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American Electric Power

AEP Q4 2025 Earnings

Reported Feb 12, 2026 at 7:04 AM ET · SEC Source

Q4 25 EPS

$1.19

BEAT +4.39%

Est. $1.14

Q4 25 Revenue

$5.31B

vs S&P Since Q4 25

+0.9%

BEATING MARKET

AEP +6.6% vs S&P +5.7%

Full Year 2025 Results

FY 25 EPS

$5.97

BEAT +1.09%

Est. $5.91

FY 25 Revenue

$21.88B

BEAT +1.27%

Est. $21.60B

Market Reaction

Did AEP Beat Earnings? Q4 2025 Results

American Electric Power delivered a strong finish to fiscal 2025, with fourth-quarter earnings per share of $1.19 beating the $1.14 consensus estimate by 4.39%, while revenue of $5.31 billion exceeded expectations by 9.23% and climbed 13.0% year-over… Read more American Electric Power delivered a strong finish to fiscal 2025, with fourth-quarter earnings per share of $1.19 beating the $1.14 consensus estimate by 4.39%, while revenue of $5.31 billion exceeded expectations by 9.23% and climbed 13.0% year-over-year from $4.70 billion, a result driven in large part by an extraordinary acceleration in large load demand. The most striking disclosure behind those numbers: AEP now holds signed agreements for 56 GW of incremental load by 2030, double the 28 GW it reported just four months ago, with AEP Texas alone accounting for 36 GW fueled by hyperscale data center developers. That demand surge is reshaping the company's investment outlook, with its $72.00 billion five-year capital plan carrying an additional $5.00 billion to $8.00 billion in identified upside opportunities, and the investments needed to serve the newly added 28 GW not yet reflected in either figure. Morgan Stanley responded by raising its price target on AEP to $133, maintaining an Overweight rating. Looking ahead, AEP reaffirmed 2026 operating earnings guidance of $6.15 to $6.45 per share and a long-term growth rate of 7% to 9%.

Key Takeaways

  • • Commercial load growth of 39.6% in Transmission & Distribution Utilities segment in Q4
  • • Full-year Transmission & Distribution total retail KWh growth of 12.4%
  • • Vertically Integrated Utilities total retail KWh growth of 5.2% in Q4 and 2.2% for full year
  • • Acquisition of 2.2 GW of new generation resources in 2025
  • • Constructive regulatory outcomes in rate cases and legislation

AEP Forward Guidance & Outlook

AEP reaffirmed its 2026 operating earnings guidance range of $6.15 to $6.45 per share and its long-term operating earnings growth rate of 7% to 9%. The company has identified $5 billion to $8 billion in additional transmission and generation investment opportunities beyond its $72 billion five-year capital plan (2026-2030). Signed agreements for 56 GW of incremental load by 2030 (doubled from 28 GW in October) signal sustained demand growth. Investments needed to serve the additional 28 GW are not yet included in the current capital plan or the identified incremental investment range. Implementation of Texas Senate Bill 6 is expected to provide additional clarity on timing of new load interconnection.

24/7 Wall St

AEP YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

“We delivered an exceptional year in 2025, with strong financial performance enabling us to advance infrastructure investments that are driving sustained growth. AEP is exceptionally well positioned for the future with the scale and discipline to execute large-scale infrastructure projects needed to meet unprecedented customer demand in some of the highest-growth regions in the country. We remain committed to making investments that deliver long-term value while helping keep rates affordable for our customers.”

— Bill Fehrman, Q4 2025 Earnings Press Release

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