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American Electric Power cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.3B in Q1 2026 · −$2.2B over twelve months

Operating cash flow$1.5B
Capital spending−$2.8B
Free cash flow−$1.3B
Cash / net income1.7×
Cash conversion cycle-96 days

Analysis

In Q1 2026, American Electric Power generated $1.5B of operating cash flow and spent $2.8B on capital projects, leaving free cash flow of −$1.3B. That is $661M less than in Q1 2025 (−$650M).

Over the twelve months to Mar 31, 2026, operating cash flow was $7.0B; the largest uses were capital spending ($9.2B), other investing ($4.2B), dividends ($2.0B); besides operations, cash came from net borrowing (+) / repaid (−) ($4.7B), other financing ($2.9B); the cash balance rose by $47.0M.

Operating cash flow was $1.5B against net income of $903M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: income taxes payable −$244M, deferred taxes +$188M, prepaid and other assets −$115M.

Its cash conversion cycle was -96 days (receivables 44 + inventory 0 − payables 140): suppliers fund its working capital.

Free cash flow

American Electric Power: free cash flow by quarterAmerican Electric Power: free cash flow by quarter−$94.6MQ2 2024$322MQ3 2024−$735MQ4 2024−$650MQ1 2025−$699MQ2 2025$479MQ3 2025−$639MQ4 2025−$1.3BQ1 2026
Operating cash flow less capital spending.
American Electric Power: operating cash flow against capital spendingAmerican Electric Power: operating cash flow against capital spendingOperating cash flowCapital spending$1.5B$1.6BQ2 2024$2.2B$1.9BQ3 2024$1.7B$2.5BQ4 2024$1.4B$2.1BQ1 2025$1.2B$1.9BQ2 2025$2.5B$2.0BQ3 2025$1.8B$2.5BQ4 2025$1.5B$2.8BQ1 2026
Latest (Q1 2026): Operating cash flow $1.5B, Capital spending $2.8B.

Capital allocation, year by year

American Electric Power: where the cash came from (up) and went (down), by fiscal yearAmerican Electric Power: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow $3.8BFY2021: Net borrowing $3.6BFY2021: Shares issued $600MFY2021: Asset sales $119MFY2021: Capital spending −$5.7BFY2021: Dividends $1.5B$9.6BFY2021FY2022: Operating cash flow $5.3BFY2022: Net borrowing $3.5BFY2022: Shares issued $826MFY2022: Asset sales −$218MFY2022: Capital spending −$6.7BFY2022: Dividends −$1.6B$9.6BFY2022FY2023: Operating cash flow $5.0BFY2023: Net borrowing $1.9BFY2023: Shares issued $1.0BFY2023: Asset sales −$1.3BFY2023: Capital spending −$7.4BFY2023: Dividends −$1.8B$7.9BFY2023FY2024: Operating cash flow $6.8BFY2024: Net borrowing $2.1BFY2024: Shares issued $552MFY2024: Asset sales $362MFY2024: Capital spending −$7.6BFY2024: Dividends −$1.9B$9.8BFY2024FY2025: Operating cash flow $6.9BFY2025: Net borrowing $3.6BFY2025: Shares issued $775MFY2025: Asset sales $25.0MFY2025: Capital spending −$8.5BFY2025: Dividends −$2.0B$11.3BFY2025
Over these 5 years operating cash flow totalled $27.9B; the largest uses were capital spending ($35.8B) and dividends ($7.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$516M
Debt$51.1B
Net debt$50.6B
Due within a year$3.2B

American Electric Power's operations bring cash in ($7.0B over twelve months), and it spends more than that on capital projects: a gap of $2.2B funded from its $516M of cash and investments and from borrowing ($51.1B of debt, $3.2B due within a year). That is a choice to invest, not a cash runway running down.

American Electric Power: debt maturities by year (FY2025)American Electric Power: debt maturities by year (FY2025)$3.2BYear 1$2.5BYear 2$3.5BYear 3$2.9BYear 4$1.8BYear 5$33.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $516M of cash and investments now.

Where the cash came from and went

American Electric Power: sources (+) and uses (−) of cash, Q1 2026American Electric Power: sources (+) and uses (−) of cash, Q1 2026Capital spending−$2.8BNet borrowing (+) / repaid (−)$2.3BOperating cash flow$1.5BOther investing−$739MDividends−$520MShares issued$358MCash drawn (+) / kept (−)−$71.0MOther financing$67.0MPartners−$35.0M
American Electric Power: sources (+) and uses (−) of cash, TTM to Q1 2026American Electric Power: sources (+) and uses (−) of cash, TTM to Q1 2026Capital spending−$9.2BOperating cash flow$7.0BNet borrowing (+) / repaid (−)$4.7BOther investing−$4.2BOther financing$2.9BDividends−$2.0BShares issued$1.1BPartners−$142MCash drawn (+) / kept (−)−$47.0M

From profit to cash

American Electric Power: net income to operating cash flow, Q1 2026American Electric Power: net income to operating cash flow, Q1 2026Net income$903MDeferred taxes$188MReceivables−$36.0MInventory−$39.0MPayables$108MPrepaid and other assets−$115MOther liabilities−$66.0MIncome taxes payable−$244MOperating cash flow$1.5B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 202644—140-96
Q4 202549—173-124
Q3 202543—128-85
Q2 202548—150-102
Q1 202543—122-79
Q4 202451—169-118
Q3 202445—127-83
Q2 202450—144-93

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 2026$1.5B−$2.8B−$520M$2.3B$358M−$71.0M−$1.3B
Q4 2025$1.8B−$2.5B−$510M$1.5B$588M$839M−$639M
Q3 2025$2.5B−$2.0B−$497M$1.2B$55.7M−$828M$479M
Q2 2025$1.2B−$1.9B−$500M−$350M$56.8M$13.4M−$699M
Q1 2025$1.4B−$2.1B−$500M$1.1B$75.0M−$46.0M−$650M
Q4 2024$1.7B−$2.5B−$495M$1.5B$39.0M$53.2M−$735M
Q3 2024$2.2B−$1.9B−$467M−$152M$37.2M−$51.3M$322M
Q2 2024$1.5B−$1.6B−$469M$122M$435M$33.9M−$94.6M

American Electric Power: income statement and cash flow

American Electric Power, Q2 2026: revenue $5.4B (+7% year over year), operating margin 22.9%. The chart follows the revenue to costs, profit and cash.

American Electric Power: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.