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American Electric Power (AEP) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Jul 30, 2026 · American Electric Power (AEP) Q2 2026 earnings results →
Q2 2026 Revenue up 7% year over year to $5.4B · 13¢ of every $1 of revenue kept as net profit · operating margin 22.9%
American Electric Power made $5.4B in Q2 2026 (+7% Y/Y): Total Retail Revenues $4.0B, Industrial Revenues $847M, Transmission Revenues $437M. Operating margin 22.9%, net earnings $713M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 30, 2026.
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What changed this quarter
Revenue was $5.4B in Q2 2026, up 7% year over year and down 10% from the previous quarter. Commercial Revenues was the largest line at 24% of revenue. Commercial Revenues added $0.15B year over year (up 13%), 43% of the total change. Other Retail Revenues declined 3%.
Operating profit was $1.2B, a 22.9% margin (down 4.6 points year over year). Operating profit fell $0.15B even though revenue rose $0.36B versus Q2 2025, so costs grew faster than sales. Total costs grew 14% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+21%). Net earnings were $0.71B, down 42% year over year. The effective tax rate was 6.5%.
Operating cash flow was $1.9B (up 56% year over year), 255% of net income including minority interests. Working capital and other items added $1.2B. Capital expenditures of $2.8B exceeded it, leaving free cash flow of −$0.87B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Jul 30, 2026 | $5.4B | +7% | 22.9% | $713M | $1.9B |
| Q1 2026 | 10-Q | May 5, 2026 | $6.0B | +10% | 22.6% | $874M | $1.5B |
| Q2 2025 | 10-Q | Jul 30, 2025 | $5.1B | +11% | 27.5% | $1.2B | $1.2B |
| Q1 2025 | 10-Q | May 6, 2025 | $5.5B | +9% | 23.5% | $802M | $1.4B |
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About American Electric Power
AEP was incorporated under the laws of the State of New York in 1906 and reorganized in 1925. It is a public utility holding company that directly owns all of the outstanding common stock of the public utility subsidiaries identified below. The service areas of AEP’s public utility subsidiaries cover portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia. Transmission networks are interconnected with extensive distribution facilities in the territories served. The public utility subsidiaries of AEP have traditionally provided electric service, consisting of generation, transmission and distribution, on an integrated basis to their retail customers.
In its own words, from its 10-K, filed Feb 12, 2026.
American Electric Power against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +13%. Operating margin: 22.9% against the peers' median 26.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AEP American Electric Power | Q2 2026 | $5.4B | +7% | 22.9% |
| Southern Power | Q3 2026 | $8.8B | +13% | 33.9% |
| NEE NextEra Energy | Q3 2026 | $8.1B | +2% | 32.4% |
| Florida Power & Light | Q2 2026 | $7.5B | +12% | 29.7% |
| CEG Constellation Energy | Q2 2026 | $7.5B | +23% | 7.7% |
| NRG NRG Energy | Q2 2026 | $7.5B | +11% | 13.0% |
| AEP Texas | Q3 2026 | $6.8B | +14% | 26.5% |
| VST Vistra | Q3 2026 | $6.3B | +28% | 26.9% |
| D Dominion Energy | Q3 2026 | $5.6B | +24% | 32.8% |
Source: American Electric Power 10-Q on SEC EDGAR · CIK 4904 · Electric Services
13F: who owns AEP and who is buying
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q2 2025 results · Q1 2025 results
- American Electric Power guidance history: guided vs reported
- American Electric Power operating margin by quarter
- American Electric Power net income by quarter
- American Electric Power capital expenditures by quarter
- American Electric Power Total Retail Revenues revenue by quarter
- American Electric Power Industrial Revenues revenue by quarter
- American Electric Power Transmission Revenues revenue by quarter