Q2 26 EPS
$1.36
MISS 8.20%
Est. $1.48
Q2 26 Revenue
$5.45B
BEAT +2.23%
Est. $5.33B
vs S&P Since Q2 26
-8.2%
TRAILING MARKET
AEP -3.9% vs S&P +4.3%
Market Reaction
Did AEP Beat Earnings? Q2 2026 Results
American Electric Power delivered a mixed second quarter for 2026, posting earnings per share of $1.36 that fell short of the $1.48 consensus estimate by 8.20%, even as revenue of $5.45 billion beat expectations by 2.23% and grew 7.0% year over year … Read more American Electric Power delivered a mixed second quarter for 2026, posting earnings per share of $1.36 that fell short of the $1.48 consensus estimate by 8.20%, even as revenue of $5.45 billion beat expectations by 2.23% and grew 7.0% year over year from $5.09 billion. The bottom-line miss was largely a function of timing and deal structure rather than operational deterioration; management pointed to the 2025 transmission minority interest sale and the cadence of tax-related items as the primary culprits, with GAAP earnings also weighed down by the absence of a $480.00 million FERC NOLC benefit that had inflated the year-ago comparison. Underneath those headwinds, the demand story remained compelling, with commercial load surging 14.9% in the Vertically Integrated segment as data center appetite accelerated. Analysts had anticipated growth from favorable rate revisions and industrial demand ahead of the print, and those tailwinds held. AEP responded to the strong first-half performance by raising its full-year 2026 operating EPS guidance to $6.25 to $6.55, while reaffirming a 7% to 9% annual earnings growth target through 2030 anchored by a $78.00 billion five-year capital plan.
Key Takeaways
- • Strong commercial load growth of 14.9% (Vertically Integrated) and 17.4% (T&D) driven by data center and hyperscaler demand
- • Total retail KWh sales growth of 4.6% (Vertically Integrated) and 11.4% (T&D) year-over-year
- • Incremental 6 GW of signed load agreements during Q2 2026
- • Continued regulatory outcomes supporting rate recovery and generation additions
- • Up to $16 billion in expected cost offsets from load growth supporting affordability
AEP Forward Guidance & Outlook
AEP raised its full-year 2026 operating earnings guidance to $6.25–$6.55 per share from $6.15–$6.45, reflecting strong first-half performance. The corresponding GAAP EPS guidance is $6.16–$6.46. The company reaffirmed its 7%–9% annual operating earnings growth rate through 2030, with an expected operating earnings CAGR exceeding 9% based on the 2025 guidance midpoint. AEP's five-year $78 billion capital plan underpins this growth, with line of sight to more than $10 billion in incremental capital investments. Contracted load growth through 2030 now stands at 69 GW, and the company has secured approximately 13 GW of gas-fired turbine capacity with another 10 GW under evaluation through 2035.
AEP YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“While I recognize our operating earnings are below last year at this stage due to the 2025 transmission minority interest sale and the timing of tax-related items, I am highly confident in our robust business performance – so much so that we are raising 2026 full-year guidance to $6.25 to $6.55 per share.”
— Bill Fehrman, Q2 2026 Earnings Press Release
AEP Earnings Trends
AEP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AEP EPS Trend
Earnings per share: estimate vs actual
AEP Revenue Trend
Quarterly revenue: estimate vs actual
AEP Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $1.48 | $1.36 | -8.20% | $5.45B | +2.23% |
| Q1 26 BEAT | $1.57 | $1.64 | +4.46% | $6.02B | +5.23% |
| Q4 25 BEAT FY | $1.14 | $1.19 | +4.33% | $5.31B | +2.54% |
| FY Full Year | $5.91 | $5.97 | +1.09% | $21.88B | +1.27% |
| Q3 25 MISS | $1.81 | $1.80 | -0.28% | $6.01B | +7.92% |
| Q2 25 BEAT | $1.27 | $1.43 | +12.60% | $5.09B | +2.38% |
| Q1 25 BEAT | $1.40 | $1.54 | +10.00% | $5.46B | +5.41% |