[AEP] American Electric Power: Q3 2026 earnings preview on data center load and rate recovery

American Electric Power (AEP), one of the largest investor-owned electric utility holding companies in the United States, serves about 5.6 million customers across 11 states and owns the largest transmission network in the country[1]. For anyone following AEP Q3 2026 earnings, the company's call is scheduled for 2026-10-28 and will cover the third quarter 2026, the three months ended September 30, 2026[2]. In the latest reported quarter, the second quarter of 2026, revenue rose 7% to $5.445 billion, but operating (non-GAAP) earnings per share fell to $1.36 from $1.43 a year earlier; first-half operating EPS was $3.01, slightly above $2.98 a year earlier[3]. Management attributed the decline to the 2025 sale of a minority interest in its transmission business and to the timing of tax items, and on July 30 it raised its 2026 operating EPS guidance from $6.15-$6.45 to $6.25-$6.55[4][5]. The company guides only for the full year, not by quarter. Nine analysts compiled by Drillr put the third-quarter EPS consensus at $2.03, about 13% above third-quarter 2025 operating EPS of $1.80, and six analysts put the revenue consensus at $6.456 billion against third-quarter 2025 revenue of $6.010 billion[6][7]; the full-year EPS consensus from 11 analysts is $6.39, close to the guidance midpoint[8].

Three things matter most in these results. First, whether data center load can keep lifting sales on a high base: commercial deliveries in the transmission and distribution segment grew 17.4% in the second quarter[9], but the same metric had already grown 30.4% in the third quarter of 2025[10], so third-quarter growth will show whether new load connections are continuing or slowing. Second, whether new rates in the vertically integrated utilities can outrun costs: this business collected $179 million more from base rates and riders in the second quarter, yet $173 million of higher maintenance, depreciation and interest absorbed almost all of it[11], while full-year guidance requires second-half operating EPS of $3.24-$3.54, 8%-18% above the $2.99 earned in the second half of 2025[5][12]. Third, the link between transmission investment and funding: the transmission holding company's plant in service grew 10.5% in a year while its second-quarter operating earnings were flat[13][3], and management plans to release its new 2027-2031 five-year capital plan on the third-quarter call[14], which will show how much new debt and equity the larger investment program needs.

Company Background and Business Structure

American Electric Power is a utility group built around regulated grid and generation assets, and its profit comes mainly from returns on investment approved by regulators. Headquartered in Columbus, Ohio, it operates in Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia, with about 225,000 miles of distribution lines and about 40,000 miles of transmission lines, including about 2,100 miles of 765-kilovolt extra-high-voltage lines[1]. At the end of 2024, its vertically integrated subsidiaries owned about 23,200 megawatts of generation; by 2024 output, coal and lignite supplied 40%, nuclear 22%, natural gas 22% and renewables 16%[15].

The company reports four segments, and the vertically integrated utilities contribute about half of operating earnings. The vertically integrated segment (Appalachian Power, Indiana Michigan Power, Kentucky Power, PSO, SWEPCo and others) generates, transmits and distributes power inside franchised territories, sells it at cost-of-service rates set by state commissions and passes fuel costs through adjustment clauses[16][17]. The transmission and distribution segment, made up of AEP Ohio and AEP Texas, only delivers power in states with open retail markets[18]. The transmission holding company owns state transmission companies and transmission joint ventures and recovers its investment through FERC formula rates[19]. The generation and marketing segment includes retail energy supply, wholesale trading and the rights to Cardinal Plant Unit 1's output through 2028[20]. In 2025, the four segments earned operating profits of $1.513 billion, $860 million, $807 million and $303 million, with the first three accounting for about 47%, 27% and 25% of the total[12].

The business chain runs from investment first to recovery later, which makes AEP dependent on regulators and on financing. AEP builds power plants, transmission lines and distribution networks that become regulated assets; regulators set rates at cost plus an authorized return; customer usage and newly connected large loads set the scale of revenue; and capital spending is funded first by operating cash flow, debt and equity before rate cases gradually recover it[17]. Since 2024, data processing load has been the main source of commercial sales growth[21], and in 2025 the company sold minority stakes in its Ohio and Indiana Michigan transmission companies to outside investors for $2.82 billion[22].

Financial History and Current Position

AEP's annual profit rose in both 2024 and 2025, although 2025 GAAP earnings include a one-time gain. In 2024, total revenue was $19.721 billion and GAAP earnings attributable to common shareholders rose to $2.967 billion from $2.208 billion in 2023[23][24], equal to GAAP EPS of $5.60 and operating EPS of $5.62[25]. In 2025, revenue increased to $21.876 billion, GAAP earnings reached $3.580 billion ($6.70 per share) and operating earnings reached $3.190 billion ($5.97 per share)[12][25]; the gap mainly reflects the June 2025 FERC order on the treatment of net operating loss carryforwards (NOLCs) in transmission formula rates, which had a $480 million favorable impact in the second quarter of 2025[26]. Retail sales grew 7.5% in 2025, with commercial and industrial sales up nearly 10%[27].

Operating earnings grew slightly in the first half of 2026, but the second quarter alone was down year over year. First-quarter operating earnings were $891 million ($1.64 per share), compared with $823 million ($1.54 per share) a year earlier[28]. In the second quarter, revenue was $5.445 billion, GAAP earnings were $713 million ($1.31 per share) and operating earnings were $742 million ($1.36 per share), compared with $1.226 billion and $766 million a year earlier[4][3]. By segment, second-quarter operating earnings were $302 million in the vertically integrated utilities, $239 million in transmission and distribution, $225 million in the transmission holding company and $91 million in generation and marketing, with a $115 million loss in corporate and other[3]; the wider corporate loss came mainly from a $25 million rise in state taxes and a $19 million rise in interest expense[29].

On cash flow, AEP's investment spending runs far ahead of operating cash flow, and debt and equity fill the gap. In 2024, operating cash flow was $6.804 billion and construction expenditures were $7.631 billion[30][31]. In the first half of 2026, operating cash flow was $3.421 billion (versus $2.671 billion a year earlier), with $447 million of cash and restricted cash at period end[32]; construction spending was $5.606 billion and generation acquisitions took another $1.315 billion[33], while net new debt was $3.987 billion, common stock issuance $405 million and dividends paid $1.039 billion[34]. By June 30, debt-to-total capital had risen to 61.4% from 60.3% at the end of 2025[35], and in July the board declared a quarterly dividend of $0.95 per share[36].

Operating Model

AEP's reported revenue moves with fuel prices, but its profit depends on base rates and sales volume. Revenue comes from regulated retail sales (volume times approved rates, including fuel and purchased power pass-throughs), delivery charges and riders, transmission revenue under FERC formula rates, and wholesale and competitive retail revenue; because fuel and purchased power costs pass through to customers via adjustment clauses, they lift or lower revenue without materially changing profit[17]. Second-quarter revenue rose from $5.087 billion to $5.445 billion[3], with transmission and distribution commercial deliveries up 17.4% and vertically integrated commercial sales up 14.9%, while residential sales fell against a 2025 base helped by favorable weather[9][37][38].

Segment operating earnings equal the revenue added by new rates minus costs that rise first, and the time gap between the two is regulatory lag. In the second quarter, the vertically integrated segment gained $179 million from base rates and riders, but maintenance rose $74 million, depreciation $37 million and interest $62 million[11]; the transmission and distribution segment gained $94 million in rider revenue while maintenance rose $114 million[39]; and continued investment added $67 million of transmission revenue at the transmission holding company[13]. Operating earnings exclude special items such as the FERC NOLC order, mark-to-market hedging results and partial disallowances, which is why 2026 GAAP EPS guidance sits about $0.09 below operating guidance[5].

The cash model rests on capital spending that persistently exceeds operating cash flow, so the funding mix decides whether investment growth becomes EPS growth. Operating cash flow roughly equals net income plus non-cash items such as depreciation and deferred taxes, adjusted for fuel deferrals and changes in regulatory assets and liabilities; the excess of construction spending and generation acquisitions is covered by debt, forward equity sales, securitization and asset sales[32][34]. AEP budgets about $12.8 billion of capital spending for 2026 and $65.1 billion for 2027 through 2030[40]. The 2025 sale of transmission minority stakes brought in $2.783 billion of cash[34], and it has since reduced the transmission holding company earnings attributable to AEP.

Industry and Competitive Position

AEP faces almost no direct competition from other utilities at the retail level; competition happens mainly over transmission projects and new load. Its vertically integrated subsidiaries hold franchises in their service areas, do not compete with other vertically integrated utilities for retail sales and face substitution mainly from customer self-generation and other energy sources such as natural gas, fuel oil and renewables[41]. In transmission, AEP owns the largest system in the United States and more than 2,100 miles of 765-kilovolt lines; in the first quarter of 2026 it won about 315 miles of 765-kV projects in SPP and about 330 miles in PJM, and transmission now accounts for $33 billion, or 42%, of the five-year plan[42].

AEP's service area covers several of the states where data center demand is most concentrated, which helps it win new load, but the available material does not support a peer comparison. By July 2026, the company had signed contracts for 69 gigawatts of new load through 2030 and had secured about 13 gigawatts of gas turbine capacity for generation built through 2031[43]; in the first quarter, management said nearly 90% of contracted load was data centers in Texas and Ohio[44]. At the same time, AEP faces slow generation interconnection in PJM and SPP and uncertain load interconnection timing in ERCOT[45]. The material here includes no peer data on sales growth, authorized returns on equity or transmission investment, so it cannot show how large these advantages are relative to other utilities.

Core Debates

AEP's commercial deliveries in its wires business grew 17% in the second quarter, but last year's third quarter had already jumped 30%. Can new data center load keep lifting sales on that higher base in the third quarter and turn into profit growth for the transmission and distribution utilities?

This question matters because data center load is both AEP's main source of volume growth and the basis for its larger capital plan. Retail sales grew 7.5% in 2025[27], and contracted new load through 2030 has reached 69 gigawatts[43]; sales growth is the earliest place these contracts show up in the financial statements, and it is also the precondition for using large loads to spread fixed costs and ease pressure on residential bills[46].

The evidence shows growth is continuing, but the rate has come down from its peak. Commercial deliveries in the transmission and distribution segment rose from 30,419 million kilowatt-hours in 2023 to 36,147 million in 2024[47], reached 12,610 million in the third quarter of 2025, up 30.4%[10], and were 12,961 million in the second quarter of 2026, up 17.4%, with industrial deliveries of 8,104 million, up 15.0%[9]. Commercial sales in the vertically integrated segment were 7,355 million kilowatt-hours in the third quarter of 2025, up 6.4%[48], and 7,238 million in the second quarter of 2026, up 14.9%[37]. The company attributes second-quarter volume growth to new data processing load in the commercial and industrial classes[26]. In the third quarter of 2025, actual cooling degree days in the eastern region were 722, below the normal 733 and the 854 recorded a year earlier[49], which indicates that last year's high growth was not driven by hot weather.

The path from sales to profit is long, and second-quarter profit grew far less than volume. Data center and industrial customers first sign supply agreements with take-or-pay terms of up to 20 years that require payment for as much as 80%-90% of contracted demand[50]; once interconnection approval and transmission construction are complete, load ramps up, commercial and industrial deliveries rise, delivery charges, riders and vertically integrated retail revenue increase, and segment operating earnings remain after maintenance, depreciation and interest. Second-quarter transmission and distribution operating earnings were $239 million, up 6.7%[3], as rider revenue rose $94 million but maintenance rose $114 million[39]; third-quarter 2025 operating earnings in this segment were $259 million[7], which is the comparison base this time.

What remains unresolved is why growth slowed. One explanation is that new load connections are slowing; another is that load connected in the second half of 2025 has entered the year-over-year base, while new load ramps are constrained by ERCOT interconnection approval and supporting generation. Texas is the key: AEP Texas has signed about 45 gigawatts of new load, about 40 gigawatts of which is seeking ERCOT's one-time transitional Batch Zero interconnection process, customers have posted about $2 billion of financial security, and ERCOT plans to give eligible projects load ramp information in April 2027[51]; management said some projects could be delayed or moved to later batches[52]. In the third quarter, the things to watch are whether transmission and distribution commercial deliveries hold above 15% growth, whether vertically integrated commercial sales hold above 12%, whether transmission and distribution operating earnings exceed $259 million, and whether contracted load stays at or above 69 gigawatts. If transmission and distribution commercial growth falls below 10%, or contracted load declines or ERCOT delays most Texas projects, the current understanding of new load timing would weaken.

AEP's vertically integrated utilities collected $179 million more from new rates in the second quarter, but higher maintenance, depreciation and interest absorbed almost all of it. Can newly approved rates restore profit growth in this business in the third quarter?

This question matters because the vertically integrated segment provides about half of operating earnings and the third quarter is the year's peak demand season. In 2025, the segment earned $1.513 billion of operating profit, about 47% of the total[12]; when it raised full-year guidance in July, the company cited newly approved regulatory outcomes as one source of second-half earnings uplift[14]. With $3.01 of operating EPS already earned in the first half, guidance implies $3.24-$3.54 in the second half, 8%-18% above the $2.99 of the second half of 2025[5][3][12].

The evidence shows strong first-half growth but a near standstill in the second quarter. Vertically integrated operating earnings were $766 million in the first half, up 18.4%, but only $302 million in the second quarter, up 1.7%[3]. In the second quarter, base rate and rider revenue rose $179 million and weather-normalized revenue rose $60 million; on the cost side, maintenance rose $74 million (including $41 million for generation maintenance, nuclear and renewables), depreciation $37 million and interest $62 million, for a combined $173 million[11]. Regulatory progress in the quarter included an Ohio distribution settlement that raised the ROE to 9.84% from 9.7%, a PSO settlement that trimmed the authorized ROE to 9.375% but added a transmission cost rider, and a settlement in principle for SWEPCo in Texas; the regulated earned ROE was 9.2%[53][54].

The financial transmission in this business depends on the timing of rate cases. The company puts new generation and distribution assets in service and carries higher maintenance, then asks state commissions for rate cases or riders; base rate revenue rises only after commissions approve the authorized ROE and new rates, while depreciation, interest and maintenance have already gone up[17][11]. Indiana Michigan Power told regulators in July that it would file an Indiana multi-year rate plan by September 1[55], and vertically integrated operating earnings in the third quarter of 2025 were $573.5 million[7], which is the comparison base for the third quarter.

What remains unresolved is whether the second-quarter cost increase will persist. An alternative explanation is that the second-quarter maintenance increase was concentrated in planned work that is unevenly spread across quarters, so third-quarter cost growth would ease; the gap between third-quarter base rate revenue growth and the growth in maintenance, depreciation and interest can separate the two cases. The things to watch are whether vertically integrated operating earnings beat $573.5 million by more than 8%, whether rate revenue growth stays at least $179 million, whether cost growth stays below rate revenue growth, and whether the earned ROE holds at 9.2% or higher. If cost growth keeps approaching or exceeding rate revenue growth, the second-half growth needed for full-year guidance will depend more on the transmission and wires businesses, and partial disallowances or refunds in rate cases would also cut approved revenue.

AEP's transmission asset base grew about 10% in a year, yet second-quarter transmission earnings were flat. With the minority-stake sale now in both periods, can transmission investment deliver profit growth in the third quarter, and how much new debt and stock will the new five-year capital plan require?

This question matters because transmission is AEP's core competitive advantage and its long-term growth target rests on the capital plan. The transmission holding company contributes about a quarter of operating earnings[12], the company reaffirmed annual operating EPS growth of 7%-9% through 2030 with a compound annual growth rate above 9%[4], and it said the $78 billion capital plan should produce nearly 11% annual rate base growth[56]. Because capital spending persistently exceeds operating cash flow, the funding mix decides whether investment growth becomes EPS growth.

The evidence shows the asset base expanding while profit is held back by the stake sale. Plant in service at the transmission holding company grew from $16.496 billion at the end of June 2025 to $18.223 billion at the end of June 2026, up 10.5%, and continued investment added $67 million of transmission revenue in the second quarter[13]; operating earnings over the same quarter were $225 million versus $224 million a year earlier, and first-half earnings fell from $459 million to $434 million[3]. Management attributed the year-over-year decline to the 2025 minority stake sale and said the segment should still contribute more year over year for the full year[54]; that transaction was worth $2.82 billion[22].

Investment reaches profit through FERC formula rates, and it reaches EPS only after financing. Contracted load and regional grid plans drive projects such as 765-kV lines, and once those assets enter service the annual revenue requirement under FERC formula rates rises and becomes transmission holding company operating earnings[19][42]; the portion of capital spending above operating cash flow is funded with new debt and forward equity sales, which bring interest expense and share dilution. First-half 2026 construction spending was $5.606 billion, up 39% from $4.020 billion a year earlier[33], net new debt was $3.987 billion[34], and debt-to-total capital rose to 61.4%[35]; in May the company signed forward sale agreements covering 23.54 million shares at an initial price of $124.968 per share, with settlement expected on or before May 31, 2028[57], and second-quarter weighted average shares rose to 544 million from 534 million a year earlier[3].

What remains unresolved is the nature of the flat profit and the size and funding structure of the new plan. An alternative explanation is that flat earnings reflect annual formula rate true-ups and timing differences in depreciation and interest rather than lower returns; in the third quarter both periods are already after the minority stake sale, with third-quarter 2025 transmission holding company operating earnings of $199.9 million[7] and a September 30 plant-in-service base of $16.877 billion[58]. The current $78 billion plan includes only 13 gigawatts of Texas interconnection capacity, while AEP Texas has signed about 45 gigawatts[59], and management plans to release a 2027-2031 plan on the third-quarter call that includes new generation and the Piketon transmission project[14]. The things to watch are whether transmission holding company operating earnings beat $199.9 million by more than 8%, whether plant-in-service growth stays near 10%, the size and financing of the new plan, and whether debt-to-total capital falls or holds at 61.4%. If the larger plan relies mainly on debt, rising interest would offset investment returns, and settling the forward sales would dilute EPS.

Risks and Falsifiers

The first risk is that policies on large-load cost allocation and affordability could tighten. State commissions and PJM are changing the rules for connecting large loads and allocating their costs; AEP has large load tariffs approved in five states, with filings in Michigan, Oklahoma and SWEPCo-Texas still pending, and the new tariffs call for contracts of up to 20 years and take-or-pay terms covering 80%-90% of contracted demand[50][46]. In July, the PJM board approved near-term resource adequacy reforms aimed at new large-load customers[60]. If rules tighten or residential bill pressure triggers a regulatory backlash, the exposure is the authorized ROE and pace of recovery in rate cases (earned ROE of 9.2%)[54], as well as large-load contracts that the company says could offset up to $16 billion of fixed costs for existing residential customers[46]. If the three pending large load tariffs are approved and PJM's reforms do not shift new costs onto fixed resource requirement entities such as AEP, this risk would ease.

The second risk is uncertain timing for connecting large loads in Texas. About 40 gigawatts of AEP Texas load is seeking ERCOT Batch Zero[51], and management said some projects could be delayed or moved to later batches and that connecting load also depends on generation supplied by others[52][45]. The exposed lines are commercial deliveries and rider revenue in the transmission and distribution segment (second-quarter operating earnings of $239 million)[3], along with Texas transmission investment not yet in the current plan[59]. If ERCOT's list of eligible Batch Zero projects covers most of AEP Texas's contracted load and third-quarter transmission and distribution commercial deliveries grow at least 15%, this risk would be falsified.

The third risk is regulatory lag and partial disallowance of costs. Rate approvals arrive after costs are incurred, and there are already partial disallowances or refunds tied to the Pirkey plant, Texas UTM and SWEPCo wholesale customer contracts; as of June 30, AEP Texas had deferred about $72 million of eligible costs, and these investments remain subject to prudency review in its next base rate case[61], while SWEPCo's revenue fell $23 million in the second quarter because of a probable credit to wholesale generation customers[11]. The exposure is vertically integrated operating earnings ($1.513 billion in 2025)[12], and items of this kind already put 2026 GAAP EPS guidance about $0.09 per share below operating guidance[5]. If third-quarter base rate revenue growth exceeds cost growth by more than $50 million and no major new disallowance appears, this risk would ease.

The fourth risk is financing need and equity dilution. Capital spending keeps exceeding operating cash flow, rising debt pushes up interest, and interest expense across the four segment reports rose by about $108 million year over year in the second quarter[11][39][13][29]; the 23.54 million forward-sale shares equal about 4.3% of second-quarter weighted shares and will add to the share count when settled[57][3]. If debt-to-total capital is no higher than 61.4% when the new capital plan is released[35] and there is no equity financing beyond the disclosed forward agreements, this risk would ease.

What to Watch Next

• Data center load into sales: transmission and distribution commercial deliveries were 12,610 million kilowatt-hours in the third quarter of 2025 (up 30.4%) and grew 17.4% in the second quarter of 2026[10][9]. Growth above 15% would confirm continued load additions; growth below 10% would weaken that view.
• Vertically integrated commercial sales: the third-quarter 2025 base is 7,355 million kilowatt-hours (up 6.4%)[48]. Growth above 12% would confirm the trend.
• Wires profit and contracted load: transmission and distribution operating earnings were $259 million in the third quarter of 2025[7], and contracted load stands at 69 gigawatts[43]. Profit above that base with load at or above 69 gigawatts would confirm; lower contracted load or ERCOT delaying most projects would weaken.
• Vertically integrated operating earnings: the third-quarter 2025 base is $573.5 million[7]. Growth above 8% would confirm that new rates are restoring profit growth.
• Rate revenue versus cost growth: in the second quarter, rates added $179 million while maintenance, depreciation and interest added $173 million[11]. A rate increase clearly above cost growth would confirm; a gap near zero or negative would weaken.
• Regulated earned ROE: 9.2%[54]. Holding at or above that level would confirm.
• Transmission holding company earnings and assets: the third-quarter 2025 bases are $199.9 million of operating earnings and $16.877 billion of plant in service[7][58]. Earnings growth above 8% and asset growth near 10% would confirm.
• The 2027-2031 capital plan and leverage: the 2026-2030 budget is $77.937 billion and debt-to-total capital is 61.4%[40][35]. No rise in leverage and no extra equity would confirm; an expansion funded mainly with debt would weaken.

Conclusion

AEP's business is driven by three things: sales growth from new load, new rates approved by state commissions, and transmission investment recovered through FERC formula rates. The company earned $5.97 of operating EPS in 2025[25], posted first-half 2026 operating EPS of $3.01, slightly above a year earlier, and raised full-year guidance to $6.25-$6.55[3][5]. The second quarter also exposed the central tension: commercial sales are still growing at double-digit rates, yet cost growth nearly absorbed new rate revenue in the vertically integrated utilities, transmission assets grew 10.5% while profit stayed flat, and debt-to-total capital rose to 61.4%[9][11][13][35]. The growth in investment and contracted load is clear; what is not yet settled is how fast, and at what financing cost, that growth turns into earnings per share.

Since the second-quarter report, only one independent analysis with a verifiable author and date has appeared. Writing for TIKR on August 3, Gian Estrada argued that the second-quarter profit decline was temporary margin compression, that demand rather than cost cutting drove the guidance increase, and that the 69 gigawatts of contracted load grows every quarter and is underappreciated by the market[62]. That view matches the optimistic side of all three core debates by treating contracted load as the main source of profit growth, but it does not address how long it takes contracted load to become sales, the problem of costs growing faster than rates in the vertically integrated utilities, or the debt and equity needed to fund a larger investment program. Other public content in the same period consisted mainly of results recaps, call summaries and brokers' revised views on the shares, which do not amount to a second reasoned independent view, so what appears here is one outside interpretation rather than a market consensus.

Looking ahead, the current understanding would be materially strengthened by a set of observations appearing together: third-quarter transmission and distribution commercial deliveries growing above 15%, vertically integrated operating earnings beating $573.5 million by more than 8% with rate revenue growth clearly ahead of cost growth, transmission holding company operating earnings beating $199.9 million by more than 8%, and a new five-year capital plan that comes without a further rise in debt-to-total capital or extra equity financing. Conversely, if commercial sales growth falls below 10%, cost growth keeps consuming new rate revenue, or the new plan's expansion relies mainly on debt and new shares, the path from investment growth to EPS growth would look narrower than it does now.

Sources

[1] AEP 10-K filed 2025-02-13 · company overview and grid assets · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[2] Drillr earnings calendar (updated 2026-10-15) · AEP 2026-10-28 call · 2026-10-15 · Drillr earnings calendar

[3] AEP 8-K filed 2026-07-30 · 2Q26 results by segment · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/4904/000000490426000055/a2q20268kpressreleaseex991.htm

[4] AEP 8-K filed 2026-07-30 · 2Q26 results and raised guidance · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/4904/000000490426000055/a2q20268kpressreleaseex991.htm

[5] AEP 8-K filed 2026-07-30 · 2026 guidance reconciliation · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/4904/000000490426000055/a2q20268kpressreleaseex991.htm

[6] Drillr analyst_financial_estimates (updated 2026-10-15) · AEP quarter ending 2026-09-30 · 2026-10-15 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[7] AEP 8-K filed 2025-10-29 · 3Q25 results by segment · 2025-10-29 · 8-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000169/a3q20258kpressreleaseex991.htm

[8] Drillr analyst_financial_estimates (updated 2026-10-15) · AEP fiscal year 2026 · 2026-10-15 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[9] AEP 10-Q filed 2026-07-30 · 2Q26 T&D KWh sales · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[10] AEP 10-Q filed 2025-10-29 · 3Q25 T&D KWh sales · 2025-10-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490425000171/aep-20250930.htm

[11] AEP 10-Q filed 2026-07-30 · 2Q26 VIU earnings reconciliation · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[12] AEP 8-K filed 2026-02-12 · 4Q25 and 2025 results by segment · 2026-02-12 · 8-K · https://www.sec.gov/Archives/edgar/data/4904/000000490426000011/a4q20258kpressreleaseex991.htm

[13] AEP 10-Q filed 2026-07-30 · 2Q26 Transmission Holdco investment and earnings · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[14] AEP Q2 2026 earnings call 2026-07-30 · raised guidance and capital plan update timing · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[15] AEP 10-K filed 2025-02-13 · regulated generation fleet and fuel mix · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[16] AEP 10-K filed 2025-02-13 · reportable segments and seasonality · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[17] AEP 10-K filed 2025-02-13 · cost-of-service rate regulation · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[18] AEP 10-K filed 2025-02-13 · Transmission and Distribution Utilities segment · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[19] AEP 10-K filed 2025-02-13 · AEP Transmission Holdco segment · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[20] AEP 10-K filed 2025-02-13 · Generation & Marketing segment · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[21] AEP 10-K filed 2025-02-13 · 2024 customer demand and data processing load · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[22] AEP Q2 2025 earnings call 2025-07-30 · minority transmission sale Q&A · 2025-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[23] AEP 10-K filed 2025-02-13 · 2022-2024 total revenues · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[24] AEP 10-K filed 2025-02-13 · 2022-2024 earnings by segment · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[25] AEP 8-K filed 2026-02-12 · 2025 full-year results · 2026-02-12 · 8-K · https://www.sec.gov/Archives/edgar/data/4904/000000490426000011/a4q20258kpressreleaseex991.htm

[26] AEP 10-Q filed 2026-07-30 · 2Q26 consolidated earnings drivers · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[27] AEP Q4 2025 earnings call 2026-02-12 · 2025 sales growth · 2026-02-12 · earnings-call · https://gateway.drillr.ai/mcp/private

[28] AEP 8-K filed 2026-05-05 · 1Q26 results · 2026-05-05 · 8-K · https://www.sec.gov/Archives/edgar/data/4904/000000490426000031/a1q20268kpressreleaseex991.htm

[29] AEP 10-Q filed 2026-07-30 · 2Q26 Corporate and Other · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[30] AEP 10-K filed 2025-02-13 · 2022-2024 operating cash flow · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[31] AEP 10-K filed 2025-02-13 · 2022-2024 construction expenditures · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[32] AEP 10-Q filed 2026-07-30 · 1H26 cash flow summary · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[33] AEP 10-Q filed 2026-07-30 · 1H26 investing activities · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[34] AEP 10-Q filed 2026-07-30 · 1H26 financing activities · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[35] AEP 10-Q filed 2026-07-30 · debt-to-total capital · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[36] AEP 10-Q filed 2026-07-30 · dividend declaration · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[37] AEP 10-Q filed 2026-07-30 · 2Q26 VIU KWh sales · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[38] AEP 10-Q filed 2026-07-30 · 1H26 customer demand · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[39] AEP 10-Q filed 2026-07-30 · 2Q26 T&D earnings reconciliation · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[40] AEP 10-Q filed 2026-07-30 · 2026-2030 budgeted capital expenditures · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[41] AEP 10-K filed 2025-02-13 · franchise service territories and competition · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[42] AEP 8-K filed 2026-05-05 · transmission investment and 765 kV awards · 2026-05-05 · 8-K · https://www.sec.gov/Archives/edgar/data/4904/000000490426000031/a1q20268kpressreleaseex991.htm

[43] AEP 8-K filed 2026-07-30 · 69 GW contracted load and turbine capacity · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/4904/000000490426000055/a2q20268kpressreleaseex991.htm

[44] AEP Q1 2026 earnings call 2026-05-05 · data center share of contracted load · 2026-05-05 · earnings-call · https://gateway.drillr.ai/mcp/private

[45] AEP Q1 2026 earnings call 2026-05-05 · ERCOT interconnection timing risk · 2026-05-05 · earnings-call · https://gateway.drillr.ai/mcp/private

[46] AEP 8-K filed 2026-07-30 · affordability, DOE loans and large load tariffs · 2026-07-30 · 8-K · https://www.sec.gov/Archives/edgar/data/4904/000000490426000055/a2q20268kpressreleaseex991.htm

[47] AEP 10-K filed 2025-02-13 · 2022-2024 T&D KWh sales · 2025-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/4904/000000490425000027/aep-20241231.htm

[48] AEP 10-Q filed 2025-10-29 · 3Q25 VIU KWh sales · 2025-10-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490425000171/aep-20250930.htm

[49] AEP 10-Q filed 2025-10-29 · 3Q25 VIU degree days · 2025-10-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490425000171/aep-20250930.htm

[50] AEP 10-Q filed 2026-07-30 · large load tariffs · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[51] AEP 10-Q filed 2026-07-30 · ERCOT Batch Zero and SB 6 · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[52] AEP Q2 2026 earnings call 2026-07-30 · Batch Zero and growth risks · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[53] AEP Q2 2026 earnings call 2026-07-30 · regulatory outcomes · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[54] AEP Q2 2026 earnings call 2026-07-30 · earned ROE and segment comparison · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[55] AEP 10-Q filed 2026-07-30 · Indiana rate plan notice · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[56] AEP 8-K filed 2026-05-05 · $78 billion capital plan · 2026-05-05 · 8-K · https://www.sec.gov/Archives/edgar/data/4904/000000490426000031/a1q20268kpressreleaseex991.htm

[57] AEP 8-K filed 2026-05-14 · May 2026 forward sale agreements · 2026-05-14 · 8-K · https://www.sec.gov/Archives/edgar/data/4904/000119312526223988/d248447d8k.htm

[58] AEP 10-Q filed 2025-10-29 · 3Q25 Transmission Holdco investment · 2025-10-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490425000171/aep-20250930.htm

[59] AEP Q2 2026 earnings call 2026-07-30 · Batch Zero Q&A · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[60] AEP 10-Q filed 2026-07-30 · PJM proposed reforms · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[61] AEP 10-Q filed 2026-07-30 · Texas UTM deferral and prudency review · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/4904/000000490426000059/aep-20260630.htm

[62] TIKR blog 2026-08-03 · AEP Q2 earnings and 69 GW load backlog · 2026-08-03 · TIKR · https://www.tikr.com/blog/american-electric-powers-q2-earnings-show-a-69-gigawatt-problem-wall-street-is-underpricing