American Electric Power Company, Inc. (AEP) Earnings
American Electric Power Company, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $1.48. AEP has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +5.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $1.57 | $1.64 | +4.5% | $6.0B | +5.3% |
| Feb 12, 2026 | $1.15 | $1.19 | +3.5% | $5.0B | +3.2% |
| Oct 29, 2025 | $1.81 | $1.80 | -0.6% | $6.0B | +5.2% |
| Jul 30, 2025 | $1.27 | $1.43 | +12.6% | $5.1B | +2.5% |
| Feb 13, 2025 | $1.25 | $1.24 | -0.8% | $4.7B | -4.3% |
| Apr 30, 2024 | $1.25 | $1.27 | +1.6% | $5.0B | +0.1% |
| Feb 26, 2024 | $1.27 | $1.23 | -3.1% | $4.6B | -9.6% |
| Nov 2, 2023 | $1.70 | $1.77 | +4.1% | $5.3B | -0.8% |
| Jul 27, 2023 | $1.12 | $1.13 | +0.9% | $4.4B | -7.0% |
| May 4, 2023 | $1.14 | $1.11 | -2.6% | $4.7B | -0.3% |
| Feb 23, 2023 | $0.99 | $1.05 | +6.1% | $4.9B | +38.9% |
| Oct 27, 2022 | $1.56 | $1.62 | +3.8% | $5.5B | +16.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Defining period for the industry with AEP well - situated to capture growth due to scale, leadership position, execution capabilities, and operational footprint in fast - growing regions. - First quarter operating earnings of $1.64 per share build on momentum from 2025 and reaffirm full - year 2026 operating earnings guidance of $6.15 to $6.45 per share. - Contracted an additional 7 gigawatts of load in first quarter, with 63 gigawatts expected by 2030, nearly 90% of which are data centers. - Increased 5 - year capital plan to $78 billion, up from $72 billion, with $6 billion incremental investments including PJM and SPP transmission investments and I&M gas - fired generation. - Transmission investment forecast totals $33 billion, 42% of the overall $78 billion capital plan. - Proactively building generation capacity with $24 billion generation capital outlook through 2030, balanced across natural gas, solar, wind and storage. - Focus on affordability with up to $16 billion in cost offsets for existing customers from large load contracts. - Strong regulatory progress across multiple jurisdictions with favorable rate case outcomes.
Guidance
- Reaffirmed full - year 2026 operating earnings guidance range of $6.15 to $6.45 per share. - Reaffirmed premium operating earnings growth rate of 7% to 9% for 2026 through 2030, with expected long - term operating earnings CAGR now greater than 9% due to expanded capital plan. - $78 billion 5 - year capital plan with line of sight to over $10 billion of projects for 2026 through 2030.
Segment performance
First quarter 2026 operating earnings were $1.64 per share or $891 million. Results in VIU and T&D segments remained strong during the quarter driven by constructive rate case outcomes across multiple jurisdictions. Generation & Marketing segment results reflected stronger wholesale margin performance, partially offset by prior year contract optimization benefits. Corporate and Other variance was largely driven by higher O&M, increased interest expense and timing related to income taxes. Contracted load has increased to 63 gigawatts expected by 2030, with nearly 90% being data centers in Texas and Ohio requiring large - scale transmission projects and new generation.
Risks & headwinds
- Issues with speed of interconnecting generation to load in PJM and SPP, with current state of performance and stakeholder approval process not giving great confidence in quick resolution. - Need to assess all options to ensure efficient and effective path forward to deliver needed interconnected generation. - Uncertainty around timing of interconnection of load in ERCOT despite signed customer agreements and planning submissions.
Analyst Q&A
Q: Please give more color on PJM commentary, what would it take to not exit PJM?
A: We're not saying we're exiting PJM. Need faster way to interconnect into systems. Working with regulators and policymakers, engaging with FERC, RTOs, etc. to push process along. Considering full ranges of options including staying in or exploring alternatives.
Q: How confident are you about bloom and customer agreement in Wyoming requirements being met in second quarter?
A: Discussions continue to move forward. Team in contact with local mayor and stakeholders. Confident project will continue forward but some work between other parties.
Q: How do you think about the third quarter cadence for line of sight of next $10 billion?
A: We'll maintain disciplined approach to capital planning. Announced Piketon and Wyoming projects, showing robust nature of growing capital plan. Looking forward to third quarter call with more robust update.
Q: Timeline on PJM decision and participation in backstop?
A: On backstop, when formally approved, will look for potential opportunities to bid in through unregulated businesses. Broader focus is to solve speed to market issue.
Q: View on SPP and its impact on load connection?
A: Similar view to PJM on wanting to get load connected to generation. SPP has been more aggressive in addressing issues but still need to stay on top to eliminate risk and get customers connected quickly.
Q: What you see on the policy side as needs for transmission?
A: Keys around accelerating right - of - way acquisition and supply chain management. States supportive of transmission as it forms backbone for economic development.
Q: Timing and pricing of gas turbines?
A: Building out what customers are asking for, with a variety of simple cycle and combined cycle projects. In communication with major turbine suppliers, access to turbines well out into future, pricing under confidentiality agreements.
Q: Thoughts on alternative strategies like Genco structure in West Virginia?
A: Studying Genco model, in close communication with governor and energies in West Virginia, considering how best to move forward with opportunities in the state.
Q: Consideration of selling noncore assets or minority interests to finance capital?
A: Wouldn't talk about specific M&A, but have alternative forms of financing to fulfill growing capital plan without having to sell assets.
Q: Magnitude of EPS growth upside and relation to incremental capital?
A: Increase in long - term earnings CAGR to greater than 9% supported by $6 billion incremental capital, weighted to back half of plan. Piketon project and Wyoming fuel cell project are within the 5 - year capital plan with assets needing to be constructed by 2028.
Q: Use of grid - enhancing technologies and AEP Texas capital plan for added loads?
A: Team engaged with innovation, but strong focus on additional generation and transmission. AEP Texas capital plan has incremental capital needed to support added loads, with capital plan not directly one - for - one with incremental megawatts and some investments required regardless of load growth