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

Balance Sheet

Assets, liabilities, and equity

23 accounts · 5 years

Total assets $114.5B

Total liabilities $82.2B

Shareholders equity $31.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$488.0M 5.9%	$461.0M -22.3%	$593.3M -20.3%	$744.1M 10.8%	$671.8M
Accounts Receivable	$2.9B 8.9%	$2.6B 7.5%	$2.4B -8.3%	$2.7B 37.4%	$1.9B
Other Current Assets	$2.7B 0.0%	$2.7B -11.4%	$3.0B -9.6%	$3.4B -35.3%	$5.2B
Total Current Assets	$6.1B 4.5%	$5.8B -4.8%	$6.1B -10.2%	$6.8B -13.2%	$7.8B
Property,Plant and Equipment	$92.4B 12.1%	$82.4B 7.5%	$76.7B 4.6%	$73.3B 11.1%	$66.0B
Regulatory Assets	$5.7B 1.0%	$5.7B 4.7%	$5.4B 4.2%	$5.2B 10.9%	$4.7B
Other Noncurrent Assets	$10.3B 12.0%	$9.2B 8.4%	$8.5B 96.1%	$4.3B -9.3%	$4.8B
Total Assets	$114.5B 11.0%	$103.1B 6.6%	$96.7B 3.5%	$93.4B 6.5%	$87.7B
Liabilities
Current Portion of Long Term Debt	$4.7B -19.7%	$5.9B 10.1%	$5.3B -19.4%	$6.6B 38.4%	$4.8B
Other Current Liabilities	$8.6B 20.4%	$7.2B 14.2%	$6.3B -6.1%	$6.7B -12.9%	$7.7B
Total Current Liabilities	$13.3B 2.3%	$13.0B 12.3%	$11.6B -12.7%	$13.3B 6.8%	$12.4B
Long Term Debt	$44.1B 12.3%	$39.3B 4.4%	$37.7B 9.7%	$34.3B 9.6%	$31.3B
Regulatory Liabilities	$8.4B 0.2%	$8.3B 2.0%	$8.2B 0.8%	$8.1B -6.6%	$8.7B
Other Noncurrent Liabilities	$16.4B 6.5%	$15.4B 10.4%	$13.9B 2.9%	$13.5B 8.0%	$12.5B
Total Liabilities	$82.2B 8.1%	$76.1B 6.6%	$71.4B 3.1%	$69.2B 6.6%	$64.9B
Equity
Total Stockholders Equity	$31.1B 15.6%	$26.9B 6.7%	$25.2B 5.7%	$23.9B 6.5%	$22.4B
Common Stock	$3.5B 1.5%	$3.5B 1.3%	$3.4B 0.4%	$3.4B 0.1%	$3.4B
Additional Paid In Capital	$12.1B 26.4%	$9.6B 5.9%	$9.1B 12.7%	$8.1B 12.2%	$7.2B
Retained Earnings	$15.4B 11.3%	$13.9B 8.3%	$12.8B 3.7%	$12.3B 5.8%	$11.7B
Accumulated Other Comprehensive Income	$36.0M 1300.0%	$-3.0M 94.6%	$-55.5M -166.3%	$83.7M -54.7%	$184.8M
Noncontrolling Interest	$1.1B 2471.4%	$42.0M 7.1%	$39.2M -82.9%	$229.0M -7.3%	$247.0M
Temporary Equity and Other	$38.0M 0.0%	$38.0M -10.6%	$42.5M -7.4%	$45.9M 6.0%	$43.3M
Total Liabilitiesand Equity	$114.5B 11.0%	$103.1B 6.6%	$96.7B 3.5%	$93.4B 6.5%	$87.7B

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $21.9B

Operating income $5.3B

Net income $3.7B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$21.9B 10.9%	$19.7B 3.9%	$19.0B -3.3%	$19.6B -41.5%	$33.6B
Expenses Cost of Revenue	$7.0B 18.4%	$5.9B -9.8%	$6.6B -7.3%	$7.1B	—
Expenses Selling,General and Administrative	$1.5B 13.1%	$1.3B 3.8%	$1.3B 2.1%	$1.2B 11.4%	$1.1B
Expenses Depreciation and Amortization	$3.4B 2.7%	$3.3B 6.5%	$3.1B -3.5%	$3.2B	—
Expenses Other Operating Expenses	$4.6B -4.5%	$4.9B 8.6%	$4.5B -2.7%	$4.6B 16.5%	$4.0B
Other Income Expense Operating Income	$5.3B 23.6%	$4.3B 21.0%	$3.6B 2.1%	$3.5B 2.1%	$3.4B
Other Income Expense Interest Expense	$2.0B 8.7%	$1.9B 3.1%	$1.8B 29.4%	$1.4B 16.4%	$1.2B
Other Income Expense Other Income/expense	$431.0M 7.2%	$402.0M -12.6%	$460.0M 37.8%	$333.8M 11.4%	$299.7M
Other Income Expense Income Before Tax	$3.7B 31.0%	$2.8B 28.7%	$2.2B -8.7%	$2.4B -3.6%	$2.5B
Income Tax Income Tax Expense	$129.0M 430.8%	$-39.0M -170.9%	$55.0M 918.5%	$5.4M -95.3%	$115.5M
net Income Other Items Below Tax	$101.0M 7.4%	$94.0M 59.3%	$59.0M 154.7%	$-107.8M 96.1%	$-2.7B
net Income net Income	$3.7B 24.2%	$3.0B 34.5%	$2.2B -4.0%	$2.3B -7.3%	$2.5B
Earnings Per Share Diluted Eps	$7 19.4%	$6 31.6%	$4 -5.6%	$4 -9.5%	$5
Earnings Per Share Weighted Average Shares Basic	$534.5M 0.8%	$530.1M 2.2%	$518.9M 1.4%	$511.8M 2.3%	$500.5M
Earnings Per Share Weighted Average Shares Diluted	$537.5M 1.2%	$531.3M 2.1%	$520.2M 1.3%	$513.5M 2.3%	$501.8M

Cash Flow Statement

Operating, investing, and financing flows

13 accounts · 5 years

Operating cash flow $6.9B

Investing cash flow $-11.9B

Financing cash flow $5.0B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	$6.9B 2.1%	$6.8B 35.8%	$5.0B -5.2%	$5.3B 37.7%	$3.8B
Operating Activities net Income	$3.7B 24.2%	$3.0B 34.5%	$2.2B -4.0%	$2.3B -7.3%	$2.5B
Operating Activities Depreciation and Amortization	$3.5B 2.8%	$3.4B 6.5%	$3.2B -3.0%	$3.3B 7.9%	$3.0B
Operating Activities Other Non Cash Items	$-241.0M -155.4%	$435.0M 212.1%	$-388.0M -27.9%	$-303.3M 82.1%	$-1.7B
Investing Activities Capital Expenditures	$-11.9B -48.3%	$-8.0B -6.6%	$-7.5B 4.4%	$-7.9B -39.2%	$-5.7B
Investing Activities Other Investing Activities	$-33.0M -107.6%	$434.0M -65.7%	$1.3B 895.3%	$127.2M 1891.5%	$-7.1M
Investing Activities net Cash From Investing Activities	$-11.9B -57.2%	$-7.6B -21.2%	$-6.3B 19.2%	$-7.8B -20.5%	$-6.4B
Financing Activities Proceeds From Debt	$8.6B 46.9%	$5.8B -10.6%	$6.5B 19.1%	$5.5B -30.4%	$7.9B
Financing Activities Repayment of Debt	$-4.4B -20.9%	$-3.6B -6.7%	$-3.4B 6.8%	$-3.6B 4.8%	$-3.8B
Financing Activities Dividends Paid	$-2.0B -5.8%	$-1.9B -8.3%	$-1.8B -6.5%	$-1.6B -208.3%	$1.5B
Financing Activities Other Financing Activities	$2.8B 737.4%	$337.0M 208.4%	$-311.0M -113.1%	$2.4B 3212.2%	$71.6M
Financing Activities net Cash From Financing Activities	$5.0B 661.3%	$659.0M -38.8%	$1.1B -58.1%	$2.6B -1.5%	$2.6B
Cash Reconciliation net Change In Cash	$22.0M 116.5%	$-133.0M 25.3%	$-178.0M -269.4%	$105.1M 702.3%	$13.1M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+67.9%	+69.9%	+65.3%	+63.9%	—
Operating margin	+24.3%	+21.8%	+18.7%	+17.7%	+10.2%
Net margin	+16.9%	+15.1%	+11.7%	+11.7%	+7.4%
FCF margin	-22.7%	-6.2%	-13.3%	-13.2%	-5.4%
Growth
Revenue CAGR (3y)	+3.7%	-16.3%	-14.0%	-14.2%	+1.2%
Returns
ROE	+11.9%	+11.0%	+8.8%	+9.6%	+11.1%
ROA	+3.2%	+2.9%	+2.3%	+2.5%	+2.8%
ROIC	+6.5%	+6.0%	+5.1%	+5.4%	+5.6%
Liquidity
Current ratio	0.45x	0.44x	0.53x	0.51x	0.63x
Quick ratio	0.25x	0.24x	0.26x	0.26x	0.21x
Leverage
D/E	2.64x	2.82x	2.83x	2.90x	2.90x
Interest coverage	2.63x	2.31x	1.97x	2.49x	2.84x
Efficiency
Asset turnover	0.19x	0.19x	0.20x	0.21x	0.38x
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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