AEP Financials American Electric Power

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 31, 2026, 11:19 UTC Overview →

Growth & profitability

Revenue has grown 3.8% per year over the past 5 years.
Net income has grown faster than revenue (11.0% vs 3.8% per year).
Free cash flow has declined 15.2% per year over the past 5 years.

Financial health

Total debt ($48.8B) exceeds cash ($197M); net debt is $48.6B.
Total debt has grown faster than revenue (7.8% vs 3.8% per year).
Operating income covered interest expense 2.6× in the latest year.
Total debt is 5.6× EBITDA.

Shareholder returns

Dividends have been paid for 4 consecutive years, consuming 54.3% of earnings and 57.5% of free cash flow.
The dividend has grown 7.1% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$21.7B	$3.7B	0.0%	24.5%	11.9%	3.2%	$3.5B	$48.8B	$197M
2024	$20.0B	$3.0B	0.0%	21.6%	11.0%	2.9%	$6.4B	$45.2B	$203M
2023	$19.5B	$2.2B	0.0%	18.3%	8.8%	2.3%	$4.9B	$43.0B	$330M
2022	$19.4B	$2.3B	0.0%	18.0%	9.6%	2.5%	—	$40.9B	$509M
2021	—	$2.5B	—	—	11.1%	2.8%	—	$37.2B	$403M
2020	—	$2.2B	—	—	10.7%	2.7%	—	$33.6B	$393M
2019	—	$1.9B	—	—	9.8%	2.5%	—	$29.6B	$247M
2018	—	$1.9B	—	—	10.1%	2.8%	—	$25.3B	$234M
2017	—	$1.9B	—	—	10.5%	3.0%	—	$22.8B	$215M
2016	—	$618M	—	—	3.6%	1.0%	—	$22.0B	$211M
2015	—	$2.1B	—	—	11.5%	3.3%	—	$20.4B	$176M
2014	—	$1.6B	—	—	9.7%	2.8%	—	$19.9B	$163M
2013	—	$1.5B	—	—	9.2%	2.6%	—	$19.1B	$118M
2012	—	$1.3B	—	—	8.3%	2.3%	—	$18.7B	$279M
2011	—	$1.9B	—	—	13.3%	3.7%	—	$18.2B	$221M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Mar '26	$5.9B	$903M	0.0%	23.0%	2.8%	0.8%	$554M	$51.1B	$306M
Dec '25	$5.3B	$605M	0.0%	21.1%	1.9%	0.5%	$18M	$48.8B	$197M
Sep '25	$6.0B	$1.0B	0.0%	25.5%	3.3%	0.9%	$2.2B	$47.3B	$1.1B
Jun '25	$5.1B	$1.3B	0.0%	27.7%	4.3%	1.2%	—	$46.0B	$227M
Mar '25	$5.6B	$802M	0.0%	22.8%	2.9%	0.8%	$1.4B	$46.3B	$257M
Dec '24	$4.8B	$666M	0.0%	23.0%	2.5%	0.6%	$1.3B	$45.2B	$203M
Sep '24	$5.5B	$962M	0.0%	24.7%	3.6%	1.0%	$2.2B	$43.6B	$246M
Jun '24	$4.7B	$343M	0.0%	14.7%	1.3%	0.3%	—	$43.7B	$203M
Mar '24	$5.1B	$1.0B	0.0%	23.1%	3.9%	1.0%	—	$43.6B	$231M
Dec '23	—	$338M	—	—	1.3%	0.3%	—	$43.0B	$330M
Sep '23	—	$958M	—	—	3.8%	1.0%	—	$42.2B	$353M
Jun '23	—	$516M	—	—	2.2%	0.5%	—	$44.0B	$305M
Mar '23	—	$400M	—	—	1.7%	0.4%	—	$42.8B	$344M
Dec '22	—	$383M	—	—	1.6%	0.4%	—	$40.9B	$509M
Sep '22	—	$683M	—	—	2.8%	0.7%	—	$37.8B	$522M
Jun '22	—	$521M	—	—	2.2%	0.6%	—	$37.6B	$575M
Mar '22	—	$718M	—	—	3.0%	0.8%	—	$37.2B	$676M
Dec '21	—	$539M	—	—	2.4%	0.6%	—	$37.2B	$403M
Sep '21	—	$797M	—	—	3.6%	0.9%	—	$37.1B	$1.4B
Jun '21	—	$574M	—	—	2.7%	0.7%	—	$36.2B	$313M

Valuation over time

How the market has priced AEP against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 21.5× (Mar '23) to 19.2× (Nov '26).
The price-to-sales ratio has risen from 2.6× (Mar '23) to 3.3× (Nov '26).
The dividend yield has fallen from 3.3% (Mar '23) to 2.8% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is AEP growing its revenue and profit?

Over the past 5 years, American Electric Power's revenue has grown 3.8% per year, and net income grown 11.0% per year. These are computed facts, not advice.

How much debt does AEP have?

As of FY2025, American Electric Power reported $48.8B of total debt against $197M of cash; operating income covered interest expense 2.6×.

What is AEP's profit margin?

In FY2025, gross margin was —, operating margin 24.5%, and net margin 17.0%.

What is AEP's P/E ratio?

American Electric Power's P/E (TTM) is 18.68 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the AEP stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 19.2× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.