v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of 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, 2026
VIU (a)T&DAEPTHCoG&MCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$1,072 $662 $— $— $— $— $1,734 
Commercial Revenues852 473 — — — — 1,325 
Industrial Revenues (b)702 145 — — — — 847 
Other Retail Revenues60 14 — — — — 74 
Total Retail Revenues2,686 1,294 — — — — 3,980 
Wholesale and Competitive Retail Revenues:
Generation Revenues 236 — — 47 — — 283 
Transmission Revenues (c)153 223 599 — — (538)437 
Retail, Trading and Marketing Revenues (d)— — — 603 — (16)587 
Total Wholesale and Competitive Retail Revenues389 223 599 650 — (554)1,307 
Other Revenues from Contracts with Customers (e)77 53 18 48 28 (50)174 
Total Revenues from Contracts with Customers3,152 1,570 617 698 28 (604)5,461 
Other Revenues:
Alternative Revenue Programs (f)(10)9 (7)— — — (8)
Other Revenues (b) (g)(22)4 — 11 2 (3)(8)
Total Other Revenues(32)13 (7)11 2 (3)(16)
Total Revenues$3,120 $1,583 $610 $709 $30 $(607)$5,445 

(a)Beginning in the first quarter of 2026, PSO and SWEPCo incorporated fuel‑related amounts into unbilled revenues to reflect consideration earned but not yet invoiced as of the balance sheet date. The impact of this change did not have a material impact on the financial statements or related disclosures.
(b)Amounts include immaterial affiliated and nonaffiliated revenues.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $475 million. The affiliated revenues for Vertically Integrated Utilities were $63 million. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $16 million. The remaining affiliated amounts were immaterial.
(e)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $27 million. The remaining affiliated amounts were immaterial.
(f)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues. Amounts include immaterial affiliated and nonaffiliated revenues.
(g)Generation & Marketing includes economic hedge activity.
Three Months Ended June 30, 2025
VIUT&DAEPTHCoG&MCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$1,030 $612 $— $— $— $— $1,642 
Commercial Revenues750 420 — — — — 1,170 
Industrial Revenues (a)704 145 — — — — 849 
Other Retail Revenues61 15 — — — — 76 
Total Retail Revenues2,545 1,192 — — — — 3,737 
Wholesale and Competitive Retail Revenues:
Generation Revenues 237 — — 38 — — 275 
Transmission Revenues (b)157 197 699 — — (622)431 
Retail, Trading and Marketing Revenues (c)— — — 538 — (16)522 
Total Wholesale and Competitive Retail Revenues394 197 699 576 — (638)1,228 
Other Revenues from Contracts with Customers (d)49 46 9 3 27 (44)90 
Total Revenues from Contracts with Customers2,988 1,435 708 579 27 (682)5,055 
Other Revenues:
Alternative Revenue Programs (e)15 12 49 — — (47)29 
Other Revenues (a) (f)12 2 — (13)3 (1)3 
Total Other Revenues27 14 49 (13)3 (48)32 
Total Revenues$3,015 $1,449 $757 $566 $30 $(730)$5,087 

(a)Amounts include immaterial 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. Amounts include immaterial affiliated and nonaffiliated revenues.
(f)Generation & Marketing includes economic hedge activity.
Three Months Ended June 30, 2026
AEP TexasAEPTCoAPCoI&MOPCoPSO (a)SWEPCo (a)
(in millions)
Retail Revenues:
Residential Revenues$190 $— $348 $191 $472 $224 $208 
Commercial Revenues119 — 183 275 354 148 166 
Industrial Revenues (b)42 — 197 159 103 97 105 
Other Retail Revenues10 — 27 2 4 30 1 
Total Retail Revenues361 — 755 627 933 499 480 
Wholesale Revenues:
Generation Revenues (c)— — 83 147 — 4 42 
Transmission Revenues (d)195 580 59 11 27 14 55 
Total Wholesale Revenues195 580 142 158 27 18 97 
Other Revenues from Contracts with Customers (e)17 17 16 46 35 6 16 
Total Revenues from Contracts with Customers573 597 913 831 995 523 593 
Other Revenues:
Alternative Revenue Programs (f)(2)(9)2 (6)11 (2)(5)
Other Revenues (b)— — 1 (25)6 — — 
Total Other Revenues(2)(9)3 (31)17 (2)(5)
Total Revenues$571 $588 $916 $800 $1,012 $521 $588 

(a)Beginning in the first quarter of 2026, PSO and SWEPCo incorporated fuel‑related amounts into unbilled revenues to reflect consideration earned but not yet invoiced as of the balance sheet date. The impact of this change did not have a material impact on the financial statements or related disclosures.
(b)Amounts include immaterial affiliated and nonaffiliated revenues.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $42 million primarily related to the PPA with KGPCo. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $471 million, $32 million and $22 million, respectively. The remaining affiliated amounts were immaterial.
(e)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $17 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(f)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues. Amounts include immaterial affiliated and nonaffiliated revenues.
Three Months Ended June 30, 2025
AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
Retail Revenues:
Residential Revenues$180 $— $366 $190 $432 $191 $191 
Commercial Revenues115 — 193 192 307 135 155 
Industrial Revenues (a)41 — 211 156 103 92 103 
Other Retail Revenues10 — 28 2 3 26 2 
Total Retail Revenues346 — 798 540 845 444 451 
Wholesale Revenues:
Generation Revenues (b)— — 77 138 — 1 48 
Transmission Revenues (c)176 682 46 19 22 16 55 
Total Wholesale Revenues176 682 123 157 22 17 103 
Other Revenues from Contracts with Customers (d)8 9 19 27 38 6 7 
Total Revenues from Contracts with Customers530 691 940 724 905 467 561 
Other Revenues:
Alternative Revenue Programs (e)1 51 7 1 12 2 9 
Other Revenues (a)— — — 12 2 — — 
Total Other Revenues1 51 7 13 14 2 9 
Total Revenues$531 $742 $947 $737 $919 $469 $570 

(a)Amounts include immaterial 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. The remaining affiliated amounts were immaterial.
(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. Amounts include immaterial affiliated and nonaffiliated revenues.
Six Months Ended June 30, 2026
VIU (a)T&DAEPTHCoG&MCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$2,436 $1,395 $— $— $— $— $3,831 
Commercial Revenues1,651 882 — — — — 2,533 
Industrial Revenues (b)1,351 273 — — — — 1,624 
Other Retail Revenues119 29 — — — — 148 
Total Retail Revenues5,557 2,579 — — — — 8,136 
Wholesale and Competitive Retail Revenues:
Generation Revenues598 — — 99 — — 697 
Transmission Revenues (c)316 437 1,185 — — (1,057)881 
Retail, Trading and Marketing Revenues (d)— — — 1,373 — (37)1,336 
Total Wholesale and Competitive Retail Revenues914 437 1,185 1,472 — (1,094)2,914 
Other Revenues from Contracts with Customers (e)125 155 23 79 57 (107)332 
Total Revenues from Contracts with Customers6,596 3,171 1,208 1,551 57 (1,201)11,382 
Other Revenues:
Alternative Revenue Programs (f)(7)7 — — — (11)(11)
Other Revenues (b) (g)(29)14 — 110 4 (5)94 
Total Other Revenues(36)21 — 110 4 (16)83 
Total Revenues$6,560 $3,192 $1,208 $1,661 $61 $(1,217)$11,465 

(a)Beginning in the first quarter of 2026, PSO and SWEPCo incorporated fuel‑related amounts into unbilled revenues to reflect consideration earned but not yet invoiced as of the balance sheet date. The impact of this change did not have a material impact on the financial statements or related disclosures.
(b)Amounts include immaterial affiliated and nonaffiliated revenues.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $933 million. The affiliated revenues for Vertically Integrated Utilities were $118 million. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $37 million. The remaining affiliated amounts were immaterial.
(e)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $56 million. The remaining affiliated amounts were immaterial.
(f)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues. Amounts include immaterial affiliated and nonaffiliated revenues.
(g)Generation & Marketing includes economic hedge activity.
Six Months Ended June 30, 2025
VIUT&DAEPTHCoG&MCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$2,382 $1,351 $— $— $— $— $3,733 
Commercial Revenues1,415 802 — — — — 2,217 
Industrial Revenues (a)1,322 268 — — — — 1,590 
Other Retail Revenues115 30 — — — — 145 
Total Retail Revenues5,234 2,451 — — — — 7,685 
Wholesale and Competitive Retail Revenues:
Generation Revenues542 — — 89 — — 631 
Transmission Revenues (b)278 394 1,220 — — (1,072)820 
Retail, Trading and Marketing Revenues (c)— — — 1,160 — (32)1,128 
Total Wholesale and Competitive Retail Revenues820 394 1,220 1,249 — (1,104)2,579 
Other Revenues from Contracts with Customers (d)101 108 18 4 70 (95)206 
Total Revenues from Contracts with Customers6,155 2,953 1,238 1,253 70 (1,199)10,470 
Other Revenues:
Alternative Revenue Programs (e)18 16 61 — — (62)33 
Other Revenues (a) (f)(20)7 — 60 4 (4)47 
Total Other Revenues(2)23 61 60 4 (66)80 
Total Revenues$6,153 $2,976 $1,299 $1,313 $74 $(1,265)$10,550 

(a)Amounts include immaterial 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. Amounts include immaterial affiliated and nonaffiliated revenues.
(f)Generation & Marketing includes economic hedge activity.
Six Months Ended June 30, 2026
AEP TexasAEPTCoAPCoI&MOPCoPSO (a)SWEPCo (a)
(in millions)
Retail Revenues:
Residential Revenues$348 $— $937 $434 $1,047 $410 $406 
Commercial Revenues233 — 376 526 649 270 324 
Industrial Revenues (b)79 — 383 305 194 186 197 
Other Retail Revenues21 — 53 3 8 54 6 
Total Retail Revenues681 — 1,749 1,268 1,898 920 933 
Wholesale Revenues:
Generation Revenues (c)— — 177 404 — 5 94 
Transmission Revenues (d)381 1,144 120 22 55 28 113 
Total Wholesale Revenues381 1,144 297 426 55 33 207 
Other Revenues from Contracts with
Customers (e)
37 23 33 74 117 9 24 
Total Revenues from Contracts with Customers1,099 1,167 2,079 1,768 2,070 962 1,164 
Other Revenues:
Alternative Revenue Program (f)(4)(1)3 (4)11 (2)(5)
Other Revenues (b)— — 1 (31)16 — — 
Total Other Revenues(4)(1)4 (35)27 (2)(5)
Total Revenues$1,095 $1,166 $2,083 $1,733 $2,097 $960 $1,159 

(a)Beginning in the first quarter of 2026, PSO and SWEPCo incorporated fuel‑related amounts into unbilled revenues to reflect consideration earned but not yet invoiced as of the balance sheet date. The impact of this change did not have a material impact on the financial statements or related disclosures.
(b)Amounts include immaterial affiliated and nonaffiliated revenues.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $97 million primarily related to the PPA with KGPCo. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $925 million, $65 million and $42 million, respectively. The remaining affiliated amounts were immaterial.
(e)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $34 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(f)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues. Amounts include immaterial affiliated and nonaffiliated revenues.
Six Months Ended June 30, 2025
AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
Retail Revenues:
Residential Revenues$352 $— $972 $422 $999 $366 $384 
Commercial Revenues234 — 388 345 569 237 296 
Industrial Revenues (a)81 — 402 290 187 162 193 
Other Retail Revenues21 — 56 3 8 46 5 
Total Retail Revenues688 — 1,818 1,060 1,763 811 878 
Wholesale Revenues:
Generation Revenues (b)— — 167 333 — 5 104 
Transmission Revenues (c)349 1,188 88 29 46 30 94 
Total Wholesale Revenues349 1,188 255 362 46 35 198 
Other Revenues from Contracts with
Customers (d)
18 18 33 57 90 15 16 
Total Revenues from Contracts with Customers1,055 1,206 2,106 1,479 1,899 861 1,092 
Other Revenues:
Alternative Revenue Programs (e)(1)63 14 1 17 2 9 
Other Revenues (a)— — — (20)7 — — 
Total Other Revenues(1)63 14 (19)24 2 9 
Total Revenues$1,054 $1,269 $2,120 $1,460 $1,923 $863 $1,101 

(a)Amounts include immaterial 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. Amounts include immaterial affiliated and nonaffiliated revenues.
Schedule of Fixed Performance Obligations
The following table represents the Registrants’ remaining fixed performance obligations satisfied over time as of June 30, 2026. 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.
Company20262027-20282029-2030After 2030Total
(in millions)
AEP$44 $87 $39 $16 $186 
APCo8 32 25 12 77 
I&M2 9 5 2 18 
Schedule of 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:

AEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
June 30, 2026$173 $137 $64 $73 $128 $92 
December 31, 2025146 113 67 74 22 65