.714.615.4
Weighted-average discount rate(1)
Operating leases 5.00 %5.00 %5.00 %
(1) When an implicit rate is not readily determinable, an incremental borrowing rate is utilized, determining the present value of lease payments. The rate is determined based on expected term and information available at the commencement date.

Maturities of lease liabilities as of December 31, 2025, were as follows:
(In millions)Operating Leases
2026$21 
202721 
202821 
202921 
203021 
Thereafter 1,438 
Total lease payments1,543 
Less imputed interest 1,132 
Total net present value$411 
LEASES LEASES
FET and the FET Subsidiaries primarily lease fiber optics, land and other property and equipment under cancellable and noncancellable leases.

ATSI has a ground lease with the Ohio Companies and FE PA under an operating lease agreement. Land use is rented to ATSI under the terms and conditions of a ground lease. ATSI, the Ohio Companies and FE PA reserve the right to use (and to permit authorized others to use) the land for any purpose that does not cause a violation of electrical safety code or applicable law, or does not impair ATSI's ability to satisfy its service obligations. Additional uses of such land for ATSI's facilities require prior written approval from the applicable operating companies. ATSI purchases directly any new property acquired for transmission use. ATSI makes fixed quarterly lease payments for the ground lease of approximately $5 million through December 31, 2049, unless terminated prior to maturity, or extended by ATSI for up to 10 additional successive periods of 50 years each.

MAIT has a ground lease with FE PA under an operating lease agreement. FE PA reserves the right to use (and to permit authorized others to use) the land for any purpose that does not cause a violation of electrical safety code or applicable law, or does not impair MAIT's ability to satisfy its service obligations. Additional uses of such land for MAIT's facilities require prior written approval from the applicable operating company. MAIT purchases directly any new property acquired for transmission use. MAIT makes variable quarterly lease payments through January 1, 2043, unless terminated prior to maturity, or extended by MAIT for up to two additional successive periods of 25 years each and one successive term of 24 years. MAIT's lease payment for the ground lease was approximately $4 million in 2025, 2024 and 2023. MAIT does not have an operating lease liability or asset associated with this agreement as the lease payments are variable.

FET and the FET Subsidiaries account for leases under, "Leases (Topic 842)". Leases with an initial term of 12 months or less are recognized as lease expense on a straight-line basis over the lease term and not recorded on the balance sheet. Most leases include one or more, options to renew, with renewal terms that can extend the lease term from 1 to 40 years, and certain leases include options to terminate. The exercise of lease renewal options is at FET and the FET Subsidiaries sole discretion. Renewal options are included within the lease liability if they are reasonably certain based on various factors relative to the contract. Certain leases also include options to purchase the leased property or a right of first offering if the lessor would decide to sell the leased property. The depreciable life of leased assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. FET and the FET Subsidiaries have elected a policy to not separate lease components from non-lease components for all asset classes.
Finance leases for assets used in regulated operations are recognized in FET's Consolidated Statement of Income such that amortization of the right-of-use asset and interest on lease liabilities equals the expense recorded for ratemaking purposes. All operating lease expenses are recognized in Other operating expense. The components of lease expense were as follows:
For the Years Ended December 31,
(In millions)202520242023
Operating lease costs(1)
$49 $38 $34 
Finance lease costs:
Amortization of right-of-use assets1 1 1 
Interest on lease liabilities— — — 
Total finance lease cost1 1 1 
Total lease cost$50 $39 $35 
(1) Includes $27 million, $17 million and $13 million of short-term lease costs for the years ended December 31, 2025, 2024 and 2023, respectively.

Supplemental balance sheet information related to leases was as follows:
(In millions)Financial Statement Line ItemAs of December 31, 2025As of December 31, 2024
Assets
Operating lease assets(1)
Operating lease right-of-use asset$412 $412 
Finance lease assets(2)
Property, plant and equipment14 15 
Total leased assets $426 $427 
Liabilities
Current:
Operating Other current liabilities$6 $6 
Noncurrent:
Operating Noncurrent operating lease obligation405 406 
Total leased liabilities $411 $412 
(1) Operating lease assets are recorded net of accumulated amortization of $5 million and $4 million as of December 31, 2025 and 2024, respectively.
(2) Finance lease assets are recorded net of accumulated amortization of $6 million and $5 million as of December 31, 2025 and 2024, respectively.

Supplemental cash flow information related to leases was as follows:
Cash paid for amounts included in the measurement of lease liabilities For the Year Ended December 31,
(In millions)202520242023
Operating cash flows from operating leases$21 $21 $21 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $— $1 $— 
Lease terms and discount rates were as follows:
As of December 31, 2025As of December 31, 2024
As of December 31, 2023
Weighted-average remaining lease terms (years)
Operating leases 73.774.675.7
Finance leases 13.714.615.4
Weighted-average discount rate(1)
Operating leases 5.00 %5.00 %5.00 %
(1) When an implicit rate is not readily determinable, an incremental borrowing rate is utilized, determining the present value of lease payments. The rate is determined based on expected term and information available at the commencement date.

Maturities of lease liabilities as of December 31, 2025, were as follows:
(In millions)Operating Leases
2026$21 
202721 
202821 
202921 
203021 
Thereafter 1,438 
Total lease payments1,543 
Less imputed interest 1,132 
Total net present value$411 
v3.25.4
VARIABLE INTEREST ENTITIES
 12 Months Ended
Dec. 31, 2025
Variable Interest Entities [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES
FET and its subsidiaries perform qualitative analyses to determine whether a variable interest classifies FET or its subsidiaries as the primary beneficiary (a controlling financial interest) of a VIE. An enterprise has a controlling financial interest if it has both: (i) the power to direct the activities of a VIE that most significantly impact the entity's economic performance; and (ii) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. FET consolidates a VIE when it is determined that it is the primary beneficiary.

Consolidated VIEs
•MAIT - At its inception, MAIT issued Class A membership interests to FET and Class B membership interests to FE PA predecessors (PN and ME). The Class A interests represent the functional equivalent of managing interests, providing FET with the power to direct the activities that most significantly impact MAIT's performance. The Class B interests represent the functional equivalent of economic interest conveying no kick-out or participating rights over the Class A membership interests. Management concluded that MAIT is a VIE and that FET is the primary beneficiary because FET has exposure to the economics of MAIT and the power to direct the significant activities of MAIT through its ownership of the Class A membership interests. On January 1, 2024, FE PA, as successor-in-interest to PN and ME, transferred their respective Class B equity interests of MAIT to FE. FE ultimately contributed the MAIT Class B equity interests to FET in exchange for a special purpose membership interest in FET. The transfer of the Class B membership interests to FET during the first quarter of 2024 had no impact on MAIT's classification as a VIE.

FET has not provided any guarantees or other credit support for the benefit of MAIT or MAIT's creditors.

Unconsolidated VIEs

•Valley Link - As of December 31, 2025, Valley Link is considered a VIE. Amounts related to Valley Link are immaterial for the year ended December 31, 2025. See Note 1., Organization and Basis of Information – Investments," of the Notes to Consolidated Financial Statements for additional information related to Valley Link.

In 2025, FET, DominionHV and Transource issued an equity support agreement to enable Valley Link to enter into a credit facility with a third party. The equity support agreement expires once all Valley Link credit agreement obligations are satisfied or when FET has fulfilled its support obligations under the equity support agreement. As of December 31, 2025, the fair value of FET’s support obligations relating to the Valley Link credit facility was immaterial.
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
All borrowings with initial maturities of less than one year are defined as short-term financial instruments under GAAP and are reported as Short-term borrowings on the Consolidated Balance Sheets at cost. Since these borrowings are short-term in nature, FET believes that their costs approximate their fair market value.
The following table provides the approximate fair value and related carrying value of long-term debt, which excludes unamortized debt issuance costs, discounts and premiums:
As of December 31,
 20252024
(In millions)
Carrying Value$6,750 5,900 
Fair Value6,576 5,522 

The fair values of long-term debt and other long-term obligations reflects the present value of the cash outflows relating to those securities based on the current call price, the yield to maturity or the yield to call, as deemed appropriate at the end of each respective period. The yields assumed were based on securities with similar characteristics offered by corporations with credit ratings similar to those of FET and the FET Subsidiaries.

FET and the FET Subsidiaries classified short term borrowings and long-term debt as Level 2 in the fair value hierarchy as of December 31, 2025 and 2024.

See Note 7., "Capitalization," of the Notes to Consolidated Financial Statements for further information on long-term debt issued and redeemed during the twelve months ended December 31, 2025.
v3.25.4
CAPITALIZATION
 12 Months Ended
Dec. 31, 2025
Capitalization, Long-Term Debt and Equity [Abstract]  
CAPITALIZATION CAPITALIZATION
DIVIDEND DISTRIBUTIONS AND DIVIDENDS

Earnings, cash, capital structures, restrictions, and expected ongoing cash and earnings are reviewed by FET senior management prior to a distribution recommendation being made for consideration and authorization by the FET board of directors. Furthermore, the organizational documents, indentures, regulatory limitations, and various other agreements, including those relating to the long-term debt of the FET Subsidiaries, contain provisions that could further restrict the declaration and payment of dividends or distributions by FET and subsidiaries of FET.

The FET Subsidiaries have regulatory financial covenant limitations to maintain consolidated debt-to-total-capitalization ratios (as defined under each of the Amended Credit Facilities) of no more than 65% measured at the end of each fiscal quarter. In addition, the FET Subsidiaries would need regulatory authorization in order to loan funds to FET. As a result, as of December 31, 2025, restricted net assets of FET's subsidiaries exceeded 25%.

In addition to paying dividends from retained earnings, ATSI has authorization from FERC to pay cash dividends to FE from paid-in capital accounts, as long as their FERC-defined equity-to-total-capitalization ratio remains above 35%. FERC also approved such authorization for TrAIL to pay cash dividends to FET from paid in-capital accounts in December 2025. The governance documents, indentures, regulatory limitations, and FET P&SA II, and various other agreements, including those relating to the long-term debt of certain FET subsidiaries contain provisions that could further restrict the payment of dividends on their common stock. As of December 31, 2025 none of these provisions materially restricted FET subsidiaries' abilities to pay cash dividends to their respective parent company.
LONG-TERM DEBT AND OTHER LONG-TERM OBLIGATIONS

The following tables present outstanding long-term debt and finance lease obligations for FET and the FET Subsidiaries as of December 31, 2025 and 2024:

As of December 31, 2025As of December 31,
Maturity DateInterest Rate20252024
(In millions)
Unsecured notes - fixed rate2026-2049
2.650% - 5.940%
$6,750 $5,900 
Unamortized debt discounts and premiums(3)— 
Unamortized debt issuance costs(43)(36)
Currently payable long-term debt(75)(625)
Total long-term debt and other long-term obligations$6,629 $5,239 

The following redemptions and issuances occurred during the twelve months ended December 31, 2025:

CompanyTypeIssuance / Redemption DateInterest RateMaturity
Amount
(In millions)
Description
Redemptions
TrAILSenior Unsecured NotesMay, 20253.76%2025$75TrAIL redeemed unsecured notes that became due.
TrAILSenior Unsecured NotesJune, 20253.85%2025$550TrAIL redeemed unsecured notes that became due.
Issuances
TrAILSenior Unsecured NotesApril, 20255.00%2031$600Proceeds were used to redeem senior notes that came due in 2025, to refinance existing debt, for working capital, and for other general corporate purposes.
ATSISenior Unsecured NotesMay, 20255.00%2030$225Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
MAITSenior Unsecured NotesJune, 20255.00%2031$200Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
FETSenior Unsecured NotesAugust, 20254.75%2033$450Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.

FET and the FET Subsidiaries may from time to time, seek to retire or purchase outstanding debt through open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be upon such terms and at such prices as FET or the FET Subsidiaries may determine, and will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors.

Senior Notes and Registration Rights

On August 13, 2025, FET issued $450 million of senior unsecured notes due in 2033, in a private offering that included a registration rights agreement in which FET agreed to conduct an exchange offer of these senior notes for the like principal amounts registered under the Securities Act within 366 days of closing of the offering. On November 4, 2025, FET filed a registration statement on Form S-4 for the exchange offer with the SEC, which was declared effective on December 3, 2025. On January 21, 2026, FET completed an exchange offer of these senior notes for like principal amounts registered under the Securities Act.
The following table presents scheduled debt repayments or debt that has been noticed for redemption for outstanding long-term debt, excluding unamortized debt discounts and premiums, for the next five years as of December 31, 2025:

(In millions)20262027202820292030
Scheduled debt repayments $75$—$1,100$—$725

Debt Covenant Default Provisions

FET and the FET Subsidiaries have various debt covenants under certain financing arrangements, including the Amended Credit Facilities. The most restrictive of the debt covenants relate to the nonpayment of interest and/or principal on such debt and the maintenance of certain financial ratios. The failure by FET or the FET Subsidiaries to comply with the covenants contained in any of their financing arrangements could result in an event of default, which may have an adverse effect on FET's and the FET Subsidiaries' financial condition.

Additionally, there are cross-default provisions in certain financing arrangements of FE and its subsidiaries, including FET. These provisions generally trigger a default in the applicable financing arrangement of an entity if it or any of its significant subsidiaries default under another financing arrangement in excess of a certain principal amount, typically $100 million. Although such defaults by FET would cross-default FE financing arrangements containing these provisions, defaults by FE would generally not cross-default applicable FET financing arrangements, but defaults by the FET Subsidiaries would cross-default applicable FET financing arrangements.

As of December 31, 2025, FET and the FET Subsidiaries were in compliance with all debt covenant default provisions.
v3.25.4
SHORT-TERM BORROWINGS AND BANK LINES OF CREDIT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS AND BANK LINES OF CREDIT SHORT-TERM BORROWINGS AND BANK LINES OF CREDIT
FET and the FET Subsidiaries had $246 million and $302 million of outstanding short-term borrowings as of December 31, 2025 and 2024, respectively.

On October 27, 2025, FET and the FET subsidiaries entered into amendments to their respective credit facilities to, among other things: (i) remove the 10 basis point credit spread adjustment from the interest rate calculation; (ii) permit a one-week interest period for any Term Benchmark Advance (as defined under each of the Amended Credit Facilities) based upon daily simple SOFR; and (iii) extend the maturity date of each credit facility for an additional one-year period (a) from October 20, 2029 to October 20, 2030, for the FET credit facility and (b) from October 18, 2028 to October 18, 2029 for the FET Subsidiaries' credit facility.

As of December 31, 2025, available liquidity under the Amended Credit Facilities was approximately $1.6 billion.

Borrowings under the Amended Credit Facilities may be used for working capital and other general corporate purposes. Generally, borrowings under the Amended Credit Facilities are available to each borrower separately and mature on the earlier of 364 days from the date of borrowing or the commitment termination date, as the same may be extended. The Amended Credit Facilities contain financial covenants requiring each borrower to maintain a consolidated debt-to-total-capitalization ratio (as defined under the Amended Credit Facilities) of no more than 65%, and 75% for FET, measured at the end of each fiscal quarter.

Subject to each borrower’s sublimit, the amounts noted below are available for the issuance of LOCs (subject to borrowings drawn under the Amended Credit Facilities) expiring up to one year from the date of issuance. The stated amount of outstanding LOCs will count against total commitments available under the Amended Credit Facilities and against the borrowers' borrowing sublimit. As of December 31, 2025, FET and the FET Subsidiaries had $13 million in outstanding LOC's, $1 million of which are issued under the Credit Facilities.

The Amended Credit Facilities do not contain provisions that restrict the ability to borrow or accelerate payment of outstanding advances in the event of any change in credit ratings of the borrowers. Pricing is defined in “pricing grids,” whereby the cost of funds borrowed under the Credit Facilities are related to the credit ratings of the company borrowing the funds. Additionally, borrowings under the Amended Credit Facilities are subject to the usual and customary provisions for acceleration upon the occurrence of events of default, including a cross-default for other indebtedness in excess of $100 million.

As of December 31, 2025, FET and the FET Subsidiaries were in compliance with the applicable debt-to-total-capitalization ratio covenants in each case as defined under the Amended Credit Facilities.

FirstEnergy Money Pools

As regulated money pool participants, the FET Subsidiaries have the ability to borrow from each other, regulated affiliates and FE to meet their short-term working capital requirements. FET had a similar but separate arrangement with FE's unregulated money pool participants, however, effective June 1, 2024, FET no longer participates in the unregulated money pool.
FESC administers these money pools and tracks surplus funds of FE and the respective regulated and unregulated subsidiaries, as the case may be, as well as proceeds available from bank borrowings. Companies receiving a loan under the money pool agreements must repay the principal amount of the loan, together with accrued interest, within 364 days of borrowing the funds. The rate of interest is the same for each company receiving a loan from their respective pool and is based on the average cost of funds available through the pool.

Average Interest RatesRegulated Companies’ Money PoolUnregulated Companies’ Money Pool
2025202420252024
For the Years Ended December 31, 4.51 %5.74 %4.89 %6.44 %

Weighted Average Interest Rates

The annual weighted average interest rates on short-term borrowings from the Amended Credit Facilities through the years ended December 31, 2025 and December 31, 2024 were 5.58% and 6.99%, respectively.
v3.25.4
REGULATORY MATTERS
 12 Months Ended
Dec. 31, 2025
Regulated Operations [Abstract]  
REGULATORY MATTERS REGULATORY MATTERS
FERC REGULATORY MATTERS

With respect to their transmission services and rates, the FET Subsidiaries are subject to regulation by FERC. Under the FPA, FERC regulates rates for transmission of electric power, regulatory accounting and reporting under the Uniform System of Accounts, and other matters. FERC regulations require the FET Subsidiaries to provide open access transmission service at FERC-approved rates, terms and conditions. Transmission facilities of the FET Subsidiaries are subject to functional control by PJM, and transmission service using the FET Subsidiaries transmission facilities is provided by PJM under the PJM Tariff.

The following table summarizes the key terms of rate orders in effect for transmission customer billings for each one of FET's transmission owner entities as of December 31, 2025:
CompanyAllowed Debt/Equity Capital StructureAllowed ROE
ATSIActual (13-month average)
9.88%(1)
MAIT
Lower of Actual (13-month average) or 60% equity
10.3%
TrAILActual (year-end)
12.7%(2) /11.7%(3)
(1) Reflects a 0.5% reduction to the 10.38% approved ROE due to the January 2025 Sixth Circuit ruling eliminating the 50 basis point adder associated with RTO membership (see Transmission ROE Incentive)
(2) TrAIL the Line and Black Oak Static Var Compensator
(3) All other projects

Federally enforceable mandatory reliability standards apply to the bulk electric system and impose certain operating, record-keeping and reporting requirements on the FET Subsidiaries. NERC is the ERO designated by FERC to establish and enforce these reliability standards, although NERC has delegated day-to-day implementation and enforcement of these reliability standards to six regional entities, including RFC. All of the facilities that the FET Subsidiaries operate are located within the RFC region. FET actively participates in the NERC and RFC stakeholder processes and otherwise monitors and manages its companies, including the FET Subsidiaries, in response to the ongoing development, implementation and enforcement of the reliability standards implemented and enforced by RFC.

FET and the FET Subsidiaries believe that they are in material compliance with all currently-effective and enforceable reliability standards. Nevertheless, in the course of operating its extensive electric utility systems and facilities FET and/or the FET Subsidiaries occasionally learn of isolated facts or circumstances that could be interpreted as excursions from the reliability standards. If and when such occurrences are found, FET and the FET Subsidiaries develop information about the occurrence and develop a remedial response to the specific circumstances, including in appropriate cases “self-reporting” an occurrence to RFC. Moreover, it is clear that NERC, RFC and FERC will continue to refine existing reliability standards as well as to develop and adopt new reliability standards. Any inability on FET's and/or the FET Subsidiaries' part to comply with the reliability standards for its bulk electric system could result in the imposition of financial penalties, or obligations to upgrade or build transmission facilities, that could have a material adverse effect on FET's and/or the FET Subsidiaries' financial condition, results of operations and cash flows.
FERC Audit

FERC’s Division of Audits and Accounting initiated a nonpublic audit of FESC in February 2019. Among other matters, the audit is evaluating FirstEnergy’s compliance with certain accounting and reporting requirements under various FERC regulations. On February 4, 2022, FERC filed the final audit report for the period of January 1, 2015 through September 30, 2021, which included several findings and recommendations that FirstEnergy has accepted. The audit report included a finding and related recommendation on FirstEnergy’s methodology for allocation of certain corporate support costs to regulatory capital accounts under certain FERC regulations and reporting. Effective in the first quarter of 2022 and in response to the finding, FirstEnergy implemented a new methodology for the allocation of these corporate support costs to regulatory capital accounts for its regulated distribution and transmission companies on a prospective basis. With the assistance of an independent outside firm, FirstEnergy completed an analysis during the third quarter of 2022 of these costs and how it impacted certain FERC-jurisdictional wholesale transmission customer rates for the audit period of 2015 through 2021. As a result of this analysis, FET reclassified certain transmission capital assets to operating expenses for the audit period. FET fully recovered approximately $91 million of these costs reclassified to operating expenses in its transmission formula rate revenue requirements as of December 31, 2024.

On December 8, 2023, FERC audit staff issued a letter advising that two unresolved audit matters, related to FirstEnergy’s plan to recover the reclassified operating expenses in formula transmission rates, were being referred to other offices within FERC for further review. On July 5, 2024, and September 26, 2024, the FERC Office of Enforcement issued additional data requests related to the 2022 reclassification of operating expenses, to which FirstEnergy replied. On September 10, 2024 and January 13, 2025, the FERC Office of Enforcement issued further data requests related to a matter unrelated to FET, to which FirstEnergy responded. The FERC Office of Enforcement took no action with respect to the referred matters, and on December 23, 2025, FERC staff notified FirstEnergy that the audit is concluded.

Transmission ROE Incentive

On February 24, 2022, the OCC filed a complaint with FERC against ATSI, AEP’s Ohio affiliate and American Electric Power Service Corporation, and Duke Energy Ohio, Inc. asserting that FERC should reduce the ROE utilized in the utilities’ transmission formula rates by eliminating the 50 basis point adder associated with RTO membership, effective February 24, 2022. The OCC contends that this result is required because Ohio law mandates that transmission owning utilities join an RTO and that the 50 basis point adder is applicable only where RTO membership is voluntary. On December 15, 2022, FERC denied the complaint as to ATSI and Duke Energy Ohio, Inc., but granted it as to AEP’s Ohio affiliate. AEP’s Ohio affiliate and OCC appealed FERC’s orders to the Sixth Circuit. On January 17, 2025, the Sixth Circuit ruled that the 50 basis point adder is available only where RTO membership is voluntary, that Ohio law requires Ohio’s transmission utilities to be members of an RTO, and that it was unlawful for FERC to excise the adder from AEP’s Ohio affiliate rates, but not from the Duke Energy Ohio, Inc. and ATSI rates. During 2024, as a result of the ruling, ATSI recognized a $46 million pre-tax charge, with interest, of which $42 million is reported in “Transmission Revenues” and $4 million is reported in “Miscellaneous income, net” on the Consolidated Statements of Income to reflect the expected refund owed to transmission customers back to February 24, 2022. On June 20, 2025 and June 24, 2025, ATSI and AEP’s Ohio affiliate, respectively, applied for the Supreme Court of the U.S. to review the Sixth Circuit’s decision. On November 10, 2025, the Supreme Court of the U.S. denied ATSI’s petition for the court to review the case. On November 13, 2025, the Sixth Circuit issued a mandate sending the case back to FERC for further proceedings.

Transmission ROE Methodology

A proposed rulemaking proceeding concerning transmission rate incentives provisions of Section 219 of the 2005 Energy Policy Act was initiated in March of 2020 and remains pending before FERC. Among other things, the rulemaking explored whether utilities should collect an “RTO membership” ROE incentive adder for more than three years. FirstEnergy is a member of PJM, and its transmission subsidiaries could be affected by the proposed rulemaking. FirstEnergy participated in comments on the supplemental rulemaking that were submitted by a group of PJM transmission owners and by various industry trade groups. If there were to be any changes to the FET Subsidiaries' transmission incentive ROE, such changes will be applied on a prospective basis; provided however, due to the Sixth Circuit’s ruling in the “Transmission ROE Incentive” matter described above, ATSI is collecting the ROE incentive adder subject to refund.

Transmission Planning Supplemental Projects

On September 27, 2023, the OCC filed a complaint against ATSI, PJM and other transmission utilities in Ohio alleging that the PJM Tariff and operating agreement are unjust, unreasonable, and unduly discriminatory because they include no provisions to ensure PJM’s review and approval for the planning, need, prudence and cost-effectiveness of the PJM Tariff Attachment M-3 “Supplemental Projects.” Supplemental Projects are projects that are planned and constructed to address local needs on the transmission system. The OCC demands that FERC: (i) require PJM to review supplemental projects for need, prudence and cost-effectiveness; (ii) appoint an independent transmission monitor to assist PJM in such review; and (iii) require that Supplemental Projects go into rate base only through a “stated rate” procedure whereby prior FERC approval would be needed for projects with costs that exceed an established threshold. Subsequently, intervenors expanded the scope of this proceeding to all of the transmission utilities in PJM. The FET Subsidiaries and the other transmission utilities in Ohio and PJM filed comments.
Local Transmission Planning Complaint

On December 19, 2024, the Industrial Energy Consumers of America, a group representing large industrial customers, and state consumer advocates filed a complaint at FERC that asserts that transmission owners are overbuilding “local transmission facilities” with corresponding unjustified increases in transmission rates. The complaint demands that FERC: (i) prohibit transmission owners from planning “local transmission facilities” that are rated at 100 kV or higher, (ii) appoint “independent transmission monitors” to conduct such planning, and (iii) condition construction of local transmission facilities on the facility having been planned by the “independent transmission monitor.” FirstEnergy is participating in this matter through a consortium of PJM transmission owners and through certain trade groups, including EEI. FirstEnergy together with the PJM transmission owners filed a motion to dismiss the complaint on March 20, 2025, which is pending before FERC. FET is unable to predict the outcome or estimate the impact that this complaint may have on the FET Subsidiaries, however, whether this lawsuit moves forward could have a material impact on FET’s transmission capital investment strategy.

Valley Link Formula Transmission Rate

On March 14, 2025, the Valley Link joint venture filed an application for forward-looking formula transmission rates to provide for cost recovery for the portfolio of selected projects. Among other things, the transmission rate application provides for a capital structure of 40% debt and 60% equity, and a base ROE of 10.9% with associated templates and protocols, as well as transmission rate incentives, including the abandonment rate incentive, the CWIP rate incentive, the RTO participation adder incentive, the hypothetical capital structure incentive, and the precommercial regulatory asset incentive. On May 14, 2025, FERC issued an initial order that, among other things, accepted the requested abandonment rate incentive, CWIP rate incentive, RTO participation adder incentive, and precommercial regulatory asset rate incentive, and allowed the formula rate to go into effect on May 13, 2025, as requested, subject to refund, pending further settlement and hearing proceedings. The most recent settlement conference was held on December 9, 2025, at which the parties agreed to a procedural schedule to govern the next phase of the settlement process. The capital structure incentive and the other open rate design matters are being addressed in the confidential settlement negotiations.

Abandonment Transmission Rate Incentive

On February 26, 2025, PJM completed its 2024 RTEP Open Window 1 process and, among other actions, designated each of ATSI and PE to construct certain transmission projects. On July 11, 2025, ATSI and PE filed a joint application for the abandonment incentive with FERC, which was approved on September 9, 2025. Effective September 10, 2025, ATSI and PE each became eligible to recover 50% of the project costs incurred prior to September 10, 2025, and 100% of the project costs incurred thereafter for any projects subsequently cancelled for reasons beyond the control of utility management.

Large Load Interconnection Rulemaking

On October 23, 2025, the U.S. Secretary of Energy directed FERC to conduct a rulemaking procedure to develop regulations that would speed interconnection to the transmission system of large loads, including “Artificial Intelligence” data centers and “hybrid” data center/electric generation facilities. The Energy Secretary advanced 14 principles to guide this outcome, including that such large loads should be responsible for paying the costs of any network transmission system upgrades required for interconnection of such large loads, and that these large loads should have the option for building such network transmission upgrades. The Energy Secretary requested that FERC take final action by April 30, 2026. On October 27, 2025, FERC noticed the Energy Secretary’s directive for comment, and subsequently established November 21, 2025 as the deadline for initial comments and December 5, 2025 as the deadline for reply comments. FET and its transmission affiliates, as well as over 150 other parties, filed comments on the established deadlines. FET is unable to predict the outcome of this rulemaking procedure. To the extent the new regulations do not permit transmission utilities to fully recover costs associated with transmission network upgrades required to serve new large loads, FET's strategy of investing in transmission could be adversely affected.
v3.25.4
COMMITMENTS, GUARANTEES AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS, GUARANTEES AND CONTINGENCIES COMMITMENTS, GUARANTEES AND CONTINGENCIES
GUARANTEES AND OTHER ASSURANCES

FET has various financial and performance guarantees and indemnifications which can be issued in the normal course of business. These contracts include stand-by LOCs and surety bonds. FET enters into these arrangements to facilitate commercial transactions with third parties by enhancing the value of the transaction to the third party. The maximum potential amount of future payments FET and the FET Subsidiaries could be required to make under these guarantees as of December 31, 2025 was $47 million, as summarized below:
Guarantees and Other AssurancesMaximum Exposure
 (In millions)
Surety Bonds(1)
$34 
LOCs13 
Total Guarantees and Other Assurances$47 
(1) Surety bonds are not tied to a credit rating, and their impact assumes maximum contractual obligations, which is ordinarily 100% of the face amount of the surety bond except with respect to $1 million of surety bond obligations for which the collateral obligation is capped at 60% of the face amount, and typical obligations require 30 days to cure.

In 2025, FET, DominionHV and Transource issued an equity support agreement to enable Valley Link to enter into a credit facility with a third party. The equity support agreement expires once all Valley Link credit agreement obligations are satisfied or when FET has fulfilled its support obligations under the equity support agreement. As of December 31, 2025, the fair value of FET’s support obligations relating to the Valley Link credit facility was immaterial.

COLLATERAL AND CONTINGENT-RELATED FEATURES

In the normal course of business, FET and the FET Subsidiaries may enter into physical or financially settled contracts. Certain agreements contain provisions that require FET or the FET Subsidiaries to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon FET's or the FET Subsidiaries' credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. FET and the FET Subsidiaries have posted $13 million of collateral, in the form of LOCs, as of December 31, 2025.
ENVIRONMENTAL MATTERS

Various federal, state and local authorities regulate FET with regard to air and water quality, hazardous and solid waste management and disposal, and other environmental matters. While FET’s environmental policies and procedures are designed to achieve compliance with applicable environmental laws and regulations, such laws and regulations are subject to periodic review and potential revision by the implementing agencies. FET cannot predict the timing or ultimate outcome of any of these reviews or how any future actions taken as a result thereof may materially impact its business, results of operations, cash flows and financial condition.

OTHER LEGAL PROCEEDINGS

There are various lawsuits, claims and proceedings related to FET's normal business operations pending against FET or its subsidiaries. The loss or range of loss in these matters is not expected to be material to FET or its subsidiaries. The other potentially material items not otherwise discussed above are described under Note 9., "Regulatory Matters," of the Notes to Consolidated Financial Statements.

FET accrues legal liabilities only when it concludes that it is probable that it has an obligation for such costs and can reasonably estimate the amount of such costs. In cases where FET determines that it is not probable, but reasonably possible that it has a material obligation, it discloses such obligations and the possible loss or range of loss if such estimate can be made. If it were ultimately determined that FET or its subsidiaries have legal liability or are otherwise made subject to liability based on any of the matters referenced above, it could have a material adverse effect on FET's or its subsidiaries' financial condition, results of operations and cash flows.
v3.25.4
TRANSACTIONS WITH AFFILIATED COMPANIES
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
TRANSACTIONS WITH AFFILIATED COMPANIES TRANSACTIONS WITH AFFILIATED COMPANIES
In addition to the intercompany income tax allocation and the short-term borrowing arrangement, FET and its subsidiaries have revenues, operating expense and interest expense transactions with affiliated companies, primarily FESC and the Electric Companies. The affiliated company transactions during the years ended December 31, 2025, 2024 and 2023, are as follows:
For the Years Ended December 31,
202520242023
(In millions)
Revenues$18 $17 $16 
Other operating expenses:
   Ground lease expense(1)
25 25 25 
   FESC support services(2)
253 228 219 
Other affiliate support services(2)
126 112 106 
Interest income14 12 16 
Pension and OPEB mark-to-market adjustment gain (loss)22 7 (31)
Interest expense3 7 17 
(1) See Note 4., "Leases".
(2) Includes amounts capitalized of $213 million, $178 million and $170 million for the years ended December 31, 2025, 2024 and 2023, respectively.

FE does not bill directly or allocate any of its costs to any subsidiary company. FESC provides corporate support and other services, including executive administration, accounting and finance, risk management, human resources, corporate affairs, communications, information technology, legal services and other similar services at cost, in accordance with its cost allocation manual, to affiliated FirstEnergy companies under FESC agreements. Allocated costs are for services that are provided on behalf of more than one company, or costs that cannot be precisely identified and are allocated using formulas developed by FESC. Intercompany transactions are generally settled under commercial terms within thirty days.

As FET and its subsidiaries do not have employees, employees from the Electric Companies perform maintenance and project work in support of FET and its subsidiaries. Labor and overhead costs associated with these activities are charged by the affiliates to FET's subsidiaries at cost.

As regulated money pool participants, FET's subsidiaries have the ability to borrow from each other, regulated affiliates and the FE holding company to meet their short-term working capital requirements. FET had a similar but separate arrangement with FE's unregulated money pool participants. As of June 1, 2024, FET is no longer participating in the unregulated money pool. Affiliated company notes receivables and payables related to the money pool are reported as "Notes receivable from affiliated companies" or "Short-term borrowings - affiliated companies" on the Consolidated Balance Sheets. Affiliate accounts receivable and accounts payable balances relate to intercompany transactions that have not yet settled through the money pool (see Note 8., "Short-Term Borrowings and Bank Lines of Credit," of the Notes to Consolidated Financial Statements).

FET and its subsidiaries are parties to an intercompany income tax allocation agreement with FirstEnergy that provides for the allocation of consolidated tax liabilities. For periods subsequent to the closing of the FET Equity Interest Sale, FET and its subsidiaries no longer are members of the FirstEnergy consolidated group for federal income tax purposes and, instead, will file their own consolidated federal income tax return and have their own income tax allocation agreement. See Note 3., "Taxes," of the Notes to Consolidated Financial Statements for additional information.
In addition to service costs, interest on obligations, expected return on plan assets, and prior service costs, FirstEnergy recognizes in net periodic benefit costs a pension and OPEB mark-to-market adjustment for the change in the fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is determined to qualify for a remeasurement. FET's subsidiaries are allocated a portion of net periodic benefit costs from affiliates. These amounts are expected to be refunded or recovered through formula transmission rates. During 2025, 2024 and 2023, FET's subsidiaries' allocated amount of the pension and OPEB mark-to-market adjustments from affiliates were gains or (losses) of $22 million, $7 million and $(31) million, respectively. Additionally, other pension and OPEB net periodic costs (credits) allocated to FET's subsidiaries from affiliates were approximately $12 million, $10 million and $8 million in 2025, 2024 and 2023, respectively.
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT
FIRSTENERGY TRANSMISSION, LLC
CONDENSED STATEMENTS OF INCOME
For the Years Ended December 31,
(In millions)202520242023
Operating revenues$— $— $— 
Operating expenses from affiliates 1 1 — 
Operating expenses— — 1
Operating loss(1)(1)(1)
OTHER INCOME (EXPENSE):
Equity in earnings of subsidiaries 681 513 440
Interest income from affiliates — — 8 
Interest expense from affiliates — (1)(10)
Interest expense - non-affiliates(130)(114)(89)
Other 1 3 — 
Total other income 552 401 349 
INCOME BEFORE INCOME TAX EXPENSE (BENEFITS)551 400 348 
INCOME TAX EXPENSE (BENEFITS)(27)1 (21)
NET INCOME$578 $399 $369 
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT
FIRSTENERGY TRANSMISSION, LLC
CONDENSED BALANCE SHEETS
(In millions)December 31, 2025December 31, 2024
 
ASSETS 
CURRENT ASSETS  
Receivables - affiliated companies$5 $— 
 Total current assets 5 — 
INVESTMENTS AND OTHER NONCURRENT ASSETS:
Investment in subsidiaries6,374 5,810 
Accumulated deferred income tax benefits2 5 
Other6 6 
 6,382 5,821 
TOTAL ASSETS$6,387 $5,821 
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term borrowings $95 $300 
Accrued taxes4 1 
Accrued interest46 32 
Other — 1 
 145 334 
LONG-TERM DEBT2,624 2,177 
 EQUITY:
Members' equity2,250 2,250 
Retained earnings590 282 
Total members' equity2,840 2,532 
Special purpose membership interest 778 778 
TOTAL EQUITY3,618 3,310 
TOTAL LIABILITIES AND EQUITY$6,387 $5,821 
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT
FIRSTENERGY TRANSMISSION, LLC
CONDENSED STATEMENT OF CASH FLOWS
For the Years Ended December 31,
(In millions)202520242023
NET CASH FLOWS PROVIDED FROM OPERATING ACTIVITIES $282 $265 $114 
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in subsidiary(250)(300)(275)
Loans with affiliated companies, net— — 1,514 
Net cash provided from (used for) investing activities(250)(300)1,239 
CASH FLOWS FROM FINANCING ACTIVITIES:
New financing-
Long-term debt 450 800 — 
Short-term borrowings - affiliated companies, net— 300 177 
Redemptions and Repayments
Long-term debt— (600)— 
Short-term borrowings - net(205)(177)— 
Distribution payments(270)(276)(1,527)
Other(7)(12)(3)
Net cash provided from (used for) financing activities(32)35 (1,353)
Net change in cash and cash equivalents— — — 
Cash and cash equivalents at beginning of period— — — 
Cash and cash equivalents at end of period$— $— $— 
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash distributions and dividends received from consolidated subsidiaries$367 $344 $202 
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT
FIRSTENERGY TRANSMISSION, LLC
NOTES TO CONDENSED FINANCIAL STATEMENTS

NOTE 1 – BASIS OF PRESENTATION

FET is a holding company that primarily conducts its business operations through its subsidiaries. FET has accounted for its subsidiaries using the equity method. These financial statements are presented on a condensed basis. FET financial statements should be read in conjunction with the consolidated financial statements.

On January 1, 2024, FE PA, as successor-in-interest to PN and ME, transferred their respective Class B equity interests of MAIT to FE, which were ultimately contributed to FET in exchange for a special purpose membership interest in FET. So long as FE holds the FET special purpose membership interests, it will receive 100% of any Class B distributions made by MAIT. As of March 25, 2024, FET owns 100% of MAIT's equity interests (Class A and Class B).

NOTE 2 – SHORT-TERM DEBT AND LIQUIDITY

Please see Note 8., "Short-Term Borrowings and Bank Lines of Credit" of the audited consolidated annual financial statements for a description and details of short-term debt and liquidity needs of FET.

NOTE 3 – LONG-TERM OBLIGATIONS

LONG-TERM DEBT AND OTHER LONG-TERM OBLIGATIONS

The following table presents outstanding long-term debt and other long-term obligations for FirstEnergy Transmission, LLC (parent company only) as of December 31, 2025 and 2024:
As of December 31, 2025As of December 31,
Maturity DateInterest Rate20252024
(In millions)
Unsecured notes - fixed rate2028-2049
2.870% - 5.450%
$2,650 $2,200 
Unamortized debt premiums/discounts(4)(3)
Unamortized debt issuance costs(22)(20)
Total long-term debt and other long-term obligations$2,624 $2,177 

The following table presents scheduled debt repayments for outstanding long-term debt excluding unamortized debt discounts and premiums, for the next five years as of December 31, 2025:
(In millions)20262027202820292030
Scheduled debt repayments $—$—$500$—$400

NOTE 4 – COMMITMENTS, GUARANTEES AND CONTINGENCIES

Please see Note 9., "Regulatory Matters," and Note 10., "Commitments, Guarantees and Contingencies," of the Notes to Consolidated Financial Statements for additional information.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
FirstEnergy has established a broad framework to assess, identify and manage material risks from cyber security threats. This program is established at the executive level, with regular reporting to, and oversight by, the FE Board as described below. At the highest level, FirstEnergy's program includes multi-layered governance by management, the FE Audit Committee, the FE Operations and Safety Committee, and the FE Board, as described in greater detail below.

Central management and coordination of the program helps FirstEnergy to comprehensively evaluate and protect against cyber threats. FirstEnergy's written policies and procedures identify how cyber security measures and controls are developed, implemented, and regularly reviewed and updated. FirstEnergy aims to align its cyber security program with national standards. For example, FirstEnergy has implemented and maintains a set of controls to manage cyber security risk based on, and in alignment with, the National Institute of Standards and Technology Cyber Security Framework, and for Bulk Electric System assets, the NERC Critical Infrastructure Protection standards. FirstEnergy also complies with various state laws and regulations on cyber security.

FirstEnergy's cyber security program identifies security controls and user responsibilities for the organization to identify and manage the risk of a cyber security incident. FirstEnergy also conducts various internal and external risk assessments each year. These include required annual compliance assessments, such as requirements under the Sarbanes-Oxley Act and Payment Card Industry Data Security Standard compliance audits, as well as ad-hoc assessments driven by emerging risks, changes in FirstEnergy's environment, or benchmark/roadmap needs. Risks identified in such assessments are considered for inclusion in FirstEnergy's risk portfolio, or incorporated directly into the cyber security program, and are then prioritized and addressed as needed through the organization's written policies and procedures. The risk assessment along with risk-based analysis and judgment are used to select security controls to address risks. During this process, the following factors, among others, are considered: likelihood and severity of risk, impact on FirstEnergy and others, such as vendors and customers, if a risk materializes, feasibility and cost of controls, and impact of controls on operations and others. FirstEnergy also regularly evaluates the adequacy and sufficiency of specific controls.

To further protect its information and cyber assets, FirstEnergy has required since late 2022 that applicable prospective third-party vendors complete a privacy impact assessment, which is designed to identify potential privacy and cyber security risks for those vendors requiring access to personally identifiable information, and based on the results, include appropriate contractual provisions to mitigate any identified risks. FirstEnergy has also evaluated its third-party vendors onboarded prior to 2022 to identify which vendors had similar access to personally identifiable information and confirmed that such vendors also completed a privacy impact assessment.

FirstEnergy conducts cyber security exercises and training. For example, all personnel with any form of computer system access must complete cyber security training on a recurring basis, which educates personnel on FirstEnergy's policies and procedures for using FirstEnergy systems, keeping FirstEnergy information secure, and for safe, reliable operation of electric utility systems. FirstEnergy also conducts various tests of its cyber incident response plans, disaster recovery plans and business continuity plans with key stakeholders and responders for various areas of FirstEnergy's utility and business functions. FirstEnergy's management also holds executive cyber security incident tabletop exercises to train on cyber security incident response.

Additionally, FirstEnergy leverages third-party security firms in various capacities to assist with various aspects of FirstEnergy's cyber security program, including risk assessments, vulnerability scans, and penetration testing. FirstEnergy uses a variety of processes to address cyber security threats related to the use of third-party technology and services, such as reviewing independent assessments of the third party's cyber/information security controls, such as Systems and Organization Controls 2 audits or other standards-based assessments, where appropriate. As part of FirstEnergy's process to continuously improve its cyber and information security programs, FirstEnergy also engages third-party subject matter experts to assess and evaluate the effectiveness of various aspects of such programs.

In addition to the aforementioned efforts, FirstEnergy also strongly considers cyber security risks as a part of its overall strategy and invests heavily in sophisticated and layered security measures that use both technology and hard defenses to protect critical transmission facilities and its digital communications networks. For example, security enhancements to FirstEnergy's transmission infrastructure, such as enhanced cyber security monitoring and alarming are a key component of FirstEnergy's transmission investment program.
Despite the security measures and safeguards FirstEnergy has employed, including certain measures implemented pursuant to mandatory NERC Critical Infrastructure Protection standards, FirstEnergy's infrastructure may be increasingly vulnerable to such attacks as a result of the rapidly evolving and increasingly sophisticated means by which attempts to defeat security measures and gain access to information technology systems may be made. Also, FirstEnergy, or its vendors and service providers, may be at an increased risk of a cyber-attack and/or data security breach due to the nature of its business. Any such cyber incident could result in significant lost revenue, the inability to conduct critical business functions and serve customers for a significant period of time, the use of significant management resources, legal claims or proceedings, regulatory penalties, significant remediation costs, increased regulation, increased capital costs, increased protection costs for enhanced cyber security systems or personnel, damage to FirstEnergy's reputation and/or the rendering of its internal controls ineffective, all of which could materially adversely affect FirstEnergy's business, results of operations, financial condition and reputation.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] FirstEnergy's cyber security program identifies security controls and user responsibilities for the organization to identify and manage the risk of a cyber security incident. FirstEnergy also conducts various internal and external risk assessments each year. These include required annual compliance assessments, such as requirements under the Sarbanes-Oxley Act and Payment Card Industry Data Security Standard compliance audits, as well as ad-hoc assessments driven by emerging risks, changes in FirstEnergy's environment, or benchmark/roadmap needs. Risks identified in such assessments are considered for inclusion in FirstEnergy's risk portfolio, or incorporated directly into the cyber security program, and are then prioritized and addressed as needed through the organization's written policies and procedures. The risk assessment along with risk-based analysis and judgment are used to select security controls to address risks. During this process, the following factors, among others, are considered: likelihood and severity of risk, impact on FirstEnergy and others, such as vendors and customers, if a risk materializes, feasibility and cost of controls, and impact of controls on operations and others. FirstEnergy also regularly evaluates the adequacy and sufficiency of specific controls.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The FE Board has identified cyber security as a key enterprise risk and prioritizes the mitigation of this risk through FirstEnergy's enterprise risk management process. Responsibility for oversight of risk management generally lies with the FE Board and the FE Audit Committee has primary responsibility to oversee enterprise risk management. To effectively manage oversight of FE's cyber security risk management practices, since 2022, the FE Board has delegated oversight authority to each of FE's Audit and Operations and Safety Committees, respectively, as detailed in each Committees' charters. The FE Audit Committee has primary responsibility to oversee the disclosure of material cyber security incidents, as well as the general obligation to ensure the proper risk oversight structure of cyber security as part of FirstEnergy's overall enterprise risk management program and the internal controls applicable to cyber security matters. The FE Operations and Safety Oversight Committee has primary responsibility to oversee the operational aspects of FirstEnergy's cyber security policies, programs, initiatives and strategies, as well as operational risk considerations related to cyber security matters. FirstEnergy's Cyber Security Leaders regularly provide reports at the FE Audit Committee, FE Operations and Safety Oversight Committee, and to the full FE Board. Each such Committee and the full FE Board work collaboratively to ensure fulsome oversight with the proper focus of each respective Board body. These reports include, among other things, current and emerging cyber security risks to FirstEnergy, incidents that were escalated to management during the prior quarter, including those that did not require immediate escalation to the appropriate Committee and/or full FE Board, internal and external assessments of FirstEnergy's cyber security program, and a roadmap of projects to manage its cyber security posture.

At the executive and management level, the CISO has primary responsibility for the development, operation, and maintenance of FirstEnergy's cyber security program. The CISO has over 30 years of cyber-experience with both large domestic and international companies, and holds an ISC2 Certified Information Systems Security Professional certification. The CISO reports directly to FirstEnergy's Chief Information Officer, who is responsible for all of FirstEnergy's digital and technology services and is FirstEnergy's most senior information technology executive. Under the CISO's oversight, FirstEnergy's cyber security team implements and provides governance and functional oversight for cyber security controls and services. Cyber security processes include escalation of certain risks and incidents, including those that originate or occur at third parties, to the FE Chief Information Officer, FE Chief Operating Officer, FirstEnergy's legal team, and the executive leaders as appropriate based on the severity of any such risk or incident. In addition, regular updates from the cyber security teams, in conjunction with real-time escalation on an as-needed basis, are also used to update the risk landscape.

In the event of any significant cyber security incident involving FET or its subsidiaries, FirstEnergy's Cyber Security Incident Response Plan provides for a severity determination by the cyber security incident response team based on factors such as the number of assets affected, the likelihood of inappropriate data exposure, operational impact, reliability impact, and regulatory impact. Dependent upon the severity of an incident, it is FirstEnergy's practice to escalate the incident to the FE Chief Information Officer, FE Chief Risk Officer, FirstEnergy's legal team and the FE and FET senior leadership teams, including the FE Chief Legal Officer, FE and FET principal financial officers, and the FE and FET principal executive officers. Such members of management then determine whether, based on various factors, the incident requires immediate escalation to the FET Board, FE Audit Committee and FE Operations and Safety Committee, or the full FE Board.

Although the risks from cyber threats have not materially affected FirstEnergy's or FET's business strategy, results of operations, or financial condition to date, FirstEnergy continues to closely monitor cyber risk. The FirstEnergy cyber security team also monitors new and emerging threats and is constantly improving and refining its security controls to respond not only to those new and emerging threats, but also to address the security impact and requirements of new technologies such as artificial intelligence and quantum computing. Overall, FirstEnergy has implemented tactical processes for assessing, identifying, and managing material risks from cyber security threats to FirstEnergy including governance at the executive and board level of FirstEnergy's cyber security program, including FE's risk management strategy and the controls designed to protect its operations. Additionally, FirstEnergy, through its Disclosure Committee, has updated its disclosure controls and procedures to ensure appropriate disclosure of any material cyber security incidents. See Item 1A. Risk Factors for additional information regarding FET's cyber security risks. Those sections of Item 1A. Risk Factors should be read in conjunction with this Item 1C. Cybersecurity.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Responsibility for oversight of risk management generally lies with the FE Board and the FE Audit Committee has primary responsibility to oversee enterprise risk management. To effectively manage oversight of FE's cyber security risk management practices, since 2022, the FE Board has delegated oversight authority to each of FE's Audit and Operations and Safety Committees, respectively, as detailed in each Committees' charters. The FE Audit Committee has primary responsibility to oversee the disclosure of material cyber security incidents, as well as the general obligation to ensure the proper risk oversight structure of cyber security as part of FirstEnergy's overall enterprise risk management program and the internal controls applicable to cyber security matters. The FE Operations and Safety Oversight Committee has primary responsibility to oversee the operational aspects of FirstEnergy's cyber security policies, programs, initiatives and strategies, as well as operational risk considerations related to cyber security matters.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The FE Board has identified cyber security as a key enterprise risk and prioritizes the mitigation of this risk through FirstEnergy's enterprise risk management process. Responsibility for oversight of risk management generally lies with the FE Board and the FE Audit Committee has primary responsibility to oversee enterprise risk management. To effectively manage oversight of FE's cyber security risk management practices, since 2022, the FE Board has delegated oversight authority to each of FE's Audit and Operations and Safety Committees, respectively, as detailed in each Committees' charters. The FE Audit Committee has primary responsibility to oversee the disclosure of material cyber security incidents, as well as the general obligation to ensure the proper risk oversight structure of cyber security as part of FirstEnergy's overall enterprise risk management program and the internal controls applicable to cyber security matters. The FE Operations and Safety Oversight Committee has primary responsibility to oversee the operational aspects of FirstEnergy's cyber security policies, programs, initiatives and strategies, as well as operational risk considerations related to cyber security matters. FirstEnergy's Cyber Security Leaders regularly provide reports at the FE Audit Committee, FE Operations and Safety Oversight Committee, and to the full FE Board. Each such Committee and the full FE Board work collaboratively to ensure fulsome oversight with the proper focus of each respective Board body. These reports include, among other things, current and emerging cyber security risks to FirstEnergy, incidents that were escalated to management during the prior quarter, including those that did not require immediate escalation to the appropriate Committee and/or full FE Board, internal and external assessments of FirstEnergy's cyber security program, and a roadmap of projects to manage its cyber security posture.
Cybersecurity Risk Role of Management [Text Block]
The FE Board has identified cyber security as a key enterprise risk and prioritizes the mitigation of this risk through FirstEnergy's enterprise risk management process. Responsibility for oversight of risk management generally lies with the FE Board and the FE Audit Committee has primary responsibility to oversee enterprise risk management. To effectively manage oversight of FE's cyber security risk management practices, since 2022, the FE Board has delegated oversight authority to each of FE's Audit and Operations and Safety Committees, respectively, as detailed in each Committees' charters. The FE Audit Committee has primary responsibility to oversee the disclosure of material cyber security incidents, as well as the general obligation to ensure the proper risk oversight structure of cyber security as part of FirstEnergy's overall enterprise risk management program and the internal controls applicable to cyber security matters. The FE Operations and Safety Oversight Committee has primary responsibility to oversee the operational aspects of FirstEnergy's cyber security policies, programs, initiatives and strategies, as well as operational risk considerations related to cyber security matters. FirstEnergy's Cyber Security Leaders regularly provide reports at the FE Audit Committee, FE Operations and Safety Oversight Committee, and to the full FE Board. Each such Committee and the full FE Board work collaboratively to ensure fulsome oversight with the proper focus of each respective Board body. These reports include, among other things, current and emerging cyber security risks to FirstEnergy, incidents that were escalated to management during the prior quarter, including those that did not require immediate escalation to the appropriate Committee and/or full FE Board, internal and external assessments of FirstEnergy's cyber security program, and a roadmap of projects to manage its cyber security posture.

At the executive and management level, the CISO has primary responsibility for the development, operation, and maintenance of FirstEnergy's cyber security program. The CISO has over 30 years of cyber-experience with both large domestic and international companies, and holds an ISC2 Certified Information Systems Security Professional certification. The CISO reports directly to FirstEnergy's Chief Information Officer, who is responsible for all of FirstEnergy's digital and technology services and is FirstEnergy's most senior information technology executive. Under the CISO's oversight, FirstEnergy's cyber security team implements and provides governance and functional oversight for cyber security controls and services. Cyber security processes include escalation of certain risks and incidents, including those that originate or occur at third parties, to the FE Chief Information Officer, FE Chief Operating Officer, FirstEnergy's legal team, and the executive leaders as appropriate based on the severity of any such risk or incident. In addition, regular updates from the cyber security teams, in conjunction with real-time escalation on an as-needed basis, are also used to update the risk landscape.
In the event of any significant cyber security incident involving FET or its subsidiaries, FirstEnergy's Cyber Security Incident Response Plan provides for a severity determination by the cyber security incident response team based on factors such as the number of assets affected, the likelihood of inappropriate data exposure, operational impact, reliability impact, and regulatory impact. Dependent upon the severity of an incident, it is FirstEnergy's practice to escalate the incident to the FE Chief Information Officer, FE Chief Risk Officer, FirstEnergy's legal team and the FE and FET senior leadership teams, including the FE Chief Legal Officer, FE and FET principal financial officers, and the FE and FET principal executive officers. Such members of management then determine whether, based on various factors, the incident requires immediate escalation to the FET Board, FE Audit Committee and FE Operations and Safety Committee, or the full FE Board.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
At the executive and management level, the CISO has primary responsibility for the development, operation, and maintenance of FirstEnergy's cyber security program. The CISO has over 30 years of cyber-experience with both large domestic and international companies, and holds an ISC2 Certified Information Systems Security Professional certification. The CISO reports directly to FirstEnergy's Chief Information Officer, who is responsible for all of FirstEnergy's digital and technology services and is FirstEnergy's most senior information technology executive. Under the CISO's oversight, FirstEnergy's cyber security team implements and provides governance and functional oversight for cyber security controls and services. Cyber security processes include escalation of certain risks and incidents, including those that originate or occur at third parties, to the FE Chief Information Officer, FE Chief Operating Officer, FirstEnergy's legal team, and the executive leaders as appropriate based on the severity of any such risk or incident. In addition, regular updates from the cyber security teams, in conjunction with real-time escalation on an as-needed basis, are also used to update the risk landscape.
In the event of any significant cyber security incident involving FET or its subsidiaries, FirstEnergy's Cyber Security Incident Response Plan provides for a severity determination by the cyber security incident response team based on factors such as the number of assets affected, the likelihood of inappropriate data exposure, operational impact, reliability impact, and regulatory impact. Dependent upon the severity of an incident, it is FirstEnergy's practice to escalate the incident to the FE Chief Information Officer, FE Chief Risk Officer, FirstEnergy's legal team and the FE and FET senior leadership teams, including the FE Chief Legal Officer, FE and FET principal financial officers, and the FE and FET principal executive officers. Such members of management then determine whether, based on various factors, the incident requires immediate escalation to the FET Board, FE Audit Committee and FE Operations and Safety Committee, or the full FE Board.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO has over 30 years of cyber-experience with both large domestic and international companies, and holds an ISC2 Certified Information Systems Security Professional certification.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] In the event of any significant cyber security incident involving FET or its subsidiaries, FirstEnergy's Cyber Security Incident Response Plan provides for a severity determination by the cyber security incident response team based on factors such as the number of assets affected, the likelihood of inappropriate data exposure, operational impact, reliability impact, and regulatory impact. Dependent upon the severity of an incident, it is FirstEnergy's practice to escalate the incident to the FE Chief Information Officer, FE Chief Risk Officer, FirstEnergy's legal team and the FE and FET senior leadership teams, including the FE Chief Legal Officer, FE and FET principal financial officers, and the FE and FET principal executive officers. Such members of management then determine whether, based on various factors, the incident requires immediate escalation to the FET Board, FE Audit Committee and FE Operations and Safety Committee, or the full FE Board.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
ORGANIZATION AND BASIS OF PRESENTATION (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONSOLIDATION FET and its subsidiaries consolidate all majority-owned subsidiaries over which they exercise control and, when applicable, entities for which they have a controlling financial interest. Intercompany transactions and balances are eliminated in consolidation as appropriate and permitted pursuant to GAAP. FET and its subsidiaries consolidate a VIE (MAIT) when it is determined to be a primary beneficiary. Investments in affiliates over which FET and its subsidiaries have the ability to exercise significant influence, but do not have a controlling financial interest, follow the equity method of accounting. Under the equity method, the interest in the entity is reported as an investment in the Consolidated Balance Sheets and the percentage of FET's ownership share of the entity's earnings is reported in the Consolidated Statements of Income and Comprehensive Income.
BASIS OF ACCOUNTING
The accompanying consolidated financial statements have been prepared in accordance with GAAP and the rules and regulations of the SEC. FET and its subsidiaries follow GAAP and comply with the related regulations, orders, policies and practices prescribed by FERC and the PUCO, PPUC, WVPSC, MDPSC and VSCC. The preparation of financial statements in conformity with GAAP requires management to make periodic estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. The reported results of operations are not necessarily indicative of results of operations for any future period. FET and its subsidiaries have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Certain prior year amounts have been reclassified to conform to the current year presentation.
ACCOUNTING FOR THE EFFECTS OF REGULATION
ACCOUNTING FOR THE EFFECTS OF REGULATION

FET is subject to regulation that sets the prices (rates) that it is permitted to charge customers based on costs that the regulatory agencies determine are permitted to be recovered. At times, regulatory agencies permit the future recovery of costs that would be currently charged to expense by an unregulated company. The ratemaking process results in the recording of regulatory assets and liabilities based on anticipated future cash inflows and outflows.

FET reviews the probability of recovery of regulatory assets, and settlement of regulatory liabilities, at each balance sheet date and whenever new events occur. Factors that may affect probability include changes in the regulatory environment, issuance of a regulatory commission order, or passage of new legislation. Upon material changes to these factors, where applicable, FET will record new regulatory assets or liabilities and will assess whether it is probable that currently recorded regulatory assets and liabilities will be recovered or settled in future rates. If recovery of a regulatory asset is no longer probable, FET will write off that regulatory asset as a charge against earnings. FET considers the entire regulatory asset balance as the unit of account for the purposes of balance sheet classification rather than the next years recovery and, as such, net regulatory assets and liabilities are presented in the non-current section on the FET Consolidated Balance Sheets. See Note 9., "Regulatory Matters," of the Notes to Consolidated Financial Statements for additional information.
INVESTMENTS
INVESTMENTS

All temporary cash investments purchased with an initial maturity of three months or less are reported as cash equivalents on the Consolidated Balance Sheets, at cost, which approximates their fair market value.
RECEIVABLES
RECEIVABLES

Under a formula rate mechanism approved by the FERC, the FET Subsidiaries make annual filings in order to recover incurred costs and an allowed return. An initial rate filing is made for each calendar year using estimated costs, which is used to determine the initial billings to customers. All prudently incurred allowable operation and maintenance costs, a return earned on rate base and income taxes are recovered or refunded through a subsequent true-up mechanism. As such, FET recognizes revenue as it incurs recoverable costs and earns the allowed return. Any differences between revenues earned based on actual costs and the amounts billed based on estimated costs are recognized as a regulatory asset or liability, and will be recovered or refunded, respectively, in subsequent periods.

Other receivables include PJM receivables resulting from transmission sales. The FET Subsidiaries uncollectible risk on PJM receivables is minimal due to the nature of PJM's settlement process whereby members of PJM legally agree to share the cost of defaults and as a result there is no allowance for doubtful accounts.
GOODWILL
GOODWILL

In a business combination, the excess of the purchase price over the estimated fair value of the assets acquired and liabilities assumed is recognized as goodwill. Goodwill is evaluated for impairment annually on July 31 and more frequently if indicators of impairment arise. In evaluating goodwill for impairment, qualitative factors are assessed to determine whether it is more likely than not (that is, likelihood of more than 50%) that the fair value of the reporting unit is less than its carrying value (including goodwill). If it is concluded that it is not more likely than not that the fair value of the reporting unit is less than its carrying value, then no further testing is required. However, if management concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying value or bypasses the qualitative assessment, then the quantitative goodwill impairment test is performed to identify a potential goodwill impairment and measure the amount of impairment to be recognized, if any.

No impairment of goodwill was indicated in 2025 and 2024. In 2025 and 2024, a qualitative assessment was performed, assessing economic, industry and market considerations in addition to overall financial performance. Key factors used in the assessment included: growth rates, interest rates, expected investments, utility sector market performance, regulatory and legal developments, and other market considerations. It was determined that the fair values of the reporting unit was, more likely than not, greater than their carrying values and a quantitative analysis was not necessary.
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment reflects original cost (net of any impairments recognized), including payroll and related costs such as taxes, employee benefits, administrative and general costs, and financing costs incurred to place the assets in service. The costs of normal maintenance, repairs and minor replacements are expensed as incurred. Liabilities for planned major maintenance projects are recognized as they are incurred.
SEGMENT INFORMATION
SEGMENT INFORMATION

FET has one operating segment, which is the entire entity. FET's Consolidated Statements of Income are consistent with the internal financial reports used by FET's President, its CODM. FET's CODM uses earnings attributable to FET to regularly assess performance and considers actual versus budget variances to make operating decisions and allocate resources. FET considers Other operating expenses, Provision for depreciation, General taxes, Interest expense and Income taxes to be significant expenses. See the Consolidated Statements of Income.
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS

Recently Adopted Pronouncements - ASU 2023-09, "Income taxes (Topic 280): Improvements to Income Tax Disclosures" (Issued in December 2023): ASU 2023-09 enhances disclosures primarily related to existing rate reconciliation and income taxes paid information to help investors better assess how a company's operations and related tax risks and tax planning and operational opportunities affect the tax rate and prospects for future cash flows. Disclosure requirements include a tabular reconciliation using both percentages and amounts, separated out into specific categories with certain reconciling items at or above 5% of the statutory tax as well as by nature and/or jurisdiction. In addition, entities will be required to disclose income taxes paid (net of refunds received), broken out between federal, state/local and foreign, and amounts paid to an individual jurisdiction when 5% or more of the total income taxes are paid to such jurisdiction. ASU 2023-09 was effective beginning with this Annual Report on Form 10-K for the year ended December 31, 2025, see Note 3., "Taxes," of the Notes to Consolidated Financial Statements for the applicable disclosures, which are provided for all periods presented.

Recently Issued Pronouncements - The following new authoritative accounting guidance issued by the FASB has not yet been adopted. Unless otherwise indicated, FET is currently assessing the impact such guidance may have on its financial statements and disclosures, as well as the potential to early adopt where applicable. FET has assessed other FASB issuances of new standards not described below based upon the current expectation that such new standards will not significantly impact FET's financial reporting.

ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)" (Issued in November 2024 and subsequently updated within ASU 2025-01): ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for FET beginning with the Annual Report on Form 10-K for the year ended December 31, 2027, with early adoption permitted. The guidance is permitted to be applied prospectively, and comparative disclosures are not required for reporting periods beginning before the effective date. Entities can elect to apply the new standard retrospectively to any or all prior periods presented in the financial statements.

ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (Issued in September 2025): ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. In evaluating whether it is probable the project will be completed; an entity is required to consider whether there is significant uncertainty associated with the development activities of the software. ASU 2025-06 is effective for FET beginning with the financials for the first quarter of 2028. The guidance is permitted to be applied using a prospective, retrospective or modified transition approach. Early adoption is permitted.

ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (Issued in December 2025): ASU 2025-10 establishes authoritative guidance for the recognition, measurement, presentation, and disclosure of government grants received by business entities. ASU 2025-10 requires that a government grant be recognized when it is probable that the entity will comply with the conditions of the grant and that the grant will be received and permits two approaches for asset related grants: (1) the cost reduction method (reduce the carrying amount of the asset) and (2) deferred income method (recognize income over the useful life of the asset). Income-related grants are recognized systematically in income as the related costs are incurred. ASU 2025-10 is effective for FET beginning with financials for the first quarter of 2029, with early adoption permitted. The guidance is permitted to be applied using a modified prospective, modified retrospective or full retrospective approach.
VARIABLE INTEREST ENTITIES FET and its subsidiaries perform qualitative analyses to determine whether a variable interest classifies FET or its subsidiaries as the primary beneficiary (a controlling financial interest) of a VIE. An enterprise has a controlling financial interest if it has both: (i) the power to direct the activities of a VIE that most significantly impact the entity's economic performance; and (ii) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. FET consolidates a VIE when it is determined that it is the primary beneficiary.
LONG-TERM DEBT AND OTHER LONG-TERM OBLIGATIONS All borrowings with initial maturities of less than one year are defined as short-term financial instruments under GAAP and are reported as Short-term borrowings on the Consolidated Balance Sheets at cost. Since these borrowings are short-term in nature, FET believes that their costs approximate their fair market value.
v3.25.4
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Regulatory Assets and Liabilities on the Balance Sheets
The following table provides information about the composition of net regulatory assets and liabilities as of December 31, 2025 and 2024, and the changes during the year 2025:
As of December 31,
Net Regulatory Assets (Liabilities) by Source20252024Change
 (In millions)
Customer payables for future income taxes$(487)$(582)$95 
Asset removal costs33 9 24 
Deferred transmission costs(48)117 (165)
MISO exit fee(1)
21 26 (5)
Vegetation management costs(1)
5 6 (1)
Net Regulatory Liabilities included on the Consolidated Balance Sheets$(476)$(424)$(52)
(1) These regulatory assets do not earn a current return, but they are currently being recovered by rates.
v3.25.4
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table represents a disaggregation of revenue from contracts with regulated transmission customers for the years ended December 31, 2025, 2024 and 2023, by transmission owner:
Revenues from Contracts with Customers by Transmission Asset OwnerFor the Years Ended December 31,
 2025
 2024
 2023
(In millions)
ATSI$1,059 $980 $964 
TrAIL260 270 275 
MAIT483 436 395 
PATH — (2)2 
Total Revenue from Contracts with Customers1,802 1,684 1,636 
Other revenue unrelated to contracts with customers18 17 16 
Total revenues$1,820 $1,701 $1,652 
v3.25.4
TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes (Benefits)
For the Years Ended December 31,
INCOME TAXES:202520242023
(In millions)
Currently payable (receivable) -
Federal$49 $(43)$38 
State11 15 8 
60 (28)46 
Deferred, net -
Federal5 173 70 
State25 17 20 
30 190 90 
Total income taxes$90 $162 $136 
Schedule of Reconciliation of Federal Income Tax Expense at the Federal Statutory Rate to the Total Provision for Income Taxes The following table provides a reconciliation of federal income tax expense at the federal statutory rate to the total income taxes for the years ended December 31, 2025, 2024 and 2023:
For the Years Ended December 31,
(In millions) 202520242023
Amount %Amount%Amount%
Income from continuing operations, before income taxes$668 $573 $574 
Federal statutory income tax$140 21.0 %$120 21.0 %$121 21.0 %
Federal
Tax credits(1)(0.1)%— — %— — %
Nontaxable and Nondeductible
AFUDC equity income(13)(1.9)%(8)(1.4)%(6)(1.0)%
AFUDC equity depreciation2 0.3 %2 0.3 %1 0.2 %
Other— 
Excess deferred tax amortization3 0.4 %(2)(0.3)%(3)(0.5)%
Remeasurement of excess deferred income taxes(70)(10.5)%— — %— %
Federal and state related flow-through(4)(0.6)%(3)(0.5)%— — %
Deferred taxes associated with FET equity interest sale— — %24 4.2 %— — %
Other2 0.3 %1 0.2 %(1)(0.2)%
State and municipal income taxes, net of federal effect (1) (2)
31 4.6 %28 4.9 %24 4.2 %
Total income taxes on income from continuing operations (3)
$90 13.5 %$162 28.3 %$136 23.7 %
(1) Valuation allowances have been established for certain state NOL carryforwards that reduce deferred tax assets to an amount that will be realized on a more-likely-than-not basis. The net change in the total valuation allowance is included in state income tax, net of federal income tax effect, in the above tables.
(2) Pennsylvania makes up the majority of the registrants' respective domestic state income taxes, net of federal effect.
(3) There were no amounts for the years ended December 31, 2025, 2024, or 2023 at FET related to changes in valuation allowances, cross-border tax laws, changes in laws or rates, foreign tax effects, or changes in unrecognized tax benefits.
Schedule of Accumulated Deferred Income Taxes
Accumulated deferred income taxes as of December 31, 2025 and 2024, were as follows:
As of December 31,
(In millions)20252024
Property basis differences$1,518 $1,370 
Regulatory asset/liability41 64 
Loss carryforwards and tax credits(37)(40)
Valuation allowances21 22 
Other(3)(4)
Accumulated deferred income tax liability, net$1,540 $1,412 
Schedule of Changes in Valuation Allowances
The following table summarizes the changes in valuation allowances on DTAs related to state NOLs discussed above for the years ended December 31, 2025, 2024 and 2023:
As of December 31,
(In millions)202520242023
Beginning of year balance$22 $22 $27 
Charged to income(1)— (5)
Charged to other accounts— — — 
Write-offs— — — 
End of year balance$21 $22 $22 
Schedule of Income Taxes Net of Refunds
Income taxes net of refunds for the years ended December 31, 2025, 2024 and 2023, are as follows:

For the Years Ended December 31,
(In millions) 202520242023
Federal payments (receipts)
Internal Revenue Service$42 $(25)$66 
Total Federal42 (25)66 
State & Municipal payments
Ohio 3 — — 
Pennsylvania4 3 4 
West Virginia— 5 4 
Other1 1 — 
Total State & Municipal8 9 8 
Total Income Taxes Paid (net of Refunds)$50 $(16)$74 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Expense The components of lease expense were as follows:
For the Years Ended December 31,
(In millions)202520242023
Operating lease costs(1)
$49 $38 $34 
Finance lease costs:
Amortization of right-of-use assets1 1 1 
Interest on lease liabilities— — — 
Total finance lease cost1 1 1 
Total lease cost$50 $39 $35 
(1) Includes $27 million, $17 million and $13 million of short-term lease costs for the years ended December 31, 2025, 2024 and 2023, respectively.
Supplemental cash flow information related to leases was as follows:
Cash paid for amounts included in the measurement of lease liabilities For the Year Ended December 31,
(In millions)202520242023
Operating cash flows from operating leases$21 $21 $21 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $— $1 $— 
Schedule of Assets and Liabilities, Lessee
Supplemental balance sheet information related to leases was as follows:
(In millions)Financial Statement Line ItemAs of December 31, 2025As of December 31, 2024
Assets
Operating lease assets(1)
Operating lease right-of-use asset$412 $412 
Finance lease assets(2)
Property, plant and equipment14 15 
Total leased assets $426 $427 
Liabilities
Current:
Operating Other current liabilities$6 $6 
Noncurrent:
Operating Noncurrent operating lease obligation405 406 
Total leased liabilities $411 $412 
(1) Operating lease assets are recorded net of accumulated amortization of $5 million and $4 million as of December 31, 2025 and 2024, respectively.
(2) Finance lease assets are recorded net of accumulated amortization of $6 million and $5 million as of December 31, 2025 and 2024, respectively.
Lease terms and discount rates were as follows:
As of December 31, 2025As of December 31, 2024
As of December 31, 2023
Weighted-average remaining lease terms (years)
Operating leases 73.774.675.7
Finance leases 13.714.615.4
Weighted-average discount rate(1)
Operating leases 5.00 %5.00 %5.00 %
(1) When an implicit rate is not readily determinable, an incremental borrowing rate is utilized, determining the present value of lease payments. The rate is determined based on expected term and information available at the commencement date.
Schedule of Maturity of Operating Lease Liabilities
Maturities of lease liabilities as of December 31, 2025, were as follows:
(In millions)Operating Leases
2026$21 
202721 
202821 
202921 
203021 
Thereafter 1,438 
Total lease payments1,543 
Less imputed interest 1,132 
Total net present value$411 
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value and Related Carrying Amounts of Long-term Debt
The following table provides the approximate fair value and related carrying value of long-term debt, which excludes unamortized debt issuance costs, discounts and premiums:
As of December 31,
 20252024
(In millions)
Carrying Value$6,750 5,900 
Fair Value6,576 5,522 
v3.25.4
CAPITALIZATION (Tables)
 12 Months Ended
Dec. 31, 2025
Capitalization, Long-Term Debt and Equity [Abstract]  
Schedule of Long-Term Debt Instruments
The following tables present outstanding long-term debt and finance lease obligations for FET and the FET Subsidiaries as of December 31, 2025 and 2024:

As of December 31, 2025As of December 31,
Maturity DateInterest Rate20252024
(In millions)
Unsecured notes - fixed rate2026-2049
2.650% - 5.940%
$6,750 $5,900 
Unamortized debt discounts and premiums(3)— 
Unamortized debt issuance costs(43)(36)
Currently payable long-term debt(75)(625)
Total long-term debt and other long-term obligations$6,629 $5,239 

The following redemptions and issuances occurred during the twelve months ended December 31, 2025:

CompanyTypeIssuance / Redemption DateInterest RateMaturity
Amount
(In millions)
Description
Redemptions
TrAILSenior Unsecured NotesMay, 20253.76%2025$75TrAIL redeemed unsecured notes that became due.
TrAILSenior Unsecured NotesJune, 20253.85%2025$550TrAIL redeemed unsecured notes that became due.
Issuances
TrAILSenior Unsecured NotesApril, 20255.00%2031$600Proceeds were used to redeem senior notes that came due in 2025, to refinance existing debt, for working capital, and for other general corporate purposes.
ATSISenior Unsecured NotesMay, 20255.00%2030$225Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
MAITSenior Unsecured NotesJune, 20255.00%2031$200Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
FETSenior Unsecured NotesAugust, 20254.75%2033$450Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
The following table presents outstanding long-term debt and other long-term obligations for FirstEnergy Transmission, LLC (parent company only) as of December 31, 2025 and 2024:
As of December 31, 2025As of December 31,
Maturity DateInterest Rate20252024
(In millions)
Unsecured notes - fixed rate2028-2049
2.870% - 5.450%
$2,650 $2,200 
Unamortized debt premiums/discounts(4)(3)
Unamortized debt issuance costs(22)(20)
Total long-term debt and other long-term obligations$2,624 $2,177 
Schedule of Maturities of Long-term Debt
The following table presents scheduled debt repayments or debt that has been noticed for redemption for outstanding long-term debt, excluding unamortized debt discounts and premiums, for the next five years as of December 31, 2025:

(In millions)20262027202820292030
Scheduled debt repayments $75$—$1,100$—$725
The following table presents scheduled debt repayments for outstanding long-term debt excluding unamortized debt discounts and premiums, for the next five years as of December 31, 2025:
(In millions)20262027202820292030
Scheduled debt repayments $—$—$500$—$400
v3.25.4
SHORT-TERM BORROWINGS AND BANK LINES OF CREDIT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Interest Rate
Average Interest RatesRegulated Companies’ Money PoolUnregulated Companies’ Money Pool
2025202420252024
For the Years Ended December 31, 4.51 %5.74 %4.89 %6.44 %
v3.25.4
REGULATORY MATTERS (Tables)
 12 Months Ended
Dec. 31, 2025
Regulated Operations [Abstract]  
Schedule of Distribution Rate Orders
The following table summarizes the key terms of rate orders in effect for transmission customer billings for each one of FET's transmission owner entities as of December 31, 2025:
CompanyAllowed Debt/Equity Capital StructureAllowed ROE
ATSIActual (13-month average)
9.88%(1)
MAIT
Lower of Actual (13-month average) or 60% equity
10.3%
TrAILActual (year-end)
12.7%(2) /11.7%(3)
(1) Reflects a 0.5% reduction to the 10.38% approved ROE due to the January 2025 Sixth Circuit ruling eliminating the 50 basis point adder associated with RTO membership (see Transmission ROE Incentive)
(2) TrAIL the Line and Black Oak Static Var Compensator
(3) All other projects
v3.25.4
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Potential Collateral Obligations The maximum potential amount of future payments FET and the FET Subsidiaries could be required to make under these guarantees as of December 31, 2025 was $47 million, as summarized below:
Guarantees and Other AssurancesMaximum Exposure
 (In millions)
Surety Bonds(1)
$34 
LOCs13 
Total Guarantees and Other Assurances$47 
(1) Surety bonds are not tied to a credit rating, and their impact assumes maximum contractual obligations, which is ordinarily 100% of the face amount of the surety bond except with respect to $1 million of surety bond obligations for which the collateral obligation is capped at 60% of the face amount, and typical obligations require 30 days to cure.
v3.25.4
TRANSACTIONS WITH AFFILIATED COMPANIES (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Transactions with Affiliated Companies The affiliated company transactions during the years ended December 31, 2025, 2024 and 2023, are as follows:
For the Years Ended December 31,
202520242023
(In millions)
Revenues$18 $17 $16 
Other operating expenses:
   Ground lease expense(1)
25 25 25 
   FESC support services(2)
253 228 219 
Other affiliate support services(2)
126 112 106 
Interest income14 12 16 
Pension and OPEB mark-to-market adjustment gain (loss)22 7 (31)
Interest expense3 7 17 
(1) See Note 4., "Leases".
(2) Includes amounts capitalized of $213 million, $178 million and $170 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT (Tables)
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The following tables present outstanding long-term debt and finance lease obligations for FET and the FET Subsidiaries as of December 31, 2025 and 2024:

As of December 31, 2025As of December 31,
Maturity DateInterest Rate20252024
(In millions)
Unsecured notes - fixed rate2026-2049
2.650% - 5.940%
$6,750 $5,900 
Unamortized debt discounts and premiums(3)— 
Unamortized debt issuance costs(43)(36)
Currently payable long-term debt(75)(625)
Total long-term debt and other long-term obligations$6,629 $5,239 

The following redemptions and issuances occurred during the twelve months ended December 31, 2025:

CompanyTypeIssuance / Redemption DateInterest RateMaturity
Amount
(In millions)
Description
Redemptions
TrAILSenior Unsecured NotesMay, 20253.76%2025$75TrAIL redeemed unsecured notes that became due.
TrAILSenior Unsecured NotesJune, 20253.85%2025$550TrAIL redeemed unsecured notes that became due.
Issuances
TrAILSenior Unsecured NotesApril, 20255.00%2031$600Proceeds were used to redeem senior notes that came due in 2025, to refinance existing debt, for working capital, and for other general corporate purposes.
ATSISenior Unsecured NotesMay, 20255.00%2030$225Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
MAITSenior Unsecured NotesJune, 20255.00%2031$200Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
FETSenior Unsecured NotesAugust, 20254.75%2033$450Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
The following table presents outstanding long-term debt and other long-term obligations for FirstEnergy Transmission, LLC (parent company only) as of December 31, 2025 and 2024:
As of December 31, 2025As of December 31,
Maturity DateInterest Rate20252024
(In millions)
Unsecured notes - fixed rate2028-2049
2.870% - 5.450%
$2,650 $2,200 
Unamortized debt premiums/discounts(4)(3)
Unamortized debt issuance costs(22)(20)
Total long-term debt and other long-term obligations$2,624 $2,177 
Schedule of Maturities of Long-term Debt
The following table presents scheduled debt repayments or debt that has been noticed for redemption for outstanding long-term debt, excluding unamortized debt discounts and premiums, for the next five years as of December 31, 2025:

(In millions)20262027202820292030
Scheduled debt repayments $75$—$1,100$—$725
The following table presents scheduled debt repayments for outstanding long-term debt excluding unamortized debt discounts and premiums, for the next five years as of December 31, 2025:
(In millions)20262027202820292030
Scheduled debt repayments $—$—$500$—$400
v3.25.4
ORGANIZATION AND BASIS OF PRESENTATION - Narrative (Details)
$ in Millions
 12 Months Ended
Feb. 26, 2025
USD ($)
transmission_project
Dec. 31, 2025
USD ($)
segment
mi
kV
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Feb. 13, 2026
Feb. 21, 2025
Mar. 25, 2024
director
May 31, 2022
Regulatory Assets [Line Items]                
Service area | mi   12,515            
Nominal voltage (in kV) | kV   500            
Nominal voltage (in kV) | kV   345            
Nominal voltage (in kV) | kV   230            
Nominal voltage (in kV) | kV   138            
Nominal voltage (in kV) | kV   115            
Nominal voltage (in kV) | kV   69            
Nominal voltage (in kV) | kV   46            
Number of directors | director             5  
Impairment of goodwill | $   $ 0 $ 0 $ 0        
Public utilities, property, plant and equipment, disclosure of composite depreciation rate for plants in service   2.60% 2.60% 2.50%        
Capitalized cost of equity | $   $ 61 $ 40 $ 26        
Capitalized interest | $   $ 20 17 $ 12        
Number of operating segments | segment   1            
Number of reportable segments | segment   1            
PJM Interconnection, LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees                
Regulatory Assets [Line Items]                
Expected cost of the program | $ $ 3,000              
Brookfield                
Regulatory Assets [Line Items]                
Number of directors | director             2  
First Energy (FE)                
Regulatory Assets [Line Items]                
Number of directors | director             3  
Common Class B | MAIT                
Regulatory Assets [Line Items]                
Special purpose membership interest held, percentage of distributions   1            
MAIT | Common Class A                
Regulatory Assets [Line Items]                
Ownership percentage by parent             100.00%  
MAIT | Common Class B                
Regulatory Assets [Line Items]                
Ownership percentage by parent             100.00%  
First Energy (FE) | FET                
Regulatory Assets [Line Items]                
Ownership percentage by parent             50.10%  
FET | Brookfield                
Regulatory Assets [Line Items]                
Sale of ownership interest by parent             30.00%  
FET | Brookfield | North American Transmission Company II LLC                
Regulatory Assets [Line Items]                
Equity method investment, ownership percentage             49.90% 19.90%
Grid Growth EHV Holdings, LLC | Grid Growth | Subsequent Event                
Regulatory Assets [Line Items]                
Equity method investment, ownership percentage         80.00%      
Valley Link                
Regulatory Assets [Line Items]                
Equity method investment, ownership percentage           34.00%    
Equity method investments | $   $ 0 0          
Valley Link | PJM Interconnection, LLC                
Regulatory Assets [Line Items]                
Number of transmission projects | transmission_project 2              
Expected cost of the program | $ $ 1,000              
Valley Link | Dominion HV                
Regulatory Assets [Line Items]                
Equity method investment, ownership percentage           30.00%    
Valley Link | Transource Energy, LLC                
Regulatory Assets [Line Items]                
Equity method investment, ownership percentage           36.00%    
Path WV | Variable Interest Entity, Not Primary Beneficiary                
Regulatory Assets [Line Items]                
Equity method investments | $   $ 17 $ 17          
Variable interest entities percentage of high voltage transmission line project owned by variable interest entity one in joint venture party two   50.00%            
Grid Growth | Subsequent Event                
Regulatory Assets [Line Items]                
Equity method investment, ownership percentage         50.00%      
Grid Growth | Transource | Subsequent Event                
Regulatory Assets [Line Items]                
Equity method investment, ownership percentage         50.00%      
v3.25.4
ORGANIZATION AND BASIS OF PRESENTATION - Schedule of Regulatory Assets and Liabilities on the Balance Sheets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Regulatory assets on the Balance Sheets    
Regulatory liabilities $ (476) $ (442)
Regulatory assets 0 18
Change (52)  
Net Regulatory Liabilities included on the Consolidated Balance Sheets (476) (424)
Customer payables for future income taxes    
Regulatory assets on the Balance Sheets    
Regulatory liabilities (487) (582)
Change 95  
Deferred transmission costs    
Regulatory assets on the Balance Sheets    
Regulatory liabilities (48)  
Asset removal costs    
Regulatory assets on the Balance Sheets    
Regulatory assets 33 9
Change 24  
Deferred transmission costs    
Regulatory assets on the Balance Sheets    
Regulatory assets   117
Change (165)  
MISO exit fee    
Regulatory assets on the Balance Sheets    
Regulatory assets 21 26
Change (5)  
Vegetation management costs    
Regulatory assets on the Balance Sheets    
Regulatory assets 5 $ 6
Change $ (1)  
v3.25.4
REVENUE (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total Revenue from Contracts with Customers $ 1,802 $ 1,684 $ 1,636
Other revenue unrelated to contracts with customers 18 17 16
Total revenues 1,820 1,701 1,652
ATSI      
Disaggregation of Revenue [Line Items]      
Total Revenue from Contracts with Customers 1,059 980 964
TrAIL      
Disaggregation of Revenue [Line Items]      
Total Revenue from Contracts with Customers 260 270 275
MAIT      
Disaggregation of Revenue [Line Items]      
Total Revenue from Contracts with Customers 483 436 395
PATH      
Disaggregation of Revenue [Line Items]      
Total Revenue from Contracts with Customers $ 0 $ (2) $ 2
v3.25.4
TAXES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Provision for Income Tax [Line Items]      
Effective income tax rate reconciliation, deferred gain, amount   $ 24  
Deferred tax assets, tax credit carryforwards $ 10    
Unrecognized tax benefits 3 3  
General taxes 301 $ 279 $ 256
State and Local Jurisdiction      
Provision for Income Tax [Line Items]      
Operating loss carryforwards, subject to expiration 526    
Operating loss carryforwards, subject to expiration, net of tax 26    
Pre-tax net operating loss carryforwards expected to utilized 120    
Operating loss carryforwards expected to utilized, net of tax $ 5    
v3.25.4
TAXES - Schedule of Provision for Income Taxes (Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Currently payable (receivable) -      
Federal $ 49 $ (43) $ 38
State 11 15 8
Currently payable (receivable) Total 60 (28) 46
Deferred, net -      
Federal 5 173 70
State 25 17 20
Deferred tax Total 30 190 90
Total income taxes $ 90 $ 162 $ 136
v3.25.4
TAXES - Schedule of Reconciliation of Federal Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Income from continuing operations, before income taxes $ 668 $ 573 $ 574
Federal statutory income tax 140 120 121
Tax credits (1) 0 0
AFUDC equity income (13) (8) (6)
AFUDC equity depreciation 2 2 1
Excess deferred tax amortization 3 (2) (3)
Remeasurement of excess deferred income taxes (70) 0
Federal and state related flow-through (4) (3) 0
Deferred taxes associated with FET equity interest sale 0 24 0
Other 2 1 (1)
State and municipal income taxes, net of federal effect 31 28 24
Total income taxes $ 90 $ 162 $ 136
Percent      
Federal statutory income tax 21.00% 21.00% 21.00%
Tax credits (0.10%) 0.00% 0.00%
AFUDC equity income (1.90%) (1.40%) (1.00%)
AFUDC equity depreciation 0.30% 0.30% 0.20%
Excess deferred tax amortization 0.40% (0.30%) (0.50%)
Remeasurement of excess deferred income taxes (10.50%) 0.00% 0.00%
Federal and state related flow-through (0.60%) (0.50%) 0.00%
Deferred taxes associated with FET equity interest sale 0.00% 4.20% 0.00%
Other 0.30% 0.20% (0.20%)
State and municipal income taxes, net of federal effect 4.60% 4.90% 4.20%
Total income taxes on income from continuing operations 13.50% 28.30% 23.70%
v3.25.4
TAXES - Schedule of Accumulated Deferred Income Taxes (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]        
Property basis differences $ 1,518 $ 1,370    
Regulatory asset/liability 41 64    
Loss carryforwards and tax credits (37) (40)    
Valuation allowances 21 22 $ 22 $ 27
Other (3) (4)    
Accumulated deferred income tax liability, net $ 1,540 $ 1,412    
v3.25.4
TAXES - Schedule of Changes in Valuation Allowances (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Tax Assets, Valuation Allowance [Roll Forward]      
Beginning of year balance $ 22 $ 22 $ 27
Charged to income (1) 0 (5)
Charged to other accounts 0 0 0
Write-offs 0 0 0
End of year balance $ 21 $ 22 $ 22
v3.25.4
Taxes - Schedule of Income Taxes Net of Refunds (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Federal payments (receipts)      
Total Federal $ 42 $ (25) $ 66
State & Municipal payments      
Total State & Municipal 8 9 8
Total Income Taxes Paid (net of Refunds) 50 (16) 74
Ohio      
State & Municipal payments      
Total State & Municipal 3 0 0
Pennsylvania      
State & Municipal payments      
Total State & Municipal 4 3 4
West Virginia      
State & Municipal payments      
Total State & Municipal 0 5 4
Other      
State & Municipal payments      
Total State & Municipal $ 1 $ 1 $ 0
v3.25.4
LEASES - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
extension
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Lessor, Lease, Description [Line Items]      
Lease payments for ground lease | $ $ 21 $ 21 $ 21
Minimum      
Lessor, Lease, Description [Line Items]      
Renewal term of lease yet to be commenced 1 year    
Maximum      
Lessor, Lease, Description [Line Items]      
Renewal term of lease yet to be commenced 40 years    
ATIS      
Lessor, Lease, Description [Line Items]      
Quarterly lease payments for ground lease | $ $ 5    
Number of additional successive periods | extension 10    
Renewal term of lease yet to be commenced 50 years    
MAIT      
Lessor, Lease, Description [Line Items]      
Number of additional renewal options | extension 1    
Number of additional successive periods | extension 2    
Renewal term of lease yet to be commenced 25 years    
Additional successive term 24 years    
Lease payments for ground lease | $ $ 4 $ 4 $ 4
v3.25.4
LEASES - Schedule of Components of Lease Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease costs $ 49 $ 38 $ 34
Amortization of right-of-use assets 1 1 1
Interest on lease liabilities 0 0 0
Total finance lease cost 1 1 1
Total lease cost 50 39 35
Short-term lease costs $ 27 $ 17 $ 13
v3.25.4
LEASES - Schedule of Assets and Liabilities, Lessee (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets      
Operating lease assets [1] $ 412 $ 412  
Finance lease, right-of-use asset, Statement of financial position [extensible list] Property, plant, and equipment Property, plant, and equipment  
Finance lease assets $ 14 $ 15  
Total leased assets 426 427  
Current:      
Operating 6 6  
Noncurrent:      
Operating [2] 405 406  
Total leased liabilities $ 411 $ 412  
Operating lease, liability, current, statement of financial position [extensible list] Other Other  
Operating lease assets, accumulated amortization $ 5 $ 4  
Financing lease, accumulated amortization 6 5  
Cash Flow Lessee [Abstract]      
Operating cash flows from operating leases 21 21 $ 21
Right-of-use assets obtained in exchange for lease obligations:      
Operating leases $ 0 $ 1 $ 0
Weighted-average remaining lease terms (years)      
Operating leases 73 years 8 months 12 days 74 years 7 months 6 days 75 years 8 months 12 days
Finance leases 13 years 8 months 12 days 14 years 7 months 6 days 15 years 4 months 24 days
Weighted-average discount rate      
Operating leases 5.00% 5.00% 5.00%
[1] Includes $409 million as of December 31, 2025 and $410 million as of December 31, 2024 associated with affiliated leases.
[2] Includes $403 million as of December 31, 2025 and $404 million as of December 31, 2024 associated with affiliated leases.
v3.25.4
LEASES - Schedule of Maturity of Operating and Finance Lease Liabilities (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]  
2026 $ 21
2027 21
2028 21
2029 21
2030 21
Thereafter 1,438
Total lease payments 1,543
Less imputed interest 1,132
Total net present value $ 411
v3.25.4
FAIR VALUE MEASUREMENTS (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Carrying Value    
Fair value and related carrying amounts of long-term debt and other long-term obligations    
Long-Term debt $ 6,750 $ 5,900
Fair Value    
Fair value and related carrying amounts of long-term debt and other long-term obligations    
Long-Term debt $ 6,576 $ 5,522
v3.25.4
CAPITALIZATION - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Aug. 13, 2025
Debt Instrument [Line Items]    
Requirement to maintain debt-to-total-capitalization ratio (no more than) 65.00%  
Restricted net assets of subsidiaries (exceeded) 25.00%  
FERC-defined equity to total capitalization ratio 35.00%  
Principal default amount specified in debt covenants $ 100  
4.75%, $450 Million Notes Maturity 2033 | Senior Unsecured Notes    
Debt Instrument [Line Items]    
Face amount of loan   $ 450
v3.25.4
CAPITALIZATION - Schedule of Long-term Debt and Other Long-term Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Schedule of Capitalization [Line Items]    
Unamortized debt discounts and premiums $ (3) $ 0
Unamortized debt issuance costs (43) (36)
Currently payable long-term debt (75) (625)
Total long-term debt and other long-term obligations 6,629 5,239
Unsecured notes - fixed rate    
Schedule of Capitalization [Line Items]    
Unsecured notes - fixed rate $ 6,750 $ 5,900
Unsecured notes - fixed rate | Minimum    
Schedule of Capitalization [Line Items]    
Interest rate (percent)   2.65%
Unsecured notes - fixed rate | Maximum    
Schedule of Capitalization [Line Items]    
Interest rate (percent)   5.94%
v3.25.4
CAPITALIZATION - Schedule of Issuances and Redemptions During the Period (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Aug. 31, 2025
Jun. 30, 2025
May 31, 2025
Apr. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]              
Redemptions         $ 625 $ 600 $ 0
Issuances         $ 1,475 $ 1,200 $ 325
Senior Unsecured Notes Maturing 2025 At 3.76% | Senior Unsecured Notes | TrAIL              
Debt Instrument [Line Items]              
Interest Rate     3.76%        
Redemptions     $ 75        
Senior Unsecured Notes Maturing 2025 At 3.85% | Senior Unsecured Notes | TrAIL              
Debt Instrument [Line Items]              
Interest Rate   3.85%          
Redemptions   $ 550          
Senior Unsecured Maturing 2031 At 5.00% | Senior Unsecured Notes | TrAIL              
Debt Instrument [Line Items]              
Interest Rate       5.00%      
Issuances       $ 600      
Senior Unsecured Maturing 2031 At 5.00% | Senior Unsecured Notes | MAIT              
Debt Instrument [Line Items]              
Interest Rate   5.00%          
Issuances   $ 200          
Senior Unsecured Maturing 2030 At 5.00% | Senior Unsecured Notes | ATSI              
Debt Instrument [Line Items]              
Interest Rate     5.00%        
Issuances     $ 225        
Senior Unsecured Maturing 2033 At 4.75% | Senior Unsecured Notes              
Debt Instrument [Line Items]              
Interest Rate 4.75%            
Issuances $ 450            
v3.25.4
CAPITALIZATION - Schedule of Maturities of Long-term Debt (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Capitalization, Long-Term Debt and Equity [Abstract]  
2026 $ 75
2027 0
2028 1,100
2029 0
2030 $ 725
v3.25.4
SHORT-TERM BORROWINGS AND BANK LINES OF CREDIT - Narrative (Details)
$ in Millions
Oct. 27, 2025
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2021
Short-term Debt [Line Items]        
Short-term borrowings-   $ 246 $ 302  
Short-term debt, weighted average interest rate, at point in time   5.58% 6.99%  
Parent Company        
Short-term Debt [Line Items]        
Short-term borrowings-   $ 95 $ 300  
Minimum | Available for Issuance of Letters of Credit        
Short-term Debt [Line Items]        
Cross-default provision for other indebtedness   100    
Revolving Credit Facility | Line of Credit        
Short-term Debt [Line Items]        
Debt Instrument, basis point credit spread adjustment 0.0010      
Debt term 1 year      
Line of credit facility, remaining borrowing capacity   1,600    
Revolving Credit Facility | Line of Credit | Minimum        
Short-term Debt [Line Items]        
Consolidated debt to total capitalization ratio (percent)       65.00%
Revolving Credit Facility | Line of Credit | Maximum        
Short-term Debt [Line Items]        
Consolidated debt to total capitalization ratio (percent)       75.00%
LOCs | Line of Credit        
Short-term Debt [Line Items]        
Outstanding borrowings   13    
LOCs | Line of Credit | Parent Company        
Short-term Debt [Line Items]        
Letters of credit outstanding, amount   $ 1    
v3.25.4
SHORT-TERM BORROWINGS AND BANK LINES OF CREDIT - Schedule of Interest Rate (Details)
Dec. 31, 2025
Dec. 31, 2024
Regulated Companies’ Money Pool    
Short-term Debt [Line Items]    
Average Interest Rates 4.51% 5.74%
Unregulated Companies’ Money Pool    
Short-term Debt [Line Items]    
Average Interest Rates 4.89% 6.44%
v3.25.4
REGULATORY MATTERS - Schedule of Distribution Rate Orders (Details)
 12 Months Ended
Dec. 31, 2025
ATSI  
Public Utilities, General Disclosures [Line Items]  
Approved ROE 9.88%
ATSI | Integrated  
Public Utilities, General Disclosures [Line Items]  
Demand reduction targets 0.50%
Approved ROE prior to demand reduction targets 10.38%
Basis point adder associated with RTO membership 0.0050
MAIT  
Public Utilities, General Disclosures [Line Items]  
Approved ROE 10.30%
Allowed Capital Structure 60.00%
TrAIL | Maximum | All Other Projects  
Public Utilities, General Disclosures [Line Items]  
Approved ROE 12.70%
TrAIL | Minimum | All Other Projects  
Public Utilities, General Disclosures [Line Items]  
Approved ROE 11.70%
v3.25.4
REGULATORY MATTERS - FERC Audit (Details) - Federal Energy Regulatory Commission - Transmission Related Vegetation Management Programs
$ in Millions
Dec. 08, 2023
auditMatter
Dec. 31, 2024
USD ($)
Regulatory Matters [Line Items]    
Costs reclassified to operating expenses which have been recovered | $   $ 91
Number of unresolved audit matters referred to other offices | auditMatter 2  
v3.25.4
REGULATORY MATTERS - Transmission ROE Incentive (Details) - Federal Energy Regulatory Commission
$ in Millions
 12 Months Ended
Jan. 17, 2025
Feb. 24, 2022
Dec. 31, 2024
USD ($)
Transmission Related Vegetation Management Programs      
Regulatory Matters [Line Items]      
Basis point adder associated with RTO membership   0.0050  
Transmission ROE Incentive      
Regulatory Matters [Line Items]      
Basis point adder associated with RTO membership 0.0050    
Pre-tax charge with interest recorded     $ 46
Transmission ROE Incentive | Miscellaneous Income      
Regulatory Matters [Line Items]      
Pre-tax charge with interest recorded     4
Transmission ROE Incentive | Electric Transmission | Transmission Revenues      
Regulatory Matters [Line Items]      
Pre-tax charge with interest recorded     $ 42
v3.25.4
REGULATORY MATTERS - Valley Link Transmission Rate (Details) - PJM 2024 RTEP Window 1
Mar. 14, 2025
Valley Link Transmission Rate  
Regulatory Matters [Line Items]  
Capital structure, percentage 40.00%
Equity ratio, percentage 60.00%
PJM Interconnection, LLC  
Regulatory Matters [Line Items]  
Approved ROE 10.90%
v3.25.4
REGULATORY MATTERS - Abandonment Transmission Rate Incentive (Details) - PJM 2024 RTEP Window 1 - Valley Link Transmission Rate
Sep. 09, 2025
Regulatory Matters [Line Items]  
Recovery of project abandonment costs (percent) 50.00%
Recovery of project abandonment costs incurred thereafter (percent) 1
v3.25.4
COMMITMENTS, GUARANTEES AND CONTINGENCIES - Schedule of Potential Amount of Future Payments (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Guarantor Obligations [Line Items]  
Total Guarantees and Other Assurances $ 47
Curing period 30 days
Surety Bonds  
Guarantor Obligations [Line Items]  
Total Guarantees and Other Assurances $ 34
Percent of face amount of debt 100.00%
Capped portion of surety bond obligations $ 1
Maximum capped percentage of face amount of debt 60.00%
LOCs  
Guarantor Obligations [Line Items]  
Total Guarantees and Other Assurances $ 13
v3.25.4
COMMITMENTS, GUARANTEES AND CONTINGENCIES - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Company posted collateral related to net liability positions $ 13
v3.25.4
TRANSACTIONS WITH AFFILIATED COMPANIES - Schedule of Transactions with Affiliated Companies (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Revenues $ 1,820 $ 1,701 $ 1,652
Other operating expenses [1] 302 329 313
Pension and OPEB mark-to-market adjustment gain (loss) 22 7 (31)
Affiliates      
Related Party Transaction [Line Items]      
Revenues 18 17 16
Other operating expenses 191 187 180
Interest income 14 12 16
Pension and OPEB mark-to-market adjustment gain (loss) 22 7 (31)
Interest expense 3 7 17
Affiliates | Service      
Related Party Transaction [Line Items]      
Operating expenses capitalized 213 178 170
Ground lease expense | Affiliates      
Related Party Transaction [Line Items]      
Other operating expenses 25 25 25
FESC support services | Affiliates      
Related Party Transaction [Line Items]      
Other operating expenses 253 228 219
Other affiliate support services | Affiliates      
Related Party Transaction [Line Items]      
Other operating expenses $ 126 $ 112 $ 106
[1] Includes affiliated operating expenses of $191 million, $187 million and $180 million in 2025, 2024 and 2023, respectively.
v3.25.4
TRANSACTIONS WITH AFFILIATED COMPANIES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Pension and OPEB mark-to-market adjustment $ 22 $ 7 $ (31)
Affiliates      
Related Party Transaction [Line Items]      
Pension and OPEB mark-to-market adjustment 22 7 (31)
Defined benefit plan, plan assets, other pension and OPEB net periodic costs (credits) $ 12 $ 10 $ 8
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - CONDENSED STATEMENTS OF INCOME (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUES:      
Total revenues $ 1,820 $ 1,701 $ 1,652
Operating Expenses:      
OPERATING INCOME 861 766 786
OTHER INCOME (EXPENSE):      
Other Nonoperating Income (Expense) 1 4 2
Total other expense (193) (193) (212)
INCOME BEFORE INCOME TAXES 668 573 574
INCOME TAX EXPENSE (BENEFITS) 90 162 136
EARNINGS ATTRIBUTABLE TO FIRSTENERGY TRANSMISSION, LLC 502 342 369
Affiliates      
REVENUES:      
Total revenues 18 17 16
OTHER INCOME (EXPENSE):      
Interest income from affiliates 14 12 16
Interest expense (3) (7) (17)
Non-affiliates      
REVENUES:      
Total revenues 1,802 1,684 1,636
OTHER INCOME (EXPENSE):      
Interest expense (308) (266) (220)
Parent Company      
REVENUES:      
Total revenues 0 0 0
Operating Expenses:      
OPERATING INCOME (1) (1) (1)
OTHER INCOME (EXPENSE):      
Equity in earnings of subsidiaries 681 513 440
Interest income from affiliates 0 0 8
Other Nonoperating Income (Expense) 1 3 0
Total other expense 552 401 349
INCOME BEFORE INCOME TAXES 551 400 348
INCOME TAX EXPENSE (BENEFITS) (27) 1 (21)
EARNINGS ATTRIBUTABLE TO FIRSTENERGY TRANSMISSION, LLC 578 399 369
Parent Company | Affiliates      
Operating Expenses:      
Operating expenses 1 1 0
OTHER INCOME (EXPENSE):      
Interest expense 0 (1) (10)
Parent Company | Non-affiliates      
Operating Expenses:      
Operating expenses 0 0 1
OTHER INCOME (EXPENSE):      
Interest expense $ (130) $ (114) $ (89)
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - CONDENSED BALANCE SHEETS (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CURRENT ASSETS        
 Total current assets $ 414 $ 344    
INVESTMENTS AND OTHER NONCURRENT ASSETS:        
Other 38 47    
Total investments and other noncurrent assets 1,006 1,009    
TOTAL ASSETS [1] 13,889 12,565    
CURRENT LIABILITIES:        
Short-term borrowings- 246 302    
Accrued taxes 335 306    
Accrued interest 101 68    
Other 15 15    
Total current liabilities 891 1,458    
EQUITY:        
Members' equity 2,250 2,250    
Retained earnings 588 286    
Total members' equity 2,838 2,536    
Special purpose membership interest 780 774    
TOTAL EQUITY 3,618 3,310 $ 3,175 $ 3,163
TOTAL LIABILITIES AND EQUITY 13,889 12,565    
Affiliates        
CURRENT ASSETS        
Receivables - affiliated companies 5 23    
CURRENT LIABILITIES:        
Short-term borrowings- 1 2    
Parent Company        
CURRENT ASSETS        
 Total current assets 5 0    
INVESTMENTS AND OTHER NONCURRENT ASSETS:        
Investment in subsidiaries 6,374 5,810    
Accumulated deferred income tax benefits 2 5    
Other 6 6    
Total investments and other noncurrent assets 6,382 5,821    
TOTAL ASSETS 6,387 5,821    
CURRENT LIABILITIES:        
Short-term borrowings- 95 300    
Accrued taxes 4 1    
Accrued interest 46 32    
Other 0 1    
Total current liabilities 145 334    
LONG-TERM DEBT 2,624 2,177    
EQUITY:        
Members' equity 2,250 2,250    
Retained earnings 590 282    
Total members' equity 2,840 2,532    
Special purpose membership interest 778 778    
TOTAL EQUITY 3,618 3,310    
TOTAL LIABILITIES AND EQUITY 6,387 5,821    
Parent Company | Affiliates        
CURRENT ASSETS        
Receivables - affiliated companies $ 5 $ 0    
[1] As of December 31, 2025 and 2024, the assets of FET's VIE were $4,532 million and $3,854 million, respectively, that can only be used to settle obligations of the VIE. As of December 31, 2025 and 2024, these assets include, respectively: Accounts receivable of $26 million and $32 million, Notes receivable from affiliated companies of $21 million and $5 million, Prepaid taxes and other current assets of $3 million and $2 million, Property, plant, and equipment of $4,249 million and $3,558 million, Goodwill of $224 million in 2025 and 2024, Regulatory assets of $18
million in 2024, Operating lease right-of-use asset of $1 million in 2025 and 2024, and Other noncurrent assets of $8 million and $14 million in 2025 and 2024. The consolidated liabilities as of December 31, 2025 and 2024, include $2,185 million and $1,760 million, respectively, of liabilities of the VIE whose creditors have no recourse to FET. As of December 31, 2025 and 2024, these liabilities include, respectively: Short-term borrowings of $150 million in 2025, Accounts payable of $78 million and $90 million, Accrued interest of $16 million and $11 million, Accrued taxes of $8 million and $7 million, other current liabilities of $7 million and $8 million, Long-term debt and other long-term obligations of $1,474 million and $1,276 million, Accumulated deferred income taxes of $434 million and $366 million, Regulatory liabilities $16 million in 2025, and Other noncurrent liabilities of $2 million in 2025 and 2024.
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - CONDENSED STATEMENT OF CASH FLOWS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net cash provided from operating activities $ 1,166 $ 1,140 $ 637
CASH FLOWS FROM INVESTING ACTIVITIES:      
Loans with affiliated companies, net (71) (180) 1,537
Net cash (used for) provided from investing activities (1,673) (1,437) 406
New financing-      
Long-term debt 1,475 1,200 325
Redemptions and Repayments      
Long-term debt (625) (600) 0
Distribution payments (200) (215) (1,527)
Other (17) (14) (5)
Net cash provided from (used for) financing activities 507 229 (1,044)
Net change in cash, cash equivalents and restricted cash 0 (68) (1)
Cash, cash equivalents, and restricted cash at beginning of period 8 76 77
Cash, cash equivalents, and restricted cash at end of period 8 8 76
Parent Company      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net cash provided from operating activities 282 265 114
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in subsidiary (250) (300) (275)
Loans with affiliated companies, net 0 0 1,514
Net cash (used for) provided from investing activities (250) (300) 1,239
New financing-      
Long-term debt 450 800 0
Short-term borrowings - affiliated companies, net 0 300 177
Redemptions and Repayments      
Long-term debt 0 (600) 0
Short-term borrowings - net (205) (177) 0
Distribution payments (270) (276) (1,527)
Other (7) (12) (3)
Net cash provided from (used for) financing activities (32) 35 (1,353)
Net change in cash, cash equivalents and restricted cash 0 0 0
Cash, cash equivalents, and restricted cash at beginning of period 0 0 0
Cash, cash equivalents, and restricted cash at end of period 0 0 0
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash distributions and dividends received from consolidated subsidiaries $ 367 $ 344 $ 202
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - BASIS OF PRESENTATION (Details)
Dec. 31, 2025
Mar. 25, 2024
Common Class A | MAIT    
Condensed Financial Statements, Captions [Line Items]    
Ownership percentage by parent   100.00%
Common Class B | MAIT    
Condensed Financial Statements, Captions [Line Items]    
Ownership percentage by parent   100.00%
Parent Company | Common Class B    
Condensed Financial Statements, Captions [Line Items]    
Special purpose membership interest held, percentage of distributions 1  
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Schedule of Outstanding consolidated long-term debt and other long-term obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Schedule of Capitalization [Line Items]    
Unamortized debt discounts and premiums $ (3) $ 0
Unamortized debt issuance costs (43) (36)
Total long-term debt and other long-term obligations 6,629 5,239
Unsecured notes - fixed rate    
Schedule of Capitalization [Line Items]    
Unsecured notes - fixed rate 6,750 $ 5,900
Unsecured notes - fixed rate | Maximum    
Schedule of Capitalization [Line Items]    
Interest Rate   5.94%
Unsecured notes - fixed rate | Minimum    
Schedule of Capitalization [Line Items]    
Interest Rate   2.65%
Parent Company    
Schedule of Capitalization [Line Items]    
Unamortized debt discounts and premiums (4) $ (3)
Unamortized debt issuance costs (22) (20)
Total long-term debt and other long-term obligations 2,624 2,177
Parent Company | Unsecured notes - fixed rate    
Schedule of Capitalization [Line Items]    
Unsecured notes - fixed rate $ 2,650 $ 2,200
Parent Company | Unsecured notes - fixed rate | Maximum    
Schedule of Capitalization [Line Items]    
Interest Rate 5.45%  
Parent Company | Unsecured notes - fixed rate | Minimum    
Schedule of Capitalization [Line Items]    
Interest Rate 2.87%  
v3.25.4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - Schedule of Maturities of Long-term Debt (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
2026 $ 75
2027 0
2028 1,100
2029 0
2030 725
Parent Company  
Debt Instrument [Line Items]  
2026 0
2027 0
2028 500
2029 0
2030 $ 400