AMERICAN ELECTRIC POWER CO INC AEP
AEP was incorporated under the laws of the State of New York in 1906 and reorganized in 1925. It is a public utility holding company that directly owns all of the outstanding common stock of the public utility subsidiaries identified below.
The service areas of AEP's public utility subsidiaries cover portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia. Transmission networks are interconnected with extensive distribution facilities in the territories served. The public utility subsidiaries of AEP have traditionally provided electric service, consisting of generation, transmission and distribution, on an integrated basis to their retail customers. Restructuring laws in Michigan, Ohio and the ERCOT area of Texas have caused AEP public utility subsidiaries in those states to unbundle previously integrated regulated rates for their retail customers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.70B | $19.97B | $19.46B | $19.39B | $16.79B | $14.92B | $15.56B | $16.20B | $15.42B | $16.38B |
| Total operating expenses | $16.56B | $15.42B | $15.43B | $16.16B | $13.38B | $11.93B | $12.97B | $13.51B | $11.90B | $15.22B |
| Operating income | $5.32B | $4.30B | $3.56B | $3.48B | $3.41B | $2.99B | $2.59B | $2.68B | $3.52B | $1.16B |
| Interest expense | $2.03B | $1.86B | $1.81B | $1.40B | $1.20B | $1.17B | $1.07B | $984.4M | $895.0M | $877.2M |
| Pre-tax income | $3.83B | $2.94B | $2.27B | $2.31B | $2.60B | $2.23B | $1.90B | $2.04B | $2.90B | $546.8M |
| Income tax | $129.0M | $39.0M | $55.0M | $5.4M | $115.5M | $40.5M | $12.9M | $115.3M | $969.7M | $73.7M |
| Net income | $3.70B | $2.98B | $2.21B | $2.31B | $2.49B | $2.20B | $1.92B | $1.93B | $1.93B | $618.0M |
| EPS, basic | 6.70 | 5.60 | 4.26 | 4.51 | 4.97 | 4.44 | 3.89 | 3.90 | 3.89 | 1.24 |
| EPS, diluted | 6.66 | 5.58 | 4.24 | 4.49 | 4.96 | 4.42 | 3.88 | 3.90 | 3.88 | 1.24 |
| Shares, diluted (wtd. avg.) | $537.5M | $531.3M | $520.2M | $513.5M | $501.8M | $497.2M | $495.3M | $493.8M | $492.6M | $491.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $197.0M | $203.0M | $379.0M | $557.0M | $451.4M | $438.3M | $432.6M | $444.1M | $412.6M | $403.5M |
| Short-term investments | $220.0M | $215.0M | $214.3M | $187.6M | $220.4M | $200.8M | $202.7M | $159.1M | $161.7M | $138.7M |
| Receivables | $2.87B | $2.63B | $2.45B | $2.67B | $1.97B | $1.84B | $1.71B | $1.93B | $1.89B | $1.92B |
| Total current assets | $6.05B | $5.79B | $6.08B | $6.78B | $4.98B | $4.35B | $4.08B | $4.11B | $4.25B | $6.03B |
| Property, plant and equipment | $736.0M | $715.0M | $564.3M | $73.34B | $68.30B | $63.90B | $60.14B | $55.10B | $50.26B | $45.64B |
| Goodwill | $53.0M | $53.0M | $52.5M | $52.5M | $52.5M | $52.5M | $52.5M | $52.5M | $52.5M | $52.5M |
| Total assets | $114.46B | $103.08B | $96.68B | $93.40B | $87.67B | $80.76B | $75.89B | $68.80B | $64.73B | $63.47B |
| Accounts payable | $3.43B | $2.64B | $2.03B | $2.67B | $2.11B | $1.71B | $2.09B | $1.87B | $2.07B | $1.69B |
| Short-term debt | $3.19B | $3.33B | $2.49B | $2.49B | $2.35B | $2.09B | $1.60B | $1.70B | $1.75B | $2.88B |
| Total current liabilities | $13.31B | $13.01B | $11.58B | $13.27B | $10.91B | $9.93B | $10.30B | $8.65B | $8.27B | $9.50B |
| Long-term debt | $44.13B | $39.31B | $37.65B | $34.31B | $32.20B | $28.99B | $25.13B | $21.65B | $19.42B | $17.38B |
| Total liabilities | $82.20B | $76.05B | $71.36B | $69.23B | $64.95B | $59.94B | $55.87B | $49.63B | $46.40B | $46.05B |
| Retained earnings | $15.44B | $13.87B | $12.80B | $12.35B | $11.67B | $10.69B | $9.90B | $9.33B | $8.63B | $7.89B |
| Total equity | $31.14B | $26.94B | $25.29B | $24.12B | $22.68B | $20.77B | $19.91B | $19.06B | $18.31B | $17.42B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.94B | $6.80B | $5.01B | $5.29B | $3.84B | $3.83B | $4.27B | $5.22B | $4.27B | $4.52B |
| Depreciation and amortisation | $3.33B | $3.15B | $2.93B | $3.07B | $2.72B | $2.49B | $2.20B | $1.97B | $1.71B | $1.69B |
| Capital expenditure | $3.45B | $399.0M | $155.0M | — | — | $0 | $918.4M | $0 | $0 | $107.9M |
| Investing cash flow | -$11.94B | -$7.60B | -$6.27B | -$7.75B | -$6.43B | -$6.23B | -$7.14B | -$6.35B | -$3.66B | -$5.05B |
| Financing cash flow | $5.02B | $659.0M | $1.08B | $2.57B | $2.61B | $2.41B | $2.86B | $1.16B | -$604.9M | $503.9M |
| Dividends paid | $2.01B | $1.90B | $1.75B | $1.65B | $1.52B | $1.42B | $1.35B | $1.26B | $1.19B | $1.12B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000004904-26-000013.
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