American Electric Power

Utilities Electric Utilities Columbus, Ohio Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$21.9B
                    3y CAGR +3.7%
                    
                    P57
                    
                    +10.9%
                    
                    Net income
                    FY2025
                
$3.7B
                    Net margin +16.9%
                    
                    P77
                    
                    +24.2%
                    
                    Total assets
                    FY2025
                
$114.5B
                    ROA +3.2%
                    
                    P84
                    
                    +11.0%
                    
                    Operating cash flow
                    FY2025
                
$6.9B
                    FCF margin -22.7%
                    
                    P24
                    
                    +2.1%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

23 accounts · 10 years

Total assets $114.5B

Total liabilities $82.2B

Shareholders equity $31.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	2.2%	2.3%	3.1%	3.8%	2.0%	2.1%	2.0%	1.9%	1.9%	1.7%
Accounts Receivable	13.1%	13.3%	12.9%	13.6%	5.8%	6.2%	5.5%	5.9%	6.1%	5.9%
Other Current Assets	12.3%	13.7%	16.0%	17.1%	15.5%	6.3%	5.6%	4.9%	5.8%	10.9%
Total Current Assets	27.7%	29.4%	32.0%	34.5%	23.3%	14.6%	13.1%	12.7%	13.8%	18.4%
Property,Plant and Equipment	422.3%	417.9%	404.0%	373.4%	196.5%	214.2%	193.2%	170.1%	162.9%	139.3%
Regulatory Assets	26.2%	28.8%	28.6%	26.5%	14.0%	14.0%	12.9%	13.1%	15.6%	21.7%
Other Noncurrent Assets	47.1%	46.6%	44.7%	22.0%	14.2%	27.9%	13.7%	8.6%	9.3%	7.9%
Total Assets	523.2%	522.7%	509.3%	475.6%	261.0%	270.7%	243.8%	212.4%	209.8%	193.7%
Liabilities
Current Portion of Long Term Debt	21.5%	29.7%	28.0%	33.6%	14.2%	15.3%	14.3%	17.0%	16.3%	19.2%
Other Current Liabilities	39.4%	36.3%	33.0%	34.0%	22.8%	18.1%	18.8%	15.6%	16.0%	15.2%
Total Current Liabilities	60.9%	66.0%	61.0%	67.5%	37.0%	33.3%	33.1%	26.7%	26.8%	29.0%
Long Term Debt	201.7%	199.3%	198.4%	174.7%	93.2%	97.1%	80.7%	66.8%	62.9%	53.0%
Regulatory Liabilities	38.2%	42.3%	43.1%	41.3%	25.9%	28.1%	27.2%	26.4%	27.3%	11.5%
Other Noncurrent Liabilities	75.0%	78.1%	73.4%	68.9%	37.3%	42.4%	38.5%	33.3%	34.1%	47.8%
Total Liabilities	375.8%	385.6%	375.9%	352.5%	193.4%	200.9%	179.5%	153.2%	150.4%	140.6%
Equity
Total Stockholders Equity	142.3%	136.6%	133.0%	121.7%	66.8%	68.9%	63.1%	58.7%	59.3%	53.1%
Common Stock	16.1%	17.6%	18.1%	17.4%	10.1%	11.3%	10.7%	10.3%	10.8%	10.2%
Additional Paid In Capital	55.5%	48.7%	47.8%	41.0%	21.4%	22.1%	21.0%	20.0%	20.7%	19.3%
Retained Earnings	70.6%	70.3%	67.4%	62.9%	34.7%	35.8%	31.8%	28.8%	28.0%	24.1%
Accumulated Other Comprehensive Income	0.2%	-0.0%	-0.3%	0.4%	0.6%	-0.3%	-0.5%	-0.4%	-0.2%	-0.5%
Noncontrolling Interest	4.9%	0.2%	0.2%	1.2%	0.7%	0.7%	0.9%	0.1%	0.1%	0.1%
Temporary Equity and Other	0.2%	0.2%	0.2%	0.2%	0.1%	0.2%	0.3%	0.3%	0.0%	0.0%
Total Liabilitiesand Equity	523.2%	522.7%	509.3%	475.6%	261.0%	270.7%	243.8%	212.4%	209.8%	193.7%

Income Statement

Revenue, expense, and profitability

15 accounts · 10 years

Revenue $21.9B

Operating income $5.3B

Net income $3.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	32.1%	30.1%	34.7%	36.1%	—	—	—	—	—	—
Expenses Selling,General and Administrative	6.9%	6.7%	6.7%	6.4%	3.3%	3.4%	3.9%	3.9%	3.7%	3.8%
Expenses Depreciation and Amortization	15.5%	16.7%	16.3%	16.3%	—	—	—	—	—	—
Expenses Other Operating Expenses	21.2%	24.7%	23.6%	23.5%	11.8%	13.0%	12.8%	12.7%	10.9%	12.3%
Other Income Expense Operating Income	24.3%	21.8%	18.7%	17.7%	10.2%	10.0%	8.3%	8.3%	11.4%	3.6%
Other Income Expense Interest Expense	9.3%	9.4%	9.5%	7.1%	3.6%	3.9%	3.4%	3.0%	2.9%	2.7%
Other Income Expense Other Income/expense	2.0%	2.0%	2.4%	1.7%	0.9%	1.1%	1.0%	0.8%	0.6%	0.6%
Other Income Expense Income Before Tax	17.0%	14.4%	11.6%	12.3%	7.5%	7.2%	5.9%	6.1%	9.1%	1.5%
Income Tax Income Tax Expense	0.6%	-0.2%	0.3%	0.0%	0.3%	0.1%	-0.0%	0.4%	3.1%	-0.2%
net Income Other Items Below Tax	0.5%	0.5%	0.3%	-0.5%	-8.2%	-8.7%	-8.3%	-7.1%	-6.5%	-12.7%
net Income net Income	16.9%	15.1%	11.7%	11.7%	7.4%	7.4%	6.2%	6.0%	6.3%	1.9%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	2.4%	2.7%	2.7%	2.6%	1.5%	1.7%	1.6%	1.5%	1.6%	1.5%
Earnings Per Share Weighted Average Shares Diluted	2.5%	2.7%	2.7%	2.6%	1.5%	1.7%	1.6%	1.5%	1.6%	1.5%

Cash Flow Statement

Operating, investing, and financing flows

13 accounts · 10 years

Operating cash flow $6.9B

Investing cash flow $-11.9B

Financing cash flow $5.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Cash From Operating Activities	31.7%	34.5%	26.4%	26.9%	11.4%	12.8%	13.7%	16.1%	13.8%	13.8%
Operating Activities net Income	16.9%	15.1%	11.7%	11.7%	7.4%	7.4%	6.2%	6.0%	6.3%	1.9%
Operating Activities Depreciation and Amortization	15.9%	17.2%	16.8%	16.7%	9.1%	9.7%	8.8%	7.4%	6.9%	6.4%
Operating Activities Other Non Cash Items	-1.1%	2.2%	-2.0%	-1.5%	-5.0%	-4.3%	-1.3%	2.8%	0.7%	5.5%
Investing Activities Capital Expenditures	-54.4%	-40.7%	-39.7%	-40.1%	-16.9%	-20.9%	-19.4%	-19.5%	-18.4%	-14.9%
Investing Activities Other Investing Activities	-0.2%	2.2%	6.7%	0.6%	-0.0%	0.0%	-0.6%	-0.1%	6.6%	-0.5%
Investing Activities net Cash From Investing Activities	-54.6%	-38.5%	-33.0%	-39.5%	-19.2%	-20.9%	-23.0%	-19.6%	-11.9%	-15.4%
Financing Activities Proceeds From Debt	39.2%	29.6%	34.4%	27.9%	23.5%	23.5%	14.6%	15.9%	12.5%	7.9%
Financing Activities Repayment of Debt	-20.0%	-18.4%	-17.9%	-18.5%	-11.4%	-9.1%	-4.1%	-9.4%	-10.4%	-5.8%
Financing Activities Dividends Paid	-9.2%	-9.6%	-9.2%	-8.4%	4.5%	-4.8%	-4.3%	-3.9%	-3.9%	-3.4%
Financing Activities Other Financing Activities	12.9%	1.7%	-1.6%	12.1%	0.2%	-1.6%	3.1%	1.0%	-0.2%	2.8%
Financing Activities net Cash From Financing Activities	22.9%	3.3%	5.7%	13.1%	7.8%	8.1%	9.2%	3.6%	-2.0%	1.5%
Cash Reconciliation net Change In Cash	0.1%	-0.7%	-0.9%	0.5%	0.0%	0.0%	-0.0%	0.1%	0.0%	-0.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+67.9%	+69.9%	+65.3%	+63.9%	—	—	—	—	—	—
Operating margin	+24.3%	+21.8%	+18.7%	+17.7%	+10.2%	+10.0%	+8.3%	+8.3%	+11.4%	+3.6%
Net margin	+16.9%	+15.1%	+11.7%	+11.7%	+7.4%	+7.4%	+6.2%	+6.0%	+6.3%	+1.9%
FCF margin	-22.7%	-6.2%	-13.3%	-13.2%	-5.4%	-8.1%	-5.7%	-3.4%	-4.6%	-1.1%
Growth
Revenue CAGR (3y)	+3.7%	-16.3%	-14.0%	-14.2%	+1.2%	-1.1%	-1.7%	+25.3%	+23.5%	+28.7%
Returns
ROE	+11.9%	+11.0%	+8.8%	+9.6%	+11.1%	+10.7%	+9.8%	+10.1%	+10.5%	+3.6%
ROA	+3.2%	+2.9%	+2.3%	+2.5%	+2.8%	+2.7%	+2.5%	+2.8%	+3.0%	+1.0%
ROIC	+6.5%	+6.0%	+5.1%	+5.4%	+5.6%	+5.5%	+5.3%	+5.5%	+5.5%	+2.9%
Liquidity
Current ratio	0.45x	0.44x	0.53x	0.51x	0.63x	0.44x	0.40x	0.48x	0.51x	0.64x
Quick ratio	0.25x	0.24x	0.26x	0.26x	0.21x	0.25x	0.23x	0.29x	0.30x	0.26x
Leverage
D/E	2.64x	2.82x	2.83x	2.90x	2.90x	2.92x	2.85x	2.61x	2.54x	2.65x
Interest coverage	2.63x	2.31x	1.97x	2.49x	2.84x	2.56x	2.42x	2.73x	3.94x	1.33x
Efficiency
Asset turnover	0.19x	0.19x	0.20x	0.21x	0.38x	0.37x	0.41x	0.47x	0.48x	0.52x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

Valuation

Price against fundamentals

AEP $133 · 2026-04-02 · 212d old · FY2025

Market cap $71.3B

P/E 19.29x

P/S 3.26x

P/B 2.29x

EV $119.7B

EV/EBITDA 13.75x

FCF yield -7.0%

Dividend yield +2.8%

Notes

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