AEP Reports Strong Q4 Earnings, Boosts Load Outlook

Utility sees accelerating electrification and industrial demand driving growth

Published on Feb. 12, 2026

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American Electric Power (AEP) reported strong fourth-quarter 2025 operating earnings of $1.19 per share, bringing full-year 2025 operating earnings to $5.97 per share, above the top end of its guidance range. The company reaffirmed its 2026 operating earnings guidance of $6.15 to $6.45 per share and reiterated a 7% to 9% long-term earnings growth rate for 2026 through 2030, citing an 'expected 9% CAGR'. AEP also revised its view of customer demand, now having 56 gigawatts of firm, incremental contracted load additions by 2030, double the previous 28 GW disclosed.

Why it matters

AEP's strong financial performance and growing customer demand highlight the company's positioning as a large, regulated utility with significant transmission scale across an 11-state service territory. The utility is benefiting from accelerating electrification and industrial growth, which is driving increased capital investment and earnings potential.

The details

AEP reported favorable energy margins and contract optimization in its generation and marketing segment, driving meaningful performance. The company also cited progress converting projects from the planning queue into binding commitments, with growth in ERCOT, PJM, and SPP regions. AEP's $72 billion five-year capital plan remains a cornerstone of its growth narrative, and the company has identified an additional $5 billion to $8 billion of confirmed or endorsed generation and transmission projects for 2026-2030.

  • AEP reported fourth-quarter 2025 operating earnings on February 12, 2026.
  • The company reaffirmed its 2026 operating earnings guidance and reiterated a 7% to 9% long-term earnings growth rate for 2026 through 2030.

The players

American Electric Power (AEP)

A major investor-owned electric utility headquartered in Columbus, Ohio, primarily engaged in the generation, transmission and distribution of electricity, operating a diverse portfolio of power plants and an extensive high-voltage transmission network.

Bill Fehrman

Chairman, President and CEO of American Electric Power.

Brian Mihalik

Senior Vice President and Chief Financial Officer of American Electric Power.

Kate Dixon

Senior Vice President and Chief Accounting Officer of American Electric Power.

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What they’re saying

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— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

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— Gordon Edgar, grocery employee (Instagram)

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.