AEP Reports Second-Quarter 2026 Earnings, Raises Full-Year Guidance
Rhea-AI Summary
American Electric Power (Nasdaq: AEP) reported second-quarter 2026 revenue of $5.445 billion, up from $5.087 billion a year earlier, with GAAP earnings of $713 million or $1.31 per share versus $1.226 billion or $2.29 per share in 2025. Operating earnings were $742 million or $1.36 per share, compared with $766 million or $1.43 per share.
AEP raised its full-year 2026 operating EPS guidance to $6.25–$6.55 (from $6.15–$6.45) and estimated GAAP EPS of $6.16–$6.46. The company reaffirmed a 7%–9% annual operating earnings growth rate through 2030 and cited a five-year, $78 billion capital plan plus over $10 billion of additional potential investments.
AEP highlighted up to $16 billion in expected cost offsets for residential customers, about $5 billion in DOE loans and nearly $400 million in DOE grants, together expected to deliver roughly $1.4 billion in customer benefits. Contracted load additions rose to 69 GW through 2030, and approximately 13 GW of gas-fired turbine capacity has been secured, with up to 10 GW more under evaluation.
Positive
- Revenue growth to $5.445 billion in Q2 2026 from $5.087 billion in Q2 2025
- 2026 operating EPS guidance raised to $6.25–$6.55 from $6.15–$6.45
- Estimated 2026 GAAP EPS guided to $6.16–$6.46 per share
- Strong contracted load growth of 69 GW through 2030, including hyperscalers and data centers
- Approximately $5 billion in DOE loans and nearly $400 million in grants supporting about $1.4 billion customer benefits
- Secured about 13 GW of gas-fired turbine capacity for potential deployment through 2031
- Year-to-date operating earnings increased to $1.633 billion from $1.589 billion
Negative
- Q2 2026 GAAP earnings declined to $713 million from $1.226 billion year over year
- Q2 2026 operating earnings fell to $742 million from $766 million year over year
- Year-to-date 2026 GAAP earnings decreased to $1.587 billion from $2.026 billion
- All Other segment GAAP loss widened to $115 million in Q2 2026 from $71 million in Q2 2025
News Explained
The expected residential cost offsets are supported by fully executed take-or-pay electric service agreements, while the DOE financing and grant benefits remain estimates over the lives of the loans and grants.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 21 | Board appointments | Neutral | -0.4% | Two directors were elected, expanding board expertise in hospitality and digital infrastructure. |
| Jul 20 | Dividend declaration | Positive | -0.4% | AEP declared a regular quarterly cash dividend of $0.95 per share. |
| Jul 20 | Generation project | Neutral | -0.8% | AEP's subsidiary requested approval for a 1,520 MW natural gas plant. |
| Jul 08 | DOE loan agreement | Positive | -1.2% | AEP Texas secured federal financing expected to produce $685 million in savings. |
| May 12 | Common stock offering | Negative | -3.0% | AEP priced 20,472,442 shares at $127.00 through forward sale agreements. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AEP's recent positive or neutral announcements were followed by negative price reactions, while the prior offering announcement was followed by a negative reaction.
Key Terms
gaap financial
non-gaap financial
compound annual growth rate financial
take-or-pay electric service agreements financial
securitization financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Raises full-year 2026 operating earnings guidance to
$6.25 $6.55 - Supports affordability with up to
$16 billion $1.4 billion - Expands new load additions to 69 gigawatts (GW) through 2030
- Secures approximately 13 GW of gas-fired turbine capacity; additional 10 GW under evaluation to meet growing demand
AEP is raising its full-year 2026 operating earnings guidance to
"While I recognize our operating earnings are below last year at this stage due to the 2025 transmission minority interest sale and the timing of tax-related items, I am highly confident in our robust business performance – so much so that we are raising 2026 full-year guidance to
Affordability and Regulatory Progress
Affordability remains central to AEP's customer-focused growth strategy. As new large load customers come online, they can help spread the fixed costs across a broader customer base. AEP has identified up to
As an additional affordability measure, AEP continues to utilize grants and low-cost loans from the
With this financing, AEP has now secured approximately
AEP's operating companies continued to deliver productive regulatory outcomes during the second quarter. These included approval of a distribution base rate decrease for customers in
"As electricity demand accelerates, we have seen firsthand how growth can lower costs and improve affordability for existing customers. That is why we have led efforts to implement large load tariffs and structure contracts to ensure growth helps pay for growth," said Fehrman. "By leveraging our industry-leading transmission network, securing the resources needed to support reliability and future demand, and working with our regulators and policymakers to drive down costs for customers, we expect to strengthen our communities and create long-term value for all of our stakeholders."
Accelerating Demand Drives Infrastructure Investment
AEP continues to see robust customer demand across its system and is making investments that support reliability, affordability and long-term value for customers, communities and shareholders. The company added an incremental six GW of signed load agreements during the second quarter, primarily in
Generation Strategy Advances to Support Growing Customer Base
Significant new generation is required to meet customer energy needs, and AEP has been an early mover to secure the resources needed to serve growing demand reliably.
During the second quarter, AEP secured three additional GW of gas-fired turbine capacity, bringing its total secured capacity to approximately 13 GW for potential deployment through 2031. AEP is also evaluating opportunities to obtain up to 10 GW of additional turbine capacity through 2035. This proactive approach provides greater visibility and flexibility in AEP's generation planning and reinforces its ability to serve accelerating load growth across the footprint.
"AEP is demonstrating the value of our scale, industry expertise and disciplined focus on execution to benefit our customers," said Fehrman. "We are building partnerships and making strategic investments in generation and transmission that support reliability and affordability while helping customers and communities capture the benefits of generational energy demand growth."
AMERICAN ELECTRIC POWER Preliminary, unaudited results | ||||||||
Second Quarter Ended June 30 | Year-to-Date Ended June 30 | |||||||
2025 | 2026 | Variance | 2025 | 2026 | Variance | |||
Revenue ($ in millions): | 5,087 | 5,445 | 358 | 10,550 | 11,465 | 915 | ||
Earnings ($ in millions): | ||||||||
GAAP | 1,226 | 713 | (513) | 2,026 | 1,587 | (439) | ||
Operating (non-GAAP) | 766 | 742 | (24) | 1,589 | 1,633 | 44 | ||
EPS ($): (a) | ||||||||
GAAP | 2.29 | 1.31 | (0.98) | 3.80 | 2.92 | (0.88) | ||
Operating (non-GAAP) | 1.43 | 1.36 | (0.07) | 2.98 | 3.01 | 0.03 | ||
(a) | EPS is calculated using the weighted average basic common shares outstanding of 534 million and |
SUMMARY OF RESULTS BY SEGMENT $ in millions, unaudited | |||||||
GAAP Earnings | 2Q 25 | 2Q 26 | Variance | YTD 25 | YTD 26 | Variance | |
Vertically Integrated Utilities (a) | 433 | 284 | (149) | 757 | 746 | (11) | |
Transmission & Distribution Utilities (b) | 224 | 222 | (2) | 389 | 459 | 70 | |
AEP Transmission Holdco (c) | 578 | 225 | (353) | 813 | 434 | (379) | |
Generation & Marketing (d) | 62 | 97 | 35 | 164 | 172 | 8 | |
All Other | (71) | (115) | (44) | (97) | (224) | (127) | |
Total GAAP Earnings | 1,226 | 713 | (513) | 2,026 | 1,587 | (439) | |
Operating Earnings (non-GAAP) | 2Q 25 | 2Q 26 | Variance | YTD 25 | YTD 26 | Variance | |
Vertically Integrated Utilities (a) | 297 | 302 | 5 | 647 | 766 | 119 | |
Transmission & Distribution Utilities (b) | 224 | 239 | 15 | 416 | 476 | 60 | |
AEP Transmission Holdco (c) | 224 | 225 | 1 | 459 | 434 | (25) | |
Generation & Marketing (d) | 92 | 91 | (1) | 168 | 181 | 13 | |
All Other | (71) | (115) | (44) | (101) | (224) | (123) | |
Total Operating Earnings (non-GAAP) | 766 | 742 | (24) | 1,589 | 1,633 | 44 | |
A full reconciliation of GAAP earnings to operating earnings is included in tables at the end of this news release. | |
(a) | Includes AEP Generating Co., Appalachian Power, Indiana Michigan Power, Kentucky Power, Kingsport Power, Public Service Company of |
(b) | Includes AEP Ohio and AEP Texas |
(c) | Includes transmission-only subsidiaries and transmission-only joint ventures |
(d) | Includes marketing, risk management and retail activities in ERCOT, MISO, PJM and SPP, and competitive generation in PJM |
EARNINGS GUIDANCE
AEP management raised its 2026 operating earnings guidance range to
Reflecting certain items recorded through the second quarter, the estimated earnings per share on a GAAP basis would be
2026 EPS Guidance Reconciliation | |||
Estimated GAAP EPS Guidance | to | ||
Mark-to-Market Impact of Commodity | 0.03 | ||
Impact of WVPSC Order | (0.07) | ||
Pirkey Plant Partial Disallowance | 0.06 | ||
Unified Tracker Mechanism Partial | 0.04 | ||
Wholesale Customer Contract Agreements | 0.04 | ||
Income Tax Effect of Adjustments | (0.01) | ||
Operating EPS Guidance | to | ||
WEBCAST
AEP's quarterly discussion with financial analysts and investors will be broadcast live over the internet at 9 a.m. Eastern today at http://www.aep.com/webcasts. The webcast will include audio of the discussion and visuals of charts and graphics referred to by AEP management. The charts and graphics will be available for download at http://www.aep.com/webcasts.
AEP reports its financial results in accordance with GAAP. AEP supplements its reporting of financial information with certain non-GAAP financial measures, such as operating earnings and operating earnings per share. The most comparable GAAP measure to operating earnings and operating earnings per share is GAAP earnings and GAAP earnings per share, respectively.
This information is intended to enhance an investor's overall understanding of period over period financial results and provide an indication of AEP's baseline operating performance by excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this information is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting of future periods. These non-GAAP financial measures are not a presentation defined under GAAP and may not be comparable to other companies' presentations. These non-GAAP measures should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP measures.
ABOUT AEP
American Electric Power (Nasdaq: AEP) is committed to improving our customers' lives with reliable, affordable power. We plan to invest
WEBSITE DISCLOSURE
AEP may use its website as a distribution channel for material company information. Financial and other important information regarding AEP is routinely posted on and accessible through AEP's website at https://www.aep.com/investors/. In addition, you may automatically receive email alerts and other information about AEP when you enroll your email address by visiting the "Email Alerts" section at https://www.aep.com/investors/.
FORWARD-LOOKING INFORMATION
This report made by the Registrants contains forward-looking statements, and for the Registrants other than Parent, this report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements in this document are presented as of the date of this document. Except to the extent required by applicable law, management undertakes no obligation to update or revise any forward-looking statement. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: changes in economic conditions, electric market demand and demographic patterns in AEP's service territory; the economic impact of increased global conflicts and trade tensions, and the adoption or expansion of economic sanctions, tariffs, trade restrictions or changes in trade policy; inflationary or deflationary interest rate trends; new legislation or regulations adopted in the states in which we operate or federal legislation or regulations adopted that alters the regulatory framework or that prevents the timely recovery of costs and investments; volatility and instability in financial markets precipitated by disruptive events, including fiscal and monetary policy or uncertainty in the banking industry; particularly developments affecting the availability or cost of capital to finance new capital projects and refinance existing debt; the availability and cost of funds to finance working capital and capital needs, particularly (a) if expected sources of capital such as proceeds from the sale of tax credits and anticipated securitizations do not materialize or do not materialize at the level anticipated, and (b) during periods when the time lag between incurring costs and recovery is long and the costs are material; changing demand for electricity, including large load contractual commitments; the risks and uncertainties associated with wildfires, including damages caused by wildfires, the extent of each Registrant's liability in connection with wildfires, investigations and outcomes associated with legal proceedings, demands or similar actions, inability to recover wildfire costs through insurance or through rates and the impact on financial condition and the reputation of each Registrant; the impact of extreme weather conditions, natural disasters and catastrophic events such as storms, hurricanes, wildfires and drought conditions that pose significant risks including potential litigation and the inability to recover significant damages and restoration costs incurred; limitations or restrictions on the amounts and types of insurance available to cover losses that might arise in connection with natural disasters, wildfires or operations; the cost of fuel and its transportation, the creditworthiness and performance of parties who supply and transport fuel and the cost of storing and disposing of used fuel, including coal ash and SNF; the availability of fuel and necessary generation capacity and the performance of generation plants; the ability to recover fuel and other energy costs through regulated or competitive electric rates; the ability to plan for, develop, construct, acquire, or integrate a broad range of generation and energy storage resources, as well as related transmission and distribution infrastructure, including obtaining necessary regulatory approvals, permits, and incentives for which the timing is dependent upon the priorities, requirements, processes and determinations of the local policy and regulatory authorities; complying with cost caps and other regulatory or contractual requirements; and recovering associated costs and earning an appropriate return while meeting reliability, affordability, environmental, and customer‑service obligations; the disruption of AEP's business operations due to impacts of economic or market conditions, costs of compliance with potential government regulations, electricity usage, supply chain issues, customers, service providers, vendors and suppliers caused by natural disasters or other events; construction and development risks associated with the completion of the 2026-2030 capital investment plan, including shortages or delays in labor, materials, equipment or parts; the impact of prolonged or recurring U.S. federal government shutdowns on AEP's operations, regulatory approvals and financial performance including potential volatility in the capital markets which may interrupt our access to capital; new legislation, litigation or government regulation, including changes to tax laws and regulations, oversight of nuclear generation, evolving environmental standards, energy commodity trading and new or modified requirements related to emissions of sulfur, nitrogen, mercury, carbon, soot or PM and other substances that could impact the continued operation, cost recovery and/or profitability of generation plants and related assets; the impact of tax legislation or associated Department of Treasury guidance, including potential changes to existing tax incentives, on capital plans, results of operations, financial condition, cash flows or credit ratings; the risks before, during and after generation of electricity associated with the fuels used or the by-products and wastes of such fuels, including coal ash and SNF; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance; resolution of litigation or regulatory proceedings or investigations; the ability to efficiently manage and recover operation, maintenance and development project costs; prices and demand for power generated and sold in wholesale markets; changes in technology, including new, developing, alternative or distributed sources of generation and energy storage; the ability to recover through rates any remaining unrecovered investment in generation units that may be retired before the end of their previously projected useful lives; volatility and changes in markets for coal and other energy-related commodities, particularly changes in the price of natural gas; the impact of changing expectations and demands of customers, regulators, investors and stakeholders, including development, adoption, and use of AI by us, our customers and our third party vendors and evolving expectations related to sustainability; customer affordability considerations may impact regulatory recovery outcomes and future rate design; changes in utility regulation, policies, methodologies for evaluating and approving load interconnection, and the allocation of costs within RTOs including ERCOT, PJM and SPP and the impacts of potential market changes or our participation within those RTOs; changes in the creditworthiness of the counterparties with contractual arrangements, including participants in the energy trading market; actions of rating agencies, including changes in ratings impacting the cost of debt; the impact of geopolitical developments on global energy markets, including volatility in fuel supply and pricing, power-generation economics and customer demand patterns; the impact of volatility in the capital markets on the value of the investments held by the pension, OPEB and nuclear decommissioning trust funds and a captive insurance entity and the impact of such volatility on future funding requirements; accounting standards periodically issued by accounting standard-setting bodies; the ability to successfully defend against cybersecurity threats; other risks and unforeseen events, including wars and military conflicts, the effects of terrorism (including increased security costs), embargoes, labor strikes impacting material supply chains, global information technology disruptions and other catastrophic events; the ability to attract and retain the requisite work force and key personnel, including senior management.
American Electric Power | |||||||||||||||
Financial Results for the Second Quarter of 2026 | |||||||||||||||
Reconciliation of GAAP to Operating Earnings (non-GAAP) | |||||||||||||||
2026 | |||||||||||||||
Vertically | Transmission | AEP | Generation | Corporate | Total | EPS (a) | |||||||||
($ in millions, unaudited) | |||||||||||||||
GAAP Earnings (Loss) | (b) | 284 | 222 | 225 | 97 | (115) | 713 | $ 1.31 | |||||||
Adjustments to GAAP Earnings | |||||||||||||||
Mark-to-Market Impact of | (c) | — | — | — | (8) | — | (8) | (0.02) | |||||||
Unified Tracker Mechanism Partial | (d) | — | 22 | — | — | — | 22 | 0.04 | |||||||
Wholesale Customer Contract | (e) | 23 | — | — | — | — | 23 | 0.04 | |||||||
Income Tax Effect of Adjustments | (f) | (5) | (5) | — | 2 | — | (8) | (0.01) | |||||||
Total Adjustments | 18 | 17 | — | (6) | — | 29 | $ 0.05 | ||||||||
Operating Earnings (Loss) (non-GAAP) | 302 | 239 | 225 | 91 | (115) | 742 | $ 1.36 | ||||||||
(a) | EPS is calculated using the weighted average basic common shares outstanding |
(b) | Represents the earnings (loss) attributable to common shareholders |
(c) | Represents the mark‑to‑market impact of economic hedging activities which are excluded to align with the recognition of the underlying hedged exposures |
(d) | Represents the estimated impact of the probable, partial disallowance of costs included in AEP Texas' Unified Tracker Mechanism filing |
(e) | Represents probable liability related to SWEPCo's agreements with certain existing wholesale customers and current discussions with one remaining existing wholesale customer under generation supply contracts, which is expected to result in credits to these wholesale customers |
(f) | Tax effect is calculated using the statutory tax rate unless otherwise noted |
Financial Results for the Second Quarter of 2025 | |||||||||||||||
Reconciliation of GAAP to Operating Earnings (non-GAAP) | |||||||||||||||
2025 | |||||||||||||||
Vertically | Transmission | AEP | Generation | Corporate | Total | EPS (a) | |||||||||
($ in millions, unaudited) | |||||||||||||||
GAAP Earnings (Loss) | (b) | 433 | 224 | 578 | 62 | (71) | 1,226 | $ 2.29 | |||||||
Adjustments to GAAP Earnings | (c) | ||||||||||||||
Mark-to-Market Impact of | (d) | (10) | — | — | 30 | — | 20 | 0.04 | |||||||
FERC NOLC Order | (e) | (126) | — | (354) | — | — | (480) | (0.90) | |||||||
Total Adjustments | (136) | — | (354) | 30 | — | (460) | (0.86) | ||||||||
Operating Earnings (Loss) (non-GAAP) | 297 | 224 | 224 | 92 | (71) | 766 | $ 1.43 | ||||||||
(a) | EPS is calculated using the weighted average basic common shares outstanding |
(b) | Represents the earnings (loss) attributable to common shareholders |
(c) | Excluding tax related adjustments, all items presented in the table are tax adjusted at the statutory rate unless otherwise noted |
(d) | Represents the mark‑to‑market impact of economic hedging activities which are excluded to align with the recognition of the underlying hedged exposures |
(e) | Represents the impact of the FERC NOLC Order for years 2021-2024 |
American Electric Power | ||||||
Summary of Selected Sales Data | ||||||
Regulated Connected Load | ||||||
(Data based on preliminary, unaudited results) | ||||||
Three Months Ended June 30 | ||||||
ENERGY & DELIVERY SUMMARY | 2025 | 2026 | Variance | |||
(in millions of KWh) | ||||||
Vertically Integrated Utilities | ||||||
Retail: | ||||||
Residential | 6,372 | 6,443 | 1.1 % | |||
Commercial | 6,297 | 7,238 | 14.9 % | |||
Industrial | 8,595 | 8,584 | (0.1) % | |||
Miscellaneous | 569 | 567 | (0.4) % | |||
Total Retail | 21,833 | 22,832 | 4.6 % | |||
Wholesale (a) | 3,443 | 3,550 | 3.1 % | |||
Total KWhs | 25,276 | 26,382 | 4.4 % | |||
Transmission & Distribution Utilities | ||||||
Retail: | ||||||
Residential | 6,299 | 6,119 | (2.9) % | |||
Commercial | 11,042 | 12,961 | 17.4 % | |||
Industrial | 7,048 | 8,104 | 15.0 % | |||
Miscellaneous | 172 | 171 | (0.6) % | |||
Total Retail (b) | 24,561 | 27,355 | 11.4 % | |||
Wholesale (c) | 464 | 256 | (44.8) % | |||
Total KWhs | 25,025 | 27,611 | 10.3 % | |||
(a) | Includes off-system sales, municipalities and cooperatives, unit power and other wholesale customers |
(b) | Represents energy delivered to distribution customers |
(c) | Primarily |
American Electric Power | |||||||||||||||
Financial Results for Year-to-Date 2026 | |||||||||||||||
Reconciliation of GAAP to Operating Earnings (non-GAAP) | |||||||||||||||
2026 | |||||||||||||||
Vertically | Transmission | AEP | Generation | Corporate | Total | EPS (a) | |||||||||
($ in millions, unaudited) | |||||||||||||||
GAAP Earnings (Loss) | (b) | 746 | 459 | 434 | 172 | (224) | 1,587 | $ 2.92 | |||||||
Adjustments to GAAP Earnings | |||||||||||||||
Mark-to-Market Impact of | (c) | 7 | — | — | 11 | — | 18 | 0.03 | |||||||
Impact of WVPSC Order | (d) | (35) | — | — | — | — | (35) | (0.07) | |||||||
Pirkey Plant Partial Disallowance | (e) | 31 | — | — | — | — | 31 | 0.06 | |||||||
Unified Tracker Mechanism Partial | (f) | — | 22 | — | — | — | 22 | 0.04 | |||||||
Wholesale Customer Contract | (g) | 23 | — | — | — | — | 23 | 0.04 | |||||||
Income Tax Effect of Adjustments | (h) | (6) | (5) | — | (2) | — | (13) | (0.01) | |||||||
Total Adjustments | 20 | 17 | — | 9 | — | 46 | $ 0.09 | ||||||||
Operating Earnings (Loss) (non-GAAP) | 766 | 476 | 434 | 181 | (224) | 1,633 | $ 3.01 | ||||||||
(a) | EPS is calculated using the weighted average basic common shares outstanding |
(b) | Represents the earnings (loss) attributable to common shareholders |
(c) | Represents the mark‑to‑market impact of economic hedging activities which are excluded to align with the recognition of the underlying hedged exposures |
(d) | Represents the impact of the WVPSC order related to the 2024 Modified Rate Base Cost surcharge update filing |
(e) | Represents the estimated impact of the probable, partial disallowance of the Pirkey Plant net book value in the 2025 Texas Base Rate Case |
(f) | Represents the estimated impact of the probable, partial disallowance of costs included in AEP Texas' Unified Tracker Mechanism filing |
(g) | Represents probable liability related to SWEPCo's agreements with certain existing wholesale customers and current discussions with one remaining existing wholesale customer under generation supply contracts, which is expected to result in credits to these wholesale customers |
(h) | Tax effect is calculated using the statutory tax rate unless otherwise noted |
Financial Results for Year-to-Date 2025 | |||||||||||||||
Reconciliation of GAAP to Operating Earnings (non-GAAP) | |||||||||||||||
2025 | |||||||||||||||
Vertically | Transmission | AEP | Generation | Corporate | Total | EPS (a) | |||||||||
($ in millions, unaudited) | |||||||||||||||
GAAP Earnings (Loss) | (b) | 757 | 389 | 813 | 164 | (97) | 2,026 | $ 3.80 | |||||||
Adjustments to GAAP Earnings | (c) | ||||||||||||||
Mark-to-Market Impact of Commodity | (d) | 16 | — | — | (10) | — | 6 | 0.01 | |||||||
Sale of AEP Onsite Partners | (e) | — | — | — | 14 | (4) | 10 | 0.02 | |||||||
Impact of Ohio Legislation | (f) | — | 27 | — | — | — | 27 | 0.05 | |||||||
FERC NOLC Order | (g) | (126) | — | (354) | — | — | (480) | (0.90) | |||||||
Total Adjustments | (110) | 27 | (354) | 4 | (4) | (437) | $ (0.82) | ||||||||
Operating Earnings (Loss) (non-GAAP) | 647 | 416 | 459 | 168 | (101) | 1,589 | $ 2.98 | ||||||||
(a) | EPS is calculated using the weighted average basic common shares outstanding |
(b) | Represents the earnings (loss) attributed to common shareholders |
(c) | Excluding tax related adjustments, all items presented in the table are tax adjusted at the statutory rate unless otherwise noted |
(d) | Represents the mark‑to‑market impact of economic hedging activities which are excluded to align with the recognition of the underlying hedged exposures |
(e) | Represents an adjustment to the estimated loss on the sale of AEP OnSite Partners as a result of the contractual working capital true-up |
(f) | Represents the reduction in regulatory assets for OVEC-related purchased power costs as a result of approved legislation in |
(g) | Represents the impact of the FERC NOLC Order for years 2021-2024 |
American Electric Power | |||||
Summary of Selected Sales Data | |||||
Regulated Connected Load | |||||
(Data based on preliminary, unaudited results) | |||||
Six Months Ended June 30 | |||||
ENERGY & DELIVERY SUMMARY | 2025 | 2026 | Variance | ||
(in millions of KWh) | |||||
Vertically Integrated Utilities | |||||
Retail: | |||||
Residential | 15,776 | 15,316 | (2.9) % | ||
Commercial | 12,193 | 14,065 | 15.4 % | ||
Industrial | 16,696 | 16,582 | (0.7) % | ||
Miscellaneous | 1,102 | 1,101 | (0.1) % | ||
Total Retail | 45,767 | 47,064 | 2.8 % | ||
Wholesale (a) | 8,234 | 7,095 | (13.8) % | ||
Total KWhs | 54,001 | 54,159 | 0.3 % | ||
Transmission & Distribution Utilities | |||||
Retail: | |||||
Residential | 13,310 | 12,651 | (5.0) % | ||
Commercial | 20,630 | 25,738 | 24.8 % | ||
Industrial | 13,804 | 14,976 | 8.5 % | ||
Miscellaneous | 344 | 337 | (2.0) % | ||
Total Retail (b) | 48,088 | 53,702 | 11.7 % | ||
Wholesale (c) | 1,131 | 899 | (20.5) % | ||
Total KWhs | 49,219 | 54,601 | 10.9 % | ||
(a) | Includes off-system sales, municipalities and cooperatives, unit power and other wholesale customers |
(b) | Represents energy delivered to distribution customers |
(c) | Primarily |
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SOURCE American Electric Power