American Electric Power Company (AEP) Q3 2026 earnings summary

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.