American Electric Power reported strong full-year 2025 results with increased GAAP and operating earnings, driven by significant load growth and strategic infrastructure investments. The company reaffirmed its long-term growth outlook and highlighted opportunities for substantial incremental investment beyond its current capital plan.
Full-year GAAP earnings increased to $6.70 per share from $5.60 in the prior year.
positiveFull-year operating earnings increased to $5.97 per share from $5.62 in the prior year.
positiveIncremental load demand doubled to 56 GW by 2030, all backed by signed agreements.
positiveIdentified opportunities for $5 billion to $8 billion of incremental investment beyond the five-year capital plan.
positiveReaffirmed 2026 operating earnings guidance of $6.15 to $6.45 per share and long-term operating earnings growth rate of 7% to 9%.
positiveFourth-quarter GAAP earnings decreased to $1.09 per share from $1.25 in the prior year.
negativeFourth-quarter operating earnings decreased to $1.19 per share from $1.24 in the prior year.
negativeTotal GAAP Earnings for Q4 2025 decreased by $82 million compared to Q4 2024.
negativeTotal Operating Earnings for Q4 2025 decreased by $22 million compared to Q4 2024.
negativeAEP Transmission Holdco GAAP earnings decreased by $18 million in Q4 2025 compared to Q4 2024.
negativeTransmission & Distribution Utilities GAAP earnings decreased by $23 million in Q4 2025 compared to Q4 2024.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Vertically Integrated Utilities | N/A | — | — | — |
Transmission & Distribution Utilities | N/A | — | — | — |
AEP Transmission Holdco | N/A | — | — | — |
Generation & Marketing | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
AEP is exceptionally well positioned for the future with the scale and discipline to execute large-scale infrastructure projects needed to meet unprecedented customer demand in some of the highest-growth regions in the country.
We remain committed to making investments that deliver long-term value while helping keep rates affordable for our customers.
AEP’s approach to large load customers is serving as a model for the industry.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.