American Electric Power Company Inc
aep.comWhat Do They Do?
Generates, transmits and distributes electricity to retail customers and sells electricity and transmission service to wholesale customers.
10-K for FY2025, filed Feb 12, 2026
How Do They Make Money?
AEP earns revenue from retail and wholesale electricity sales and delivery services as it delivers energy to customers. Its marketing business also sells power, capacity and some natural gas, with revenue earned when the commodity is delivered.
10-K for FY2025, filed Feb 12, 2026The Registrants recognize revenues from customers for retail and wholesale electricity sales and electricity transmission and distribution…View ↗
The Registrants engage in power, capacity, and to a lesser extent, natural gas marketing as major power producers and participants in…View ↗
The Registrants recognize revenues from marketing and risk management transactions that are not derivatives as the performance obligation…View ↗
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10-K for FY2025, filed Feb 12, 2026
FY2025 revenue by product or service ↗
$21.9B
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10-K for FY2025, filed Feb 12, 2026
$21.9B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Vertically Integrated Utilities Revenues
|
57%
FY2022: 58%
|
Vertically Integrated Utilities Revenues, FY2025
$12.6B Sources
|
|
Transmission and Distribution Utilities Revenues
|
28%
FY2022: 28%
|
Transmission and Distribution Utilities Revenues, FY2025
$6.1B Sources
|
|
Generation & Marketing
|
12%
FY2022: 12%
|
Generation & Marketing, FY2025
$2.7B Sources
|
|
Other Revenues
|
2.4%
FY2022: 2.1%
|
Other Revenues, FY2025
$526M Sources
|
Who Are Their Customers?
Households, businesses and industrial customers buy electricity from AEP's utility subsidiaries; in Texas, retail electric providers buy transmission and distribution service from AEP Texas. Subsidiaries also sell electricity and transmission service to wholesale customers.
10-K for FY2025, filed Feb 12, 2026Year Ended December 31, 2025 VIU T&D AEPTHCo G&M Corporate and Other Reconciling Adjustments AEP Consolidated (in millions) Retail…View ↗
The service areas of AEP’s public utility subsidiaries cover portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan…View ↗
OPCo provides transmission and distribution services to retail customers within its service territory at cost-based rates approved by the…View ↗
The Transmission and Distribution Utilities own and operate transmission and distribution lines and other facilities to deliver electric…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 17 cents of every revenue dollar as net income in FY2025 and turned 16 cents into free cash flow.
10-K for FY2025, filed Feb 12, 2026
$5.3BView ↗
10-K for FY2025, filed Feb 12, 2026
$3.7BView ↗
10-K for FY2025, filed Feb 12, 2026
$3.5BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
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Jul 30, 2026
AEP raised its full-year operating earnings guidance
The 2026 range rose to $6.25 to $6.55 per share from $6.15 to $6.45 per share.
Sources
8-K, filed Jul 30, 2026
AEP is raising its full-year 2026 operating earnings guidance to $6.25 to $6.55 per share from its previous guidance range of $6.15 to…View ↗
Growing. Revenue grew 30% in 4 years, from $16.8B in FY2021 to $21.9B in FY2025, about 7% a year.
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