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FirstEnergy Transmission, LLC cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$271M in Q3 2026 · −$415M over twelve months

Operating cash flow$166M
Capital spending−$437M
Free cash flow−$271M
Cash / net income1.2×

Analysis

In Q3 2026, FirstEnergy Transmission, LLC generated $166M of operating cash flow and spent $437M on capital projects, leaving free cash flow of −$271M. That is $101M less than in Q3 2025 (−$170M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.1B; the largest uses were capital spending ($1.5B), dividends ($200M), other investing ($1.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($350M), other financing ($78.0M); the cash balance fell by $188M.

Operating cash flow was $166M against net income of $137M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$95.0M, income taxes payable −$73.0M, deferred taxes +$36.0M.

Free cash flow

FirstEnergy Transmission, LLC: free cash flow by quarterFirstEnergy Transmission, LLC: free cash flow by quarter−$72.0MQ4 2024−$44.0MQ1 2025−$74.0MQ2 2025−$170MQ3 2025−$37.0MQ4 2025−$75.0MQ1 2026−$32.0MQ2 2026−$271MQ3 2026
Operating cash flow less capital spending.
FirstEnergy Transmission, LLC: operating cash flow against capital spendingFirstEnergy Transmission, LLC: operating cash flow against capital spendingOperating cash flowCapital spending$292M$364MQ4 2024$243M$287MQ1 2025$331M$405MQ2 2025$221M$391MQ3 2025$371M$408MQ4 2025$234M$309MQ1 2026$354M$386MQ2 2026$166M$437MQ3 2026
Latest (Q3 2026): Operating cash flow $166M, Capital spending $437M.

Capital allocation, year by year

FirstEnergy Transmission, LLC: where the cash came from (up) and went (down), by fiscal yearFirstEnergy Transmission, LLC: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingDividendsFY2022: Operating cash flow $712MFY2022: Net borrowing $55.0MFY2022: Capital spending −$836MFY2022: Dividends −$1.3B$767MFY2022FY2023: Operating cash flow $637MFY2023: Net borrowing $554MFY2023: Capital spending −$1.0BFY2023: Dividends −$1.5B$1.2BFY2023FY2024: Operating cash flow $1.1BFY2024: Net borrowing $519MFY2024: Capital spending −$1.2BFY2024: Dividends −$215M$1.7BFY2024FY2025: Operating cash flow $1.2BFY2025: Net borrowing $850MFY2025: Capital spending −$1.5BFY2025: Dividends −$200M$2.0BFY2025
Over these 4 years operating cash flow totalled $3.7B; the largest uses were capital spending ($4.5B) and dividends ($3.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$0
Debt$7.3B
Net debt$7.3B
Due within a year$75.0M

FirstEnergy Transmission, LLC's operations bring cash in ($1.1B over twelve months), and it spends more than that on capital projects: a gap of $415M funded from its $0 of cash and investments and from borrowing ($7.3B of debt, $75.0M due within a year). That is a choice to invest, not a cash runway running down.

FirstEnergy Transmission, LLC: debt maturities by year (FY2025)FirstEnergy Transmission, LLC: debt maturities by year (FY2025)$75.0MYear 1$1.1BYear 3$725MYear 5
Principal due in each year as disclosed in the annual report, against $0 of cash and investments now.

Where the cash came from and went

FirstEnergy Transmission, LLC: sources (+) and uses (−) of cash, Q3 2026FirstEnergy Transmission, LLC: sources (+) and uses (−) of cash, Q3 2026Capital spending−$437MOperating cash flow$166MOther financing$161MOther investing$150MDividends−$50.0MCash drawn (+) / kept (−)$10.0M
FirstEnergy Transmission, LLC: sources (+) and uses (−) of cash, TTM to Q3 2026FirstEnergy Transmission, LLC: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$1.5BOperating cash flow$1.1BNet borrowing (+) / repaid (−)$350MDividends−$200MCash drawn (+) / kept (−)$188MOther financing$78.0MOther investing−$1.0M

From profit to cash

FirstEnergy Transmission, LLC: net income to operating cash flow, Q3 2026FirstEnergy Transmission, LLC: net income to operating cash flow, Q3 2026Net income$137MDepreciation & amortization$95.0MDeferred taxes$36.0MReceivables$14.0MPayables−$6.0MPrepaid and other assets−$16.0MIncome taxes payable−$73.0MOperating cash flow$166M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$166M−$437M−$50.0M—$10.0M−$271M
Q2 2026$354M−$386M−$50.0M−$45.0M−$4.0M−$32.0M
Q1 2026$234M−$309M−$50.0M$75.0M$2.0M−$75.0M
Q4 2025$371M−$408M−$50.0M—$180M−$37.0M
Q3 2025$221M−$391M−$50.0M$429M−$97.0M−$170M
Q2 2025$331M−$405M−$50.0M$995M−$84.0M−$74.0M
Q1 2025$243M−$287M−$50.0M$130M$1.0M−$44.0M
Q4 2024$292M−$364M−$70.0M−$600M$238M−$72.0M

FirstEnergy Transmission, LLC: income statement and cash flow

FirstEnergy Transmission, LLC, Q3 2026: revenue $479M (+3% year over year), operating margin 51.1%. The chart follows the revenue to costs, profit and cash.

FirstEnergy Transmission, LLC: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.