Friday 6 November 2026 Export AEP’s income statement to Excel — free account

American Electric Power Company, Inc.

AEP Utilities Utilities Regulated Electric

American Electric Power Company, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $21.9 billion, up 10.9% from fiscal 2024.

Revenue: +13.7%
EPS: +22.9%
Free cash flow: −376.1%
Total debt: +15.1%

Quarter to September 2026, against a year earlier

126.78 2.46 −1.90%

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Market cap: $69.0B
P/E: 20.3×
Fwd P/E: 20.1×
Dividend yield: 3.00%
F-score: 6/9
Altman Z: 0.91
Beneish M: −2.50
Dividend safety: 43/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

American Electric Power Company, Inc. (AEP) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2021: revenue by segment, and margins
Vertically Integrated Utilities	9,999	59.54%
T&D	4,493	26.76%
G&M	2,164	12.89%
AEPTHCo	1,526	9.09%
AEPTHCo	1,526	9.09%
Other Operating Segment	72	0.43%
Corporate and Other	72	0.43%
Gross margin		67.45%
Operating margin		20.32%
Pre-tax margin		14.96%

Revenue by product or service $m

Line	FY2024	FY2017	FY2016
Total Retail Revenues	15,077 75.50%	—	—
Total Wholesale and Competitive Retail Revenues	4,467 22.37%	—	—
Other Revenues	426 2.13%	—	—
Other Revenues	—	230 1.49%	181 1.10%
Also reported: a second breakdown of the same revenue
Electric Transmission and Distribution	5,880 29.44%	4,329 28.06%	4,328 26.42%
Commercial Revenues	4,298 21.52%	—	—
Industrial Revenues	3,173 15.89%	—	—
Retail, Trading and Marketing Revenues	1,986 9.94%	—	—
Generation & Marketing Revenues	1,945 9.74%	1,771 11.48%	2,859 17.45%
Transmission Revenues	1,611 8.07%	—	—
Generation Revenues	851 4.26%	—	—
Other Retail Revenues	288 1.44%	—	—
Renewable Generation Revenues	19 0.10%	—	—
Vertically Integrated Utilities	11,414	—	—
Residential Revenues	7,318	—	—
Revenue	19,970	15,425	16,380

Gross profit by product or service $m, and margin

	FY2024	FY2017	FY2016
Electricity, Purchased	‡	‡	‡
Generation Revenues	‡	‡	‡
Gross profit	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
VIU	12,799 58.98%	11,642 58.30%	11,460 58.90%	11,473 59.17%	—	—	—	—	—	—	—	—	—	—	—	—	—
T&D	6,075 27.99%	5,862 29.35%	5,709 29.34%	5,520 28.47%	4,493 26.76%	4,346 29.13%	4,483 28.81%	4,653 28.73%	4,419 28.65%	4,422 27.00%	4,557 27.69%	4,814 29.39%	4,478 30.23%	4,818 32.24%	5,156 34.11%	—	—
G&M	2,660 12.26%	2,211 11.07%	2,037 10.47%	2,126 10.96%	2,164 12.89%	1,726 11.57%	1,858 11.94%	1,940 11.98%	1,875 12.16%	2,986 18.23%	3,413 20.74%	3,850 23.50%	3,665 24.74%	3,467 23.20%	3,894 25.76%	—	—
AEPTHCo	2,377 10.95%	1,951 9.77%	1,729 8.89%	1,677 8.65%	1,526 9.09%	1,199 8.04%	1,073 6.90%	804 4.96%	767 4.97%	513 3.13%	329 2.00%	192 1.17%	78 0.52%	24 0.16%	8 0.05%	0 0.00%	0 0.00%
AEPTHCo	2,311 10.65%	2,004 10.04%	1,766 9.08%	1,709 8.81%	1,526 9.09%	1,199 8.04%	1,073 6.90%	804 4.96%	—	—	—	—	—	—	—	—	—
Vertically Integrated Utilities	—	—	—	—	9,999 59.54%	8,879 59.52%	9,367 60.19%	9,646 59.56%	9,192 59.59%	9,092 55.51%	9,172 55.75%	9,484 57.91%	9,993 67.46%	9,418 63.02%	9,702 64.18%	—	—
Other Operating Segment	—	—	—	—	72 0.43%	97 0.65%	96 0.62%	95 0.59%	121 0.78%	105 0.64%	99 0.60%	95 0.58%	89 0.60%	83 0.56%	83 0.55%	1 0.01%	(15) (0.11%)
Corporate and Other	—	—	—	—	72 0.43%	—	—	—	—	—	—	—	—	—	—	—	—
Aep River Operations	—	—	—	—	—	—	—	—	—	—	—	—	—	667 4.46%	716 4.74%	566 3.92%	490 3.63%
Consolidation, Eliminations	—	—	—	—	—	—	—	—	—	—	—	—	—	(3,532) (23.63%)	(4,443) (29.39%)	—	—
Utility Operations	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	13,687 94.87%	12,733 94.40%
Nonutility Operations - Generation and Marketing	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	173 1.20%	281 2.08%
Intersegment Eliminations	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0 0.00%	0 0.00%
Eliminations	(4,520) (20.83%)	(3,700) (18.53%)	(3,245) (16.68%)	(3,113) (16.05%)	(3,060) (18.22%)	(2,527) (16.94%)	(2,388) (15.35%)	(1,746) (10.78%)	(949) (6.15%)	(738) (4.51%)	(1,116) (6.79%)	(2,056) (12.55%)	(3,489) (23.55%)	—	—	—	—
Revenue	21,702	19,970	19,456	19,392	16,792	14,919	15,561	16,196	15,425	16,380	16,453	16,379	14,814	14,945	15,116	14,427	13,489

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Remaining performance obligations	Q1 FY2026	$205.0M	$278.0M	−26.26%
Transmission & Distribution Utilities commercial retail electric	Q3 FY2026	14.9B	12.6B	+18.04%
Transmission & Distribution Utilities industrial retail electric	Q3 FY2026	8.1B	7.0B	+15.34%
Transmission & Distribution Utilities miscellaneous retail electric	Q3 FY2026	218.0M	209.0M	+4.31%
Transmission & Distribution Utilities residential retail electric	Q3 FY2026	8.7B	8.3B	+5.69%
Transmission & Distribution Utilities total KWHs	Q3 FY2026	31.9B	28.6B	+11.45%
Transmission & Distribution Utilities total retail electric	Q3 FY2026	31.9B	28.1B	+13.63%
Transmission & Distribution Utilities wholesale electric	Q3 FY2026	2.0M	552.0M	−99.64%
Vertically Integrated Utilities commercial retail electric	Q3 FY2026	8.5B	7.4B	+15.23%
Vertically Integrated Utilities industrial retail electric	Q3 FY2026	8.6B	8.6B	+0.78%
Vertically Integrated Utilities miscellaneous retail electric	Q3 FY2026	652.0M	599.0M	+8.85%
Vertically Integrated Utilities residential retail electric	Q3 FY2026	9.6B	8.8B	+8.92%
Vertically Integrated Utilities total KWHs	Q3 FY2026	32.5B	29.6B	+9.81%
Vertically Integrated Utilities total retail electric	Q3 FY2026	27.4B	25.3B	+8.00%
Vertically Integrated Utilities wholesale electric	Q3 FY2026	5.1B	4.2B	+20.65%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transmission & Distribution Utilities commercial retail electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transmission & Distribution Utilities industrial retail electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transmission & Distribution Utilities miscellaneous retail electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transmission & Distribution Utilities residential retail electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transmission & Distribution Utilities total KWHs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transmission & Distribution Utilities total retail electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transmission & Distribution Utilities wholesale electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Vertically Integrated Utilities commercial retail electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Vertically Integrated Utilities industrial retail electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Vertically Integrated Utilities miscellaneous retail electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Vertically Integrated Utilities residential retail electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Vertically Integrated Utilities total KWHs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Vertically Integrated Utilities total retail electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Vertically Integrated Utilities wholesale electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.