American Electric Power reported third‑quarter 2025 operating earnings of $963 million, or $1.80 per share, and GAAP earnings of $972 million, or $1.82 per share. Operating earnings per share fell 3 % from $1.85 in Q3 2024, a decline attributed to the sale of the on‑site partners distributed resources business within Generation & Marketing.
Revenue for the quarter reached $6.01 billion, up 11 % from $5.42 billion in Q3 2024. The increase was driven by higher sales to data‑center and industrial customers, which accounted for roughly 60 % of the revenue growth.
The company reaffirmed its 2025 operating‑earnings guidance of $5.75 to $5.95 per share and indicated that results are expected to fall in the upper half of that range. AEP also projected 2026 operating‑earnings guidance of $6.15 to $6.45 per share, with earnings per share expected to grow at a 9 % compounded annual rate over the five‑year horizon.
AEP unveiled a new $72 billion five‑year capital plan, allocating about $30 billion to transmission, $20 billion to generation, and $17 billion to distribution. The plan supports the company’s goal of adding 28 GW of load by 2030, an increase of 4 GW since July 2025, and is driven by a projected 10 % annual growth in its rate base.
Management highlighted that the company’s transmission network, the largest 765‑kV system in the United States, positions it to capture new load from hyperscalers and reshoring initiatives. The company also announced a 2‑cent increase in its regular quarterly cash dividend to $0.95 per share, payable on December 10 2025.
Segment‑level results showed operating earnings growth in Vertically Integrated Utilities and Transmission & Distribution Utilities, while Transmission Holdco and Generation & Marketing experienced declines. The company cited ongoing regulatory approvals and cost inflation as headwinds that may impact short‑term profitability.
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