FirmAtlas
Company handbook · AEP · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
AEP · CIK 4904 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
AMERICAN ELECTRIC POWER CO INC.
$127.14
+2.85 (+2.29%)
Close, Oct 16, 2026 · 52-week $113–141
Last fiscal year
AMERICAN ELECTRIC POWER CO INC. reported revenue of $21.7B for the year ended Dec 31, 2025 (FY25), up 8.7% from FY24. Net income was $3.6B, operating cash flow $6.9B and free cash flow $3.5B. Source: 10-K filed Feb 12, 2026.
Market cap
$68.3B
P/E
18.7
EV/EBITDA
13.5x
P/B
2.1
Div yield
2.99%
ROIC
6.8%
Revenue 1Y
8.7%/yr
EPS 1Y
19.4%/yr
Shares 1Y
+1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
HQColumbus, OH
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
7.4%
8.8%
18.7%
8.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$7.8B deployed
Capex
$3.9B
49.7%
Dividends
$3.9B
50.3%
Operating cash flow over the period: $13.7B. Total debt changed by +$3.7B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
19,970
21,702+8.7%
21,992
YoY
+8.7%
Operating income
4,304
5,319+23.6%
5,395
Operating margin
21.6%
24.5%+3.0 pp
—
EBITDA
7,453
8,644+16.0%
—
EBITDA margin
37.3%
39.8%+2.5 pp
—
Interest expense
1,863
2,026+8.7%
—
Interest coverage
4.00x
4.27x+0.27x
—
Net income
2,967
3,580+20.7%
3,654
YoY
+20.7%
Net margin
14.9%
16.5%+1.6 pp
—
EPS (diluted, $)
5.58
6.66+19.4%
6.78
YoY
+19.4%
Balance sheet
Total assets
103,078
114,460+11.0%
117,776
Cash & short-term investments
461
488+5.9%
—
Accounts receivable
2,632
2,867+8.9%
—
Net PP&E
715
736+2.9%
—
Other assets
99,270
110,369+11.2%
—
Total liabilities
76,134
83,322+9.4%
85,968
Accounts payable
2,638
3,429+30.0%
—
Total debt
45,167
48,830+8.1%
51,109
Other liabilities
28,329
31,063+9.7%
—
Shareholders’ equity
26,944
31,138+15.6%
31,808
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
6,804
6,944+2.1%
7,013
Net income
2,976
3,696+24.2%
—
Depreciation & amortization
3,149
3,325+5.6%
—
Stock-based compensation
53
53+0.0%
—
Working capital & other
626
(130)−120.8%
—
Cash from investing
(7,596)
(11,939)n/m
—
Capex
(399)
(3,453)n/m
—
PP&E sold
362
25−93.1%
—
Investments bought
(2,923)
(2,981)n/m
—
Investments sold / matured
2,878
2,935+2.0%
—
Other investing
(7,514)
(8,465)n/m
—
Cash from financing
659
5,017+661.3%
—
Debt raised
5,117
8,261+61.4%
—
Debt repaid
(2,685)
(3,649)n/m
—
Dividends
(1,898)
(2,008)n/m
—
Shares issued
552
775+40.4%
—
Other financing
(427)
1,638n/m
—
Net change in cash
(133)
22n/m
—
Free cash flow (OCF − capex)
6,405
3,491−45.5%
2,595
Where the cash went
Operating cash flow
6,804
6,944+2.1%
7,013
Reinvested in the business
399
3,453+765.4%
—
% of operating cash flow
5.9%
49.7%
Capex
399
3,453+765.4%
4,418
Free cash flow
6,405
3,491−45.5%
2,595
YoY
−45.5%
Returned to shareholders
1,898
2,008+5.8%
—
% of free cash flow
29.6%
57.5%
Dividends
1,898
2,008+5.8%
—
Change in total debt
—
3,663
—
Cash left over
—
5,146
—
FCF conversion (FCF ÷ net income)
215.9%
97.5%−118.4 pp
—
Owner earnings
—
4,008
—
Owner earnings margin
—
18.5%
—
Returns & ratios
ROIC (all capital)
6.0%
6.8%+0.8 pp
—
ROIC (operating)
607.1%
1164.1%+557.1 pp
—
Net debt / EBITDA
6.00x
5.59x−0.41x
—
Debt / equity
1.68x
1.57x−0.11x
—
ROE
11.0%
11.5%+0.5 pp
—
ROA
2.9%
3.1%+0.2 pp
—
ROCE
4.8%
5.3%+0.5 pp
—
NOPAT
4,304
5,140+19.4%
—
Invested capital (operating)
709
174−75.5%
—
Invested capital (all)
71,650
79,480+10.9%
—
Reinvestment rate
—
−10.4%
—
Net debt is 5.6x EBITDA (FY25).
Income
Jun '25
Sep '25
Dec '25
Mar '26
Revenue
5,055
5,962
5,054
5,921
vs year-ago quarter
Operating income
1,399
1,521
1,114
1,360
Net income
1,226
972
582
874
vs year-ago quarter
Net margin
24.2%
16.3%
11.5%
14.8%
EPS (diluted, $)
2.29
1.81
1.08
1.60
vs year-ago quarter
Balance sheet
Jun '25
Sep '25
Dec '25
Mar '26
Total assets
107,778
110,254
114,460
117,776
Cash & equivalents
279
1,107
488
339
Total debt
46,027
47,295
48,830
51,109
Shareholders’ equity
29,871
30,389
31,138
31,808
Cash flow
Jun '25
Sep '25
Dec '25
Mar '26
Operating cash flow
1,221
2,460
1,813
1,519
Capex
1,359
298
1,796
965
Free cash flow
(138)
2,162
17
554
vs year-ago quarter