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FirstEnergy FE Alternative Revenue Program — Revenue

Other product segments

Transmission
$190M+18.0%
Other revenue from contracts with customers
$18M0.0%
Eliminations and reconciling adjustments
-$17M-13.3%
Wholesale
$10M+150%

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AWRAlternative revenues program — Alternative revenue programs, net
$145K-90.2%
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AVARevenue From Alternative Revenue Programs
$23M+388%
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RGCORevenue From Alternative Revenue Programs
$360.02K-64.9%
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OGERevenuesfrom Alternative Revenue Programs
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AEPAlternative Revenue Programs — Total Other Revenues
-$11M+26.7%
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SOAlternative Energy — Total operating revenues
-$2M+89.5%

Other financials

Income statement

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Revenue$4.2B+11.6%
Operating income$828.0M+9.8%
Net income$405.0M+12.5%
EPS (diluted)$0.70+12.9%

Balance sheet

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Cash & equivalents$52.0M-60.6%
Total debt$27.6B+20.9%
Total equity$12.7B+0.7%
Total assets$56.9B+7.9%

Cash flow

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Operating cash flow$148.0M-76.8%
CapEx$1.3B+24.9%
Free cash flow-$1.1B-201%

Valuation

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Market cap$27.5B+21.8%
Enterprise value$55.08B+19.4%
P/E24.7×+7.4×
P/S1.8×+0.2×

Profitability

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Operating margin14.8%-3.2pp
Net margin7.2%-0.6pp
FCF margin-11.2%—

Returns & leverage

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Return on equity8.8%+0.1pp
Debt / equity2.2×+0.4×
Current ratio0.5×+0.1×

Where this comes from

Reported directly by FirstEnergy in its filing.

Tagged under the XBRL concept us-gaap:Revenues.

The official record: FirstEnergy’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is FirstEnergy's alternative revenue program — revenue?
FirstEnergy (FE) reported alternative revenue program — revenue of $13M in Q1 2026.
What is the long-term trend for FirstEnergy's alternative revenue program — revenue?
Over 2 years (2021 to 2024), FirstEnergy's alternative revenue program — revenue has grown at a -39.1% compound annual growth rate (CAGR), from -$27M to $10M.
What does alternative revenue program — revenue mean?
This metric represents the financial inflows or adjustments recognized under specific regulatory alternative revenue programs. These programs typically allow utilities to decouple revenue from electricity sales volume, ensuring recovery of authorized costs or providing incentives for meeting specific regulatory performance targets. It reflects the impact of regulatory mechanisms designed to stabilize utility earnings independent of actual energy consumption patterns.