AEP Transmission Company, LLC
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
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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.
Jun 30, 2026 · Filed Jul 30, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| REVENUES | ||||
| Vertically Integrated Utilities | $3,050 | $2,934 | $6,415 | $6,020 |
| Transmission and Distribution Utilities | 1,568 | 1,443 | 3,162 | 2,958 |
| Generation & Marketing | 693 | 552 | 1,624 | 1,282 |
| Other Revenues | 134 | 158 | 264 | 290 |
| TOTAL REVENUES | 5,445 | 5,087 | 11,465 | 10,550 |
| EXPENSES | ||||
| Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 1,603 | 1,541 | 3,721 | 3,394 |
| Other Operation | 814 | 538 | 1,564 | 1,290 |
| Maintenance | 444 | 390 | 855 | 709 |
| Asset Impairments and Other Related Charges | — | — | 31 | — |
| Depreciation and Amortization | 910 | 854 | 1,817 | 1,687 |
| Taxes Other Than Income Taxes | 427 | 365 | 870 | 787 |
| TOTAL EXPENSES | 4,198 | 3,688 | 8,858 | 7,867 |
| OPERATING INCOME | 1,247 | 1,399 | 2,607 | 2,683 |
| Other Income (Expense): | ||||
| Other Income | 14 | 15 | 20 | 23 |
| Allowance for Equity Funds Used During Construction | 75 | 57 | 145 | 114 |
| Non-Service Cost Components of Net Periodic Benefit Cost | 19 | 35 | 57 | 70 |
| Interest Expense | (585) | (489) | (1,137) | (984) |
| INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY EARNINGS | 770 | 1,017 | 1,692 | 1,906 |
| Income Tax Expense (Benefit) | 52 | (251) | 96 | (126) |
| Equity Earnings of Unconsolidated Subsidiaries | 29 | 21 | 54 | 59 |
| NET INCOME | 747 | 1,289 | 1,650 | 2,091 |
| Net Income Attributable to Noncontrolling Interests | 34 | 63 | 63 | 65 |
| EARNINGS ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $713 | $1,226 | $1,587 | $2,026 |
| WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING | 544,163,341 | 534,283,554 | 543,127,062 | 533,839,985 |
| TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $1.31 | $2.29 | $2.92 | $3.80 |
| WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING | 550,628,111 | 536,425,635 | 548,846,865 | 535,547,029 |
| TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $1.30 | $2.29 | $2.89 | $3.78 |
| See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 106. | ||||
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| Net Income | $747 | $1,289 | $1,650 | $2,091 |
| OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | ||||
| Cash Flow Hedges, Net of Tax of $6 and $(9) for the Three Months Ended June 30, 2026 and 2025, Respectively, and $2 and $(3) for the Six Months Ended June 30, 2026 and 2025, Respectively | 22 | (33) | 7 | (10) |
| Amortization of Pension and OPEB Deferred Costs, Net of Tax of $1 and $0 for the Three Months Ended June 30, 2026 and 2025, Respectively, and $1 and $0 for the Six Months Ended June 30, 2026 and 2025, Respectively | 1 | — | 2 | 1 |
| TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 23 | (33) | 9 | (9) |
| TOTAL COMPREHENSIVE INCOME | 770 | 1,256 | 1,659 | 2,082 |
| Total Comprehensive Income Attributable To Noncontrolling Interests | 34 | 63 | 63 | 65 |
| TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $736 | $1,193 | $1,596 | $2,017 |
| See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 106. | ||||
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, 2024 | 534 | $3,472 | $9,606 | $13,869 | $(3) | $42 | $26,986 | ||||||
| Issuance of Common Stock | 1 | 7 | 68 | 75 | |||||||||
| Common Stock Dividends | (500)(a) | (1) | (501) | ||||||||||
| Other Changes in Equity | (22) | (22) | |||||||||||
| Net Income | 800 | 2 | 802 | ||||||||||
| Other Comprehensive Income | 24 | 24 | |||||||||||
| TOTAL EQUITY – MARCH 31, 2025 | 535 | 3,479 | 9,652 | 14,169 | 21 | 43 | 27,364 | ||||||
| Issuance of Common Stock | 1 | 4 | 53 | 57 | |||||||||
| Common Stock Dividends | (499)(a) | (1) | (500) | ||||||||||
| Other Changes in Equity | 8 | 8 | |||||||||||
| Midwest Transmission Holdings Noncontrolling Interest Transaction | 1,791 | 992 | 2,783 | ||||||||||
| Net Income | 1,226 | 63 | 1,289 | ||||||||||
| Other Comprehensive Loss | (33) | (33) | |||||||||||
| TOTAL EQUITY – JUNE 30, 2025 | 536 | $3,483 | $11,504 | $14,896 | $(12) | $1,097 | $30,968 | ||||||
| TOTAL EQUITY – DECEMBER 31, 2025 | 542 | $3,523 | $12,138 | $15,441 | $36 | $1,080 | $32,218 | ||||||
| Issuance of Common Stock | 3 | 21 | 337 | 358 | |||||||||
| Capital Contributions from Noncontrolling Interest | 96 | 96 | |||||||||||
| Common Stock Dividends | (520)(b) | (520) | |||||||||||
| Dividends Paid to Noncontrolling Interest | (35) | (35) | |||||||||||
| Other Changes in Equity | (28) | (28) | |||||||||||
| Net Income | 874 | 29 | 903 | ||||||||||
| Other Comprehensive Loss | (14) | (14) | |||||||||||
| TOTAL EQUITY – MARCH 31, 2026 | 545 | 3,544 | 12,447 | 15,795 | 22 | 1,170 | 32,978 | ||||||
| Issuance of Common Stock | 1 | 2 | 45 | 47 | |||||||||
| Capital Contributions from Noncontrolling Interest | 60 | 60 | |||||||||||
| Common Stock Dividends | (519)(b) | (519) | |||||||||||
| Dividends Paid to Noncontrolling Interest | (54) | (54) | |||||||||||
| Other Changes in Equity | 7 | 7 | |||||||||||
| Net Income | 713 | 34 | 747 | ||||||||||
| Other Comprehensive Income | 23 | 23 | |||||||||||
| TOTAL EQUITY – JUNE 30, 2026 | 546 | $3,546 | $12,499 | $15,989 | $45 | $1,210 | $33,289 | ||||||
(a)Cash dividends declared per AEP common share were $0.93.
(b)Cash dividends declared per AEP common share were $0.95.
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 106.
ASSETS
| June 30, | December 31, | |
|---|---|---|
| 2026 | 2025 | |
| CURRENT ASSETS | ||
| Cash and Cash Equivalents | $375 | $197 |
| Restricted Cash(June 30, 2026 and December 31, 2025 Amounts Include $72 and $71, Respectively, Related to Restoration Funding, Appalachian Consumer Rate Relief Funding, Appalachian Recovery Funding, Storm Recovery Funding and Cost Recovery Funding) | 72 | 71 |
| Other Temporary Investments(June 30, 2026 and December 31, 2025 Amounts Include $220 and $209, Respectively, Related to EIS) | 228 | 220 |
| Accounts Receivable: | ||
| Customers | 1,266 | 1,166 |
| Accrued Unbilled Revenues | 360 | 421 |
| Pledged Accounts Receivable – AEP Credit | 1,396 | 1,272 |
| Miscellaneous | 70 | 60 |
| Allowance for Credit Losses | (57) | (52) |
| Total Accounts Receivable | 3,035 | 2,867 |
| Fuel | 606 | 576 |
| Materials and Supplies | 1,183 | 1,046 |
| Risk Management Assets | 533 | 352 |
| Accrued Tax Benefits | 278 | 85 |
| Regulatory Asset for Under-Recovered Fuel Costs | 525 | 426 |
| Prepayments and Other Current Assets | 299 | 212 |
| TOTAL CURRENT ASSETS | 7,134 | 6,052 |
| PROPERTY, PLANT AND EQUIPMENT | ||
| Electric: | ||
| Generation | 26,707 | 28,388 |
| Transmission | 43,764 | 42,557 |
| Distribution | 34,626 | 33,364 |
| Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel) | 9,406 | 8,635 |
| Construction Work in Progress | 9,696 | 7,635 |
| Total Property, Plant and Equipment | 124,199 | 120,579 |
| Accumulated Depreciation and Amortization | 27,526 | 28,205 |
| TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 96,673 | 92,374 |
| OTHER NONCURRENT ASSETS | ||
| Regulatory Assets | 5,021 | 4,804 |
| Securitized Assets | 2,252 | 933 |
| Spent Nuclear Fuel and Decommissioning Trusts | 5,241 | 4,916 |
| Goodwill | 53 | 53 |
| Long-term Risk Management Assets | 235 | 265 |
| Operating Lease Assets | 642 | 661 |
| Deferred Charges and Other Noncurrent Assets | 4,319 | 4,402 |
| TOTAL OTHER NONCURRENT ASSETS | 17,763 | 16,034 |
| TOTAL ASSETS | $121,570 | $114,460 |
| See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 106. | ||
LIABILITIES AND EQUITY
| June 30, | December 31, | |
|---|---|---|
| 2026 | 2025 | |
| CURRENT LIABILITIES | ||
| Accounts Payable | $3,969 | $3,429 |
| Short-term Debt: | ||
| Securitized Debt for Receivables – AEP Credit | 900 | 900 |
| Other Short-term Debt | 1,128 | 608 |
| Total Short-term Debt | 2,028 | 1,508 |
| Long-term Debt Due Within One Year (June 30, 2026 and December 31, 2025 Amounts Include $215 and $207, Respectively, Related to DCC Fuel, Restoration Funding, Appalachian Consumer Rate Relief Funding, Appalachian Recovery Funding, Storm Recovery Funding, Transource Energy and Cost Recovery Funding) | 2,821 | 3,194 |
| Risk Management Liabilities | 152 | 132 |
| Customer Deposits | 515 | 507 |
| Accrued Taxes | 1,799 | 2,002 |
| Accrued Interest | 590 | 544 |
| Obligations Under Operating Leases | 94 | 100 |
| Other Current Liabilities | 2,187 | 1,898 |
| TOTAL CURRENT LIABILITIES | 14,155 | 13,314 |
| NONCURRENT LIABILITIES | ||
| Long-term Debt(June 30, 2026 and December 31, 2025 Amounts Include $2,566 and $1,294, Respectively, Related to DCC Fuel, Restoration Funding, Appalachian Consumer Rate Relief Funding, Appalachian Recovery Funding, Storm Recovery Funding, Transource Energy and Cost Recovery Funding) | 47,987 | 44,128 |
| Long-term Risk Management Liabilities | 175 | 178 |
| Deferred Income Taxes | 11,485 | 10,951 |
| Regulatory Liabilities and Deferred Investment Tax Credits | 8,622 | 8,362 |
| Asset Retirement Obligations | 3,645 | 3,556 |
| Employee Benefits and Pension Obligations | 267 | 232 |
| Obligations Under Operating Leases | 568 | 578 |
| Deferred Credits and Other Noncurrent Liabilities | 1,313 | 905 |
| TOTAL NONCURRENT LIABILITIES | 74,062 | 68,890 |
| TOTAL LIABILITIES | 88,217 | 82,204 |
| Rate Matters (Note 4) | ||
| Commitments, Guarantees and Contingencies (Note 5) | ||
| Contingently Redeemable Performance Share Awards | 64 | 38 |
| EQUITY | ||
| Common Stock – Par Value – $6.50 Per Share: | ||
| 2026 | 2025 | |
| Shares Authorized | 900,000,000 | 600,000,000 |
| Shares Issued | 545,549,444 | 542,048,288 |
| (1,186,815 Shares were Held in Treasury as of June 30, 2026 and December 31, 2025, Respectively) | 3,546 | 3,523 |
| Paid-in Capital | 12,499 | 12,138 |
| Retained Earnings | 15,989 | 15,441 |
| Accumulated Other Comprehensive Income (Loss) | 45 | 36 |
| TOTAL AEP COMMON SHAREHOLDERS’ EQUITY | 32,079 | 31,138 |
| Noncontrolling Interests | 1,210 | 1,080 |
| TOTAL EQUITY | 33,289 | 32,218 |
| TOTAL LIABILITIES AND EQUITY | $121,570 | $114,460 |
| See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 106. | ||
| Six Months Ended June 30, | ||
|---|---|---|
| 2026 | 2025 | |
| OPERATING ACTIVITIES | ||
| Net Income | $1,650 | $2,091 |
| Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
| Depreciation and Amortization | 1,817 | 1,687 |
| Deferred Income Taxes | 332 | (54) |
| Asset Impairments and Other Related Charges | 31 | — |
| Allowance for Equity Funds Used During Construction | (145) | (114) |
| Mark-to-Market of Risk Management Contracts | (123) | (241) |
| Pension Contributions to Qualified Plan Trust | — | (95) |
| Property Taxes | 238 | 241 |
| Deferred Fuel Over/Under-Recovery, Net | 31 | (41) |
| Change in Other Noncurrent Assets | (628) | (440) |
| Change in Other Noncurrent Liabilities | 581 | 41 |
| Changes in Certain Components of Working Capital: | ||
| Accounts Receivable, Net | (62) | (176) |
| Fuel, Materials and Supplies | (162) | 114 |
| Accounts Payable | 408 | 287 |
| Accrued Taxes, Net | (397) | (469) |
| Other Current Assets | (27) | 11 |
| Other Current Liabilities | (123) | (171) |
| Net Cash Flows from Operating Activities | 3,421 | 2,671 |
| INVESTING ACTIVITIES | ||
| Construction Expenditures | (5,606) | (4,020) |
| Purchases of Investment Securities | (1,264) | (1,337) |
| Sales of Investment Securities | 1,216 | 1,311 |
| Acquisitions of Generation Facilities | (1,315) | (1,359) |
| Acquisitions of Nuclear Fuel | (51) | (45) |
| Contribution in Aid of Construction Advances | 425 | 106 |
| Other Investing Activities | (7) | (3) |
| Net Cash Flows Used for Investing Activities | (6,602) | (5,347) |
| FINANCING ACTIVITIES | ||
| Capital Contribution from Noncontrolling Interest | 156 | — |
| Issuance of Common Stock | 405 | 132 |
| Issuance of Long-term Debt | 5,045 | 3,163 |
| Issuance of Short-term Debt with Original Maturities greater than 90 Days | — | 320 |
| Change in Short-term Debt with Original Maturities less than 90 Days, Net | 520 | (764) |
| Retirement of Long-term Debt | (1,578) | (1,324) |
| Redemption of Short-term Debt with Original Maturities Greater than 90 Days | — | (578) |
| Proceeds from the Midwest Transmission Holdings Noncontrolling Interest Transaction, Net of Transaction Costs | — | 2,783 |
| Dividends Paid on Common Stock | (1,039) | (999) |
| Dividends Paid to Noncontrolling Interest | (89) | (2) |
| Other Financing Activities | (60) | (22) |
| Net Cash Flows from Financing Activities | 3,360 | 2,709 |
| Net Increase in Cash, Cash Equivalents and Restricted Cash | 179 | 33 |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 268 | 246 |
| Cash, Cash Equivalents and Restricted Cash at End of Period | $447 | $279 |
| See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 106. | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.