Jun 2026 (Q2 FY26) — Jul 30, 2026
American Electric Power Q2 FY26 — Raised FY26 Guidance and Significant Load Growth
Read the full callAmerican Electric Power (AEP) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
American Electric Power earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 6,020 | +10.2% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 22.6 | −0.9 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Mar 2026 | Not in the filed figures for the quarter to mar 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
7 of 10 judged targets kept · 35 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FFO to debt ratio (Moody's) | near 14% | Sep 2025 | I also remain committed to supporting strong investment-grade credit metrics, including our targeted FFO to debt ratio of 14% to 15% as we move through this incredible period of growth that's expected to last well into the next decade. | Revised Up |
| 5-year Capital Plan | $72 billion | Sep 2025 | AEP's 5-year capital plan from 2026 through 2030 is $78 billion, which is expected to result in nearly 11% rate base CAGR. | On Track |
| SWEPCO Arkansas base case order and new rates | Receive order and have new rates effective | Mar 2025 | In Arkansas, we successfully increased our ROE from 9.5% to 9.65% and Pointedly, we have not ended up with a reduced ROE in any recent rate case outcome. | Achieved |
3 of AMERICAN ELECTRIC POWER CO INC's 45 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 42 more targets are in the full ledger.
Claimed
- Raised 2026 operating earnings guidance to $6.25-$6.55 per share from $6.15-$6.45 per share.
- Contracted an additional 6 gigawatts of load in Q2, bringing total contracted load additions to 69 gigawatts through 2030.
- Secured an additional 3 gigawatts of gas-fired turbines in Q2, increasing total secured capacity to 13 gigawatts through 2031.
- AEP Texas secured a DOE loan guarantee for up to $3.3 billion for transmission projects, contributing to $1.4 billion in estimated customer benefits from federal funding.
- Achieved constructive regulatory outcomes, including an Ohio ROE increase to 9.84% and an enhanced transmission cost rider in Oklahoma.
Qualified
- Q2 operating earnings of $1.36 per share were below Q2 2025 ($1.43 per share) due to the 2025 transmission minority interest sale and timing-related tax items.
- Wyoming fuel cell project required an amendment to the agreement with the offtaker due to timing accommodations, with a December 2026 milestone remaining intact.
Price
$124.72 −1.90% · −$2.42
Performance +6.1% 1Y
1Y: $117.53 on 17 Oct 2025 → $124.72. High $138.69 (26 Jun 2026), low $113.7 (7 Jan 2026).
- Previous close
- $127.14
- 52-week range
- $113.7 – $138.69
- One year
- +5.86%
Overview
- Symbol
- AEP
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 10 judged targets kept · 35 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FFO to debt ratio (Moody's) | near 14% | Sep 2025 | I also remain committed to supporting strong investment-grade credit metrics, including our targeted FFO to debt ratio of 14% to 15% as we move through this incredible period of growth that's expected to last well into the next decade. | Revised Up |
| 5-year Capital Plan | $72 billion | Sep 2025 | AEP's 5-year capital plan from 2026 through 2030 is $78 billion, which is expected to result in nearly 11% rate base CAGR. | On Track |
| SWEPCO Arkansas base case order and new rates | Receive order and have new rates effective | Mar 2025 | In Arkansas, we successfully increased our ROE from 9.5% to 9.65% and Pointedly, we have not ended up with a reduced ROE in any recent rate case outcome. | Achieved |
Claimed
- Raised 2026 operating earnings guidance to $6.25-$6.55 per share from $6.15-$6.45 per share.
- Contracted an additional 6 gigawatts of load in Q2, bringing total contracted load additions to 69 gigawatts through 2030.
- Secured an additional 3 gigawatts of gas-fired turbines in Q2, increasing total secured capacity to 13 gigawatts through 2031.
- AEP Texas secured a DOE loan guarantee for up to $3.3 billion for transmission projects, contributing to $1.4 billion in estimated customer benefits from federal funding.
- Achieved constructive regulatory outcomes, including an Ohio ROE increase to 9.84% and an enhanced transmission cost rider in Oklahoma.
Qualified
- Q2 operating earnings of $1.36 per share were below Q2 2025 ($1.43 per share) due to the 2025 transmission minority interest sale and timing-related tax items.
- Wyoming fuel cell project required an amendment to the agreement with the offtaker due to timing accommodations, with a December 2026 milestone remaining intact.
The full ledger
Open AMERICAN ELECTRIC POWER CO INC’s full ledger
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Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
American Electric Power Q1 FY26 — Contracted load climbs to 63 GW, 5-year capital plan raised to $78B
Read the full callDec 2025 (Q4 FY25) — Feb 12, 2026
American Electric Power Q4 FY25 — Doubled Contracted Load Growth and Strong Financial Performance
Read the full callEvery analysed call
American Electric Power earnings calls (AEP)
Financials
What the filings say
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,579 | 5,420 | 4,696 | 5,463 | 5,087 | 6,010 | 5,315 | 6,020 |
| Expenses | 3,895 | 4,069 | 3,601 | 4,179 | 3,688 | 4,489 | 4,201 | 4,660 |
| Operating profit | 684 | 1,352 | 1,096 | 1,284 | 1,399 | 1,521 | 1,114 | 1,360 |
| Operating margin | 14.9% | 24.9% | 23.3% | 23.5% | 27.5% | 25.3% | 21.0% | 22.6% |
| Interest | 466 | 499 | 463 | 495 | 490 | 509 | 533 | 552 |
| Profit before tax | 324 | 982 | 698 | 889 | 1,017 | 1,118 | 700 | 922 |
| Tax rate | 2.1% | 3.8% | 8.4% | 14.1% | −24.7% | 12.4% | 16.5% | 4.8% |
| Net profit | — | 962 | — | — | — | — | — | — |
| EPS ($ per share) | 0.64 | 1.80 | — | 1.50 | 2.29 | 1.82 | — | 1.61 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 3,337 | 3,343 | 3,359 | 3,409 | 3,413 | 3,428 | 3,472 | 3,523 |
| Reserves | 9,325 | 9,901 | 10,688 | 11,667 | 12,346 | 12,800 | 13,869 | 15,441 |
| Total liabilities | 49,635 | 55,871 | 59,938 | 64,945 | 69,235 | 71,356 | 76,054 | 82,204 |
| Fixed assets | 55,099 | 60,138 | 63,902 | 66,001 | 73,339 | 564 | 715 | 736 |
| Investments | 159 | 203 | 201 | 220 | 188 | 214 | 215 | 220 |
| Total assets | 68,803 | 75,892 | 80,757 | 87,669 | 93,403 | 96,684 | 103,078 | 114,460 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 5,223 | 4,270 | 3,833 | 3,840 | 5,288 | 5,012 | 6,804 | 6,944 |
| Cash from investing | -6,354 | -7,144 | -6,234 | -6,434 | -7,752 | -6,267 | -7,596 | -11,939 |
| Cash from financing | 1,162 | 2,863 | 2,407 | 2,607 | 2,569 | 1,077 | 659 | 5,017 |
| Capital expenditure | 0 | -918 | 0 | — | — | -155 | -399 | -3,453 |
| Free cash flow | 5,223 | 3,352 | 3,833 | — | — | 4,857 | 6,405 | 3,491 |
AEP revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Vertically Integrated Utilities | — | — | 56% | 59% | 59% | 60% | 57% | 58% | +5.5% |
| Transmission and Distribution Companies | 29% | 28% | 27% | 28% | 28% | 28% | 27% | 29% | +9.4% |
| Generation and Marketing | 9% | 14% | 16% | 11% | 12% | 10% | 14% | 13% | +20.5% |
| AEP Transmission Holdco | 9% | 10% | 9% | 14% | 9% | 10% | 10% | 11% | -12.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
70 filings between Oct 21, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$2.15M
5 sales by 4 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 29
- Award — granted as compensation
- 36
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| FOWKE BENJAMIN G S III | — | $1.18M | Dec 12, 2025 |
| Ulrich Phillip R. | — | $542.3K | Feb 27, 2026 |
| Dixon Kate | — | $250.0K | Sep 8, 2026 |
| Ferneau Kelly J | — | $177.6K | Feb 24, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Ferneau Kelly J Executive Vice President | Tax withheld | 362 | $43.3K |
| Oct 1, 2026 | Berntsen Robert Executive Vice President | Tax withheld | 1,425 | $170.6K |
| Sep 30, 2026 | Stoddard Daniel G. Director | Award | 0 | $0 |
| Sep 8, 2026 | Dixon Kate Controller, CAO | Sale 10b5-1 plan | 2,000 | $250.0K |
| Aug 1, 2026 | Hall Greg B Executive Vice President | Tax withheld | 1,741 | $223.4K |
| Aug 1, 2026 | Fehrman William CEO and President | Tax withheld | 6,283 | $806.2K |
| Jun 30, 2026 | Stoddard Daniel G. Director | Award | 0 | $0 |
| May 1, 2026 | Dixon Kate Controller, CAO | Tax withheld | 636 | $87.1K |
| May 1, 2026 | Cannon Douglas A President AEP Transmission | Tax withheld | 1,770 | $242.3K |
| May 1, 2026 | Hall Greg B Executive Vice President | Tax withheld | 4,306 | $589.5K |
| Mar 31, 2026 | Stoddard Daniel G. Director | Award | 0 | $0 |
| Mar 10, 2026 | Dixon Kate Controller, CAO | Award | 52 | $6.9K |
| Mar 10, 2026 | Ferneau Kelly J Executive Vice President | Tax withheld | 8 | $1.1K |
| Mar 10, 2026 | Dixon Kate Controller, CAO | Tax withheld | 24 | $3.2K |
| Mar 10, 2026 | Ferneau Kelly J Executive Vice President | Award | 14 | $1.9K |
| Mar 10, 2026 | Ulrich Phillip R. Executive Vice President | Award | 110 | $14.6K |
| Mar 10, 2026 | Knapp Alicia R President Nuclear Development | Award | 9 | $1.2K |
| Mar 10, 2026 | Eckert Johannes G Executive Vice President | Tax withheld | 2 | $265 |
| Mar 10, 2026 | Eckert Johannes G Executive Vice President | Award | 4 | $529 |
| Mar 10, 2026 | Fehrman William CEO and President | Award | 96 | $12.7K |
| Mar 10, 2026 | Berntsen Robert Executive Vice President | Award | 9 | $1.2K |
| Mar 10, 2026 | Fehrman William CEO and President | Tax withheld | 45 | $6.0K |
| Mar 10, 2026 | Berntsen Robert Executive Vice President | Tax withheld | 4 | $529 |
| Mar 10, 2026 | Cannon Douglas A President AEP Transmission | Tax withheld | 5 | $662 |
| Mar 10, 2026 | Cannon Douglas A President AEP Transmission | Award | 11 | $1.5K |
| Mar 10, 2026 | Ulrich Phillip R. Executive Vice President | Tax withheld | 50 | $6.6K |
| Mar 10, 2026 | Knapp Alicia R President Nuclear Development | Tax withheld | 3 | $397 |
| Mar 10, 2026 | MIHALIK TREVOR I Executive VP & CFO | Tax withheld | 28 | $3.7K |
| Mar 10, 2026 | MIHALIK TREVOR I Executive VP & CFO | Award | 61 | $8.1K |
| Feb 27, 2026 | Ulrich Phillip R. Executive Vice President | Sale 10b5-1 plan | 4,106 | $542.3K |
| Feb 26, 2026 | Ferneau Kelly J Executive Vice President | Award | 4,941 | $0 |
| Feb 26, 2026 | Dixon Kate Controller, CAO | Tax withheld | 1,762 | $0 |
| Feb 26, 2026 | Dixon Kate Controller, CAO | Award | 5,951 | $0 |
| Feb 26, 2026 | Ulrich Phillip R. Executive Vice President | Tax withheld 10b5-1 plan | 5,510 | $0 |
| Feb 26, 2026 | Ferneau Kelly J Executive Vice President | Tax withheld | 158 | $0 |
| Feb 26, 2026 | Ulrich Phillip R. Executive Vice President | Award 10b5-1 plan | 12,353 | $0 |
| Feb 24, 2026 | Ferneau Kelly J Executive Vice President | Sale 10b5-1 plan | 1,351 | $177.6K |
| Feb 23, 2026 | Ulrich Phillip R. Executive Vice President | Tax withheld | 298 | $39.3K |
| Feb 23, 2026 | Ulrich Phillip R. Executive Vice President | Tax withheld | 319 | $42.1K |
| Feb 23, 2026 | Ulrich Phillip R. Executive Vice President | Tax withheld | 333 | $44.0K |
| Feb 23, 2026 | MIHALIK TREVOR I Executive VP & CFO | Tax withheld | 1,424 | $188.0K |
| Feb 23, 2026 | Knapp Alicia R President Nuclear Development | Tax withheld | 416 | $54.9K |
| Feb 23, 2026 | Ferneau Kelly J Executive Vice President | Tax withheld 10b5-1 plan | 288 | $38.0K |
| Feb 23, 2026 | Ferneau Kelly J Executive Vice President | Tax withheld 10b5-1 plan | 165 | $21.8K |
| Feb 23, 2026 | Ferneau Kelly J Executive Vice President | Tax withheld 10b5-1 plan | 136 | $18.0K |
| Feb 23, 2026 | MIHALIK TREVOR I Executive VP & CFO | Tax withheld | 1,590 | $209.9K |
| Feb 23, 2026 | Fehrman William CEO and President | Tax withheld | 4,161 | $549.5K |
| Feb 23, 2026 | Fehrman William CEO and President | Tax withheld | 1,241 | $163.8K |
| Feb 23, 2026 | Eckert Johannes G Executive Vice President | Tax withheld | 242 | $32.0K |
| Feb 23, 2026 | Dixon Kate Controller, CAO | Tax withheld | 118 | $15.6K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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