Companies · AEP
American Electric Power
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Latest analysis
Updated Oct 28, 2026
AEP launches $100B 5-year capital plan and raises long-term EPS growth rate to 9-11%, anchored by 84 GW of contracted load and a near-doubling of rate base to $162B by 2031.
AEP delivered Q3 2026 operating EPS of $2.23, up from $1.80 in Q3 2025, and raised full-year 2026 guidance to at or above the high end of $6.25-$6.55 per share. The more consequential announcement is a step-change in the long-term growth profile: the 5-year capital plan expands to $100 billion, the EPS CAGR target rises to 9-11% through 2031 (from 7-9%), and rate base is expected to nearly double from $87 billion to $162 billion. This is underwritten by 84 GW of contracted incremental load, fully executed take-or-pay ESAs across vertically integrated utilities, and a proprietary 765 kV transmission advantage that management describes as structurally unreplicable.
Tone: bullishRevenue
$21.9B
AEP 10-K · FY 2025
Employees
17,581
Revenue FY2024
$19.7B
Founded
1906
Profile
AEP 10-K Item 1 · Feb 12, 2026American Electric Power (AEP) is a public utility holding company incorporated in 1906 that generates, transmits, and distributes electricity across portions of 11 states through regulated subsidiaries. Its operations span vertically integrated utilities, stand-alone transmission and distribution utilities, a transmission holdco, and a generation and marketing segment. AEP serves approximately 5.5 million retail customers and operates one of the largest transmission networks in the United States.
Read filing description ↓ Collapse description ↑
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. The member companies of AEP have contractual, financial and other business relationships with the other member companies, such as participation in AEP savings and retirement plans and tax returns, sales of electricity and transportation and handling of fuel. The member companies of AEP also obtain certain accounting, administrative, information systems, engineering, financial, legal, maintenance and other services at cost from a common provider, AEPSC. AEP's primary business is the generation, transmission and distribution of electricity. Within its Vertically Integrated Utilities segment, AEP centrally dispatches generation assets and manages its overall utility operations on an integrated basis because of the substantial impact of cost-based rates and regulatory oversight applicable to each public utility subsidiary.
Primary products
- Electric generation
- Electric transmission
- Electric distribution
- Retail electricity supply
- Natural gas supply (retail)
- Wholesale energy trading and marketing
Business segments
End markets
Geographies
Named customers
“With respect to competing generators and self-generation, the public utility subsidiaries of AEP believe that they currently maintain a competitive position.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total consolidated revenues increased from $19,721 million in 2024 to $21,876 million in 2025, driven by growth across the Vertically Integrated Utilities and Transmission and Distribution Utilities segments as well as higher Generation & Marketing revenues.
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