AEP financial statements

The full income statement, balance sheet, and cash-flow statement for American Electric Power Company Inc. (AEP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 532.1M2024-09 532.6M2024-12 532.9M2025-03 534.2M2025-06 534.8M2025-09 535.3M2025-12 540.9M2026-03 544.1M2026-06 544.4M+2.3% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	21.7B YoY+8.7%	20.0B YoY+2.6%	19.5B YoY+0.3%	19.4B YoY+15.5%	16.8B YoY+12.6%
Total operating expenses	—	—	15.4B YoY-4.5%	16.2B YoY+20.7%	13.4B YoY+12.2%
Operating income	5.32B YoY+23.6%	4.30B YoY+21.0%	3.56B YoY+2.1%	3.48B YoY+2.1%	3.41B YoY+14.2%
Interest expense	2.03B YoY+8.7%	1.86B YoY+3.1%	1.81B YoY+29.4%	1.40B YoY+16.4%	1.20B YoY+2.9%
Other non-operating income	48.0M YoY-26.2%	65.0M YoY+1.6%	64.0M YoY+451.7%	11.6M YoY-72.0%	41.4M YoY-27.4%
Equity-method income	101M YoY+7.4%	94.0M YoY+59.3%	59.0M YoY+153.9%	-109M YoY-219.3%	91.7M YoY+0.7%
Pre-tax income	3.83B YoY+30.2%	2.94B YoY+29.5%	2.27B YoY-1.8%	2.31B YoY-11.2%	2.60B YoY+16.4%
Income tax	129M YoY+430.8%	-39.0M YoY-170.9%	55.0M YoY+918.5%	5.40M YoY-95.3%	116M YoY+185.2%
	3.70B YoY+24.2%	2.98B YoY+34.5%	2.21B YoY-4.0%	2.31B YoY-7.3%	2.49B YoY+13.3%
Net income to non-controlling interest	116M YoY+1188.9%	9.00M YoY+80.0%	5.00M YoY+412.5%	-1.60M	0.00 YoY+100.0%
Net income to common	3.58B YoY+20.7%	2.97B YoY+34.4%	2.21B YoY-4.3%	2.31B YoY-7.3%	2.49B YoY+13.1%
	$6.66 YoY+19.4%	$5.58 YoY+31.6%	$4.24 YoY-5.6%	$4.49 YoY-9.5%	$4.96 YoY+12.2%
EPS (basic)	$6.70 YoY+19.6%	$5.60 YoY+31.5%	$4.26 YoY-5.5%	$4.51 YoY-9.3%	$4.97 YoY+11.9%
	535M YoY+0.8%	530M YoY+2.2%	519M YoY+1.4%	512M YoY+2.3%	501M YoY+1.0%
	537M YoY+1.2%	531M YoY+2.1%	520M YoY+1.3%	513M YoY+2.3%	502M YoY+0.9%
Dividends per share	$3.74 YoY+4.8%	$3.57 YoY+5.9%	$3.37 YoY+6.3%	$3.17 YoY+5.7%	$3.00 YoY+5.6%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	6.05B YoY+4.5%	5.79B YoY-4.8%	6.08B YoY-10.2%	6.78B YoY-13.2%	7.81B YoY+79.5%
Cash & equivalents	197M YoY-3.0%	203M YoY-38.5%	330M YoY-35.2%	509M YoY+26.3%	403M YoY+2.7%
Short-term investments	220M YoY+2.3%	215M YoY+0.3%	214M YoY+14.2%	188M YoY-14.9%	220M YoY+9.8%
Accounts receivable	2.87B YoY+8.9%	2.63B YoY+7.5%	2.45B YoY-8.3%	2.67B YoY+37.4%	1.94B YoY+5.4%
Prepaid expenses	212M YoY-26.1%	287M YoY+4.7%	274M YoY+7.5%	255M YoY+96.5%	130M YoY+2.2%
	114B YoY+11.0%	103B YoY+6.6%	96.7B YoY+3.5%	93.4B YoY+6.5%	87.7B YoY+8.6%
Property, plant & equipment	736M YoY+2.9%	715M YoY+26.7%	564M YoY-99.2%	73.3B YoY+11.1%	66.0B YoY+3.3%
Operating lease right-of-use	661M YoY+14.0%	580M YoY-6.5%	620M YoY-3.9%	646M YoY+11.6%	578M YoY-33.3%
Goodwill	53.0M YoY+0.0%	53.0M YoY+1.0%	52.5M YoY+0.0%	52.5M YoY+0.0%	52.5M YoY+0.0%
Other non-current assets	16.0B YoY+7.8%	14.9B YoY+6.9%	13.9B YoY+270.2%	3.76B YoY-14.6%	4.40B YoY+14.2%
Total non-current assets	—	—	13.9B YoY+4.7%	13.3B YoY-4.1%	13.9B YoY+10.8%
	13.3B YoY+2.3%	13.0B YoY+12.3%	11.6B YoY-12.7%	13.3B YoY+6.8%	12.4B YoY+25.2%
Accounts payable	3.43B YoY+30.0%	2.64B YoY+29.8%	2.03B YoY-23.9%	2.67B YoY+30.0%	2.05B YoY+20.2%
Deferred revenue	507M YoY+11.4%	455M YoY+7.4%	424M	—	—
Short-term & current debt	3.19B YoY-4.2%	3.33B YoY+33.9%	2.49B YoY+0.2%	2.49B YoY+15.4%	2.15B YoY+3.2%
Current lease liability	100M YoY+8.7%	92.0M YoY-20.5%	116M YoY+1.8%	114M YoY+16.4%	97.6M YoY-59.6%
Other current liabilities	1.90B YoY+27.4%	1.49B YoY+19.1%	1.25B YoY-2.1%	1.28B YoY-6.6%	1.37B YoY+9.4%
Finance lease liability (current)	43.0M YoY-8.5%	47.0M YoY-28.5%	65.7M	—	—
	82.2B YoY+8.1%	76.1B YoY+6.6%	71.4B YoY+3.1%	69.2B YoY+6.6%	64.9B YoY+8.4%
Long-term debt	44.1B YoY+12.3%	39.3B YoY+4.4%	37.7B YoY+9.7%	34.3B YoY+9.6%	31.3B YoY+8.0%
Non-current lease liability	578M YoY+14.7%	504M YoY-3.0%	519M YoY-6.0%	553M YoY+12.1%	493M YoY-22.8%
Operating lease liability (total)	678M YoY+13.8%	596M YoY-6.2%	635M YoY-4.7%	666M YoY+12.8%	590M YoY-32.9%
Finance lease liability (total)	155M YoY-5.5%	164M YoY-20.2%	206M YoY-8.9%	226M YoY-54.9%	501M YoY+73.2%
Finance lease liability	112M YoY-4.3%	117M YoY-16.4%	140M	—	—
Deferred tax liabilities	11.0B YoY+9.8%	9.97B YoY+5.9%	9.42B YoY+5.8%	8.90B YoY+8.5%	8.20B YoY-0.5%
Other non-current liabilities	905M YoY+13.0%	801M YoY+46.8%	546M YoY-10.1%	607M YoY+1.0%	601M YoY-17.4%
Total non-current liabilities	68.9B YoY+9.3%	63.0B YoY+5.5%	59.8B YoY+6.8%	56.0B YoY+6.6%	52.5B YoY+5.0%
	31.1B YoY+15.6%	26.9B YoY+6.7%	25.2B YoY+5.7%	23.9B YoY+6.5%	22.4B YoY+9.2%
Common stock	3.52B YoY+1.5%	3.47B YoY+1.3%	3.43B YoY+0.4%	3.41B YoY+0.1%	3.41B YoY+1.5%
Additional paid-in capital	12.1B YoY+26.4%	9.61B YoY+5.9%	9.07B YoY+12.7%	8.05B YoY+12.2%	7.17B YoY+8.9%
Retained earnings	15.4B YoY+11.3%	13.9B YoY+8.3%	12.8B YoY+3.7%	12.3B YoY+5.8%	11.7B YoY+9.2%
Accumulated other comprehensive income	36.0M YoY+1300.0%	-3.00M YoY+94.6%	-55.5M YoY-166.3%	83.7M YoY-54.7%	185M YoY+317.2%
Non-controlling interest	1.08B YoY+2471.4%	42.0M YoY+7.1%	39.2M YoY-82.9%	229M YoY-7.3%	247M YoY+10.5%
Total equity incl. non-controlling	32.2B YoY+19.4%	27.0B YoY+6.7%	25.3B YoY+4.8%	24.1B YoY+6.4%	22.7B YoY+9.2%
Total liabilities & equity	114B YoY+11.0%	103B YoY+6.6%	96.7B YoY+3.5%	93.4B YoY+6.5%	87.7B YoY+8.6%
	542M YoY+1.5%	534M YoY+1.3%	527M YoY+0.4%	525M YoY+0.1%	524M YoY+1.5%
	541M YoY+1.5%	533M YoY+1.3%	526M YoY+2.4%	514M YoY+1.9%	504M YoY+1.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	6.94B YoY+2.1%	6.80B YoY+35.8%	5.01B YoY-5.2%	5.29B YoY+37.7%	3.84B YoY+0.2%
Depreciation & amortization	3.33B YoY+5.6%	3.15B YoY+7.6%	2.93B YoY-4.7%	3.07B YoY+13.1%	2.72B YoY+9.2%
Deferred income taxes	311M YoY+436.2%	58.0M YoY-68.6%	185M YoY+234.8%	-137M YoY-227.5%	108M YoY-45.1%
Change in receivables	246M YoY+57.7%	156M YoY+166.1%	-236M YoY-134.6%	682M	—
Change in inventory	-115M YoY+33.1%	-172M YoY-134.1%	504M YoY+60.6%	314M YoY+204.6%	-300M YoY-310.1%
Change in payables	252M YoY+196.5%	85.0M YoY+133.6%	-253M YoY-151.7%	489M YoY+143.9%	201M YoY+668.3%
	-11.9B YoY-57.2%	-7.60B YoY-21.2%	-6.27B YoY+19.2%	-7.75B YoY-20.5%	-6.43B YoY-3.2%
Capital expenditure	3.45B YoY+765.4%	399M YoY+157.4%	155M	—	—
Free cash flow	3.49B YoY-45.5%	6.41B YoY+31.9%	4.86B	—	—
Acquisitions	0.00	0.00	0.00	0.00	0.00
Purchases of investments	2.98B YoY+2.0%	2.92B YoY+2.1%	2.86B YoY+2.9%	2.78B YoY+42.4%	1.96B YoY+16.5%
Sales/maturities of investments	2.94B YoY+2.0%	2.88B YoY+3.0%	2.79B YoY+1.9%	2.74B YoY+44.3%	1.90B YoY+15.6%
Proceeds from sale of PP&E	—	—	-1.34B YoY-515.3%	-218M YoY-283.3%	119M YoY+67.2%
Other investing activities	-118M YoY+17.5%	-143M YoY-17.2%	-122M YoY-142.5%	-50.3M YoY-56.2%	-32.2M YoY+29.2%
	5.02B YoY+661.3%	659M YoY-38.8%	1.08B YoY-58.1%	2.57B YoY-1.5%	2.61B YoY+8.3%
Long-term debt issued	8.26B YoY+61.4%	5.12B YoY-6.3%	5.46B YoY+17.5%	4.65B YoY-28.3%	6.49B YoY+15.3%
Long-term debt repaid	3.65B YoY+35.9%	2.69B YoY+22.3%	2.20B YoY-6.4%	2.35B YoY-21.5%	2.99B YoY+123.1%
Common stock issued	775M YoY+40.4%	552M YoY-44.8%	1.00B YoY+21.0%	827M YoY+37.6%	601M YoY+287.4%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	2.01B YoY+5.8%	1.90B YoY+8.3%	1.75B YoY+6.5%	1.65B YoY+8.3%	1.52B YoY+6.6%
Other financing activities	-8.00M YoY+84.0%	-50.0M YoY+37.5%	-80.0M YoY+24.1%	-105M YoY-153.4%	-41.6M YoY+53.2%
Interest paid	1.89B YoY+3.0%	1.84B YoY+9.8%	1.67B YoY+30.1%	1.29B YoY+13.1%	1.14B YoY+10.5%
Income taxes paid	-84.0M YoY-21.7%	-69.0M YoY-187.5%	-24.0M YoY-120.5%	117M YoY+784.8%	13.2M YoY+126.9%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	62.4B YoY+26.9%	49.2B YoY+15.1%	42.7B YoY-12.5%	48.8B YoY+8.8%	44.9B YoY+8.5%
P/E	16.9× YoY+2.2%	16.5× YoY-10.8%	18.5× YoY+23.7%	15.0× YoY-16.9%	18.0× YoY-4.2%
P/S	2.9× YoY+16.8%	2.5× YoY+11.7%	2.2× YoY+5.8%	2.1× YoY-22.1%	2.7× YoY-3.6%
P/B	2.0× YoY+9.8%	1.8× YoY+8.1%	1.7× YoY-16.0%	2.0× YoY+0.5%	2.0× YoY-0.6%
P/FCF	17.9× YoY+132.8%	7.7× YoY-31.1%	11.1× YoY-12.5%	12.7× YoY+8.8%	11.7× YoY+8.5%
	5.9% YoY-2.1%	6.1% YoY+12.2%	5.4% YoY-19.2%	6.7% YoY+20.4%	5.5% YoY+4.4%
	5.6% YoY-57.0%	13.0% YoY+45.2%	9.0% YoY+14.2%	7.9% YoY-8.1%	8.5% YoY-7.8%
	3.2% YoY-16.2%	3.9% YoY-6.7%	4.1% YoY+24.3%	3.3% YoY-1.0%	3.4% YoY-1.1%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: AEP's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AEP filings on SEC EDGAR → Not investment advice.