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American Electric Power (AEP) investor relations material
American Electric Power Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Announced a transformative period with new leadership, organizational changes, and a focus on accelerated growth, operational excellence, and regulatory/legislative achievements.
Positioned as a leading, high-growth, pure play electric utility with a robust $72 billion capital plan for 2026–2030, supporting a 10% rate base CAGR and targeting 65 GW system peak demand by 2030.
Q3 2025 GAAP earnings were $972 million ($1.82 per share), with operating earnings of $963 million ($1.80 per share); year-to-date operating EPS was $4.78, up 9% from 2024.
Achieved positive legislative and regulatory developments, supporting growth, customer affordability, and constructive outcomes in Ohio, Oklahoma, Texas, and other states.
Customer demand growth driven by data centers and commercial sector, with new tariffs and legislative support for large load interconnections.
Financial highlights
Q3 2025 operating earnings per share were $1.80 ($963 million), down from $1.85 in Q3 2024; GAAP EPS was $1.82, up from $1.80.
Year-to-date 2025 operating earnings reached $4.78 per share, up from $4.38 in 2024.
Commercial and industrial load growth was nearly 8% on a rolling 12-month basis as of September 30, 2025.
Dividend increased by 2% for the next year, with a targeted payout ratio of 50-60% of operating earnings.
Total revenues for Q3 2025 were $6.01 billion; for nine months: $16.56 billion.
Outlook and guidance
2025 operating earnings guidance reaffirmed at $5.75–$5.95 per share, with expectations for results in the upper half of the range.
2026 operating earnings guidance set at $6.15–$6.45 per share, representing ~8% growth off the 2025 midpoint.
Long-term operating earnings growth rate raised to 7%-9% for 2026–2030, with a 9% CAGR expected; growth expected at or above the high end in 2028–2030.
Targeted FFO-to-debt ratio of 14%-15% for S&P and Moody's; S&P at 15.7%, Moody's at 13.2% as of 9/30/2025.
Residential rates forecasted to rise 3.5% annually, below the five-year average inflation rate of 4%.
Details on 28 GW load commitments?
Drivers of earnings growth acceleration post-2027?
Explain new tariff structures for large loads.
Structure of 28 GW take-or-pay contracts?
Specific mechanisms driving 9.5% ROE by 2030?
Key supply chain risks for $72B capital plan?
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Next American Electric Power earnings date
Q4 202520 Feb, 2026
Next American Electric Power earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
One of America's Largest Electricity Companies
American Electric Power Company, or AEP for short, is one of the largest electrical companies in the US and its shares are listed on the NYSE. AEP is headquartered in Columbus, Ohio, and supplies electricity to over five million customers spread across 11 states. The company is one of the largest generators of electricity in the country, and its shares have historically primarily been owned by large institutional investors.
Over 100 Years of Electricity
AEP was incorporated in 1906 and was then called The American Gas and Electric Company. When the company was founded, the electricity industry was only around 20 years old, but innovation was rapid and demand was constantly growing. The company grew organically over time and also made several acquisitions throughout the decades, and slowly but surely became one of the largest generators and transmitters of electricity across the US. When looking at AEP’s peers, we find other large electric companies such as Nextera, Duke Energy, Exelon Corporation, and well as several others.
One of the Largest Generators of Electricity in the US
AEP owns around 38,000 megawatts of generating capacity in the US, which in turn makes it one of the largest in the nation. The company also owns a massive transmission system of nearly 40,000 miles of cables. AEP is split up into seven companies operating locally: AEP Texas, Appalachian Power, Indiana Michigan Power, Kentucky Power, Southwestern Electric Power Company, Public Service Company of Oklahoma, and AEP Ohio. Where these companies are located and operating is relatively self-explanatory, but the operations are centered around the midwest and southern states.
Moving Into Renewables
The world is slowly but surely starting to place a larger focus on renewable energy. AEP is, like many other energy companies, moving with the times in regard to green energy sources. The company generates power through both wind and solar which it then supplies to its customers, and AEP has continuously invested in various large-scale renewable energy projects such as wind and solar farms.
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