⚠️ ERRATUM (2026-11-02)
The earnings per share guidance was described imprecisely.

Corrections:

  • 6.25–6.55 USD for 2026, 6.75–7.05 USD for 2027 and 7.40–7.70 USD for 2028 are guidance for operating earnings per share (excluding certain special items). The company maintained its 2026 guidance and provided the 2027 and 2028 guidance for the first time.
  • 6.11–6.41 USD is an estimate of 2026 earnings per share under accounting rules (GAAP), not a second guidance range.

We corrected the description in the text; the figures stay the same.

American Electric Power (AEP) revenues increased in Q3 2026 by 13.7% y/y to 6.83 billion USD, and earnings per share (reported) increased by 19.8% y/y to 2.18 USD.

Quarterly results#

Adjusted earnings per share was 2.23 USD, representing a 23.9% y/y increase compared to 1.80 USD the previous year.

Company guidance#

The company maintains its guidance for operating earnings per share (excluding certain special items) in FY 2026 in the range of 6.25–6.55 USD and, for the first time, provides operating earnings per share guidance for FY 2027 of 6.75–7.05 USD and for FY 2028 of 7.40–7.70 USD. The range of 6.11–6.41 USD is an estimate of FY 2026 earnings per share under accounting rules (GAAP), not guidance.

Management commentary#

Management emphasized that they see a great deal of potential investment extending beyond the announced plan and that demand is already occurring, which requires the construction of new generation capacity. According to management, signed customer connection agreements in Texas are real, and despite adopting a cautious plan in this region, the company still sees strong growth there. Management also indicated that they view the idea of creating a separate generation company positively and are checking where it will bring the greatest benefits to customers. According to management, share issuances must increase earnings per share, as the company wants to remain cautious in managing shareholder capital.