Company file · AEP
American Electric Power
Generation and Marketing was American Electric Power's fastest-growing segment in FY2025, up 20.3%
Revenue rose 10.9% to $21.9B in FY2025, from $19.7B in FY2024. Net income rose 24.2% to $3.7B. Vertically Integrated Utilities was the largest segment, at 54% of the segment total.
Key facts
In fiscal 2025, which ended Dec 31, 2025, American Electric Power (Nasdaq: AEP) took in $21.9B of revenue (up 10.9% on fiscal 2024); net income was $3.7B (up 24.2%). The most recent quarter, ended Sep 30, 2026, brought revenue of $6.8B, up 13.7% year over year, with net income of $1.2B. Vertically Integrated Utilities was the biggest single line by segment: 54% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).
Source: 10-K FY2025, filed Feb 12, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- Vertically Integrated Utilities$12.8B54%+9.9%
- Transmission and Distribution Companies$6.1B25%+3.6%
- Generation and Marketing$2.7B11%+20.3%
- AEP Transmission Holdco$2.3B10%+15.3%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Vertically Integrated Utilities (54%), Transmission and Distribution Companies (25%), Generation and Marketing (11%) and AEP Transmission Holdco (10%), as shares of the segment total. Total revenue was $21.9B.
Source: 10-K FY2025
By product or service, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: American Electric Power 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
By segment
Source: American Electric Power 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
The bull case and the bear case
The bull case
- Revenue rose 10.9% in FY2025 to $21.9B, from $19.7B a year earlier. 10-K, FY2025
- Net income rose 24.2% in FY2025 to $3.7B, from $3.0B. 10-K, FY2025
- Operating cash flow rose 2.1% in FY2025 to $6.9B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $6.8B, up 13.7% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Diluted shares rose 1.2% in FY2025, which spreads profit across more shares. 10-K, FY2025
- Total debt rose 8.1% in FY2025 to $48.8B. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include rates and regulators; capital spending; weather and operations. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
American Electric Power is in the electric utilities industry, part of the utilities sector. The SEC files it under Electric Services.
American Electric Power reports 4 segments: Vertically Integrated Utilities, Transmission and Distribution Companies, Generation and Marketing and AEP Transmission Holdco.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the electric utilities industry. They are not a summary of American Electric Power’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Rates and regulatorsRegulators set much of what it can charge, so decisions can limit earnings.
- Capital spendingBuilding and upgrading networks needs large investment financed with debt.
- Weather and operationsStorms, wildfires and outages can cause costs and liability.
- Fuel and power costsFuel and purchased-power costs can change faster than rates.
- Interest ratesHigher borrowing costs raise the cost of funding projects.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $19.0B | $19.7B | $21.9B |
| Net income | $2.2B | $3.0B | $3.7B |
| Operating cash flow | $5.0B | $6.8B | $6.9B |
| Cash & equivalents (year end) | $330M | $203M | $197M |
| Total debt (year end) | $43.0B | $45.2B | $48.8B |
| Diluted shares | 520M | 531M | 537M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income including the share that belongs to minority owners of subsidiaries.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Rule 10b5-1 trading plans
- Dividends, yield and payout ratio
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.
- Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 28, 2026 | Sep 30, 2026 |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 |
| 10-Q | May 5, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 18, 2026 | Apr 28, 2026 |
| 10-K | Feb 12, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about American Electric Power
How does American Electric Power make money?
In fiscal 2025, revenue totaled $21.9B. By segment in FY2025: Vertically Integrated Utilities (54%), Transmission and Distribution Companies (25%), Generation and Marketing (11%) and AEP Transmission Holdco (10%), as shares of the segment total. Total revenue was $21.9B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What was American Electric Power's revenue in fiscal 2025?
Revenue came to $21.9B in the year ended Dec 31, 2025. Going back two years, it was $19.0B in fiscal 2023 and $19.7B in fiscal 2024, so the latest year was up 10.9%. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
Is American Electric Power profitable?
Yes, by US accounting rules (GAAP): net income was $3.7B in fiscal 2025, up 24.2% from $3.0B a year earlier. For the quarter ended Sep 30, 2026, net income was $1.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What did American Electric Power report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $6.8B, against $6.0B in the same quarter a year before (up 13.7%), and net income of $1.2B, against $1.0B (up 21.8%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.
How much cash and debt does American Electric Power have?
On Sep 30, 2026, cash and cash equivalents stood at $418M and total debt at $54.4B. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 28, 2026.
What are the main risks American Electric Power faces?
American Electric Power's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the electric utilities industry include Rates and regulators; capital spending; weather and operations; fuel and power costs; interest rates. The first: Regulators set much of what it can charge, so decisions can limit earnings. Source: 10-K, Item 1A Risk Factors.
Where do these American Electric Power numbers come from?
Two filings American Electric Power made with the SEC: its fiscal 2025 10-K, filed Feb 12, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning American Electric Power
- GQG Partners: 10,263,074 shares, reported value $1.40B at Jun 30, 2026 (−31.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 12, 2026.
- Millennium Management: 4,488,072 shares, reported value $614.0M at Jun 30, 2026 (+8.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 1,616,644 shares, reported value $221.2M at Jun 30, 2026 (+155.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Soros Fund Management: 768,000 shares, reported value $105.1M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Carl Icahn: 434,710 shares, reported value $59.5M at Jun 30, 2026 (−63.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 252,250 shares, reported value $34.5M at Jun 30, 2026 (−10.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Bridgewater Associates: 159,591 shares, reported value $21.8M at Jun 30, 2026 (+207.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 32,795 shares, reported value $4.5M at Jun 30, 2026 (−81.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in AEP
- The editor holds no position in American Electric Power (AEP). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell AEP from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 2, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold AEP, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| American Electric PowerAEP | FY2025 | $21.9B | +10.9% | $3.7B |
| Southern CompanySO | FY2025 | $29.6B | +10.6% | $4.3B |
| Duke EnergyDUK | FY2025 | $31.7B | +5.6% | $5.0B |
| Constellation EnergyCEG | FY2025 | $25.5B | +8.3% | $2.3B |
| EntergyETR | FY2025 | $12.9B | +9.0% | $1.8B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.