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FirstEnergy Transmission, LLC earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026
Q3 2026 Revenue up 3% year over year to $479M · 25¢ of every $1 of revenue kept as net profit · operating margin 51.1%
FirstEnergy Transmission, LLC made $479M in Q3 2026 (+3% Y/Y). Operating margin 51.1%, net earnings $118M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
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What changed this quarter
Revenue was $479.0M in Q3 2026, up 3% year over year and down 6% from the previous quarter.
Operating profit was $245.0M, a 51.1% margin (up 0.7 points year over year). Of the extra revenue versus Q3 2025, 73% reached operating profit, above the 50% margin then. Total costs grew 2% against revenue growth of 3%. Net earnings were $118.0M, down 35% year over year. The effective tax rate was 23.0%.
Operating cash flow was $166.0M (down 25% year over year), 121% of net income including minority interests. Non-cash charges added back $95.0M of depreciation. Working capital and other items used $66.0M. Capital expenditures of $437.0M exceeded it, leaving free cash flow of −$271.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $479M | +3% | 51.1% | $118M | $166M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $509M | +17% | 48.3% | $125M | $354M |
| Q1 2026 | 10-Q | May 5, 2026 | $492M | +5% | 49.2% | $123M | $234M |
| Q4 2025 | 10-K | Feb 24, 2026 | $453M | +17% | 45.5% | $112M | $371M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $464M | +3% | 50.4% | $181M | $221M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $435M | -2% | 47.1% | $100M | $331M |
| Q1 2025 | 10-Q | May 7, 2025 | $468M | +12% | 46.2% | $109M | $243M |
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About FirstEnergy Transmission, LLC
FET was organized as a limited liability company under the laws of the State of Delaware in 2006. On May 31, 2022, Brookfield acquired 19.9% of the membership interests of FET. On March 25, 2024, Brookfield acquired an additional 30% of the outstanding membership interests of FET. As a result, Brookfield’s equity interest in FET increased to 49.9%, while FE retained the remaining 50.1% equity interest in FET. FET is a consolidated VIE of FE. On January 1, 2024, PN and ME contributed 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.
In its own words, from its 10-K, filed Feb 24, 2026.
FirstEnergy Transmission, LLC against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +13%. Operating margin: 51.1% against the peers' median 29.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FirstEnergy Transmission, LLC | Q3 2026 | $479M | +3% | 51.1% |
| Southern Power | Q3 2026 | $8.8B | +13% | 33.9% |
| NEE NextEra Energy | Q3 2026 | $8.1B | +2% | 32.4% |
| Florida Power & Light | Q2 2026 | $7.5B | +12% | 29.7% |
| CEG Constellation Energy | Q2 2026 | $7.5B | +23% | 7.7% |
| NRG NRG Energy | Q2 2026 | $7.5B | +11% | 13.0% |
| AEP Texas | Q3 2026 | $6.8B | +14% | 26.5% |
| VST Vistra | Q3 2026 | $6.3B | +28% | 26.9% |
| D Dominion Energy | Q3 2026 | $5.6B | +24% | 32.8% |
Source: FirstEnergy Transmission, LLC 10-Q on SEC EDGAR · CIK 2038118 · Electric Services