AMERICAN ELECTRIC POWER CO INC Earnings Summary — Q1 2026

• Revenue grew 10.2% YoY to $6.02B, continuing a trend of double-digit growth since 2025.
• Net income attributable to common shareholders reached $849M, up 11.4% from the prior year.
• Operating income of $1.36B reflects successful rate-case execution and a larger regulated asset base.
• Interest expenses rose to $552M, representing a 5.7% increase YoY as debt funding for CAPEX expands.
• The fuel and purchased power expense increased 14.3% YoY, outpacing revenue growth in the quarter.
• Management continues to transition toward a 'wire-focused' strategy with regulated infrastructure.
• The balance sheet remains highly leveraged with a pivot towards high-margin regulated utility assets.

Management is focused on a heavy capital expenditure program aimed at rate-base expansion and a transition to a cleaner energy profile while maintaining a focus on shareholder value.

Stable

AEP continues to deliver on its strategy of consistent EPS growth and regulated infrastructure expansion, maintaining its defensive utility profile.

The outlook remains solid as the company leverages its massive $114B+ asset base. Growth will be driven by continued investment in regulated infrastructure, though high interest rates and regulatory lag in cost recovery remain primary risks.