SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

SCHEDULE I

AMERICAN ELECTRIC POWER COMPANY, INC. (Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

For the Years Ended December 31, 2025, 2024 and 2023

(in millions, except per-share and share amounts)

	Years Ended December 31,
	2025		2024		2023
REVENUES
Revenues	$	7	$	6	$	5
TOTAL REVENUES	7		6		5
EXPENSES
Other Operation	35		66		17
Depreciation and Amortization	1		1		1
Amortization of KPCo Basis Difference	(21)		(21)		(17)
TOTAL EXPENSES	15		46		1
OPERATING INCOME (LOSS)	(8)		(40)		4
Other Income (Expense):
Interest Income	102		108		181
Interest Expense	(548)		(532)		(526)
LOSS BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY EARNINGS	(454)		(464)		(341)
Income Tax Expense (Benefit)	(126)		(151)		(81)
Equity Earnings of Unconsolidated Subsidiaries	3,908		3,280		2,468
NET INCOME	3,580		2,967		2,208
Other Comprehensive Income (Loss)	39		52		(139)
TOTAL COMPREHENSIVE INCOME	$	3,619	$	3,019	$	2,069
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING	534,535,444		530,092,672		518,903,682
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$	6.70	$	5.60	$	4.26
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING	537,467,865		531,337,703		520,206,258
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$	6.66	$	5.58	$	4.24
See Condensed Notes to Condensed Financial Information beginning on page S-6.

SCHEDULE I

AMERICAN ELECTRIC POWER COMPANY, INC. (Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED BALANCE SHEETS

ASSETS

December 31, 2025 and 2024

(in millions)

	December 31,
	2025		2024
CURRENT ASSETS
Cash and Cash Equivalents	$	103	$	88
Advances to Affiliates	1,879		1,945
Accounts Receivable:
Affiliated Companies	23		33
Total Accounts Receivable	23		33
Prepayments and Other Current Assets	75		107
TOTAL CURRENT ASSETS	2,080		2,173
PROPERTY, PLANT AND EQUIPMENT
General	3		3
Total Property, Plant and Equipment	3		3
Accumulated Depreciation, Depletion and Amortization	2		1
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	1		2
OTHER NONCURRENT ASSETS
Investments in Unconsolidated Subsidiaries	39,550		35,306
Affiliated Notes Receivable	1,105		105
Deferred Charges and Other Noncurrent Assets	245		184
TOTAL OTHER NONCURRENT ASSETS	40,900		35,595
TOTAL ASSETS	$	42,981	$	37,770
See Condensed Notes to Condensed Financial Information beginning on page S-6.

SCHEDULE I

AMERICAN ELECTRIC POWER COMPANY, INC. (Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED BALANCE SHEETS

LIABILITIES AND EQUITY

December 31, 2025 and 2024

(dollars in millions)

			December 31,
			2025		2024
CURRENT LIABILITIES
Advances from Affiliates			$	887	$	507
Accounts Payable:
General			1		5
Affiliated Companies			5		2
Short-term Debt			605		1,618
Long-term Debt Due Within One Year – Nonaffiliated			50		1,282
Accrued Interest			129		104
Other Current Liabilities			47		98
TOTAL CURRENT LIABILITIES			1,724		3,616
NONCURRENT LIABILITIES
Long-term Debt – Nonaffiliated			10,050		7,124
Deferred Credits and Other Noncurrent Liabilities			31		48
TOTAL NONCURRENT LIABILITIES			10,081		7,172
TOTAL LIABILITIES			11,805		10,788
Contingently Redeemable Performance Share Awards			38		38
COMMON SHAREHOLDERS’ EQUITY
Common Stock – Par Value – $6.50 Per Share:
	2025	2024
Shares Authorized	600,000,000	600,000,000
Shares Issued	542,048,288	534,094,530
(1,186,815 Shares were Held in Treasury as of December 31, 2025 and 2024)			3,523		3,472
Paid-in Capital			12,138		9,606
Retained Earnings			15,441		13,869
Accumulated Other Comprehensive Income (Loss)			36		(3)
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY			31,138		26,944
TOTAL LIABILITIES AND EQUITY			$	42,981	$	37,770

See Condensed Notes to Condensed Financial Information beginning on page S-6.

SCHEDULE I

AMERICAN ELECTRIC POWER COMPANY, INC. (Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2025, 2024 and 2023

(in millions)

	Years Ended December 31,
	2025		2024		2023
OPERATING ACTIVITIES
Net Income	$	3,580	$	2,967	$	2,208
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	1		1		1
Amortization of KPCo Basis Difference	(21)		(21)		(17)
Deferred Income Taxes	(12)		(53)		60
Equity Earnings of Unconsolidated Subsidiaries	(3,908)		(3,280)		(2,468)
Cash Dividends Received from Unconsolidated Subsidiaries	3,483		1,143		686
Change in Other Noncurrent Assets	(3)		5		(28)
Change in Other Noncurrent Liabilities	61		71		92
Changes in Certain Components of Working Capital:
Accounts Receivable, Net	10		18		29
Accounts Payable	(1)		(17)		(16)
Other Current Assets	10		—		(4)
Other Current Liabilities	10		55		(14)
Net Cash Flows from Operating Activities	3,210		889		529
INVESTING ACTIVITIES
Construction Expenditures	(48)		(1)		(1)
Change in Advances to Affiliates, Net	66		60		2,008
Investment in Equity Method Investments	(100)		—		—
Capital Contributions to Unconsolidated Subsidiaries	(1,869)		(400)		(790)
Return of Capital Contributions from Unconsolidated Subsidiaries	—		899		57
Issuance of Notes Receivable to Unconsolidated Subsidiaries	(1,000)		—		(210)
Repayment of Notes Receivable from Unconsolidated Subsidiaries	—		190		—
Net Cash Flows from (Used for) Investing Activities	(2,951)		748		1,064
FINANCING ACTIVITIES
Issuance of Common Stock, Net	775		552		1,000
Issuance of Long-term Debt	2,966		1,285		1,830
Issuance of Short-term Debt with Original Maturities Greater Than 90 Days	320		724		1,070
Change in Short-term Debt with Original Maturities Less Than 90 Day, Net	(655)		(172)		(1,365)
Retirement of Long-term Debt	(1,300)		(1,104)		(1,050)
Change in Advances from Affiliates, Net	380		(222)		(192)
Redemption of Short-term Debt with Original Maturities Greater Than 90 Days	(678)		(871)		(1,129)
Dividends Paid on Common Stock	(2,008)		(1,898)		(1,752)
Other Financing Activities	(44)		(41)		(61)
Net Cash Flows Used for Financing Activities	(244)		(1,747)		(1,649)
Net Increase (Decrease) in Cash and Cash Equivalents	15		(110)		(56)
Cash and Cash Equivalents at Beginning of Period	88		198		254
Cash and Cash Equivalents at End of Period	$	103	$	88	$	198
See Condensed Notes to Condensed Financial Information beginning on page S-6.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The condensed financial information of Parent is required as a result of the restricted net assets of AEP consolidated subsidiaries exceeding 25% of AEP consolidated net assets as of December 31, 2025.  Parent is a public utility holding company that owns all of the outstanding common stock of its public utility subsidiaries and varying percentages of other subsidiaries, including joint ventures and equity investments.  The primary source of income for Parent is equity in its subsidiaries’ earnings.  Its major source of cash is dividends from its wholly-owned subsidiaries, which are evaluated for cash flow presentation based on the nature of the distribution.  Parent borrows the funds for the money pool that is used by the subsidiaries for their short-term cash needs. Parent financial statements should be read in conjunction with the AEP consolidated financial statements and the accompanying notes thereto. For purposes of these condensed financial statements, AEP wholly-owned and majority-owned subsidiaries are recorded based upon its proportionate share of the subsidiaries’ net assets (similar to presenting them on the equity method).

Income Taxes

Parent files a consolidated federal income tax return with its subsidiaries. The benefit of current tax loss of the parent company (Parent Company Loss Benefit) to the AEP System subsidiaries is accounted for as an allocation through equity. The consolidated NOL of the AEP System is allocated to each company in the consolidated group with taxable loss. With the exception of the allocation of the consolidated AEP System NOL, Parent Company Loss Benefit and general business tax credits, the method of allocation reflects a separate return result for each company in the consolidated group.

 COMMITMENTS, GUARANTEES AND CONTINGENCIESParent and its subsidiaries are parties to environmental and other legal matters. For further discussion, see Note 6 - Commitments, Guarantees and ContingenciesFINANCING ACTIVITIES

The following details long-term debt outstanding as of December 31, 2025 and 2024:

Long-term Debt

		Weighted-Average	Interest Rate Ranges as of		Outstanding as of
		Interest Rate as of	December 31,		December 31,
Type of Debt	Maturity	December 31, 2025	2025	2024	2025		2024
					(in millions)
Senior Unsecured Notes	2027-2050	4.58%	1.80%-5.95%	1.00%-5.95%	$	4,882	$	5,290
Pollution Control Bonds	2026-2029 (a)	3.12%	2.40%-3.75%	2.40%-3.75%	537		537
Junior Subordinated Notes	2027-2054	5.83%	3.88%-7.05%	3.88%-7.05%	4,681		2,579
Total Long-term Debt Outstanding					10,100		8,406
Long-term Debt Due Within One Year					50		1,282
Long-term Debt					$	10,050	$	7,124

(a)Certain Pollution Control Bonds are subject to redemption earlier than the maturity date.

Long-term debt outstanding as of December 31, 2025 is payable as follows:

	2026		2027		2028		2029		2030		After 2030		Total
	(in millions)
Principal Amount (a)	$	50	$	1,774	$	930	$	1,695	$	400	$	5,350	$	10,199
Unamortized Discount, Net and Debt Issuance Costs													(99)
Total Long-term Debt Outstanding													$	10,100

(a)Amounts reflect the impact of fair value hedge accounting. See “Accounting for Fair Value Hedging Strategies” section of Note 10 included in the 2025 Annual Report for additional information.

Short-term Debt

Parent’s outstanding short-term debt was as follows:

	December 31, 2025				December 31, 2024
Type of Debt	Outstanding Amount		Weighted-Average Interest Rate		Outstanding Amount		Weighted-Average Interest Rate
	(in millions)				(in millions)
Commercial Paper	$	605	3.92	%	$	1,618	4.70	%
Total Short-term Debt	$	605			$	1,618

RELATED PARTY TRANSACTIONS

Payments on Behalf of Subsidiaries

Due to occasional time sensitivity and complexity of payments, Parent makes certain insurance, tax and benefit payments on behalf of subsidiary companies.  Parent is then fully reimbursed by the subsidiary companies.

Short-term Lending to Subsidiaries

Parent uses a commercial paper program to meet the short-term borrowing needs of subsidiaries.  The program is used to fund both a Utility Money Pool, which funds the utility subsidiaries, and a Nonutility Money Pool, which funds certain nonutility subsidiaries.  In addition, the program also funds, as direct borrowers, the short-term debt requirements of other subsidiaries that are not participants in either money pool for regulatory or operational reasons.  The program also allows some direct borrowers to invest excess cash with Parent.

Interest expense related to Parent’s short-term borrowing is included in Interest Expense on Parent’s statements of income.  Parent incurred interest expense for amounts borrowed from subsidiaries of $31 million, $28 million and $33 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Interest income related to Parent’s short-term lending is included in Interest Income on Parent’s statements of income.  Parent earned interest income for amounts advanced to subsidiaries of $88 million, $84 million and $164 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Affiliated Notes

Parent issued long-term debt, portions of which were loaned to its subsidiaries.  Parent pays interest on the affiliated notes, but the subsidiaries accrue interest for their share of the affiliated borrowing and remit the interest to Parent.  Interest income related to Parent’s loans to subsidiaries is included in Interest Income on Parent’s statements of income.  Parent earned interest income on loans to subsidiaries of $7 million, $7 million and $6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

SCHEDULE I

AEP TRANSMISSION COMPANY, LLC (AEPTCo Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED STATEMENTS OF INCOME

For the Years Ended December 31, 2025, 2024 and 2023

(in millions)

	Years Ended December 31,
	2025		2024		2023
EXPENSES
Other Operation	$	—	$	2	$	—
TOTAL EXPENSES	—		2		—
OPERATING LOSS	—		(2)		—
Other Income (Expense):
Interest Income - Affiliated	308		241		218
Interest Expense	(257)		(239)		(215)
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS OF UNCONSOLIDATED SUBSIDIARIES	51		—		3
Income Tax Expense	11		—		2
Equity Earnings of Unconsolidated Subsidiaries	1,035		688		613
NET INCOME	$	1,075	$	688	$	614
See Condensed Notes to Condensed Financial Information beginning on page S-15.

SCHEDULE I

AEP TRANSMISSION COMPANY, LLC (AEPTCo Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED BALANCE SHEETS

ASSETS

December 31, 2025 and 2024

(in millions)

	December 31,
	2025		2024
CURRENT ASSETS
Advances to Affiliates	$	70	$	20
Accounts Receivable:
General	32		—
Affiliated Companies	65		62
Total Accounts Receivable	97		62
Notes Receivable - Affiliated	425		90
TOTAL CURRENT ASSETS	592		172
OTHER NONCURRENT ASSETS
Notes Receivable - Affiliated	6,174		8,498
Investments in Unconsolidated Subsidiaries	6,690		4,273
TOTAL OTHER NONCURRENT ASSETS	12,864		12,771
TOTAL ASSETS	$	13,456	$	12,943
See Condensed Notes to Condensed Financial Information beginning on page S-15.

SCHEDULE I

AEP TRANSMISSION COMPANY, LLC (AEPTCo Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED BALANCE SHEETS

LIABILITIES AND EQUITY

December 31, 2025 and 2024

(in millions)

	December 31,
	2025		2024
CURRENT LIABILITIES
Accounts Payable:
General	$	81	$	69
Affiliated Companies	112		95
Long-term Debt Due Within One Year – Nonaffiliated	425		90
Accrued Interest	46		45
Other Current Liabilities	5		15
TOTAL CURRENT LIABILITIES	669		314
NONCURRENT LIABILITIES
Long-term Debt – Nonaffiliated	6,174		5,678
TOTAL NONCURRENT LIABILITIES	6,174		5,678
TOTAL LIABILITIES	6,843		5,992
MEMBER’S EQUITY
Paid-in Capital	4,962		3,101
Retained Earnings	1,651		3,850
TOTAL MEMBER’S EQUITY	6,613		6,951
TOTAL LIABILITIES AND MEMBER’S EQUITY	$	13,456	$	12,943
See Condensed Notes to Condensed Financial Information beginning on page S-15.

SCHEDULE I

AEP TRANSMISSION COMPANY, LLC (AEPTCo Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2025, 2024 and 2023

(in millions)

	Years Ended December 31,
	2025		2024		2023
OPERATING ACTIVITIES
Net Income	$	1,075	$	688	$	614
Adjustments to Reconcile Net Income to Net Cash Flows from (Used for) Operating Activities:
Equity Earnings of Unconsolidated Subsidiaries	(1,035)		(688)		(613)
Change in Other Noncurrent Assets	—		—		4
Change in Other Noncurrent Liabilities	7		4		12
Changes in Certain Components of Working Capital:
Accounts Receivable, Net	(35)		10		(38)
Accounts Payable	29		13		37
Accrued Interest	1		6		11
Other Current Liabilities	(9)		34		(31)
Net Cash Flows from (Used for) Operating Activities	33		67		(4)
INVESTING ACTIVITIES
Change in Advances to Affiliates, Net	(50)		(20)		—
Repayment of Notes Receivable from Affiliated Companies	2,922		95		60
Issuance of Notes Receivable to Affiliated Companies	(936)		(450)		(700)
Return of Capital Contributions from Unconsolidated Subsidiaries	739		133		184
Capital Contributions to Subsidiaries	(189)		(62)		(30)
Net Cash Flows from (Used for) Investing Activities	2,486		(304)		(486)
FINANCING ACTIVITIES
Capital Contributions from Member	70		62		30
Return of Capital to Member	—		(5)		(9)
Issuance of Long-term Debt – Nonaffiliated	929		446		689
Retirement of Long-term Debt – Nonaffiliated	(102)		(95)		(60)
Change in Advances from Affiliates, Net	—		(43)		15
Dividends Paid	(3,379)		(128)		(175)
Other Financing Activities	(37)		—		—
Net Cash Flows from (Used for) Financing Activities	(2,519)		237		490
Net Change in Cash and Cash Equivalents	—		—		—
Cash and Cash Equivalents at Beginning of Period	—		—		—
Cash and Cash Equivalents at End of Period	$	—	$	—	$	—
See Condensed Notes to Condensed Financial Information beginning on page S-15.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The condensed financial information of AEPTCo Parent is required as a result of the restricted net assets of AEPTCo consolidated subsidiaries exceeding 25% of AEPTCo consolidated net assets as of December 31, 2025.  AEPTCo Parent is the direct holding company for the seven State Transcos.  The primary source of income for AEPTCo Parent is equity in its subsidiaries’ earnings. AEPTCo Parent financial statements should be read in conjunction with the AEPTCo consolidated financial statements and the accompanying notes thereto. For purposes of these condensed financial statements, AEPTCo wholly-owned and majority-owned subsidiaries are recorded based upon its proportionate share of the subsidiaries’ net assets (similar to presenting them on the equity method).

Income Taxes

AEPTCo Parent joins in the filing of a consolidated federal income tax return with its affiliates in the AEP System. The benefit of current tax loss of the parent company (Parent Company Loss Benefit) to the AEP System subsidiaries is accounted for as an allocation through equity. The consolidated NOL of the AEP System is allocated to each company in the consolidated group with taxable loss. With the exception of the allocation of the consolidated AEP System NOL, Parent Company Loss Benefit and general business tax credits, the method of allocation reflects a separate return result for each company in the consolidated group.

Noncontrolling Interest in Midwest Transmission Holdings

In January 2025, AEP announced a partnership whereby a nonaffiliated entity would acquire a 19.9% noncontrolling interest in Midwest Transmission Holdings, a subsidiary of AEPTCo Parent that owns all of the issued and outstanding stock of OHTCo and IMTCo. The partnership was structured pursuant to a contribution agreement between AEPTCo, along with Midwest Transmission Holdings, and Olympus BidCo L.P. (“the Investor”), a special purpose entity controlled by (a) investment funds managed by or affiliated with Kohlberg Kravis Roberts & Co. L.P. and (b) Public Sector Pension Investment Board, whereby the Investor agreed to acquire a 19.9% noncontrolling equity interest in Midwest Transmission Holdings for $2.82 billion. The transaction closed in June 2025. AEP received cash proceeds of approximately $2.78 billion, net of transaction costs. Net proceeds were used to help finance AEP’s capital plan. See Note 4 - Related Party Transactions for additional information.

COMMITMENTS, GUARANTEES AND CONTINGENCIES

AEPTCo Parent and its subsidiaries are parties to legal matters.  For further discussion, see Note 6 - Commitments, Guarantees and Contingencies.

 FINANCING ACTIVITIES

For discussion of Financing Activities, see Note 15 - Financing Activities to AEPTCo’s audited consolidated financial statements.

RELATED PARTY TRANSACTIONS

Payments on Behalf of Subsidiaries

Due to occasional time sensitivity and complexity of payments, Parent makes certain insurance, tax and other payments on behalf of subsidiary companies.  Parent is then fully reimbursed by the subsidiary companies. AEPTCo Parent also makes convenience payments on behalf of its State Transcos. AEPTCo Parent is then fully reimbursed by its State Transcos.

Long-term Lending to Subsidiaries

AEPTCo Parent enters into debt arrangements with nonaffiliated entities. AEPTCo Parent has long-term debt of $6.6 billion and $5.8 billion as of December 31, 2025 and 2024, respectively. AEPTCo Parent uses the proceeds from these nonaffiliated debt arrangements to make affiliated loans to its State Transcos using the same interest rates and maturity dates as the nonaffiliated debt arrangements. AEPTCo Parent has recorded Notes Receivable – Affiliated of $6.6 billion and $8.6 billion as of December 31, 2025 and 2024, respectively. Related to these nonaffiliated and affiliated debt arrangements, AEPTCo Parent has recorded Accrued Interest of $46 million and $45 million as of December 31, 2025 and 2024, respectively. AEPTCo Parent has also recorded Accounts Receivable – Affiliated Companies of $65 million and $62 million as of December 31, 2025 and 2024, respectively. AEPTCo Parent has recorded Interest Income – Affiliated of $306 million, $238 million and $215 million for the years ended December 31, 2025, 2024 and 2023, respectively, related to Notes Receivable – Affiliated. AEPTCo Parent has recorded Interest Expense of $252 million, $238 million and $215 million for the years ended December 31, 2025, 2024 and 2023, respectively, related to the nonaffiliated debt arrangements.

Short-term Lending to Subsidiaries

Parent uses a commercial paper program to meet the short-term borrowing needs of subsidiaries.  The program is used to fund both a Utility Money Pool, which funds the utility subsidiaries, and a Nonutility Money Pool, which funds certain nonutility subsidiaries.  In addition, the program also funds, as direct borrowers, the short-term debt requirements of other subsidiaries that are not participants in either money pool for regulatory or operational reasons.  The program also allows some direct borrowers to invest excess cash with Parent.

Interest expense related to AEPTCo Parent’s short-term borrowing is included in Interest Expense on AEPTCo Parent’s statements of income.  AEPTCo Parent incurred immaterial interest expense for amounts borrowed from AEP affiliates for the years ended December 31, 2025, 2024 and 2023.

Interest income related to AEPTCo Parent’s short-term lending is included in Interest Income – Affiliated on AEPTCo Parent’s statements of income.  AEPTCo Parent earned interest income for amounts advanced to AEP affiliates of $2 million, $3 million and $3 million for the years ended December 31, 2025, 2024 and 2023, respectively.