American Electric Power AEP
AEP was incorporated under the laws of the State of New York in 1906 and reorganized in 1925. 10-K, Item 1
- Headquarters
- Columbus, OH
- CEO
- William Fehrman
- Next results
- around Feb 11, 2027
AEP among Utilities peers
Six ratios from the latest 10-K. Each corner is the share of 30 peers the company is above, not a score.
What changed
21 new risk paragraphs. 10-K filed Feb 12, 2026 against Feb 13, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
10 checks on the latest 10-K. Checks, not verdicts.
0facts worth reading about all 10 checks found nothing to note
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Receivables +8.9% vs revenue +10.9% (-2.0 pts)
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Cash from operations $6.9B vs net income $3.7B (FY ending Dec 31, 2025)
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Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
7 more checks with nothing to note
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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No longer listed: Incremental Asset Retirement Obligations arising from the Federal Environment Protection Agency’s (“Federal EPA”) Revised Coal Combustion Residuals (CCR) Rule. Same as last year: Accounting for the Effects of Cost-Based Regulation; Valuation of Level 3 Energy Contracts
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
21 paragraphs in Risk Factors that were not in the 10-K filed Feb 13, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Feb 13, 2025 10-K, ITEM 1A
The business and capital investment plans of AEP depend, in part, on the continued growth and viability of data centers and large load customers interconnecting with the AEP System. (Applies to all Registrants) AEP is experiencing current and projected load demands that exceed historical experience, creating a business need for new…
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Item 1A · new paragraph · not in the 10-K filed Feb 13, 2025 10-K, ITEM 1A
Meeting the significant increase in electricity demand from new data centers and other large‑load customers will require substantial investment in new generation and transmission facilities. These projects may require levels of capital that exceed historical utility financing needs, and the ability of the capital markets to supply…
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Item 1A · new paragraph · not in the 10-K filed Feb 13, 2025 10-K, ITEM 1A
Risks from cybersecurity and physical threats to energy infrastructure are increasing. Threat actors, including sophisticated nation-state actors and criminal groups, exploit potential vulnerabilities in the electric utility industry, grid infrastructure and other energy infrastructures. Attacks and disruptions, which could involve…
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Item 1A · new paragraph · not in the 10-K filed Feb 13, 2025 10-K, ITEM 1A
Changes in U.S. or foreign trade policies, including the imposition of tariffs and other protectionist trade measures, and other factors beyond AEP’s control may adversely impact future net income and cash flows and financial condition. Executive actions have been taken and additional measures proposed that are intended to alter the…
New risk paragraphs, against peers
Latest 10-K of each, Utilities companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $19.6B | $19.5B | $20.0B | $21.9B |
| Net income | $2.3B | $2.2B | $3.0B | $3.6B |
| Operating cash flow | $5.3B | $5.0B | $6.8B | $6.9B |
| Free cash flow | $4.9B | $6.4B | $3.5B |
Revenue, FY2016 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$21.9B ▲ 9.5% in FY2025$3.6B ▲ 20.7% in FY2025$3.5B ▼ 45.5% in FY2025
Recent filings
2 filings in the last 30 days · SEC EDGAR
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8-KOct 28, 2026Quarterly results 8-K item 2.02
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10-QOct 28, 2026Quarterly report (10-Q) period ended Sep 30, 2026
About the company
American Electric Power, Columbus, OH · from the 10-K filed Feb 12, 2026
AEP was incorporated under the laws of the State of New York in 1906 and reorganized in 1925. It is a public utility holding company that directly owns all of the outstanding common stock of the public utility subsidiaries identified below. The service areas of AEP’s public utility subsidiaries cover portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia. Transmission networks are interconnected with extensive distribution facilities in the territories served.
- Headquarters
- Columbus, OH
- Country
- United States
- Listed on
- Nasdaq
- Fiscal year ends
- December 31
- Last results
- Oct 28, 2026
- Incorporated in
- NY
Email alerts
Sources
The 10-K filed Feb 12, 2026 (open at SEC), compared with the 10-K filed Feb 13, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
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