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American Electric Power Company, Inc., an electric public utility holding company, engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale customers in the United States. It operates through Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing segments. The company generates electricity using coal and lignite, nuclear, natural gas, renewable, hydro, solar, wind, and other energy sources; owns, operates, maintains, and invests in transmission infrastructure; and engages in the retail supply, and wholesale energy trading and marketing businesses. It operates approximately 252,000 circuit miles of distribution lines; 38,000 circuit miles of transmission lines; and 25,000 MWs of regulated owned generating capacity. American Electric Power Company, Inc. was incorporated in 1906 and is headquartered in Columbus, Ohio.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $21.9B | $9.2B | $3.6B | $-1.6B | 11.5% | 10.9% | 20.7% |
| 2024 | $19.7B | $8.1B | $3.0B | $-967M | 11.0% | 3.9% | 34.4% |
| 2023 | $19.0B | $7.2B | $2.2B | $-2.5B | 8.7% | -3.3% | -4.3% |
| 2022 | $19.6B | $7.1B | $2.3B | $-1.5B | 9.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 19,639.50 | 18,982 | 19,721 | 21,876 |
| Cost Of Revenue | - | 8,347.30 | 7,854 | 7,261 | 8,530 |
| Gross Profit | - | 11,292.20 | 11,128 | 12,460 | 13,346 |
| Operating Expense | - | 7,513.70 | 7,393 | 8,013 | 7,961 |
| Operating Income | - | 3,778.50 | 3,735 | 4,447 | 5,385 |
| EBITDA | - | 7,102.20 | 7,203 | 8,099 | 9,239 |
| EBIT | - | 3,816.50 | 4,016 | 4,706 | 5,750 |
| Pretax Income | - | 2,420.40 | 2,209 | 2,843 | 3,724 |
| Tax Provision | - | 5.40 | 55 | -39 | 129 |
| Net Income | - | 2,307.20 | 2,208 | 2,967 | 3,580 |
| Net Income Common Stockholders | - | 2,307.20 | 2,208 | 2,967 | 3,580 |
| Total Expenses | - | 15,861 | 15,247 | 15,274 | 16,491 |
| Interest Expense | - | 1,396.10 | 1,807 | 1,863 | 2,026 |
| Normalized EBITDA | - | 7,264.30 | 7,207 | 8,031 | 9,060 |
| Normalized Income | - | 2,468.94 | 2,211.90 | 2,913.28 | 3,407.09 |
| Market Cap | 73,234.30 | 73,234.30 | 73,234.30 | 73,234.30 | 73,234.30 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| American Electric Power Company, Inc.this co. | AEP | $72.0B | 20.46↓ discount | 2.35 | 11.5% | 13.26 |
| Duke Energy Corporation | DUK | $100.2B | 19.94 | 1.95 | 9.8% | 11.12 |
| Constellation Energy Corporation | CEG | $98.3B | 48.98 | 7.82 | 16.0% | 19.96 |
| Vistra Corp. | VST | $69.7B | 58.94 | 21.23 | 36.0% | 14.82 |
| Sempra | SRE |
| 2021 | - | - | - | - | - | - | - |
| $62.3B |
| 33.15 |
| 1.93 |
| 5.8% |
| 18.21 |
| Dominion Energy, Inc. | D | $55.0B | 18.35 | 1.96 | 10.7% | 12.47 |
| Entergy Corporation | ETR | $50.6B | 29.34 | 3.07 | 10.5% | 13.19 |
| Exelon Corporation | EXC | $48.0B | 17.34 | 1.67 | 9.6% | 10.76 |
| Xcel Energy Inc. | XEL | $46.4B | 24.48 | 2.09 | 8.5% | 13.54 |
| Peer Median | - | 26.91 | 2.03 | 10.1% | 13.36 | |