AMERICAN ELECTRIC POWER CO INC

For the period ended Mar 31, 2025. Filed May 6, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 6, 2025

AEP$127.84-0.4%Stored close · as of Nov 10, 2026

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Contents

Item 1. CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per-share and share amounts)

	Three Months Ended March 31,
	2025	2024
REVENUES
Vertically Integrated Utilities	$3,085.5	$2,901.2
Transmission and Distribution Utilities	1,515.5	1,483.2
Generation & Marketing	730.6	515.9
Other Revenues	131.8	125.4
TOTAL REVENUES	5,463.4	5,025.7
EXPENSES
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation	1,852.9	1,575.8
Other Operation	752.4	762.3
Maintenance	318.5	317.5
Depreciation and Amortization	833.4	787.1
Taxes Other Than Income Taxes	422.0	410.4
TOTAL EXPENSES	4,179.2	3,853.1
OPERATING INCOME	1,284.2	1,172.6
Other Income (Expense):
Other Income	7.8	13.6
Allowance for Equity Funds Used During Construction	57.3	43.6
Non-Service Cost Components of Net Periodic Benefit Cost	35.1	45.1
Interest Expense	(494.9)	(435.6)
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY EARNINGS	889.5	839.3
Income Tax Expense (Benefit)	125.5	(141.9)
Equity Earnings of Unconsolidated Subsidiaries	38.2	24.5
NET INCOME	802.2	1,005.7
Net Income Attributable to Noncontrolling Interests	2.0	2.6
EARNINGS ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$800.2	$1,003.1
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING	533,391,487	526,552,036
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$1.50	$1.91
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING	534,663,493	527,596,395
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$1.50	$1.90
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 96.

	Three Months Ended March 31,
	2025	2024
Net Income	$802.2	$1,005.7
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
Cash Flow Hedges, Net of Tax of $6.1 and $(1.6) in 2025 and 2024, Respectively	23.1	(6.2)
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $0.1 and $(0.2) in 2025 and 2024, Respectively	0.3	(0.6)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	23.4	(6.8)
TOTAL COMPREHENSIVE INCOME	825.6	998.9
Total Comprehensive Income Attributable To Noncontrolling Interests	2.0	2.6
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$823.6	$996.3
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 96.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

	AEP Common Shareholders
Common Stock · Accumulated Other Comprehensive Income (Loss)
Shares · Amount · Paid-in Capital · Retained Earnings · Noncontrolling Interests · Total
TOTAL EQUITY – DECEMBER 31, 2023	527.4	$3,427.9		$9,073.9		$12,800.4		$(55.5)			$39.2	$25,285.9
Issuance of Common Stock	0.8	5.4		35.2							40.6
Common Stock Dividends				(465.5)(a)			(1.4)			(466.9)
Other Changes in Equity			(14.8)						(14.8)
Net Income				1,003.1			2.6			1,005.7
Other Comprehensive Loss					(6.8)				(6.8)
TOTAL EQUITY – MARCH 31, 2024	528.2	$3,433.3		$9,094.3		$13,338.0		$(62.3)			$40.4	$25,843.7
TOTAL EQUITY – DECEMBER 31, 2024	534.1	$3,471.6		$9,606.1		$13,869.2		$(3.1)			$42.3	$26,986.1
Issuance of Common Stock	1.1	7.1		68.3							75.4
Common Stock Dividends				(500.0)(b)			(1.0)			(501.0)
Other Changes in Equity			(22.1)						(22.1)
Net Income				800.2			2.0			802.2
Other Comprehensive Income					23.4				23.4
TOTAL EQUITY – MARCH 31, 2025	535.2	$3,478.7		$9,652.3		$14,169.4		$20.3			$43.3	$27,364.0

(a)Cash dividends declared per AEP common share were $0.88.

(b)Cash dividends declared per AEP common share were $0.93.

See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 96.

ASSETS

	March 31,	December 31,
	2025	2024
CURRENT ASSETS
Cash and Cash Equivalents	$256.8	$202.9
Restricted Cash(March 31, 2025 and December 31, 2024 Amounts Include $35.2 and $43.1, Respectively, Related to Transition Funding, Restoration Funding and Appalachian Consumer Rate Relief Funding and Storm Recovery Funding)	35.2	43.1
Other Temporary Investments(March 31, 2025 and December 31, 2024 Amounts Include $194.8 and $206.7, Respectively, Related to EIS)	206.8	215.4
Accounts Receivable:
Customers	1,119.3	1,100.1
Accrued Unbilled Revenues	252.9	367.0
Pledged Accounts Receivable – AEP Credit	1,256.3	1,161.5
Miscellaneous	52.4	64.1
Allowance for Credit Losses	(62.9)	(60.8)
Total Accounts Receivable	2,618.0	2,631.9
Fuel	620.3	748.9
Materials and Supplies	961.9	966.2
Risk Management Assets	309.4	210.4
Accrued Tax Benefits	66.5	38.2
Regulatory Asset for Under-Recovered Fuel Costs	537.4	445.9
Prepayments and Other Current Assets	324.6	285.9
TOTAL CURRENT ASSETS	5,936.9	5,788.8
PROPERTY, PLANT AND EQUIPMENT
Electric:
Generation	24,871.2	24,829.7
Transmission	39,375.6	38,871.9
Distribution	31,590.0	31,061.9
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel)	7,502.7	7,491.6
Construction Work in Progress	6,835.4	6,346.9
Total Property, Plant and Equipment	110,174.9	108,602.0
Accumulated Depreciation and Amortization	26,612.2	26,186.4
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	83,562.7	82,415.6
OTHER NONCURRENT ASSETS
Regulatory Assets	5,133.6	5,129.2
Securitized Assets	537.5	554.3
Spent Nuclear Fuel and Decommissioning Trusts	4,309.3	4,395.1
Goodwill	52.5	52.5
Long-term Risk Management Assets	246.5	289.1
Operating Lease Assets	578.8	580.1
Deferred Charges and Other Noncurrent Assets	4,036.8	3,873.3
TOTAL OTHER NONCURRENT ASSETS	14,895.0	14,873.6
TOTAL ASSETS	$104,394.6	$103,078.0
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 96.

LIABILITIES AND EQUITY

(in millions, except per-share and share amounts)

	March 31,	December 31,
	2025	2024
CURRENT LIABILITIES
Accounts Payable	$2,380.8	$2,637.6
Short-term Debt:
Securitized Debt for Receivables – AEP Credit	900.0	900.0
Other Short-term Debt	2,446.1	1,623.8
Total Short-term Debt	3,346.1	2,523.8
Long-term Debt Due Within One Year (March 31, 2025 and December 31, 2024 Amounts Include $140 and $216.5, Respectively, Related to DCC Fuel, Restoration Funding, Appalachian Consumer Rate Relief Funding, Storm Recovery Funding and Transource Energy)	4,178.9	3,335.0
Risk Management Liabilities	132.6	100.0
Customer Deposits	467.5	454.7
Accrued Taxes	1,797.0	1,922.1
Accrued Interest	589.4	453.3
Obligations Under Operating Leases	92.8	91.9
Other Current Liabilities	1,257.2	1,490.9
TOTAL CURRENT LIABILITIES	14,242.3	13,009.3
NONCURRENT LIABILITIES
Long-term Debt(March 31, 2025 and December 31, 2024 Amounts Include $830.3 and $826.5, Respectively, Related to DCC Fuel, Restoration Funding, Appalachian Consumer Rate Relief Funding, Storm Recovery Funding and Transource Energy)	38,810.9	39,307.8
Long-term Risk Management Liabilities	198.3	224.4
Deferred Income Taxes	10,199.1	9,972.4
Regulatory Liabilities and Deferred Investment Tax Credits	8,294.3	8,344.0
Asset Retirement Obligations	3,551.6	3,530.6
Employee Benefits and Pension Obligations	357.8	360.7
Obligations Under Operating Leases	501.5	504.3
Deferred Credits and Other Noncurrent Liabilities	828.1	800.6
TOTAL NONCURRENT LIABILITIES	62,741.6	63,044.8
TOTAL LIABILITIES	76,983.9	76,054.1
Rate Matters (Note 4)
Commitments and Contingencies (Note 5)
MEZZANINE EQUITY
Contingently Redeemable Performance Share Awards	46.7	37.8
TOTAL MEZZANINE EQUITY	46.7	37.8
EQUITY
Common Stock – Par Value – $6.50 Per Share:
	2025	2024
Shares Authorized	600,000,000	600,000,000
Shares Issued	535,185,918	534,094,530
(1,186,815 Shares were Held in Treasury as of March 31, 2025 and December 31, 2024, Respectively)	3,478.7	3,471.6
Paid-in Capital	9,652.3	9,606.1
Retained Earnings	14,169.4	13,869.2
Accumulated Other Comprehensive Income (Loss)	20.3	(3.1)
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY	27,320.7	26,943.8
Noncontrolling Interests	43.3	42.3
TOTAL EQUITY	27,364.0	26,986.1
TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY	$104,394.6	$103,078.0
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 96.

	Three Months Ended March 31,
	2025	2024
OPERATING ACTIVITIES
Net Income	$802.2	$1,005.7
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	833.4	787.1
Deferred Income Taxes	165.2	(113.3)
Allowance for Equity Funds Used During Construction	(57.3)	(43.6)
Mark-to-Market of Risk Management Contracts	(14.8)	40.9
Property Taxes	(88.4)	(89.2)
Deferred Fuel Over/Under-Recovery, Net	(74.5)	43.4
Change in Other Noncurrent Assets	(130.9)	(74.5)
Change in Other Noncurrent Liabilities	141.5	61.8
Changes in Certain Components of Working Capital:
Accounts Receivable, Net	(1.5)	34.9
Fuel, Materials and Supplies	138.6	104.3
Accounts Payable	6.2	(99.5)
Accrued Taxes, Net	(153.4)	(57.7)
Other Current Assets	(23.6)	(91.3)
Other Current Liabilities	(92.7)	(66.8)
Net Cash Flows from Operating Activities	1,450.0	1,442.2
INVESTING ACTIVITIES
Construction Expenditures	(2,100.2)	(1,761.7)
Purchases of Investment Securities	(602.7)	(590.0)
Sales of Investment Securities	586.5	572.5
Acquisitions of Nuclear Fuel	(35.8)	(33.7)
Proceeds from Sale of Equity Method Investment	—	114.0
Other Investing Activities	50.2	29.6
Net Cash Flows Used for Investing Activities	(2,102.0)	(1,669.3)
FINANCING ACTIVITIES
Issuance of Common Stock	75.4	40.6
Issuance of Long-term Debt	561.6	859.9
Issuance of Short-term Debt with Original Maturities greater than 90 Days	319.9	376.6
Change in Short-term Debt with Original Maturities less than 90 Days, Net	752.4	840.9
Retirement of Long-term Debt	(229.1)	(1,162.2)
Redemption of Short-term Debt with Original Maturities Greater than 90 Days	(250.0)	(310.1)
Principal Payments for Finance Lease Obligations	(12.5)	(17.0)
Dividends Paid on Common Stock	(501.0)	(466.9)
Other Financing Activities	(18.7)	(31.9)
Net Cash Flows from Financing Activities	698.0	129.9
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	46.0	(97.2)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	246.0	379.0
Cash, Cash Equivalents and Restricted Cash at End of Period	$292.0	$281.8
SUPPLEMENTARY INFORMATION
Cash Paid for Interest, Net of Capitalized Amounts	$350.2	$368.3
Net Cash Paid for Income Taxes	7.1	16.1
Cash Paid (Received) for Transferable Tax Credits	(17.2)	(62.0)
Noncash Acquisitions Under Finance Leases	7.9	7.0
Construction Expenditures Included in Current Liabilities as of March 31,	1,040.9	837.0
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 96.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.