The unaudited condensed financial statements and footnotes were prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements.

In the opinion of management, the unaudited condensed interim financial statements reflect all normal and recurring accruals and adjustments necessary for a fair statement of the net income, financial position and cash flows for the interim periods for each Registrant. Net income for the three and six months ended June 30, 2026 is not necessarily indicative of results that may be expected for the year ending December 31, 2026. The condensed financial statements are unaudited and should be read in conjunction with the audited 2025 financial statements and notes thereto, which are included in the 2025 Annual Reports.

In 2025, the Company changed its rounding presentation in the Registrant’s financial statements and accompanying tabular footnote disclosures to the nearest whole number in millions, except per share data. The change had no material impact on previously reported financial information, however, certain amounts reported for prior periods may differ by insignificant amounts due to the rounding presentation. In addition, historical percentages and per share amounts presented may not recalculate due to rounding. This change does not impact the comparability of the Registrant’s financial statements and related disclosures.

Basic EPS is calculated by dividing net earnings available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by adjusting the weighted-average outstanding common shares, assuming conversion of all potentially dilutive securities. Dilutive securities are primarily related to forward sale of equity agreements and restricted stock units. See Note 12 - Financing Activities for more information regarding the forward sale of equity agreements.


	Three Months Ended June 30,
	2026				2025
	(in millions, except per share data)
			$/share				$/share
Earnings Attributable to AEP Common Shareholders	$	713			$	1,226

Weighted-Average Number of Basic AEP Common Shares Outstanding	544.2		$	1.31	534.3		$	2.29
Weighted-Average Dilutive Effect	6.4		(0.01)		2.1		—
Weighted-Average Number of Diluted AEP Common Shares Outstanding	550.6		$	1.30	536.4		$	2.29


	Six Months Ended June 30,
	2026				2025
	(in millions, except per share data)
			$/share				$/share


Earnings Attributable to AEP Common Shareholders	$	1,587			$	2,026

Weighted-Average Number of Basic AEP Common Shares Outstanding	543.1		$	2.92	533.8		$	3.80
Weighted-Average Dilutive Effect	5.7		(0.03)		1.7		(0.02)
Weighted-Average Number of Diluted AEP Common Shares Outstanding	548.8		$	2.89	535.5		$	3.78

The following tables provide a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the balance sheets that sum to the total of the same amounts shown on the statements of cash flows:


	June 30, 2026
	AEP		AEP Texas		APCo		SWEPCo
	(in millions)
Cash and Cash Equivalents	$	375	$	—	$	4	$	2
Restricted Cash	72		13		25		14
Total Cash, Cash Equivalents and Restricted Cash	$	447	$	13	$	29	$	16


	December 31, 2025
	AEP		AEP Texas		APCo		SWEPCo
	(in millions)
Cash and Cash Equivalents	$	197	$	—	$	5	$	2
Restricted Cash	71		14		18		15
Total Cash, Cash Equivalents and Restricted Cash	$	268	$	14	$	23	$	17


	Six Months Ended June 30,
Cash Flow Information	2026		2025
	(in millions)
Cash Paid for:
Interest, Net of Capitalized Amounts	$	1,083	$	946


Noncash Investing and Financing Activities:

Construction Expenditures Included in Current Liabilities as of June 30,	2,005		1,059
Contribution in Aid of Construction Advances in Current Assets as of June 30,	112		—


Acquisition of Nuclear Fuel Included in Current Liabilities as of June 30,	33		33