American Electric Power Company, Inc. (AEP) Cash Flow Statement
Where AEP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $6.94B +2.1% vs 2024
- Capital expenditures
- $130.0M 0.6% of revenue
- Free cash flow
- $6.81B 31.3% margin
- Returned to shareholders
- $2.01B 29% of free cash flow
- Change in cash
- $22.0M cash at year-end $268.0M
Cash from operations
$6.94B
Capital expenditures
−$130.0M
Investments (net)
−$46.0M
Acquisitions & other
−$8.94B
Dividends
−$2.01B
Net borrowing (repayment)
+$3.54B
Shares issued
+$775.0M
Other financing
−$116.0M
Change in cash
$22.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AEP operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AEP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.52B2016 | $6.94B2025 | +4.9%/yr | |
| Capital expenditures | $4.91B2016 | $130.0M2025 | −33.2%/yr | |
| Free cash flow | −$390.3M2016 | $6.81B2025 | — | |
| Free cash flow margin | −2.4%2016 | 31.3%2025 | +33.7 pts | |
| Operating cash flow / net income | 7.402016 | 1.942025 | −5.46 | |
| Stock-based compensation | $66.5M2016 | $50.9M2023 | −3.7%/yr | |
| Dividends paid | $1.12B2016 | $2.01B2025 | +6.7%/yr | |
| Share buybacks (net) | $02016 | $02023 | — | |
| Capex / revenue | 30.1%2016 | 0.6%2025 | −29.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AEP cash flow by activity
OperatingInvestingFinancingChange in cash
AEP net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AEP cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.58B | $2.98B | $2.21B | $2.31B | $2.49B | $2.20B | $1.92B | $1.93B | $1.91B | $610.9M |
| Depreciation & amortization | $3.49B | $3.39B | $3.19B | $3.29B | $3.05B | $2.91B | $2.74B | $2.40B | $2.13B | $2.09B |
| Stock-based compensation | — | — | $50.9M | $63.3M | −$1.52B | $26.2M | $171.3M | $53.2M | $79.5M | $66.5M |
| Change in working capital | $341.0M | $510.3M | −$703.5M | −$237.7M | $236.3M | −$508.6M | $26.0M | $765.5M | −$404.4M | −$396.0M |
| Other non-cash items | −$466.0M | −$74.6M | $269.7M | −$128.9M | −$413.0M | −$788.2M | −$587.1M | $72.8M | $556.4M | $2.15B |
| Cash from operating activities | $6.94B | $6.80B | $5.01B | $5.29B | $3.84B | $3.83B | $4.27B | $5.22B | $4.27B | $4.52B |
| Investing activities | ||||||||||
| Capital expenditures | −$130.0M | −$7.77B | −$7.51B | −$6.77B | −$5.76B | −$6.32B | −$6.14B | −$6.36B | −$5.80B | −$4.91B |
| Investments (net) | −$46.0M | −$7.60B | −$6.57B | −$7.75B | −$53.7M | −$34.5M | −$81.8M | −$57.8M | −$58.4M | −$44.6M |
| Acquisitions & other investing | −$8.94B | $7.77B | $7.81B | $6.77B | −$616.1M | $116.6M | −$919.0M | $61.2M | $2.20B | −$34.9M |
| Cash from investing activities | −$9.12B | −$7.60B | −$6.27B | −$7.75B | −$6.43B | −$6.23B | −$7.14B | −$6.35B | −$3.66B | −$4.99B |
| Financing activities | ||||||||||
| Dividends paid | −$2.01B | −$1.90B | −$1.76B | −$1.65B | −$1.52B | −$1.42B | −$1.35B | −$1.25B | −$1.19B | −$1.12B |
| Share repurchases & issuance (net) | — | — | $6.53B | $826.5M | $7.88B | $7.02B | $5.46B | $5.42B | $3.85B | $3.51B |
| Net borrowing (repayment) | $3.54B | $2.06B | $1.92B | $3.80B | $3.63B | $3.93B | $4.24B | $2.37B | $624.5M | $1.61B |
| Shares issued | $775.0M | $552.1M | $958.6M | $826.5M | $600.5M | $155.0M | $65.3M | $73.6M | $0 | $0 |
| Other financing | −$116.0M | −$49.8M | −$6.57B | −$1.24B | −$7.99B | −$7.27B | −$5.56B | −$5.45B | −$3.89B | −$3.49B |
| Cash from financing activities | $2.20B | $659.2M | $1.08B | $2.57B | $2.61B | $2.41B | $2.86B | $1.16B | −$604.9M | $503.9M |
| Summary | ||||||||||
| Net change in cash | $22.0M | −$133.0M | −$177.5M | $105.1M | $13.1M | $5.7M | −$11.5M | $31.5M | $9.1M | $34.1M |
| Cash at end of period | $268.0M | $246.0M | $379.0M | $556.5M | $451.4M | $438.3M | $432.6M | $444.1M | $412.6M | $210.5M |
| Free cash flow | $6.81B | −$966.3M | −$2.49B | −$1.48B | −$1.92B | −$2.48B | −$1.87B | −$1.13B | −$1.53B | −$390.3M |
| Free cash flow margin | 31.3% | −4.9% | −12.9% | −7.7% | −11.6% | −16.7% | −12.1% | −7.0% | −9.9% | −2.4% |
| Capex / revenue | 0.6% | 39.0% | 38.7% | 35.1% | 34.7% | 42.4% | 39.5% | 39.3% | 37.7% | 30.1% |
| Operating cash flow / net income | 1.94 | 2.29 | 2.27 | 2.29 | 1.54 | 1.74 | 2.22 | 2.70 | 2.23 | 7.40 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $747.0M | $903.0M | $489.2M | $1.00B | $1.29B | $802.2M | $664.1M | $961.7M | $340.3M | $1.01B | $337.8M | $958.3M |
| Depreciation & amortization | $910.0M | $907.0M | $922.9M | $879.6M | $853.1M | $833.4M | $828.2M | $852.7M | $821.9M | $787.1M | $877.6M | $792.3M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $50.9M | $242.2M |
| Change in working capital | −$118.0M | −$392.0M | $650.6M | $94.2M | −$277.4M | −$126.4M | $949.1M | $717.1M | −$181.6M | −$176.1M | $492.9M | −$479.3M |
| Other non-cash items | $284.0M | $101.0M | −$249.5M | $485.6M | −$642.9M | −$59.2M | −$714.0M | −$358.8M | $481.4M | −$174.5M | −$422.7M | $280.6M |
| Cash from operating activities | $1.82B | $1.52B | $1.81B | $2.46B | $1.22B | $1.45B | $1.73B | $2.17B | $1.46B | $1.44B | $1.34B | $1.79B |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.79B | −$2.84B | −$2.06B | −$665.0M | −$2.09B | −$2.14B | −$2.50B | −$1.88B | −$1.59B | −$1.80B | −$1.68B | −$1.70B |
| Investments (net) | −$28.0M | −$20.0M | $11.8M | −$2.40B | −$3.25B | −$2.10B | −$2.83B | −$1.52B | −$1.58B | −$1.67B | −$1.62B | −$378.0M |
| Acquisitions & other investing | −$213.0M | −$706.0M | $678.4M | $665.0M | $2.09B | $2.14B | $2.50B | $1.88B | $1.59B | $1.80B | $1.68B | $1.70B |
| Cash from investing activities | −$3.03B | −$3.57B | −$1.37B | −$2.40B | −$3.25B | −$2.10B | −$2.83B | −$1.52B | −$1.58B | −$1.67B | −$1.62B | −$378.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$519.0M | −$520.0M | −$510.1M | −$497.4M | −$499.5M | −$501.0M | −$496.5M | −$471.4M | −$469.1M | −$466.9M | −$466.6M | −$430.2M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | −$1.61B | — | — | −$1.86B | $253.3M |
| Net borrowing (repayment) | $1.74B | $2.25B | $1.50B | $1.25B | −$350.4M | $1.14B | $1.50B | −$152.3M | — | — | — | −$1.80B |
| Shares issued | $47.0M | $358.0M | $587.5M | $55.7M | $56.4M | $75.4M | $39.1M | $37.2M | $435.2M | $40.6M | $40.3M | $881.7M |
| Other financing | $22.0M | $32.0M | −$2.86B | −$37.5M | $2.80B | −$18.7M | $600,000 | $1.60B | $118.4M | $556.2M | $2.55B | −$261.4M |
| Cash from financing activities | $1.29B | $2.12B | −$1.28B | $770.3M | $2.01B | $698.0M | $1.05B | −$601.6M | $84.5M | $129.9M | $258.6M | −$1.36B |
| Summary | ||||||||||||
| Net change in cash | $76.0M | $71.0M | −$838.8M | $828.2M | −$13.4M | $46.0M | −$53.2M | $51.3M | −$33.9M | −$97.2M | −$28.1M | $56.4M |
| Cash at end of period | $415.0M | $339.0M | $268.0M | $1.11B | $278.6M | $292.0M | $246.0M | $299.2M | $247.9M | $281.8M | $379.0M | $407.1M |
| Free cash flow | $4.62B | −$1.32B | $3.87B | $1.79B | $3.31B | −$686.0M | −$776.2M | $293.8M | −$130.7M | −$353.2M | −$342.0M | $89.7M |
| Free cash flow margin | 84.8% | −22.0% | 76.7% | 29.9% | 65.1% | −12.2% | −16.5% | 5.4% | −2.8% | −6.9% | −7.3% | 1.7% |
| Capex / revenue | 51.3% | 47.2% | 40.8% | 11.1% | 41.1% | 37.9% | 53.2% | 34.2% | 34.4% | 35.2% | 35.8% | 31.8% |
| Operating cash flow / net income | 2.44 | 1.68 | 3.71 | 2.46 | 0.95 | 1.81 | 2.60 | 2.26 | 4.30 | 1.43 | 3.96 | 1.87 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AEP cash generation
In fiscal 2025 (ended December 31, 2025), American Electric Power generated $6.9 billion of cash from operations (up 2.1%) and spent $130.0 million on capital expenditures, leaving free cash flow of $6.8 billion, 31.3% of revenue. It returned $2.0 billion to shareholders through dividends ($2.0 billion) and net share buybacks ($0). Cash and equivalents rose by $22.0 million over the year.
Related: AEP income statement, AEP balance sheet, AEP dividend history. See the AEP stock overview for the latest quote and news.
AEP cash flow FAQ
What is American Electric Power's free cash flow?
American Electric Power's free cash flow was $6.8 billion in fiscal 2025: $6.9 billion of operating cash flow minus $130.0 million of capital expenditures It was -$966.3 million a year earlier..
How much cash does American Electric Power generate from operations?
American Electric Power generated $6.9 billion of cash from operating activities in fiscal 2025, 1.94 times its net income of $3.6 billion.
How much does American Electric Power spend on capital expenditures?
American Electric Power spent $130.0 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with $7.8 billion the year before.
How much does American Electric Power pay in dividends?
American Electric Power paid $2.0 billion in dividends in fiscal 2025, 29.5% of free cash flow.
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