REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Disaggregated Revenues from Contracts with Customers

The tables below represent AEP’s reportable segment and Registrant Subsidiary revenues from contracts with customers, net of respective provisions for refund, by type of revenue:


	Three Months Ended June 30, 2025
	VIU		T&D		AEPTHCo		G&M		Corporate and Other		Reconciling Adjustments		AEP Consolidated
	(in millions)
Retail Revenues:
Residential Revenues	$	1,029.7	$	611.8	$	—	$	—	$	—	$	—	$	1,641.5
Commercial Revenues	749.5		420.6		—		—		—		—		1,170.1
Industrial Revenues (a)	704.6		145.1		—		—		—		(0.3)		849.4
Other Retail Revenues	60.5		14.1		—		—		—		—		74.6
Total Retail Revenues	2,544.3		1,191.6		—		—		—		(0.3)		3,735.6

Wholesale and Competitive Retail Revenues:
Generation Revenues	237.3		—		—		38.3		—		—		275.6
Transmission Revenues (b)	157.2		197.4		698.3		—		—		(622.1)		430.8

Retail, Trading and Marketing Revenues (c)	—		—		—		538.6		—		(15.3)		523.3
Total Wholesale and Competitive Retail Revenues	394.5		197.4		698.3		576.9		—		(637.4)		1,229.7

Other Revenues from Contracts with Customers (d)	49.4		46.2		8.9		2.4		27.4		(44.2)		90.1

Total Revenues from Contracts with Customers	2,988.2		1,435.2		707.2		579.3		27.4		(681.9)		5,055.4

Other Revenues:
Alternative Revenue Programs (a) (e)	14.5		12.4		49.5		—		—		(47.0)		29.4
Other Revenues (a) (f)	12.5		2.6		(0.1)		(13.1)		2.2		(2.0)		2.1
Total Other Revenues	27.0		15.0		49.4		(13.1)		2.2		(49.0)		31.5

Total Revenues	$	3,015.2	$	1,450.2	$	756.6	$	566.2	$	29.6	$	(730.9)	$	5,086.9

(a)Amounts include affiliated and nonaffiliated revenues.

(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $558 million. The affiliated revenues for Vertically Integrated Utilities were $65 million. The remaining affiliated amounts were immaterial.

(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $16 million. The remaining affiliated amounts were immaterial.

(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $26 million. The remaining affiliated amounts were immaterial.

(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.

(f)Generation & Marketing includes economic hedge activity.


	Three Months Ended June 30, 2024
	VIU		T&D		AEPTHCo		G&M		Corporate and Other		Reconciling Adjustments		AEP Consolidated
	(in millions)
Retail Revenues:
Residential Revenues	$	949.0	$	650.2	$	—	$	—	$	—	$	—	$	1,599.2
Commercial Revenues	649.8		391.1		—		—		—		—		1,040.9
Industrial Revenues (a)	652.8		123.0		—		—		—		(0.1)		775.7
Other Retail Revenues	55.8		13.7		—		—		—		—		69.5
Total Retail Revenues	2,307.4		1,178.0		—		—		—		(0.1)		3,485.3

Wholesale and Competitive Retail Revenues:
Generation Revenues	149.0		—		—		23.7		—		(0.1)		172.6
Transmission Revenues (b)	123.0		208.3		496.6		—		—		(397.0)		430.9
Renewable Generation Revenues (a)	—		—		—		8.2		—		(1.4)		6.8
Retail, Trading and Marketing Revenues (c)	—		—		—		485.5		0.3		(23.7)		462.1
Total Wholesale and Competitive Retail Revenues	272.0		208.3		496.6		517.4		0.3		(422.2)		1,072.4

Other Revenues from Contracts with Customers (d)	47.4		38.9		6.2		1.0		55.2		(48.8)		99.9

Total Revenues from Contracts with Customers	2,626.8		1,425.2		502.8		518.4		55.5		(471.1)		4,657.6

Other Revenues:
Alternative Revenue Programs (a) (e)	(12.1)		6.7		(12.9)		—		—		(17.3)		(35.6)
Other Revenues (a) (f)	4.3		4.0		—		(50.9)		2.2		(2.4)		(42.8)
Total Other Revenues	(7.8)		10.7		(12.9)		(50.9)		2.2		(19.7)		(78.4)

Total Revenues	$	2,619.0	$	1,435.9	$	489.9	$	467.5	$	57.7	$	(490.8)	$	4,579.2

(a)Amounts include affiliated and nonaffiliated revenues.

(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $393 million. The affiliated revenues for Vertically Integrated Utilities were $41 million. The remaining affiliated amounts were immaterial.

(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $24 million. The remaining affiliated amounts were immaterial.

(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $30 million. The remaining affiliated amounts were immaterial.

(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.

(f)Generation & Marketing includes economic hedge activity.


	Three Months Ended June 30, 2025
	AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Retail Revenues:
Residential Revenues	$	180.2	$	—	$	365.2	$	190.1	$	431.5	$	190.4	$	191.3
Commercial Revenues	114.6		—		194.0		192.2		306.2		135.2		155.4
Industrial Revenues (a)	41.7		—		210.5		156.7		103.5		91.3		103.2
Other Retail Revenues	10.1		—		28.2		1.3		4.1		26.4		2.7
Total Retail Revenues	346.6		—		797.9		540.3		845.3		443.3		452.6

Wholesale Revenues:
Generation Revenues (b)	—		—		77.9		138.2		—		1.5		48.6
Transmission Revenues (c)	175.4		682.3		45.9		18.6		22.0		16.0		55.4
Total Wholesale Revenues	175.4		682.3		123.8		156.8		22.0		17.5		104.0

Other Revenues from Contracts with Customers (d)	9.1		8.9		18.5		26.9		37.3		6.8		5.7

Total Revenues from Contracts with Customers	531.1		691.2		940.2		724.0		904.6		467.6		562.3

Other Revenues:
Alternative Revenue Programs (a) (e)	0.4		50.5		7.2		1.2		12.1		1.8		8.0
Other Revenues (a)	(0.3)		0.1		0.2		12.0		2.3		0.1		0.1
Total Other Revenues	0.1		50.6		7.4		13.2		14.4		1.9		8.1

Total Revenues	$	531.2	$	741.8	$	947.6	$	737.2	$	919.0	$	469.5	$	570.4

(a)Amounts include affiliated and nonaffiliated revenues.

(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $36 million primarily related to the PPA with KGPCo.

(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $555 million, $22 million and $21 million, respectively. The remaining affiliated amounts were immaterial.

(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $18 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.

(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.


	Three Months Ended June 30, 2024
	AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Retail Revenues:
Residential Revenues	$	184.9	$	—	$	364.8	$	190.5	$	465.3	$	187.8	$	120.7
Commercial Revenues	115.0		—		187.1		150.8		276.1		130.1		100.7
Industrial Revenues (a)	34.0		—		205.9		153.1		89.0		91.1		72.3
Other Retail Revenues	9.3		—		28.1		1.3		4.5		25.9		1.7
Total Retail Revenues	343.2		—		785.9		495.7		834.9		434.9		295.4

Wholesale Revenues:
Generation Revenues (b)	—		—		72.1		54.8		—		2.7		50.1
Transmission Revenues (c)	184.8		483.2		45.6		10.0		23.6		10.2		46.7
Total Wholesale Revenues	184.8		483.2		117.7		64.8		23.6		12.9		96.8

Other Revenues from Contracts with Customers (d)	10.4		6.2		13.1		29.4		28.5		12.4		7.6

Total Revenues from Contracts with Customers	538.4		489.4		916.7		589.9		887.0		460.2		399.8

Other Revenues:
Alternative Revenue Programs (a) (e)	1.2		(14.2)		(6.5)		—		5.3		(1.4)		(4.0)
Other Revenues (a)	—		—		—		4.4		4.0		—		—
Total Other Revenues	1.2		(14.2)		(6.5)		4.4		9.3		(1.4)		(4.0)

Total Revenues	$	539.6	$	475.2	$	910.2	$	594.3	$	896.3	$	458.8	$	395.8

(a)Amounts include affiliated and nonaffiliated revenues.

(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $36 million primarily related to the PPA with KGPCo.

(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $389 million, $22 million and $15 million, respectively. The remaining affiliated amounts were immaterial.

(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $23 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.

(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.


	Six Months Ended June 30, 2025
	VIU		T&D		AEPTHCo		G&M		Corporate and Other		Reconciling Adjustments		AEP Consolidated
	(in millions)
Retail Revenues:
Residential Revenues	$	2,382.0	$	1,350.8	$	—	$	—	$	—	$	—	$	3,732.8
Commercial Revenues	1,414.7		802.3		—		—		—		—		2,217.0
Industrial Revenues (a)	1,322.4		268.2		—		—		—		(0.5)		1,590.1
Other Retail Revenues	114.9		29.5		—		—		—		—		144.4
Total Retail Revenues	5,234.0		2,450.8		—		—		—		(0.5)		7,684.3

Wholesale and Competitive Retail Revenues:
Generation Revenues	542.3		—		—		89.3		—		—		631.6
Transmission Revenues (b)	278.1		394.4		1,219.7		—		—		(1,072.3)		819.9

Retail, Trading and Marketing Revenues (c)	—		—		—		1,160.2		(0.2)		(31.5)		1,128.5
Total Wholesale and Competitive Retail Revenues	820.4		394.4		1,219.7		1,249.5		(0.2)		(1,103.8)		2,580.0

Other Revenues from Contracts with Customers (d)	101.0		108.1		17.7		3.4		70.6		(94.6)		206.2

Total Revenues from Contracts with Customers	6,155.4		2,953.3		1,237.4		1,252.9		70.4		(1,198.9)		10,470.5

Other Revenues:
Alternative Revenue Programs (a) (e)	17.8		15.9		61.3		—		—		(62.3)		32.7
Other Revenues (a) (f)	(20.2)		7.5		—		60.2		3.8		(4.2)		47.1

Total Other Revenues	(2.4)		23.4		61.3		60.2		3.8		(66.5)		79.8

Total Revenues	$	6,153.0	$	2,976.7	$	1,298.7	$	1,313.1	$	74.2	$	(1,265.4)	$	10,550.3

(a)Amounts include affiliated and nonaffiliated revenues.

(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $969 million. The affiliated revenues for Vertically Integrated Utilities were $104 million. The remaining affiliated amounts were immaterial.

(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $32 million. The remaining affiliated amounts were immaterial.

(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $55 million. The remaining affiliated amounts were immaterial.

(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.

(f)Generation & Marketing includes economic hedge activity.


	Six Months Ended June 30, 2024
	VIU		T&D		AEPTHCo		G&M		Corporate and Other		Reconciling Adjustments		AEP Consolidated
	(in millions)
Retail Revenues:
Residential Revenues	$	2,161.3	$	1,354.0	$	—	$	—	$	—	$	—	$	3,515.3
Commercial Revenues	1,294.9		788.1		—		—		—		—		2,083.0
Industrial Revenues (a)	1,299.9		259.1		—		—		—		(0.3)		1,558.7
Other Retail Revenues	111.1		27.6		—		—		—		—		138.7
Total Retail Revenues	4,867.2		2,428.8		—		—		—		(0.3)		7,295.7

Wholesale and Competitive Retail Revenues:
Generation Revenues	384.9		—		—		51.1		—		—		436.0
Transmission Revenues (b)	241.9		388.1		985.3		—		—		(815.6)		799.7
Renewable Generation Revenues (a)	—		—		—		14.5		—		(2.8)		11.7
Retail, Trading and Marketing Revenues (c)	—		—		—		1,056.9		0.8		(69.9)		987.8
Total Wholesale and Competitive Retail Revenues	626.8		388.1		985.3		1,122.5		0.8		(888.3)		2,235.2

Other Revenues from Contracts with Customers (d)	107.1		89.9		14.3		2.3		115.6		(117.5)		211.7

Total Revenues from Contracts with Customers	5,601.1		2,906.8		999.6		1,124.8		116.4		(1,006.1)		9,742.6

Other Revenues:
Alternative Revenue Programs (a) (e)	(12.8)		7.4		(12.4)		—		—		(16.3)		(34.1)
Other Revenues (a) (f)	(21.4)		11.9		—		(93.8)		(5.9)		5.6		(103.6)
Total Other Revenues	(34.2)		19.3		(12.4)		(93.8)		(5.9)		(10.7)		(137.7)

Total Revenues	$	5,566.9	$	2,926.1	$	987.2	$	1,031.0	$	110.5	$	(1,016.8)	$	9,604.9

(a)Amounts include affiliated and nonaffiliated revenues.

(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $780 million. The affiliated revenues for Vertically Integrated Utilities were $83 million. The remaining affiliated amounts were immaterial.

(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $70 million. The remaining affiliated amounts were immaterial.

(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $79 million. The remaining affiliated amounts were immaterial.

(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.

(f)Generation & Marketing includes economic hedge activity.


	Six Months Ended June 30, 2025
	AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Retail Revenues:
Residential Revenues	$	352.1	$	—	$	971.6	$	422.2	$	998.7	$	365.7	$	383.9
Commercial Revenues	233.9		—		388.5		344.7		568.5		237.1		296.1
Industrial Revenues (a)	81.2		—		401.9		290.4		187.0		161.7		192.9
Other Retail Revenues	21.0		—		56.4		2.5		8.6		46.6		5.4
Total Retail Revenues	688.2		—		1,818.4		1,059.8		1,762.8		811.1		878.3

Wholesale Revenues:
Generation Revenues (b)	—		—		167.5		333.3		—		5.6		104.3
Transmission Revenues (c)	348.7		1,188.2		87.7		29.0		45.7		29.8		94.3
Total Wholesale Revenues	348.7		1,188.2		255.2		362.3		45.7		35.4		198.6

Other Revenues from Contracts with Customers (d)	18.6		17.8		32.9		56.9		89.6		15.1		15.8

Total Revenues from Contracts with Customers	1,055.5		1,206.0		2,106.5		1,479.0		1,898.1		861.6		1,092.7

Other Revenues:
Alternative Revenue Program (a) (e)	(1.1)		62.9		13.7		1.0		17.1		1.9		8.8
Other Revenues (a)	(0.2)		—		0.3		(20.6)		7.3		—		—
Total Other Revenues	(1.3)		62.9		14.0		(19.6)		24.4		1.9		8.8

Total Revenues	$	1,054.2	$	1,268.9	$	2,120.5	$	1,459.4	$	1,922.5	$	863.5	$	1,101.5

(a)Amounts include affiliated and nonaffiliated revenues.

(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $81 million primarily related to the PPA with KGPCo. The remaining affiliated amounts were immaterial.

(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $962 million, $41 million and $31 million, respectively. The remaining affiliated amounts were immaterial.

(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $36 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.

(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.


	Six Months Ended June 30, 2024
	AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Retail Revenues:
Residential Revenues	$	332.2	$	—	$	891.1	$	415.3	$	1,021.8	$	346.0	$	303.1
Commercial Revenues	225.9		—		375.4		295.6		562.2		233.1		240.7
Industrial Revenues (a)	69.6		—		402.3		301.0		189.5		171.4		167.3
Other Retail Revenues	19.0		—		56.2		2.6		8.7		47.4		4.3
Total Retail Revenues	646.7		—		1,725.0		1,014.5		1,782.2		797.9		715.4

Wholesale Revenues:
Generation Revenues (b)	—		—		157.2		192.1		—		4.9		97.2
Transmission Revenues (c)	340.7		958.6		92.7		20.1		47.4		21.0		86.3
Total Wholesale Revenues	340.7		958.6		249.9		212.2		47.4		25.9		183.5

Other Revenues from Contracts with Customers (d)	19.2		14.3		34.8		57.0		70.7		24.4		17.2

Total Revenues from Contracts with Customers	1,006.6		972.9		2,009.7		1,283.7		1,900.3		848.2		916.1

Other Revenues:
Alternative Revenue Programs (a) (e)	(0.6)		(14.9)		(6.6)		(0.5)		7.9		(1.6)		(4.1)
Other Revenues (a)	—		—		0.1		(21.5)		11.9		—		—
Total Other Revenues	(0.6)		(14.9)		(6.5)		(22.0)		19.8		(1.6)		(4.1)

Total Revenues	$	1,006.0	$	958.0	$	2,003.2	$	1,261.7	$	1,920.1	$	846.6	$	912.0

(a)Amounts include affiliated and nonaffiliated revenues.

(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $77 million primarily related to the PPA with KGPCo. The remaining affiliated amounts were immaterial.

(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $773 million, $43 million and $28 million, respectively. The remaining affiliated amounts were immaterial.

(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $41 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.

(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.

Fixed Performance Obligations

The following table represents the Registrants’ remaining fixed performance obligations satisfied over time as of June 30, 2025. Fixed performance obligations primarily include electricity sales for fixed amounts of energy and stand ready services into PJM’s RPM market. The Registrants elected to apply the exemption to not disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less. Due to the annual establishment of revenue requirements, transmission revenues are excluded from the table below. The Registrant Subsidiaries amounts shown in the table below include affiliated and nonaffiliated revenues.


Company	2025		2026-2027		2028-2029		After 2029		Total
	(in millions)
AEP	$	43.7	$	143.6	$	48.6	$	16.1	$	252.0


APCo	8.0		31.9		25.2		11.4		76.5
I&M	2.2		8.8		6.8		2.4		20.2

Affiliated Accounts Receivable Contracts with Customers

The following table represents the amount of affiliated accounts receivable from contracts with customers included in Accounts Receivable - Affiliated Companies on the Registrant Subsidiaries’ balance sheets:


	AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
June 30, 2025	$	1.4	$	165.0	$	80.9	$	58.1	$	61.7	$	16.8	$	25.8
December 31, 2024	—		131.6		83.7		55.0		63.6		13.0		21.4