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American Electric Power Company (AEP) investor relations material
American Electric Power Company Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 operating earnings were $1.216B, or $2.23/share, versus $963M, or $1.80/share, in Q3 2025; FY 2026 operating EPS is expected at or above the high end of $6.25-$6.55.
The 2027-2031 capital plan totals $100.4B, with expected annual operating EPS growth of 9%-11%; contracted load reached 84 GW through 2031.
Fully executed take-or-pay ESAs could provide up to $21B in fixed-cost offsets for residential customers over contract lives.
Financial highlights
Q3 GAAP earnings were $1.187B, or $2.18/share, versus $972M, or $1.82/share; operating earnings were $1.216B, or $2.23/share, versus $963M, or $1.80/share.
9M GAAP earnings were $2.774B, or $5.10/share, versus $2.998B, or $5.61/share; operating earnings were $2.849B, or $5.24/share, versus $2.552B, or $4.78/share.
Q3 revenue was $6.832B, up $821M YoY; operating income was $1.812B versus $1.522B.
Outlook and guidance
Operating EPS guidance is $6.75-$7.05 for 2027 and $7.40-$7.70 for 2028; 2027 midpoint implies ~9.5% growth from the 2026 guidance midpoint.
Expected operating EPS growth is 9%-11% annually through 2031, with >10% CAGR through 2031 and 10% through 2033 based on the original 2026 guidance midpoint.
Regulated rate base is projected to grow from $87B in 2026 to $162B by 2031, a 13%+ CAGR; expected annual TSR is 12%-14%.
2026 capital expenditures are forecast at $15.6B; the 2027-2031 plan totals $100.4B.
- Accelerating growth with a $78B capital plan, 69 GW contracted load, and strong earnings outlook.AEP
Investor presentation - 2026 operating earnings guidance raised on strong load growth, regulatory wins, and $78B capital plan.AEP
Q2 2026 - Q1 2026 earnings, capital plan, and credit facilities surged, fueling robust long-term growth.AEP
Q1 2026 - All voting items passed as strong growth, grid investment, and innovation were emphasized.AEP
AGM 2026 - Shareholders to vote on key proposals amid strong growth, governance, and ESG focus.AEP
Proxy Filing - Record Q2 earnings, $70B capital plan, and new transmission partnership drive strong growth.AEP
Q2 2025 - Q2 2024 operating EPS up 12%, guidance reaffirmed, and $43B capital plan supports growth.AEP
Q2 2024 - Directors elected, auditor and compensation approved, with strong financial and growth outlook.AEP
AGM 2025 - Operating earnings up, guidance reaffirmed, and capital plan fully funded for growth.AEP
Q1 2025
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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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