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AMERICAN ELECTRIC POWER CO INCAEP

Sector
Energy
Industry
Electric Services
Exchange
Nasdaq

Stock Price $AEP

Latest filings

You are here#5 of 21 in Utilities by market cap

Filing record · 2016–202610-K1110-Q328-K138

AEP filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 138 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Feb ’17Feb ’17
  2. Material agreement8-K · Mar ’19Mar ’19
  3. Leadership change8-K · Apr ’22Apr ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $21.88B
YoY changeLargest recent move+17.0%in FY22Latest +10.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All AEP Financial Metrics53 metrics

Income Statement12

Balance Sheet23

Cash Flow13

Per Share5

02—Overview

AMERICAN ELECTRIC POWER CO INC Financial Overview 2021–2025

Updated Jul 10, 2026

Driven by an explosion in data center energy demand, American Electric Power committed to a massive $72 billiona capital plan for the 2026-2030 period. This aggressive grid modernization strategy is transforming AEP from a legacy utility into a transmission-focused powerhouse equipped to monetize rapid commercial load growth.

The company's financial trajectory reflects this structural shift. Earnings per share climbed from $4.96 in FY2021 to $6.66b by FY2025. This profitability was catalyzed by spiking commercial electricity consumption, which jumped 10.5% in Q1 2024 due to new data processing facilities. Bottom-line results also benefited from a favorable FERC rate order that added $499 million to net income in FY2025. To fund these infrastructure requirements without overleveraging, AEP actively optimized its portfolio. The utility sold a 19.9% noncontrolling stake in its transmission operations for $2.82 billion, generating cash that helped tighten its debt-to-total capital ratio to 60.3% by the end of FY2025.

The market has rewarded this execution and disciplined balance sheet management. At the close of FY2025, the stock traded at $115.31c per share, commanding a 17.3x price-to-earnings multiple as investors priced in the combination of reliable rate-base recovery and accelerated grid demand.

Recent Developments (Q4 2025 and Q1 2026)

AEP expanded its capital ambitions in Q1 2026, revising its five-year investment plan upward to $77.9 billiond. Earnings attributable to common shareholders grew to $874 million in Q1 2026, up from $800 million a year earlier. The company boosted generation capacity by acquiring the 870 MW Oregon Clean Energy Center in March 2026 and securing approvals for 2,091 MW in renewable projects. AEP also executed forward sale agreements for 23.5 million shares at an initial price of $124.968 to fund these expansion efforts.

The bull case rests on capacity expansion translating into higher net income and operating cash flow, which reached $1.52 billione in Q1 2026. Conversely, the bear case focuses on equity dilution risks from forward stock sales and a rising debt-to-capital ratio that hit 60.8% by March 31, 2026. At 20.6x earnings as of the May 5, 2026 valuation date, the stock prices in these growth expectations.

What to watch: physical settlement execution of the forward equity sales; integration of the new natural gas plant.

03—Filings

Recent SEC Filings

  1. 8-KAMERICAN ELECTRIC POWER CO INC 8-K Report, Executive Changes (Sep 30, 2026)American Electric Power Co. Inc. (AEP) announced the departure of Alicia Knapp, its President of Nuclear Development, effective September 29, 2026. This is an involuntary separation, which, contingent upon Ms. Knapp entering into a severance agreement, will trigger specific benefits outlined in the Company's Executive Severance Plan. These benefits include a payment equivalent to one times her current salary and target annual incentive compensation, along with prorated vesting of performance shares and restricted stock units. In exchange for these benefits, Ms. Knapp is required to sign an agreement that includes a release of all claims against the Company, a one-year non-competition clause, and reaffirmation of existing covenants regarding non-solicitation, confidentiality, non-disparagement, and cooperation. Investors should monitor any further filings for details on the severance agreement and the impact, if any, on the nuclear development strategy.
  2. 8-KAMERICAN ELECTRIC POWER CO INC 8-K Report, Financial Results (Jul 30, 2026)American Electric Power (AEP) reported second-quarter 2026 operating earnings of $742 million, or $1.36 per share, down from $766 million, or $1.43 per share, in the year-ago quarter. GAAP earnings were $713 million, or $1.31 per share, versus $1,226 million, or $2.29 per share, in Q2 2025. The year-over-year decline is largely attributable to the 2025 transmission minority interest sale and the timing of tax-related items, which management explicitly acknowledged. Year-to-date operating earnings of $1.633 billion ($3.01 per share) are up modestly from $1.589 billion ($2.98 per share), while revenue rose to $11.5 billion from $10.6 billion. The most important investor takeaway is that management raised full-year 2026 operating EPS guidance to $6.25–$6.55 from $6.15–$6.45, and reaffirmed a 7%–9% operating earnings growth rate through 2030 (greater than 9% CAGR on the 2025 midpoint), supported by a $78 billion five-year capital plan and more than $10 billion of incremental capital opportunities. Contracted load additions rose by 6 GW in the quarter to 69 GW through 2030, primarily in Texas, and AEP has secured roughly 13 GW of gas-fired turbine capacity with up to 10 GW more under evaluation. Guidance on a GAAP basis is lower at $6.16–$6.46 per share, reflecting items such as the WVPSC order and Pirkey Plant disallowance. Affordability and financing are central to the story. Management cites up to $16 billion in expected cost offsets from large-load take-or-pay agreements and about $1.4 billion in customer savings from DOE loans (roughly $5 billion secured) and grants. Regulatory progress included an Ohio distribution rate decrease, approval of 1.3 GW of Oklahoma generation, a $1.4 billion securitization in Virginia, and five states with approved large-load tariffs. Key risks include regulatory disallowances, wildfire and weather exposure, fuel and commodity costs, and the execution risk of a large construction program, as noted in the forward-looking statements.
  3. 8-KAMERICAN ELECTRIC POWER CO INC 8-K Report, Executive Changes (Jul 21, 2026)American Electric Power Company, Inc. (AEP) has announced the appointment of two new independent directors, David S. Marriott and Charles J. Meyers, to its Board of Directors, effective July 20, 2026. These appointments are intended to enhance the Board's expertise and governance capabilities. Both directors have extensive experience in senior leadership roles within prominent publicly traded companies, bringing valuable perspectives to AEP's strategic direction and oversight.
  4. 8-KAMERICAN ELECTRIC POWER CO INC 8-K Report, Material Agreement (May 14, 2026)AMERICAN ELECTRIC POWER CO INC (AEP) has filed an 8-K detailing material definitive agreements related to the issuance of common stock through forward sale agreements. On May 12, 2026, AEP entered into initial forward sale agreements for 20,472,442 shares with Bank of America, Goldman Sachs, and Morgan Stanley, acting as forward purchasers. Subsequently, an underwriter's option was exercised for an additional 3,070,866 shares, leading to further forward sale agreements on May 13, 2026. These agreements collectively involve the sale of 23,543,308 shares. The forward purchasers borrowed these shares from third parties and sold them to underwriters. AEP expects to receive net proceeds from these transactions upon physical settlement, which is anticipated to occur by May 31, 2028. The forward sale price is initially set at $124.968 per share, subject to adjustments based on a floating interest rate (overnight bank funding rate less a spread) and potential decreases related to expected dividends. While AEP intends to physically settle these agreements, receiving cash in exchange for issuing new shares, alternative settlement methods like cash settlement or net share settlement are available. These alternatives could result in significantly lower proceeds or even cash outflows for AEP, or no cash proceeds and potential share delivery, respectively. The forward purchasers have rights to accelerate settlement under certain conditions, which could lead to involuntary share issuance and dilution, irrespective of AEP's capital needs.
  5. 8-KAMERICAN ELECTRIC POWER CO INC 8-K Report, Financial Results (May 5, 2026)AEP reported first-quarter 2026 GAAP earnings of $874 million, or $1.61 per share, up from $800 million or $1.50 per share a year earlier. Operating (non-GAAP) earnings were $891 million, or $1.64 per share, versus $823 million or $1.54 per share in Q1 2025. Revenue rose to $6,020 million from $5,463 million. Management reaffirmed 2026 operating EPS guidance of $6.15 to $6.45 and a 7% to 9% annual operating earnings growth rate through 2030, with an expected CAGR above 9%. The reconciled GAAP guidance range is $6.12 to $6.42 per share. The headline for investors is a larger growth plan. AEP raised its five-year capital plan to $78 billion from $72 billion, driven by newly awarded 765-kV transmission projects in PJM and SPP and new gas-fired generation in Indiana. Transmission investment is now expected to reach $33 billion, or 42% of the plan. Management expects nearly 11% annual rate-base growth. Incremental load commitments rose to 63 GW by 2030, with 7 GW signed in the quarter, mostly in Ohio and Texas. The company also cites up to $16 billion in cost offsets for existing customers under the large-load contracts, and it has identified over $10 billion in further opportunities that could be added when the plan is updated in Q3 2026. The main risks are execution and affordability. Texas load growth depends on generation supplied by third parties, and the timing of Texas Senate Bill 6 implementation is a factor. The Q1 GAAP-to-operating reconciliation includes a $35 million negative impact from a West Virginia PSC order and a $31 million Pirkey Plant disallowance tied to a pending Texas rate case. Corporate and Other losses widened to $109 million from $26 million. Wholesale sales volumes fell 26% in the Vertically Integrated segment. Management's emphasis on affordability, together with the large capital program, will be central to regulatory outcomes.
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04—See also

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