AEP on Nasdaq

American Electric Power

Logo: American Electric Power, Public domain, via Wikimedia Commons5

United States utility company

American Electric Power Company, Inc. (AEP; railcar reporting mark: AEPX) is an American domestic electric utility company in the United States.3 From Wikipedia, CC BY-SA 4.0

$124.44 down 1.69 (1.34%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

$21.7BRevenue, fiscal 20256
$3.7BNet income, fiscal 20256
Aug 1927Founded1

Compare with Constellation Energy, Edison International or NextEra Energy, or pick any stock.

  • TickerAEP on Nasdaq1
  • Industryelectric power generation, transmission and distribution, electricity generation, public utility1
  • HeadquartersColumbus1
  • Websitewww.aep.com
  • Legal formDelaware corporation, New York Business Corporation1
  • Incorporated inNY7
  • Business address1 Riverside Plaza, Columbus, Oh 432157
  • Filer categoryLarge accelerated filer7
AEP building
Photo: Ɱ, CC BY-SA 4.0, via Wikimedia Commons9

American Electric Power Company, Inc. (AEP; railcar reporting mark: AEPX) is an American domestic electric utility company in the United States. It is one of the largest electric utility companies in the country, with more than five million customers in 11 states.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

24.5%Operating margin6
17.0%Net margin6
8.7%Revenue growth, 20256
11.9%Return on equity6
1.42×Debt to equity6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Residential brought in 34% of the revenue American Electric Power broke down this way in fiscal 2025.

  1. Residential$7.8B634%up 6% from 2024
  2. Transmission and Distribution Utilities Revenues$6.1B626%up 4% from 2024
  3. Industrial$3.2B614%up 2% from 2024
  4. Marketing, Competitive Retail and Renewable$2.4B610%up 21% from 2024
  5. Wholesale Transmission$1.6B67%down 0% from 2024
  6. Wholesale Generation$1.2B65%up 43% from 2024
  7. Product and Service, Other$482.0M62%up 13% from 2024
  8. Other Retail$302.0M61%up 5% from 2024
Products and services by year
Products and services202320242025
Residential$7.1B$7.3B$7.8B
Transmission and Distribution Utilities Revenues$5.7B$5.9B$6.1B
Industrial$3.4B$3.2B$3.2B
Marketing, Competitive Retail and Renewable$1.8B$2.0B$2.4B
Wholesale Transmission$1.5B$1.6B$1.6B
Wholesale Generation$774.0M$851.0M$1.2B
Product and Service, Other$429.0M$426.0M$482.0M
Other Retail$294.0M$288.0M$302.0M

Business segments

Vertically Integrated Utilities brought in 49% of the revenue American Electric Power broke down this way in fiscal 2025.

  1. Vertically Integrated Utilities$12.8B649%up 10% from 2024
  2. Transmission And Distribution Companies$6.1B623%up 4% from 2024
  3. Generation And Marketing$2.7B610%up 20% from 2024
  4. Transmission Operations$2.4B69%up 22% from 2024
  5. AEP Transmission Holdco$2.3B69%up 15% from 2024
Business segments by year
Business segments202320242025
Vertically Integrated Utilities$11.5B$11.6B$12.8B
Transmission And Distribution Companies$5.7B$5.9B$6.1B
Generation And Marketing$2.0B$2.2B$2.7B
Transmission Operations$1.7B$2.0B$2.4B
AEP Transmission Holdco$1.8B$2.0B$2.3B

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs82¢$17.9B
  • Income tax1¢$129.0M
  • Profit17¢$3.7B

Out of $21.7B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid29¢$2.0B
  • Kept or used elsewhere71¢$4.9B

Out of $6.9B of cash from operations.6

Financial statements

Revenue10111213146$21.7B in 2025+34% since 2018
0$10.0B$20.0B$30.0B2018: $16.2B$16.2B20182019: $15.6B$15.6B2019−4%2020: $14.9B$14.9B2020−4%2021: $16.8B$16.8B2021+13%2022: $19.4B$19.4B2022+15%2023: $19.5B$19.5B2023+0%2024: $20.0B$20.0B2024+3%2025: $21.7B$21.7B2025+9%
Operating income10111213146$5.3B in 2025+98% since 2018
0$2.0B$4.0B$6.0B2018: $2.7B$2.7B20182019: $2.6B$2.6B2019−3%2020: $3.0B$3.0B2020+15%2021: $3.4B$3.4B2021+14%2022: $3.5B$3.5B2022+2%2023: $3.6B$3.6B2023+2%2024: $4.3B$4.3B2024+21%2025: $5.3B$5.3B2025+24%
Net income10111213146$3.7B in 2025+91% since 2018
0$1.0B$2.0B$3.0B$4.0B2018: $1.9B$1.9B20182019: $1.9B$1.9B2019−1%2020: $2.2B$2.2B2020+14%2021: $2.5B$2.5B2021+13%2022: $2.3B$2.3B2022−7%2023: $2.2B$2.2B2023−4%2024: $3.0B$3.0B2024+34%2025: $3.7B$3.7B2025+24%

Every line of the income statement in the latest annual report, as filed.6

Period ending2025-12-312024-12-312023-12-31
TOTAL REVENUES$21.9B$19.7B$19.0B
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation$7.0B$5.9B$6.6B
Other Operation$3.0B$3.1B$2.8B
Maintenance$1.5B$1.3B$1.3B
Asset Impairments and Other Related Charges$66.0M$143.0M$86.0M
Loss on the Sale of the Competitive Contracted Renewables Portfolio$0$0$93.0M
Depreciation and Amortization$3.4B$3.3B$3.1B
Taxes Other Than Income Taxes$1.6B$1.6B$1.5B
TOTAL EXPENSES$16.6B$15.4B$15.4B
OPERATING INCOME$5.3B$4.3B$3.6B
Other Income$48.0M$65.0M$64.0M
Allowance for Equity Funds Used During Construction$245.0M$211.0M$175.0M
Non-Service Cost Components of Net Periodic Benefit Cost$138.0M$126.0M$221.0M
Interest Expense-$2.0B-$1.9B-$1.8B
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY EARNINGS$3.7B$2.8B$2.2B
Income Tax Expense$129.0M-$39.0M$55.0M
Equity Earnings of Unconsolidated Subsidiaries$101.0M$94.0M$59.0M
NET INCOME$3.7B$3.0B$2.2B
Net Income Attributable to Noncontrolling Interests$116.0M$9.0M$5.0M
EARNINGS ATTRIBUTABLE TO AEP MEMBER, Basic$3.6B$3.0B$2.2B
EARNINGS ATTRIBUTABLE TO AEP MEMBER, Diluted$3.6B$3.0B$2.2B
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING (in shares)534.5M shares530.1M shares518.9M shares
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS (in USD per share)$6.70$5.60$4.26
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING (in shares)537.5M shares531.3M shares520.2M shares
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS (in USD per share)$6.66$5.58$4.24

Compare American Electric Power with another company

The story

The American Gas and Electric Company, which would be renamed American Electric Power in 1958, was incorporated in 1906. It replaced Electric Company of America, a holding company that had existed since 1899. It built "the first plant in the world to reheat steam to do double duty in the process of generating electricity" at the Philo Power Plant in Philo, Ohio in 1923. Several of its holdings were divested following the passage of the Public Utility Holding Company Act in 1935; these holdings would include Atlantic City Electric (now a subsidiary of Exelon) and Scranton Electric (since absorbed by PPL). However, it retained its Central System, which ran between Michigan and Virginia. It moved its headquarters from New York City to Columbus, Ohio in the 1980s. On May 1, 1999, The North American electric power industry tested and cleared 75 percent of the U.S. electricity system for compliance with the Year 2000 computer glitch. On August 31, 2004, American Electric Power Company's $10 billion acquisition of the Central and South West Corporation was approved.

Acquisitions

1922 Indiana and Michigan Electric

1924 American Electric Power Company, a Philadelphia holding company

1925 Appalachian Power Company

1948 Indiana Service Corporation of Fort Wayne

1980 Columbus and Southern Ohio Electric Company

1997 Central and South West Corporation (completed in 2000)

From Wikipedia’s article on American Electric Power, shared under CC BY-SA 4.0.8

Leadership

Who has led American Electric Power, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (65)

Products and brands

  • electricity

Listed on Wikidata.1

Subsidiaries

The company is divided into seven major geographic local operating companies:

Ohio Power Company

Ohio Power Company, formerly AEP Ohio, serves 1.5 million customers in central, southern and northwestern Ohio. For years, it consisted of two operating companies, Ohio Power and Columbus Southern Power. However, in 2014, Columbus Southern was merged into Ohio Power, leaving Ohio Power as the legal operating company for regulatory purposes.

AEP Texas

AEP Texas was formed from a merger of various predecessor utilities, and joined AEP as part of its acquisition of Central and South West Corporation in 1997. It consists of AEP Texas North Company (formerly West Texas Utilities), which operates in west Texas, and AEP Texas Central Company (formerly Central Power and Light), which operates in south Texas.

Appalachian Power

Appalachian Power (APCO) is based in Charleston, West Virginia. APCO serves about one million customers in central and Southern West Virginia, the Northern Panhandle of West Virginia, Southwest Virginia and parts of Northeast Tennessee, specifically Kingsport. Cities in the Appalachian Power service territory include Wheeling, Charleston and Huntington, West Virginia; Roanoke, Virginia, Lynchburg, Virginia, and Kingsport.

Read the full text

Until the 21st century, AEP's operations in Tennessee were part of a separate operating company, Kingsport Power Company. However, since the turn of the millennium, Kingsport Power's operations have been almost completely merged with those of Appalachian Power. While Kingsport Power still legally exists, the Kingsport Power name is almost never used anymore except for regulatory formality. AEP considers Appalachian Power to be the operating company in Kingsport.

Wheeling Power, based in Wheeling, was long treated as a de facto part of Ohio Power, but is now treated as part of Appalachian Power.

Indiana Michigan Power

Indiana Michigan Power (I&M) serves northeastern and east-central Indiana, including Muncie and Fort Wayne; and parts of north-central Indiana and southwest Michigan, including South Bend, St. Joseph, Benton Harbor and Three Rivers. The Donald C. Cook nuclear power plant is located in I&M's territory.

Kentucky Power

Kentucky Power serves most of Eastern Kentucky, the area abutting the Appalachian Power service area, including communities of Pikeville, Hazard and Ashland. Kentucky Power headquarters is in Ashland and they maintain a government relations office in Frankfort.

On October 26, 2021, the Liberty Utilities subsidiary of Algonquin Power & Utilities agreed to acquire AEP's Kentucky operations in a transaction valued at $2.8 billion (US). The purchase was expected to close in the second quarter of 2022, pending regulatory approval.

On April 17, 2023, the sale was terminated. The sale drew criticism from the Kentucky Attorney General and Kentucky lawmakers. In May 2022, Kentucky's Public Service Commission approved the sale, but only with modifications made to the sale. In December 2022, the U.S. Federal Energy Regulatory Commission refused approval, stating "the sales’ parties did not provide enough evidence to show the deal wouldn't have an adverse effect on rate payers". Although AEP and Liberty Utilities reapplied in February 2023, they later announced the termination of the sale.

Public Service Company of Oklahoma (PSO)

PSO was one of the four CSW operating companies when CSW merged with AEP. Incorporated in 1913, PSO serves approximately 540,000 customers in eastern and southwestern Oklahoma. Its headquarters are in Tulsa. PSO has 4,269 megawatts of generating capacity and provides electricity to 232 cities and towns across a service area encompassing 30,000 square miles.

In April 2014, Oklahoma Governor Mary Fallin signed into law an AEP-backed bill that would add a tax onto anyone in the state who adopted rooftop solar. This legislation was headed by Rep. Mike Turner (Oklahoma politician) (R. Edmond), known for his support of ending rooftop solar.

Southwestern Electric Power Company

Often called SWEPCO, the Southwestern Electric Power Company serves most of western Arkansas, northwestern Louisiana, and northeastern Texas. Like PSO, it was one of the four CSW Operating Companies.

Between 2013 and 2014, AEP, under subsidiary SWEPCO, tried to eliminate a fundamental solar policy, net metering, at the LPSC several times, and failed each time. SWEPCO also backed openly anti-solar candidate Eric Skrmetta, who has been widely criticized for receiving 2/3 of his campaign contributions from entities he regulates.

In Arkansas, SWEPCO is expected in 2015 to ask regulators to allow them to pass along the costs of building and running the John W. Turk Jr. Coal Plant, the most expensive project in state history, to Arkansas ratepayers. This process is expected to elicit similar controversy to what has plagued the plant since construction.

SWEPCO operated Dolet Hills Power Station was scheduled for closure in Louisiana in 2021, due to pressure by Beyond Coal.

Other subsidiaries

AEP also bought much of the town of Cheshire, Ohio, where the Gavin Power Plant is located, due to pollution issues.

In 2004, AEP announced their plans to build one, or more, integrated gasification combined cycle (IGCC) coal-fired power plant which is expected to reduce emissions while providing additional electricity capacity to the customers served by AEP.

In August 2008, AEP formed a joint venture company with Duke Energy to build and own new electric transmission assets.

It is the largest shareholder in the Ohio Valley Electric Corporation (OVEC). OVEC is an associate company of AEP, not a subsidiary, because AEP owns less than half of it.

Hybrid technology

AEP is expanding its green efforts to include 18 more International DuraStar hybrid diesel trucks. AEP is also teaming with Ford for the integration of a Vehicle-To-Power grid communication system, which allows hybrid vehicles to communicate with power companies to determine where, how long, and what it would cost to re-charge a hybrid during travel.

From Wikipedia’s article on American Electric Power, shared under CC BY-SA 4.0.8

Subsidiaries and ownership

Subsidiaries

  • AEP Ohio
  • AEP Texas
  • Appalachian Power
  • Indiana Michigan Power
  • Kentucky Power
  • Public Service Company of Oklahoma
  • Southwestern Electric Power Company

Also owns

  • Cardinal Power Plant
  • John E. Amos Power Plant
  • Rockport Power Plant

From Wikidata.1

Acquisitions

  1. Succeeded American Gas and Electric1

Former names

  • AMERICAN ELECTRIC POWER COMPANY INCMay 16, 1994 to Jan 10, 20027

Timeline

  1. Aug 1, 2024New chief executive William Fehrman becomes CEO20
  2. Feb 27, 2024New chief executive Benjamin G. S. Fowke Iii. becomes CEO19
  3. Feb 27, 2023New chief executive Julia A. Sloat becomes CEO21
  4. Jan 27, 2012New chief executive Nicholas K. Akins becomes CEO22
  5. Jan 5, 2004New chief executive Michael G. Morris becomes CEO23
  6. Jan 2, 1990Went public Listed on NYSE1
  7. Aug 1927Founded Founded1

Recent filings

  1. Oct 5, 20264
  2. Oct 5, 20264
  3. Oct 2, 20264
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  10. Oct 2, 20264
  11. Oct 2, 20264
  12. Oct 2, 20264
  13. Oct 2, 20264
  14. Sep 30, 20268-K
  15. Sep 9, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

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