American Electric Power Company, Inc.

AEP · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$61,586	$49,119	$42,712	$48,791	$44,164	$41,334	$46,914	$37,100	$36,519	$31,253	$28,925	$29,667	$22,745	$20,686	$19,918	$17,248	$15,957	$13,381	$18,567	$16,786	$14,464	$13,599	$11,573	$9,074	$14,017	$14,973	$10,314	$8,988	$9,771	$7,694	$7,527	$6,066	$6,842	$6,108	$6,316	$5,245	$6,411	$5,272	$5,073	$5,324	$4,512
Enterprise value	$112,490	$94,505	$85,815	$89,903	$80,446	$75,396	$77,278	$61,995	$58,982	$52,896	$48,747	$49,154	$41,409	$38,822	$37,570	$34,695	$32,728	$30,619	$34,043	$30,201	$26,172	$25,314	$24,818	$22,764	$29,963	$29,957	$18,407	$16,520	$15,760	$12,930	$12,967	$11,301	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	17.20×	16.55×	19.34×	21.15×	17.75×	18.79×	24.42×	19.28×	19.09×	51.16×	14.13×	18.16×	15.36×	16.43×	10.26×	14.24×	11.76×	9.70×	17.05×	16.75×	17.77×	12.49×	105.21×	–	14.44×	56.08×	10.61×	9.22×	19.12×	13.10×	14.20×	12.13×	19.34×	13.04×	12.69×	10.57×	10.19×	8.41×	10.10×	10.50×	9.30×
P/S (TTM) at period end	2.82×	2.49×	2.25×	2.48×	2.63×	2.77×	3.01×	2.29×	2.37×	1.91×	1.76×	1.81×	1.54×	1.38×	1.32×	1.20×	1.18×	0.93×	1.39×	1.33×	1.19×	0.95×	0.78×	0.68×	1.10×	0.41×	0.42×	0.76×	1.66×	1.32×	1.33×	1.10×	1.30×	1.21×	1.25×	1.01×	1.25×	1.09×	1.06×	1.10×	0.93×
P/B at period end	1.98×	1.82×	1.69×	2.04×	1.97×	2.01×	2.39×	1.95×	2.00×	1.80×	1.62×	1.76×	1.41×	1.36×	1.36×	1.27×	1.21×	1.25×	1.84×	1.78×	1.59×	1.60×	1.47×	1.28×	1.70×	1.86×	2.06×	1.79×	2.01×	1.50×	1.50×	1.20×	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	13.01×	12.68×	13.24×	13.71×	13.13×	13.77×	16.11×	13.34×	11.27×	18.54×	9.73×	10.46×	9.71×	9.33×	8.21×	8.06×	7.49×	7.17×	8.88×	8.34×	8.11×	7.73×	8.16×	6.85×	8.15×	8.94×	5.34×	5.67×	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	5.14×	4.79×	4.52×	4.58×	4.79×	5.05×	4.97×	3.83×	3.82×	3.23×	2.96×	3.00×	2.80×	2.60×	2.49×	2.40×	2.43×	2.12×	2.54×	2.39×	2.16×	1.78×	1.67×	1.70×	2.35×	0.82×	0.74×	1.40×	2.68×	2.21×	2.29×	2.05×	–	–	–	–	–	–	–	–	–
Returns
Return on equity	11.5%	11.0%	8.7%	9.7%	11.1%	10.7%	9.8%	10.1%	10.5%	3.5%	11.4%	9.7%	9.2%	8.3%	13.2%	8.9%	10.3%	12.9%	10.8%	10.6%	9.0%	12.8%	1.4%	(7.3%)	11.8%	3.3%	19.4%	19.4%	10.5%	11.4%	10.6%	9.9%	–	–	–	–	–	–	–	–	–
Return on invested capital	6.2%	5.9%	5.1%	5.3%	5.5%	5.3%	5.2%	5.7%	5.6%	3.0%	5.7%	5.3%	5.4%	5.3%	5.6%	5.5%	6.4%	6.7%	6.3%	6.2%	6.3%	6.4%	4.8%	5.6%	5.8%	2.9%	11.8%	12.0%	7.9%	8.2%	7.8%	7.8%	–	–	–	–	–	–	–	–	–
Dividend yield	3.3%	3.9%	4.1%	3.4%	3.4%	3.4%	2.9%	3.4%	3.3%	3.6%	3.7%	3.4%	4.2%	4.4%	4.5%	4.8%	4.8%	5.0%	3.4%	3.5%	3.8%	4.1%	5.3%	8.7%	5.6%	5.4%	8.1%	5.1%	4.6%	5.8%	5.9%	7.3%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.45×	0.44×	0.53×	0.51×	0.46×	0.44×	0.40×	0.48×	0.51×	0.64×	0.57×	0.56×	0.71×	0.67×	0.63×	0.77×	0.89×	0.60×	0.59×	0.66×	0.72×	0.80×	0.82×	0.62×	0.69×	0.81×	0.69×	0.79×	0.73×	0.91×	0.86×	0.70×	–	–	–	–	–	–	–	–	–
Debt / equity	1.52×	1.58×	1.59×	1.54×	1.54×	1.51×	1.36×	1.23×	1.16×	1.16×	1.09×	1.10×	1.14×	1.17×	1.13×	1.23×	1.33×	1.49×	1.55×	1.46×	1.35×	1.45×	1.83×	1.83×	1.85×	1.87×	2.45×	1.54×	1.25×	1.03×	1.10×	1.05×	–	–	–	–	–	–	–	–	–
Effective tax rate	3.5%	(1.4%)	2.5%	0.2%	4.6%	1.9%	(0.7%)	5.8%	34.4%	(15.5%)	35.1%	37.6%	32.4%	33.2%	34.6%	34.8%	29.7%	31.9%	31.0%	32.7%	29.3%	34.1%	40.7%	39.4%	36.5%	66.4%	32.8%	34.0%	35.5%	36.8%	33.9%	30.3%	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	537	531	520	513	502	497	495	494	493	492	491	489	487	485	482	480	459	404	400	396	391	396	379	332	322	322	321	191	189	187	186	185	184	184	184	187	194	193	193	194	191

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$22,791	$21,876	$19,721	$18,982	$19,640	$16,792	$14,918	$15,561	$16,196	$15,425	$16,380	$16,453	$16,379	$14,814	$14,945	$15,116	$14,427	$13,489	$14,440	$13,380	$12,622	$12,111	$14,245	$14,833	$13,427	$12,753	$36,706	$24,745	$11,840	$5,880	$5,849	$5,670	$5,505	$5,269	$5,045	$5,047	$5,168	$5,140	$4,841	$4,788	$4,843	$4,848
Cost of revenue	($7,358)	($7,031)	($5,936)	($6,578)	($7,098)	($5,466)	($4,370)	($5,106)	($5,786)	($5,312)	($5,730)	($8,812)	($12,883)	($11,377)	($11,079)	($11,426)	($10,940)	($9,924)	($11,163)	($10,347)	($9,779)	($9,502)	($7,836)	($6,704)	($5,058)	($4,964)	($28,718)	($17,244)	($3,455)	($1,762)	($1,687)	($1,626)	($1,745)	–	–	–	–	–	–	–	–	–
Gross profit	$15,433	$14,845	$13,785	$12,404	$12,542	$11,326	$10,549	$10,455	$10,409	$10,113	$10,650	$7,641	$4,049	$3,916	$3,806	$3,624	$3,393	$3,402	$3,265	$3,033	$2,843	$2,609	$6,409	$8,129	$8,369	$7,789	$7,988	$7,501	$8,385	$4,118	$4,162	$4,045	$3,760	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($4,869)	($4,449)	($4,452)	($4,087)	($4,128)	($3,670)	($3,583)	($3,958)	($4,227)	($3,671)	($1,242)	–	($4,095)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($10,190)	($9,526)	($9,481)	($8,848)	($9,059)	($7,914)	($7,561)	($7,863)	($7,726)	($6,588)	($9,486)	($4,308)	($922)	($1,094)	($1,150)	($842)	($730)	($631)	($478)	($714)	($737)	($763)	($4,430)	($6,434)	($6,446)	($5,566)	($5,984)	($5,197)	($6,105)	($2,792)	($2,812)	($2,808)	($2,610)	–	–	–	–	–	–	–	–	–
Total costs and expenses	($17,548)	($16,557)	($15,417)	($15,426)	($16,157)	($13,381)	($11,931)	($12,969)	($13,513)	($11,900)	($15,216)	($13,120)	($13,251)	($11,991)	($12,289)	($12,334)	($11,764)	($10,718)	($11,653)	($11,061)	($10,516)	($10,265)	($12,266)	($13,138)	($11,504)	($10,530)	($34,702)	($22,441)	($9,560)	($4,554)	($4,499)	($4,434)	($4,355)	–	–	–	–	–	–	–	–	–
Operating income	$5,243	$5,319	$4,304	$3,556	$3,483	$3,411	$2,988	$2,592	$2,683	$3,525	$1,164	$3,334	$3,127	$2,822	$2,656	$2,782	$2,663	$2,771	$2,787	$2,319	$2,106	$1,846	$1,979	$1,695	$1,923	$2,223	$2,004	$2,304	$2,280	$1,326	$1,350	$1,237	$1,150	$5,269	$5,045	$5,047	$5,168	$5,140	$4,841	$4,788	$4,843	$4,848
Earnings
EBITDA	$8,862	$8,644	$7,453	$6,483	$6,556	$6,128	$5,475	$4,796	$4,648	$5,234	$2,852	$5,008	$4,701	$4,264	$4,161	$4,574	$4,304	$4,368	$4,270	$3,832	$3,623	$3,227	$3,276	$3,040	$3,322	$3,676	$3,351	$3,447	$2,914	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	$12	$16	$16	$31	$7	$58	$8	$27	$21	$11	$57	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($2,179)	($2,026)	($1,863)	($1,807)	($1,396)	($1,199)	($1,166)	($1,072)	($984)	($895)	($877)	($874)	($868)	($890)	($988)	($933)	($999)	($973)	($957)	($838)	($732)	($697)	($781)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,510	$3,724	$2,843	$2,209	$2,420	$2,512	$2,146	$1,904	$1,974	$2,816	$476	$2,623	$2,403	$2,093	$1,822	$2,367	$1,849	$1,938	$2,015	$1,663	$1,483	$1,470	$1,678	$880	$800	$1,513	$899	$1,468	$1,477	$962	$930	$802	$717	–	–	–	–	–	–	–	–	–
Income tax expense	($350)	($129)	$39	($55)	($5)	($116)	($40)	$13	($115)	($970)	$74	($920)	($903)	($678)	($604)	($818)	($643)	($575)	($642)	($516)	($485)	($430)	($572)	($358)	($315)	($553)	($597)	($482)	($502)	($341)	($342)	($272)	($217)	–	–	–	–	–	–	–	–	–
Net income	$3,170	$3,580	$2,967	$2,208	$2,307	$2,488	$2,200	$1,921	$1,924	$1,913	$611	$2,047	$1,634	$1,480	$1,259	$1,946	$1,214	$1,360	$1,383	$1,092	$1,002	$814	$1,089	$110	($519)	$971	$267	$972	$975	$511	$587	$530	$500	$354	$468	$498	$496	$629	$627	$502	$507	$485
Per share
Diluted EPS (GAAP)	$5.79	$6.66	$5.58	$4.24	$4.49	$4.96	$4.42	$3.88	$3.90	$3.88	$1.24	$4.17	$3.34	$3.04	$2.60	$4.02	$2.53	$2.96	$3.42	$2.72	$2.53	$2.08	$2.75	$0.29	($1.56)	$3.01	$0.83	$3.03	$5.10	$2.70	$3.14	$2.85	$2.71	$1.92	$2.54	$2.70	$2.65	$3.25	$3.24	$2.60	$2.62	$2.54
Basic EPS (GAAP)	$5.83	$6.70	$5.60	$4.26	$4.51	$4.97	$4.44	$3.89	$3.90	$3.89	$1.24	$4.17	$3.34	$3.04	$2.60	$4.02	$2.53	$2.96	$3.43	$2.73	$2.54	$2.09	$2.75	$0.29	($1.56)	$3.01	$0.83	$3.03	$5.10	$2.70	$3.14	$2.85	$2.71	$1.92	$2.54	$2.70	$2.65	$3.25	$3.24	$2.60	$2.62	$2.54
Basic shares outstanding	535	535	530	519	512	501	496	494	493	492	491	490	489	487	485	482	479	459	402	399	394	390	396	379	332	322	322	321	191	189	187	186	185	184	184	184	187	194	193	193	194	191
Margins
Gross margin	67.7%	67.9%	69.9%	65.3%	63.9%	67.4%	70.7%	67.2%	64.3%	65.6%	65.0%	46.4%	24.7%	26.4%	25.5%	24.0%	23.5%	25.2%	22.6%	22.7%	22.5%	21.5%	45.0%	54.8%	62.3%	61.1%	21.8%	30.3%	70.8%	70.0%	71.2%	71.3%	68.3%	–	–	–	–	–	–	–	–	–
Operating margin	23.0%	24.3%	21.8%	18.7%	17.7%	20.3%	20.0%	16.7%	16.6%	22.9%	7.1%	20.3%	19.1%	19.1%	17.8%	18.4%	18.5%	20.5%	19.3%	17.3%	16.7%	15.2%	13.9%	11.4%	14.3%	17.4%	5.5%	9.3%	19.3%	22.5%	23.1%	21.8%	20.9%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	13.9%	16.4%	15.0%	11.6%	11.7%	14.8%	14.7%	12.3%	11.9%	12.4%	3.7%	12.4%	10.0%	10.0%	8.4%	12.9%	8.4%	10.1%	9.6%	8.2%	7.9%	6.7%	7.6%	0.7%	(3.9%)	7.6%	0.7%	3.9%	8.2%	8.7%	10.0%	9.3%	9.1%	6.7%	9.3%	9.9%	9.6%	12.2%	12.9%	10.5%	10.5%	10.0%

Analyst consensus

Buy37 analysts

Bearish · 0 · Hold · 13 · Bullish · 24

Earnings history

	EPS	Estimate
Q3 2024	$1.85	$1.80	Beat
Q4 2024	$1.24	$1.25	Miss
Q1 2025	$1.54	$1.40	Beat
Q2 2025	$1.43	$1.27	Beat
Q3 2025	$1.80	$1.81	Miss
Q4 2025	$1.19	$1.15	Beat
Q1 2026	$1.64	$1.57	Beat
Q2 2026	$1.36	$1.48	Miss

Peers

Company overview

IPO dateJan 2, 1962

CEOWilliam J. Fehrman

Employees17,581

SectorUtilities

IndustryRegulated Electric

CountryUS

ExchangeNASDAQ Global Select

Websitewww.aep.com

American Electric Power Company, Inc. (AEP) operates as a prominent electric utility holding company, with its core business encompassing the generation, transmission, and delivery of electricity. Serving both retail and wholesale clients across the United States, AEP organizes its extensive operations into several key segments: Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing. The firm produces its electrical power from a diverse portfolio of energy sources, including coal, lignite, natural gas, nuclear, hydroelectric, solar, and wind power, alongside other emerging technologies. Beyond direct consumer sales, AEP also functions as a major wholesale electricity supplier, providing power to other utility companies, rural electric cooperatives, municipalities, and various other participants within the energy market. Incorporated in 1906, the company's corporate headquarters are situated in Columbus, Ohio.

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