INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2026

The ETR for each of the Registrants are included in the following tables:


	Three Months Ended September 30, 2026
	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
U.S. Federal Statutory Rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Increase (Decrease) due to:
State and Local Income Taxes, Net	(0.6)	%	0.3	%	2.3	%	(3.4)	%	(0.4)	%	1.1	%	1.7	%	(5.5)	%
Tax Reform Excess ADIT Reversal	(2.4)	%	(0.7)	%	0.2	%	(4.9)	%	(2.2)	%	(8.9)	%	(1.0)	%	(2.1)	%

Production and Investment Tax Credits	(6.7)	%	(0.1)	%	—	%	(3.1)	%	(13.1)	%	—	%	(12.7)	%	(22.4)	%
Reversal of Origination Flow-Through	(0.4)	%	—	%	(0.3)	%	(3.3)	%	(1.0)	%	(0.8)	%	—	%	(0.3)	%
AFUDC Equity	(1.4)	%	(3.9)	%	(1.8)	%	(0.6)	%	(0.1)	%	0.8	%	(0.8)	%	(1.0)	%



Other	(0.2)	%	(0.1)	%	0.1	%	(0.4)	%	0.8	%	—	%	—	%	(0.2)	%
Effective Income Tax Rate	9.3	%	16.5	%	21.5	%	5.3	%	5.0	%	13.2	%	8.2	%	(10.5)	%


	Three Months Ended September 30, 2025
	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
U.S. Federal Statutory Rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Increase (Decrease) due to:
State and Local Income Taxes, Net	1.2	%	0.6	%	2.5	%	(1.2)	%	2.8	%	1.0	%	3.0	%	(3.9)	%
Tax Reform Excess ADIT Reversal	(2.5)	%	(2.3)	%	0.2	%	(3.5)	%	(5.5)	%	(2.7)	%	(4.8)	%	(3.2)	%

Production and Investment Tax Credits	(7.9)	%	(0.1)	%	—	%	0.1	%	(26.6)	%	—	%	(50.6)	%	(27.5)	%
Reversal of Origination Flow-Through	1.3	%	0.1	%	0.3	%	6.7	%	2.2	%	0.6	%	0.2	%	0.7	%
AFUDC Equity	(1.6)	%	(1.8)	%	(2.5)	%	(0.5)	%	(1.1)	%	(1.8)	%	(1.2)	%	(1.1)	%


Flow-Through of CAMT	0.6	%	—	%	—	%	6.2	%	—	%	—	%	—	%	—	%
Other	0.1	%	0.1	%	—	%	(0.7)	%	(0.8)	%	(0.3)	%	0.1	%	—	%
Effective Income Tax Rate	12.2	%	17.6	%	21.5	%	28.1	%	(8.0)	%	17.8	%	(32.3)	%	(14.0)	%


	Nine Months Ended September 30, 2026
	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
U.S. Federal Statutory Rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Increase (Decrease) due to:
State and Local Income Taxes, Net	1.0	%	0.5	%	2.4	%	(1.3)	%	2.5	%	1.0	%	1.7	%	(7.2)	%
Tax Reform Excess ADIT Reversal	(2.9)	%	(1.1)	%	0.2	%	(4.9)	%	(2.4)	%	(10.5)	%	(1.8)	%	(3.1)	%

Production and Investment Tax Credits	(9.5)	%	(0.1)	%	—	%	(4.8)	%	(11.0)	%	—	%	(40.1)	%	(59.4)	%

AFUDC Equity	(1.5)	%	(2.5)	%	(1.8)	%	(0.8)	%	(0.6)	%	(0.9)	%	(1.0)	%	(1.8)	%


Flow-Through of CAMT	(0.8)	%	—	%	—	%	(4.5)	%	—	%	—	%	—	%	—	%
Other	(0.1)	%	(0.1)	%	—	%	0.2	%	0.8	%	0.2	%	—	%	0.3	%
Effective Income Tax Rate	7.2	%	17.7	%	21.8	%	4.9	%	10.3	%	10.8	%	(20.2)	%	(50.2)	%


	Nine Months Ended September 30, 2025
	AEP		AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
U.S. Federal Statutory Rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Increase (Decrease) due to:
State and Local Income Taxes, Net	1.0	%	0.6	%	2.5	%	0.4	%	2.4	%	1.2	%	3.0	%	(3.3)	%
Tax Reform Excess ADIT Reversal	(1.8)	%	(2.6)	%	0.4	%	(2.7)	%	(2.5)	%	(3.0)	%	(4.1)	%	(2.0)	%
Remeasurement of Excess ADIT	(12.4)	%	—	%	(25.5)	%	(5.9)	%	(12.8)	%	—	%	(8.8)	%	(17.2)	%
Production and Investment Tax Credits	(7.1)	%	(0.1)	%	—	%	—	%	(20.9)	%	—	%	(50.9)	%	(31.0)	%
Reversal of Origination Flow-Through	0.6	%	0.1	%	0.2	%	0.5	%	2.0	%	0.6	%	0.2	%	0.7	%
AFUDC Equity	(1.2)	%	(1.4)	%	(1.5)	%	(0.7)	%	(0.9)	%	(1.7)	%	(1.1)	%	(1.3)	%

Flow-Through of CAMT	0.2	%	—	%	—	%	1.7	%	—	%	—	%	—	%	—	%
Other	0.1	%	—	%	0.1	%	—	%	(0.3)	%	—	%	—	%	0.2	%
Effective Income Tax Rate	0.4	%	17.6	%	(2.8)	%	14.3	%	(12.0)	%	18.1	%	(40.7)	%	(32.9)	%


	Nine Months Ended September 30,
Cash Flow Information	2026		2025
	(in millions)
Cash Paid for:
Interest, Net of Capitalized Amounts	$	1,548	$	1,315


Noncash Investing and Financing Activities:

Construction Expenditures Included in Current Liabilities as of September 30,	1,813		1,169
Contribution in Aid of Construction Advances in Current Assets as of September 30,	69		—


Acquisition of Nuclear Fuel Included in Current Liabilities as of September 30,	—		1

The following tables show the amount of income taxes paid or (received) on an interim basis, for each Registrant: