American Electric Power
AEP · NasdaqElectric Services · Fiscal year ends Dec 31
American Electric Power reported revenue of $21.7B in the fiscal year ended Dec 2025, up 8.7% from the year before. Operating income was $5.3B, an operating margin of 24.5%, and net income was $3.7B. Operating cash flow of $6.9B less capital expenditure of $3.5B left free cash flow of $3.5B. Net debt was $47.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $16.8B | $19.4B | $19.5B | $20B | $21.7B |
| Operating income | $3.4B | $3.5B | $3.6B | $4.3B | $5.3B |
| Interest expense | $1.2B | $1.4B | $1.8B | $1.9B | $2B |
| Pre-tax income | $2.6B | $2.3B | $2.3B | $2.9B | $3.8B |
| Income tax | $116M | $5M | $55M | −$39M | $129M |
| Net income | $2.5B | $2.3B | $2.2B | $3B | $3.7B |
| Diluted EPS | 4.96 | 4.49 | 4.24 | 5.58 | 6.66 |
| Diluted shares | 502M | 513M | 520M | 531M | 537M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $403M | $509M | $330M | $203M | $197M |
| Receivables | $1.9B | $2.7B | $2.4B | $2.6B | $2.9B |
| Current assets | $7.8B | $6.8B | $6.1B | $5.8B | $6.1B |
| Net PP&E | $66B | $73.3B | $564M | $715M | $736M |
| Goodwill | $53M | $53M | $53M | $53M | $53M |
| Total assets | $87.7B | $93.4B | $96.7B | $103B | $114B |
| Payables | $2.1B | $2.7B | $2B | $2.6B | $3.4B |
| Deferred revenue | – | – | $424M | $455M | $507M |
| Current liabilities | $12.4B | $13.3B | $11.6B | $13B | $13.3B |
| Short-term debt | $2.2B | $2.5B | $2.5B | $3.3B | $3.2B |
| Long-term debt | $31.3B | $34.3B | $37.7B | $39.3B | $44.1B |
| Total liabilities | $64.9B | $69.2B | $71.4B | $76.1B | $82.2B |
| Shareholders' equity | $22.4B | $23.9B | $25.2B | $26.9B | $31.1B |
| Backlog (remaining obligations) | $1.6B | $437M | $363M | $302M | $226M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.8B | $5.3B | $5B | $6.8B | $6.9B |
| Capital expenditure | – | – | $155M | $399M | $3.5B |
| Free cash flow | – | – | $4.9B | $6.4B | $3.5B |
| Depreciation & amortisation | $2.7B | $3.1B | $2.9B | $3.1B | $3.3B |
| Stock-based compensation | – | $63M | $51M | $53M | $53M |
| Dividends paid | −$1.5B | $1.6B | $1.8B | $1.9B | $2B |
| Dividend per share | 3.00 | 3.17 | 3.37 | 3.57 | 3.74 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.5% | 0.3% | 2.6% | 8.7% |
| Operating income growth (YoY) | – | 2.1% | 2.1% | 21.0% | 23.6% |
| EPS growth (YoY) | – | −9.5% | −5.6% | 31.6% | 19.4% |
| Operating margin | 20.3% | 18.0% | 18.3% | 21.6% | 24.5% |
| Net margin | 14.8% | 11.9% | 11.4% | 14.9% | 17.0% |
| Return on equityBlank when equity is negative | 11.1% | 9.6% | 8.8% | 11.0% | 11.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.5% | 4.3% | 4.2% | 4.8% | 5.3% |
| Free cash flow margin | – | – | 25.0% | 32.1% | 16.1% |
| Cash conversion (CFO ÷ net income) | 1.54x | 2.29x | 2.26x | 2.29x | 1.88x |
| Receivable days | 42 | 50 | 46 | 48 | 48 |
| Interest cover | 2.84x | 2.49x | 1.97x | 2.31x | 2.63x |
| Debt ÷ equity | 1.49x | 1.54x | 1.59x | 1.58x | 1.52x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $33.1B | $36.3B | $39.8B | $42.4B | $47.1B |
| Current ratio | 0.63x | 0.51x | 0.53x | 0.44x | 0.45x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.