American Electric Power Co (AEP) financial statements
American Electric Power Co reported revenue of $21.9B in fiscal 2025, up 3.3% a year over 9 years.
Net income was $3.6B and the operating margin 24.3%, against 7.1% in 2016.
Free cash flow was $3.5B, and the company returned $2.0B in dividends.
The diluted share count rose 9% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from American Electric Power Co's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.4B | $15.4B | $16.2B | $15.6B | $14.9B | $16.8B | $19.6B | $19.0B | $19.7B | $21.9B |
| Cost of revenue | — | — | — | — | — | — | $7.1B | $6.6B | $5.9B | $7.0B |
| Gross profit | — | — | — | — | — | — | $12.5B | $12.4B | $13.8B | $14.8B |
| Operating income | $1.2B | $3.5B | $2.7B | $2.6B | $3.0B | $3.4B | $3.5B | $3.6B | $4.3B | $5.3B |
| Interest expense | $877M | $895M | $984M | $1.1B | $1.2B | $1.2B | $1.4B | $1.8B | $1.9B | $2.0B |
| Pre-tax income | $476M | $2.8B | $2.0B | $1.8B | $2.1B | $2.5B | $2.4B | $2.2B | $2.8B | $3.7B |
| Income tax | -$74M | $970M | $115M | -$13M | $40M | $116M | $5M | $55M | -$39M | $129M |
| Net income | $611M | $1.9B | $1.9B | $1.9B | $2.2B | $2.5B | $2.3B | $2.2B | $3.0B | $3.6B |
| EPS (diluted) | $1.24 | $3.88 | $3.90 | $3.88 | $4.42 | $4.96 | $4.49 | $4.24 | $5.58 | $6.66 |
| Diluted shares | 492M | 493M | 494M | 495M | 497M | 502M | 513M | 520M | 531M | 537M |
| Gross margin | — | — | — | — | — | — | 63.9% | 65.3% | 69.9% | 67.9% |
| Operating margin | 7.1% | 22.9% | 16.6% | 16.7% | 20.0% | 20.3% | 17.7% | 18.7% | 21.8% | 24.3% |
| Net margin | 3.7% | 12.4% | 11.9% | 12.3% | 14.7% | 14.8% | 11.7% | 11.6% | 15.0% | 16.4% |
Balance sheet
Fiscal years, from American Electric Power Co's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $349M | $376M | $393M | $450M | $594M | $624M | $697M | $544M | $418M | $417M |
| Receivables | $1.9B | $1.9B | $1.9B | $1.7B | $1.8B | $1.9B | $2.7B | $2.4B | $2.6B | $2.9B |
| Total current assets | $6.0B | $4.3B | $4.1B | $4.1B | $4.4B | $7.8B | $6.8B | $6.1B | $5.8B | $6.1B |
| Property, plant and equipment | $45.6B | $50.3B | $55.1B | $60.1B | $63.9B | $66.0B | $73.3B | $76.7B | $715M | $736M |
| Goodwill | $52M | $52M | $52M | $52M | $52M | $52M | $52M | $52M | $53M | $53M |
| Total assets | $63.5B | $64.7B | $68.8B | $75.9B | $80.8B | $87.7B | $93.4B | $96.7B | $103.1B | $114.5B |
| Total current liabilities | $9.5B | $8.3B | $8.6B | $10.3B | $9.9B | $12.4B | $13.3B | $11.6B | $13.0B | $13.3B |
| Long-term debt | $17.4B | $19.4B | $21.6B | $25.1B | $29.0B | $31.3B | $34.3B | $37.7B | $39.3B | $44.1B |
| Total liabilities | $46.0B | $46.4B | $49.6B | $55.9B | $59.9B | $64.9B | $69.2B | $71.4B | $76.1B | $82.2B |
| Shareholders' equity | $17.4B | $18.3B | $19.0B | $19.6B | $20.6B | $22.4B | $23.9B | $25.2B | $26.9B | $31.1B |
| Net debt | $20.0B | $21.0B | $23.1B | $26.5B | $30.7B | $33.1B | $36.3B | $39.8B | $42.4B | $47.1B |
Cash flow
Fiscal years, from American Electric Power Co's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.5B | $4.3B | $5.2B | $4.3B | $3.8B | $3.8B | $5.3B | $5.0B | $6.8B | $6.9B |
| Capital spending | $108M | $7M | $0 | $918M | $0 | — | — | $155M | $399M | $3.5B |
| Free cash flow | $4.4B | $4.3B | $5.2B | $3.4B | $3.8B | — | — | $4.9B | $6.4B | $3.5B |
| Stock-based compensation | — | — | — | — | — | — | $63M | $51M | $53M | $53M |
| Dividends paid | $1.1B | $1.2B | $1.3B | $1.4B | $1.4B | -$1.5B | $1.6B | $1.8B | $1.9B | $2.0B |
| Net borrowing | $800M | $766M | $2.2B | $3.3B | $4.3B | $3.5B | $2.3B | $3.3B | $2.4B | $4.6B |
| Free cash flow margin | 26.9% | 27.6% | 32.3% | 21.5% | 25.7% | — | — | 25.6% | 32.5% | 16.0% |
| Dividends per share | $2.28 | $2.42 | $2.54 | $2.73 | $2.87 | $3.03 | $3.20 | $3.37 | $3.57 | $3.74 |
Questions
What was American Electric Power Co's revenue in 2025?
$21.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does American Electric Power Co generate?
$3.5B in fiscal 2025 (operating cash flow minus capital spending).
From American Electric Power Co's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.