$AEP · AMERICAN ELECTRIC POWER CO INC
American Electric Power filed an 8-K reporting Q3 2026 results: GAAP EPS of $2.18 and operating EPS of $2.23, up from $1.82 and $1.80 respectively in Q3 2025. The company raised its full-year 2026 outlook to at or above the $6.25–$6.55 range and unveiled a $100 billion five-year capital plan (2027–2031) supporting 13%+ rate base CAGR. AEP introduced 2027 and 2028 operating EPS guidance of $6.75–$7.05 and $7.40–$7.70, with a new long-term growth rate of 9%–11% annually.
- Q3 2026 GAAP EPS of $2.18 vs. $1.82 in Q3 2025; operating EPS of $2.23 vs. $1.80.
- Full-year 2026 operating EPS expected at or above the high end of the $6.25–$6.55 guidance range.
- $100 billion five-year capital plan (2027–2031) announced, targeting 13%+ rate base CAGR through 2031.
- New long-term operating EPS growth rate of 9%–11% annually from 2027–2031, with 10%+ CAGR through 2031.
- 2027 and 2028 operating EPS guidance introduced at $6.75–$7.05 and $7.40–$7.70, respectively.
Extended-hours trading shows AEP at $130.48, up 0.14% from the regular close of $130.30, suggesting a modestly positive initial reception to the expanded capital plan and raised growth outlook. The $70.93B market cap utility's $100B capital commitment and double-digit EPS growth trajectory represent a significant strategic acceleration.
AEP's $100B capital plan and 10%+ long-term EPS growth target represent one of the most aggressive infrastructure buildouts in the utility sector, directly tied to 84 GW of contracted large-load demand.
AEP's $100B capital plan and 10%+ EPS CAGR through 2031 reflect the broader utility-sector trend of accelerating infrastructure investment driven by data center and manufacturing load growth. The 84 GW of incremental contracted load and $21B in residential fixed-cost offsets position AEP among the most aggressive in translating demand growth into rate-base expansion.
Regulatory recovery risk: the $100B capital plan depends on timely rate case approvals and cost recovery across 11 states. Large-load customer contracts carry counterparty credit risk, and the 84 GW contracted load pipeline assumes full execution of agreements currently backed only by letters of agreement in some cases.