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AEP

American Electric Power Company, Inc.

AEP

American Electric Power Company, Inc. • NASDAQ
$123.77 ▲ 0.86% (+1.05)
Market Cap $66.24 B
52w High $124.80
52w Low $89.91
Dividend Yield 3.74%
P/E 18.12
Volume 1.80M
Outstanding Shares 535.22M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.01B ▼ $1.306B ▲ $972M ▼ 16.172% ▼ $1.82 $2.506B ▼
Q3-2025 $6.01T ▲ $0 ▼ $1T ▲ 16.643% ▼ $1.82 ▼ $2.409T ▲
Q2-2025 $5.088B ▼ $365M ▼ $1.226B ▲ 24.094% ▲ $2.29 ▲ $2.361B ▲
Q1-2025 $5.639B ▲ $422M ▲ $800.2M ▲ 14.19% ▲ $1.5 ▲ $2.219B ▲
Q4-2024 $4.704B $385.1M $664.1M 14.117% $1.25 $1.99B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.332B ▲ $110.254B ▲ $78.713B ▲ $30.389B ▲
Q2-2025 $439.3M ▼ $107.778B ▲ $76.81B ▼ $29.871B ▲
Q1-2025 $463.6M ▲ $104.395B ▲ $77.031B ▲ $27.321B ▲
Q4-2024 $418.3M ▼ $103.078B ▲ $76.092B ▲ $26.944B ▲
Q3-2024 $474.4M $100.119B $73.394B $26.617B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.038B ▼ $2.46B ▲ $-2.402B ▲ $770.3M ▼ $828.2M ▲ $316.2M ▼
Q2-2025 $1.288B ▲ $1.221B ▼ $-3.245B ▼ $2.011B ▲ $-13.4M ▼ $3.312B ▲
Q1-2025 $802.2M ▲ $1.45B ▼ $-2.102B ▲ $698M ▼ $46M ▲ $-686M ▲
Q4-2024 $664.1M ▼ $1.727B ▼ $-2.827B ▼ $1.046B ▲ $-53.2M ▼ $-776.2M ▼
Q3-2024 $961.7M $2.173B $-1.52B $-601.6M $51.3M $293.8M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Generation And Marketing
Generation And Marketing
 $260.00M ▲$890.00M ▲$580.00M ▼$690.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$130.00M ▲
Transmission And Distribution Companies
Transmission And Distribution Companies
 $1.38Bn ▲$1.53Bn ▲$1.45Bn ▼$1.68Bn ▲
AEP Transmission Holdco
AEP Transmission Holdco
 $0 ▲$540.00M ▲$760.00M ▲$0 ▼
Vertically Integrated Utilities Segment
Vertically Integrated Utilities Segment
 $0 ▲$50.00M ▲$50.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended steadily higher over the past five years, and profitability has generally moved up with it. Operating profit and cash-style earnings have both expanded, suggesting the business is scaling well and managing its costs reasonably effectively. Net income and earnings per share have been somewhat bumpy from year to year, but the overall direction is upward, with a noticeable rebound in the most recent year after a softer prior year. For a regulated utility, this pattern points to a stable, gradually improving earnings base supported by ongoing investments and rate recovery, rather than fast but volatile growth.

Balance Sheet

Balance Sheet The balance sheet has grown as the company invests heavily in its network. Total assets have increased meaningfully, reflecting large spending on transmission, distribution, and generation. Debt has also climbed, and leverage is significant, which is typical for a large utility but still an important risk to watch. Shareholders’ equity has risen as well, showing that some of the growth is being funded through retained earnings and new capital, not just borrowing. Cash on hand is relatively small compared with the size of the business, so AEP remains dependent on steady access to capital markets and regulators’ support for future projects.

Cash Flow

Cash Flow Cash generated from day‑to‑day operations has strengthened over time, a positive sign that the core utility business is throwing off more cash as it grows. Historically, very heavy capital spending kept free cash flow negative, which is normal for a utility in an intensive investment phase. In the latest year, free cash flow turned clearly positive, largely because capital spending dipped relative to prior years. That may reflect timing of major projects rather than a permanent shift. Overall, the picture is of a cash-generative business that must continuously reinvest large sums, with funding coming from a mix of internal cash, debt, and equity.

Competitive Edge

Competitive Edge AEP benefits from a classic regulated-utility moat: it owns a vast, hard‑to‑replicate transmission and distribution network stretched across many states. This scale gives it cost advantages and a strong position in regulatory discussions. Its long experience working with regulators is a key asset, helping it secure approvals for new investments and adjust customer rates to recover costs. The company is also simplifying around its regulated core by selling non‑regulated businesses, which should make its earnings more predictable. Growing electricity needs from data centers and industrial customers further reinforce its importance in the regions it serves, but also raise expectations for flawless execution and reliability.

Innovation and R&D

Innovation and R&D Innovation is focused less on lab-style research and more on applied technology in the grid and generation mix. AEP is rolling out smart grid tools, such as automated switching equipment and advanced meters, to improve reliability and customer insight into usage. It has laid out aggressive plans to shift toward cleaner energy, with a large pipeline of wind and solar projects meant to serve regulated customers while supporting its emissions goals. The company is also actively working on electrification solutions for fleets and high‑demand users like data centers, positioning itself as a technical partner rather than just a commodity power supplier. Success here depends on timely project execution, regulatory approval, and the ability to integrate large amounts of renewables without compromising reliability.

Summary

Overall, AEP looks like a mature, steadily growing regulated utility that is in the middle of a large, long‑term upgrade and clean‑energy buildout. Earnings and operating cash flow have generally trended higher, supported by major capital programs that also drive up the size of the balance sheet and its debt load. The company’s scale, infrastructure footprint, and regulatory expertise give it a strong competitive position, while grid modernization and renewables investments aim to align it with rising demand and decarbonization trends. Key uncertainties include execution on a very large investment plan, maintaining supportive regulatory relationships, and managing leverage in a capital‑intensive, highly regulated environment.

NEWS

November 19, 2025 · 3:10 PM UTC

I&M Receives IURC Approval for Oregon Clean Energy Center Purchase

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November 5, 2025 · 8:00 AM UTC

AEP and Quanta Services Announce Strategic Partnership to Advance Transmission and Power Infrastructure

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October 29, 2025 · 6:57 AM UTC

AEP Reports Third-Quarter 2025 Operating Earnings, Updated Capital Plan Drives New Long-Term Growth Rate

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October 22, 2025 · 2:01 PM UTC

AEP Increases Quarterly Dividend to 95 Cents a Share

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October 16, 2025 · 6:15 AM UTC

AEP Receives U.S. Department of Energy Loan Guarantee to Upgrade 5,000 Miles of Transmission Lines

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