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American Electric Power (AEP) stock

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NASDAQ: AEP Nasdaq Electric Utilities Next results ~February 11, 2027

B Fundamentals grade

American Electric Power is a US-listed company in the electric utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$170

Cash-flow model

Base case. Range ~$100–$260 across our lower- and higher-growth cases (2.8%–12.8% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 23% below our base value.

Price used: $130.33, November 2, 2026

American Electric Power valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter American Electric Power files

Where American Electric Power stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $22.8bn, up 10.3% on a year earlier, slower than 11.3% a quarter earlier. Free-cash-flow margin fell to 18.8% from 23.3% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 0 of our 7 financial-health checks. Our cash-flow model value is $126 a share, against a share price of $128. At that price, our model says the market is pricing in about 7.9% a year of cash-flow growth for five years, close to the 6.3% a year revenue growth it has delivered.

Source: 10-Q filed July 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

American Electric Power's trailing-twelve-month revenue grew 10.3% year on year, with a free-cash-flow margin of 18.8%. Where it stands out: free-cash-flow margin of 18.8% ranks 1 of 24 electric utilities companies we cover.

Our discounted-cash-flow model values the business at ~$170 per share in the base case (~$100–$260 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Capital expenditure surging: TTM capex grew 94% year over year and now absorbs 15.0% of revenue.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $130.33 is 30% below our value per share of $170.

Things to watch

  • High debt. Long-term debt exceeds cash by $47.6bn, more than 1.5 times annual revenue.

Latest results: FY2026 Q2

Filed July 30, 2026
Earnings per share
$2.23 against an average estimate of $2.04: beat by 9.3%
Revenue
$5.45bn, up 7.0% on a year earlier
Share reaction
-0.7% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
operating earnings per share $6.25 to $6.55 (full-year 2026); operating earnings per share $6.75 to $7.05 (2027)
Next report
October 28, 2026; average EPS estimate $1.34

American Electric Power's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.1%
  • 1 week+0.9%
  • 1 month+9.0%
  • This year+15.6%
  • 1 year+11.7%
  • 5 years+83.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$22.8B
Operating margin
23.0%
Net margin
13.8%
EPS (TTM, diluted)
$5.77

Growth

Revenue growth
+10.3%
Change in growth rate
−1.0 pts
Share count change
+1.8%

Cash

Free cash flow (TTM)
$4.3B
FCF margin
18.8%

Earnings

Last results
October 28, 2026
Next results (est.)
February 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership
  4. Results
  5. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

American Electric Power valuation models and calculator

What the price is pricing in

The share price implies about 4.5% a year of cash-flow growth for five years.That is close to the 6.3% a year revenue growth American Electric Power has delivered.

  • Priced in4.5%
  • Last 12 months10.3%
  • 3 years a year5.4%
  • 5 years a year6.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($129.32, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$170
Price used
$129.32close November 3, 2026
Implied change
▲ +31%
Uncertainty
High

How we got here: a discounted-cash-flow model of American Electric Power's free cash flow after stock-based pay with after-tax interest added back ($6.5B, FY2026 Q2 TTM), growing 7.1% and 6.8% in the next two years (forecasts, guidance and its record), then back to 7.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$100–~$260 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of American Electric Power's free cash flow after stock-based pay ( $6.5B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value American Electric Power as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.43 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$170 ~$100–$260 Primary model, counts double
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$120 ~$97–$150 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$110–$130 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$110 ~$89–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$93 ~$63–$140 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$110 ~$88–$150 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$130 ~$93–$170 6 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare American Electric Power with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −37%
  • Revenue growth 5 points higher ▲ +48%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▼ −20%
  • Discount rate 1 point higher ▼ −23%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $73$134$215$321$460$639
8.5% $33$77$136$212$311$438
10% $9$43$88$146$222$318

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$40.01$44.78$54.16$57.08$74.49$67.78$75.02$82.81$73.72$87.12$112.72$130.33
Market value$19.6bn$22.0bn$26.7bn$28.2bn$36.9bn$33.7bn$37.6bn$42.5bn$38.3bn$46.3bn$60.6bn$70.9bn
+ Net debt (− = net cash)$20.2bn$21.8bn$22.6bn$25.0bn$29.3bn$33.2bn$35.7bn$40.4bn$42.6bn$45.0bn$48.6bn$52.5bn
Enterprise value$39.8bn$43.8bn$49.3bn$53.2bn$66.2bn$66.9bn$73.3bn$82.9bn$81.0bn$91.3bn$109.2bn$123.4bn
Multiples
Price / sales 1.2x1.3x1.7x1.7x2.4x2.3x2.2x2.2x2.0x2.3x2.8x3.1x
Price / earnings 9.6x36.0x13.9x14.6x19.2x15.3x15.1x18.4x17.4x15.6x16.9x22.6x
Price / free cash flow 4.1x5.0x6.2x5.4x11.0x8.8x——7.9x7.2x17.4x16.5x
EV / EBITDA 8.0x15.3x9.4x11.4x13.8x12.2x12.0x12.6x12.5x12.2x12.6x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

52 /100

Moderate moat

How hard American Electric Power's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.7% of total assets over 10 years.

  • Durability 12 / 20

    Operating margin has been a median 19.7%; its worst year was 7.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 8 of 8 years, at a median 24.6% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 9.1% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.43 +8% $23.7bn +9%
Next $6.89 +7% $24.9bn +5%

Next year's EPS estimate has moved +0.4% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.1% on 90 days ago. In the last 30 days, 4 analysts raised American Electric Power's forecast and 0 cut it.

Consensus EPS forecast American Electric Power, last 90 days
$6.20 $6.40 $6.60 $6.80 $7.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.36 Current fiscal year, 60 days ago: $6.38 Current fiscal year, 30 days ago: $6.38 Current fiscal year, 7 days ago: $6.40 Current fiscal year, Now: $6.43 $6.43 Next fiscal year, 90 days ago: $6.85 Next fiscal year, 60 days ago: $6.85 Next fiscal year, 30 days ago: $6.86 Next fiscal year, 7 days ago: $6.87 Next fiscal year, Now: $6.89 $6.89

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.36$6.85
60 days ago $6.38$6.85
30 days ago $6.38$6.86
7 days ago $6.40$6.87
Now $6.43$6.89

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.04 $2.23 +9.3%
Jun 2026 $1.48 $1.36 −8.2%
Mar 2026 $1.57 $1.64 +4.6%
Dec 2025 $1.15 $1.19 +3.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • operating earnings per share full-year 2026 $6.25 to $6.55 Non-GAAP Maintained vs 6.25 to 6.55
    “AEP expects full-year results to be at or above the high end of its 2026 operating earnings guidance range of $6.25 to $6.55 per share.” source
  • operating earnings per share 2027 $6.75 to $7.05 Non-GAAP New
    “The company is also issuing operating earnings guidance ranges of $6.75 to $7.05 per share and $7.40 to $7.70 per share for 2027 and 2028, respectively.” source
  • operating earnings per share 2028 $7.40 to $7.70 Non-GAAP New
    “The company is also issuing operating earnings guidance ranges of $6.75 to $7.05 per share and $7.40 to $7.70 per share for 2027 and 2028, respectively.” source
  • estimated GAAP earnings per share full-year 2026 $6.11 to $6.41 GAAP Lowered vs 6.16 to 6.46
    “Reflecting certain items recorded through the third quarter, the estimated earnings per share on a GAAP basis would be $6.11 to $6.41 per share.” source
  • rate base by 2031 about $162bn
    “As a result, AEP's rate base is expected to grow to $162 billion by 2031.” source
  • transmission rate base by 2031 about $70bn
    “Accordingly, AEP's transmission rate base is expected to nearly double and approach $70 billion by 2031.” source
Show 7 more items
  • operating earnings per share annual growth rate 2027 through 2031 9% growth to 11% growth Non-GAAP New
    “AEP is further introducing an expected annual operating earnings per share growth rate of 9% to 11% from 2027 through 2031, with a greater than 10% CAGR through 2031 based off the original 2026 guidance midpoint of $6.30 per share.” source
  • operating earnings CAGR through 2031 about 10% growth Non-GAAP New
    “AEP is further introducing an expected annual operating earnings per share growth rate of 9% to 11% from 2027 through 2031, with a greater than 10% CAGR through 2031 based off the original 2026 guidance midpoint of $6.30 per share.” source
  • rate base CAGR through 2031 about 13% growth Raised
    “The updated capital plan is expected to support a robust 13% plus rate base compound annual growth rate (CAGR) through 2031.” source
  • five-year capital plan through 2031 about $100bn Raised
    “AEP is also announcing an expanded $100 billion five-year capital plan through 2031 and a new long-term operating earnings growth outlook as accelerating electricity demand creates significant investment opportunities across the company's service territory.” source
  • transmission assets investment as part of the new capital plan about $37bn Raised vs about 33bn
    “Building on its position as the nation's largest owner and operator of transmission, the company plans to invest approximately $37 billion in transmission assets as part of the new capital plan.” source
  • generation resources investment through 2031 about $36bn
    “AEP also plans to invest $36 billion in generation resources across its portfolio through 2031 to meet the increased demand, which is backed by long-term customer contracts.” source
  • distribution capital investment about $22bn
    “Approximately $22 billion of capital is planned for distribution, with investments focused on increasing the reliability and resiliency of the grid.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows American Electric Power's revenue by +7.1% next year and +6.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.8%, weight 69%) and the company's own record (+7.8%, weight 31%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy1667%
Hold833%
Sell00%

Monthly trend

  1. Oct 2026313824
  2. Sep 20263101023
  3. Aug 20263101023
  4. Jul 20263101124

Counts of recommendations published by analysts covering American Electric Power, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.0%
of tradable shares
Days to cover
6.67
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.0%
of shares
Employees
17,581
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +11.7%

$116.64 on October 31, 2025 to $130.33

ThenNowEffect
Revenue (last 12 months) $20.7bn $22.8bn +10.3%
Net margin 17.6% 13.8% −21.9%
P/E multiple 17.1x 22.6x +31.9%
Share count 535m 544m −1.7%

Biggest factor: p/e multiple.

Last 3 years +82.2%

$71.54 on November 3, 2023 to $130.33

ThenNowEffect
Revenue (last 12 months) $19.5bn $22.8bn +17.1%
Net margin 12.9% 13.8% +7.1%
P/E multiple 14.7x 22.6x +53.3%
Share count 516m 544m −5.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AEP+11%+10%−11%+18%+29%+16%
Industry peers (median)+19%−1%−4%+16%+16%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AEP50%67%58%58%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AEP−11%−22%−25%−13%−9%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 33% from February 18, 2020 to March 23, 2020. Getting back needed a 49% gain, reached on March 28, 2022, 735 days after the low.

Price behaviour

52-week range
$111.15 – $137.64
From 52-week high
−5.3%
vs 50-day average
+5.5%
vs 200-day average
+2.6%
Volatility (1 year)
18%
Beta vs S&P 500
-0.07

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±2.4%
After a week
7 up, 4 down
typical move ±3.8%
After a month
6 up, 5 down
typical move ±4.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −0.7% 0.0% — —
July 30, 2026 −1.2% +2.4% −3.2% −4.8%
May 5, 2026 −1.6% +2.2% −1.3% −4.4%
February 12, 2026 +6.3% −1.5% +5.8% +9.7%
October 29, 2025 +5.9% −1.1% +4.0% +8.4%
July 30, 2025 +3.6% −0.5% +3.9% +3.2%
May 6, 2025 0.0% −0.4% −6.5% −4.4%
February 13, 2025 −0.5% +1.1% +2.9% +3.4%
November 6, 2024 −4.1% +3.3% −6.1% −3.6%
July 30, 2024 +1.1% +1.1% +1.3% +2.4%
April 30, 2024 +1.7% −1.9% +3.7% +2.7%
February 26, 2024 +2.0% −0.2% +3.0% 0.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How American Electric Power’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.29× the last 60 days’ realised volatility , richer than 70% of the 229 stocks we screen today.
  • Puts are priced 3 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

American Electric Power in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) American Electric Power
$18B $19B $20B $21B $22B $23B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $19.3B Revenue (TTM), FY23 Q4: $19B Revenue (TTM), FY24 Q1: $19.3B Revenue (TTM), FY24 Q2: $19.5B Revenue (TTM), FY24 Q3: $19.6B Revenue (TTM), FY24 Q4: $19.7B Revenue (TTM), FY25 Q1: $20.2B Revenue (TTM), FY25 Q2: $20.7B Revenue (TTM), FY25 Q3: $21.3B Revenue (TTM), FY25 Q4: $21.9B Revenue (TTM), FY26 Q1: $22.4B Revenue (TTM), FY26 Q2: $22.8B $22.8B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $19.3B
FY23 Q4 $19B
FY24 Q1 $19.3B
FY24 Q2 $19.5B
FY24 Q3 $19.6B
FY24 Q4 $19.7B
FY25 Q1 $20.2B
FY25 Q2 $20.7B
FY25 Q3 $21.3B
FY25 Q4 $21.9B
FY26 Q1 $22.4B
FY26 Q2 $22.8B
Revenue growth, TTM YoY American Electric Power
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 2.5% Revenue growth, TTM YoY, FY23 Q4: -3.3% Revenue growth, TTM YoY, FY24 Q1: -2.1% Revenue growth, TTM YoY, FY24 Q2: 0.3% Revenue growth, TTM YoY, FY24 Q3: 1.6% Revenue growth, TTM YoY, FY24 Q4: 3.9% Revenue growth, TTM YoY, FY25 Q1: 4.4% Revenue growth, TTM YoY, FY25 Q2: 5.9% Revenue growth, TTM YoY, FY25 Q3: 8.4% Revenue growth, TTM YoY, FY25 Q4: 10.9% Revenue growth, TTM YoY, FY26 Q1: 11.3% Revenue growth, TTM YoY, FY26 Q2: 10.3% 10.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 2.5%
FY23 Q4 -3.3%
FY24 Q1 -2.1%
FY24 Q2 0.3%
FY24 Q3 1.6%
FY24 Q4 3.9%
FY25 Q1 4.4%
FY25 Q2 5.9%
FY25 Q3 8.4%
FY25 Q4 10.9%
FY26 Q1 11.3%
FY26 Q2 10.3%
Operating margin (TTM) American Electric Power
18% 20% 22% 24% 26% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 18.1% Operating margin (TTM), FY23 Q4: 18.7% Operating margin (TTM), FY24 Q1: 20.8% Operating margin (TTM), FY24 Q2: 19.6% Operating margin (TTM), FY24 Q3: 19.5% Operating margin (TTM), FY24 Q4: 21.8% Operating margin (TTM), FY25 Q1: 21.9% Operating margin (TTM), FY25 Q2: 24.8% Operating margin (TTM), FY25 Q3: 24.9% Operating margin (TTM), FY25 Q4: 24.3% Operating margin (TTM), FY26 Q1: 24.0% Operating margin (TTM), FY26 Q2: 23.0% 23.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 18.1%
FY23 Q4 18.7%
FY24 Q1 20.8%
FY24 Q2 19.6%
FY24 Q3 19.5%
FY24 Q4 21.8%
FY25 Q1 21.9%
FY25 Q2 24.8%
FY25 Q3 24.9%
FY25 Q4 24.3%
FY26 Q1 24.0%
FY26 Q2 23.0%
FCF margin (TTM) American Electric Power
10% 15% 20% 25% 30% FY15 Q2 FY20 Q2 FY21 Q1 FY26 Q2 FCF margin (TTM), FY15 Q2: 28.0% FCF margin (TTM), FY15 Q3: 28.7% FCF margin (TTM), FY15 Q4: 28.8% FCF margin (TTM), FY20 Q2: 25.6% FCF margin (TTM), FY20 Q3: 25.8% FCF margin (TTM), FY20 Q4: 25.7% FCF margin (TTM), FY21 Q1: 19.4% FCF margin (TTM), FY25 Q2: 23.3% FCF margin (TTM), FY25 Q3: 22.6% FCF margin (TTM), FY25 Q4: 16.0% FCF margin (TTM), FY26 Q1: 11.6% FCF margin (TTM), FY26 Q2: 18.8% 18.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY15 Q2 28.0%
FY15 Q3 28.7%
FY15 Q4 28.8%
FY20 Q2 25.6%
FY20 Q3 25.8%
FY20 Q4 25.7%
FY21 Q1 19.4%
FY25 Q2 23.3%
FY25 Q3 22.6%
FY25 Q4 16.0%
FY26 Q1 11.6%
FY26 Q2 18.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar American Electric Power took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $21.9B
  2. Other operating costs $16.6B · 75.7%
  3. Operating income $5.3B · 24.3%
  4. Income tax $129M · 0.6%
  5. Interest and other $1.6B · 7.4%
  6. Net income $3.6B · 16.4%

Shares of revenue. Source: American Electric Power's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 13.5 14.4 15.1 14.9 14.8 16.4 16.5 16.4 15.4 16.2 15.6 14.9 16.8 19.6 19.0 19.7 21.9 22.8
EBITDA 4.4 4.3 — 4.2 4.3 4.7 5.0 2.9 5.2 4.6 4.8 5.5 6.1 6.6 6.5 7.5 8.6 —
Operating income 2.8 2.7 2.8 2.7 2.8 3.1 3.3 1.2 3.5 2.7 2.6 3.0 3.4 3.5 3.6 4.3 5.3 5.2
Net income 1.4 1.2 1.9 1.3 1.5 1.6 2.0 0.6 1.9 1.9 1.9 2.2 2.5 2.3 2.2 3.0 3.6 3.1
Diluted EPS $2.96 $2.53 $4.02 $2.60 $3.04 $3.34 $4.17 $1.24 $3.88 $3.90 $3.88 $4.42 $4.96 $4.49 $4.24 $5.58 $6.66 $5.77
Growth (year on year)
Revenue −6.6% +7.0% +4.8% −1.1% −0.9% +10.6% +0.5% −0.4% −5.8% +5.0% −3.9% −4.1% +12.6% +17.0% −3.3% +3.9% +10.9% +10.3%
EBITDA +2.3% −1.5% — — +2.5% +10.3% +6.5% −43.0% +83.5% −11.2% +3.2% +14.2% +11.9% +7.0% −1.1% +15.0% +16.0% —
Operating income −0.6% −3.9% +4.5% −4.5% +6.3% +10.8% +6.6% −65.1% +202.9% −23.9% −3.4% +15.3% +14.2% +2.1% +2.1% +21.0% +23.6% +2.2%
Net income −1.7% −10.7% +60.3% −35.3% +17.6% +10.4% +25.3% −70.2% +213.1% +0.6% −0.1% +14.5% +13.1% −7.3% −4.3% +34.4% +20.7% −13.8%
Diluted EPS −13.5% −14.5% +58.9% −35.3% +16.9% +9.9% +24.9% −70.3% +212.9% +0.5% −0.5% +13.9% +12.2% −9.5% −5.6% +31.6% +19.4% −15.3%
Margins
EBITDA margin 32.4% 29.8% — 27.8% 28.8% 28.7% 30.4% 17.4% 33.9% 28.7% 30.8% 36.7% 36.5% 33.4% 34.2% 37.8% 39.5% —
Operating margin 20.5% 18.5% 18.4% 17.8% 19.1% 19.1% 20.3% 7.1% 22.9% 16.6% 16.7% 20.0% 20.3% 17.7% 18.7% 21.8% 24.3% 23.0%
Net margin 10.1% 8.4% 12.9% 8.4% 10.0% 10.0% 12.4% 3.7% 12.4% 11.9% 12.3% 14.7% 14.8% 11.7% 11.6% 15.0% 16.4% 13.8%
Free-cash-flow margin 17.6% 17.4% 24.9% 24.8% 27.4% 27.7% 28.8% 26.9% 27.7% 32.3% 21.5% 25.7% — — 25.6% 32.5% 16.0% 18.8%
Cash flow
Cash from operations 2.5 2.7 3.8 3.8 4.1 4.6 4.7 4.5 4.3 5.2 4.3 3.8 3.8 5.3 5.0 6.8 6.9 7.7
Capital spending 0.1 0.2 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.0 0.9 0.0 — — 0.2 0.4 3.5 3.4
Free cash flow 2.4 2.5 3.8 3.7 4.1 4.5 4.7 4.4 4.3 5.2 3.4 3.8 — — 4.9 6.4 3.5 4.3
Stock-based pay — — — — — — — — — — — — — 0.1 0.1 0.1 0.1 —
Free cash flow after stock pay — — — — — — — — — — — — — — 4.8 6.4 3.4 —
Balance sheet
Cash 0.5 0.3 0.2 0.3 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.4 0.4 0.5 0.3 0.2 0.2 0.4
Total debt 17.6 18.2 18.2 18.7 19.1 19.9 20.4 22.0 22.8 25.3 29.6 33.6 36.1 40.9 43.0 45.2 48.8 52.8
Net debt (negative = net cash) 17.1 17.9 17.9 18.5 19.0 19.7 20.2 21.8 22.6 25.0 29.3 33.2 35.7 40.4 42.6 45.0 48.6 52.5
Diluted shares 459m 480m 482m 485m 487m 489m 491m 492m 493m 494m 495m 497m 502m 513m 520m 531m 537m 544m
Returned to shareholders
Dividends 0.8 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.2 1.3 1.4 1.4 −1.5 1.6 1.8 1.9 2.0 2.0
Total returned 0.8 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.2 1.3 1.4 1.4 −1.5 1.6 1.8 1.9 2.0 2.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 7 checks passed · June 30, 2026
What it owns · $121.6bn
Short-term assets $7.1bnLonger-term assets $114.4bn
What it owes, and who funded it · $120.3bn
Short-term liabilities $14.2bnLonger-term liabilities $74.1bnShareholders' equity $32.1bn
  • Short-term assets cover short-term liabilities $7.1bn of assets due within a year against $14.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.1bn short-term assets against $74.1bn of longer-dated liabilities.
  • More cash than debt $375m of cash against $50.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 158% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 140% to 158% over five years.
  • A year's operating cash flow covers at least 20% of debt $7.7bn of operating cash flow against $50.8bn of debt.
  • Operating profit covers interest at least five times over Operating income of $5.2bn against $2.2bn of interest.

From American Electric Power's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$2B
Returned to shareholders
48%
of free cash flow
Diluted share count
+1.8%
year over year
Total shareholder yield
2.9%
dividends 2.9% + buybacks 0.0% of market value
Dividend payout ratio
65%
of net income paid out
Days sales outstanding
49 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electric utilities
Last 12 months unless stated AEP EXC VST EIX SO CEG Median
Revenue, last 12 months $22.8bn $25.9bn $19.2bn $18.6bn $30.2bn $31.3bn $9.4bn
Revenue growth, last 12 months 10.3% 6.7% 3.8% 2.6% 6.4% 26.0% 6.4%
Revenue growth, 3-year average 5.4% 7.3% 4.9% 3.7% 3.0% 5.8% 3.7%
Revenue growth, latest quarter 7.0% 9.2% −5.5% −15.0% 0.1% 23.0% 4.3%
Operating margin 23.0% 19.8% 18.5% 31.8% 24.2% 14.7% 22.3%
Operating margin, 3-year average 22.5% 19.8% 17.0% 25.7% 25.4% 14.1% 22.4%
Net margin 13.8% 10.2% 11.6% 19.6% 15.4% 11.1% 13.3%
Cash from operations / revenue 33.8% 25.6% 26.7% 37.5% 35.3% 13.5% 27.0%
Free-cash-flow margin 18.8% −10.0% 11.7% −0.7% −10.8% 1.0% −10.0%
Free-cash-flow margin, 3-year average 22.6% −7.7% 12.2% −3.4% −5.7% −14.0% −8.2%
Stock pay / revenue — 0.2% 0.7% 0.2% 0.3% 0.5% 0.4%
Change in share count 1.8% 1.6% −1.0% 0.0% 1.7% 7.0% 1.7%

Median of all 25 companies we cover in electric utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 electric utilities companies
Measure Company Peer median Rank
Revenue growth Growth 10.3% 6.4% 5 of 25
Change in growth rate Growth -1.0pp -0.1pp 18 of 25
Operating margin Profitability 23.0% 22.5% 10 of 24
Net margin Profitability 13.8% 13.3% 11 of 25
Free-cash-flow margin Cash generation 18.8% -10.0% 1 of 24
Long-term debt as % of assets Balance sheet 39.5% 40.9% 9 of 24
Change in share count Balance sheet 1.8% 1.7% 13 of 23
Days sales outstanding Balance sheet 49 days 45 days 13 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Retail $16B ▲ 6.1%
Electricity $12.6B ▲ 10.0%
Residential $7.8B ▲ 6.0%
Transmission and Distribution Utilities Revenues $6.1B ▲ 3.7%
Wholesale and Competitive $5.2B ▲ 16.9%
Commercial $4.7B ▲ 9.2%
Industrial $3.3B ▲ 2.4%
Generation and Marketing Revenues $2.7B ▲ 38.7%
Marketing Competitive Retail and Renewable $2.4B ▲ 20.7%
Wholesale Transmission $1.6B ▼ 0.5%
Wholesale Generation $1.2B ▲ 43.4%
Other $526M ▲ 9.1%
Other Retail $302M ▲ 4.9%

These categories overlap or exclude eliminations, so shares aren't shown.

From American Electric Power's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$68.6B
Institutions reporting
1,975
Shares held vs prior quarter
▲ 10.2%
Positions opened / closed
141 / 99

Top buyers and sellers, Q2 2026: 1,024 institutions bought and 688 sold ; the biggest buyer was Vanguard Portfolio Management LLC (+7.9M shares) and the biggest seller GQG Partners LLC (−4.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $7B 51.0M 10.2% ▲ 6.7%
Vanguard Capital Management LLC $4.9B 35.5M 7.1% ▲ 1.1%
State Street Corp $4.2B 30.8M 6.1% ▲ 1.6%
Vanguard Portfolio Management LLC $3.2B 23.5M 4.7% ▲ 50.5%
Invesco Ltd. $2.7B 19.5M 3.9% ▲ 2.5%
Morgan Stanley $2.6B 19.0M 3.8% ▲ 31.0%
Geode Capital Management, LLC $2B 14.4M 2.9% ▲ 1.3%
Wellington Management Group LLP $1.9B 13.9M 2.8% ▲ 5.4%
Bank Of America Corp $1.7B 12.3M 2.4% ▲ 137.7%
Goldman Sachs Group Inc $1.5B 11.0M 2.2% ▲ 112.9%
GQG Partners LLC $1.4B 10.3M 2.0% ▼ 31.7%
Ameriprise Financial Inc $1.3B 9.7M 1.9% ▲ 7.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not American Electric Power's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.2M 5 trades by 4 insiders · 100% under pre-set plans
Net ▼ $2.2M net selling
Insider Date Trade Shares Price Value
Dixon Kate Controller, CAO September 8, 2026 Sell pre-set plan 2,000 $125.00 $250,000
Ulrich Phillip R. Executive Vice President February 27, 2026 Sell pre-set plan 4,106 $132.08 $542,320
Ferneau Kelly J Executive Vice President February 24, 2026 Sell pre-set plan 1,351 $131.46 $177,602
Fowke Benjamin G S Iii Director December 12, 2025 Sell pre-set plan 5,000 $115.07 $575,350
Fowke Benjamin G S Iii Director November 14, 2025 Sell pre-set plan 5,000 $121.58 $607,900

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 37 trades and filings

In the last 12 months, 1 member of Congress disclosed 4 purchases and 3 sales of American Electric Power shares.

  • David J. Taylor(R-OH 2):Purchase, $1,001 - $15,000, traded August 26, 2026, filed September 5, 2026
  • David J. Taylor(R-OH 2):Purchase, $1,001 - $15,000, traded August 26, 2026, filed September 5, 2026
  • David J. Taylor(R-OH 2):Purchase, $1,001 - $15,000, traded June 5, 2026, filed June 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 30, 2026
  • May 5, 2026
  • February 12, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on American Electric Power was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

American Electric Power in brief

What does American Electric Power do?
American Electric Power is a US-listed company in the electric utilities industry. Its financial year ends in December.
What is American Electric Power's stock ticker?
American Electric Power trades under the ticker AEP on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is American Electric Power's revenue, and how fast is it growing?
Over its most recent trailing twelve months, American Electric Power reported revenue of $22.8B, 10.3% higher than a year earlier, according to its SEC filings.
What is American Electric Power's free cash flow?
American Electric Power's free-cash-flow margin is 18.8% of revenue over the trailing twelve months, ranking 1 of the 24 electric utilities companies we cover.
What is American Electric Power's fair value (intrinsic value) per share?
Our discounted-cash-flow model of American Electric Power's free cash flow after stock-based pay gives ~$170 per share in the base case, and ~$100–$260 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are American Electric Power's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is American Electric Power's market cap?
On November 2, 2026, American Electric Power's market capitalisation was about $70.9B, with a price-to-earnings ratio of 22.6 and net debt of $52.5B. Market figures come from third-party market data and may be delayed.
Does American Electric Power pay a dividend?
Yes: American Electric Power paid $2B in dividends over the trailing twelve months, a dividend yield of 2.85% and a payout ratio of 65.2%.
How much debt does American Electric Power have?
American Electric Power's debt-to-equity ratio is 158.4%, from its latest balance sheet (139.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are American Electric Power's competitors?
In our Electric Utilities peer group, the companies closest to American Electric Power are Exelon, Vistra Corp., Edison International, Southern Company and Constellation Energy. The side-by-side comparison below sets their revenue, margins and growth against American Electric Power's.
Are insiders buying or selling American Electric Power stock?
Over the last 12 months, American Electric Power's directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is American Electric Power's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — American Electric Power announces its own schedule.