Research · Sep 3, 2026
[AEP] American Electric Power Thesis 2026: Data Center Load Growth Anchors Record Capex Cycle
American Electric Power FY25 (Dec 31, 2025) at $21.78B revenue (+9%). NI $3.58B; EPS $6.66 (+19%). Adj operating EPS $5.97 (above top of guide). Retail sales +7.5%, commercial + industrial +10% (data centers IN/TX/OH + Texas industrial). FY26 guide $6.15-$6.45 EPS. Long-term 7-9% CAGR; $72B 5-year capex; 10% rate base CAGR; $5-8B incremental generation needs identified.