American Electric Power Company, Inc. reported fourth-quarter and full-year 2025 financial results, with full-year GAAP earnings of $6.70 per share and operating earnings of $5.97 per share. The company reaffirmed its 2026 operating earnings guidance of $6.15 to $6.45 per share and announced significant incremental load growth driving potential capital investments beyond its current $72 billion plan.
Key takeaways
Full-year 2025 GAAP earnings were $6.70 per share, an increase of $1.10 per share compared to $5.60 per share in 2024.
Fourth-quarter 2025 operating earnings were $638 million, or $1.19 per share, compared to $660 million, or $1.24 per share, in the prior-year quarter.
The company reaffirmed its 2026 operating earnings guidance range of $6.15 to $6.45 per share and a long-term operating earnings growth rate of 7% to 9%.
Signed agreements for incremental load increased to 56 GW by 2030, doubling from 28 GW in October, with AEP Texas load rising from 13 GW to 36 GW.
Management identified opportunities for $5 billion to $8 billion of incremental investment beyond the existing $72 billion five-year capital plan.
AEP secured over 10 GW of gas turbine capacity and acquired 2.2 GW of new generation resources in 2025 to support load growth.