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FINANCING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Common Stock Share Activity
The following table is a reconciliation of common stock share activity:
Shares of AEP Common StockIssuedHeld in Treasury
Balance, December 31, 2022525,099,321 11,233,240 
Issued2,269,836 — 
Treasury Stock Reissued— (10,048,668)(a)
Balance, December 31, 2023527,369,157 1,184,572 
Issued6,725,373 — 
Treasury Stock Reacquired— 2,243 
Balance, December 31, 2024534,094,530 1,186,815 
Issued7,953,758 — 
Balance, December 31, 2025542,048,288 1,186,815 
(a)Reissued Treasury Stock used to fulfill share commitments related to AEP’s Equity Units.
Schedule of Long-term Debt
The following table details long-term debt outstanding:
Weighted-AverageInterest Rate Ranges as ofOutstanding as of
Interest Rate as ofDecember 31,December 31,
CompanyMaturityDecember 31, 20252025202420252024
AEP(in millions)
Senior Unsecured Notes 2026-20554.45%1.63%-8.13%1.00%-8.13%$37,190 $36,411 
Pollution Control Bonds (a)2026-2038 (b)3.62%2.40%-4.70%0.63%-4.70%1,637 1,771 
Notes Payable – Nonaffiliated (c)2026-20345.97%2.43%-6.89%0.93%-6.89%683 610 
Securitization Bonds2028-2045 (d)4.71%2.29%-5.30%2.06%-4.88%984 578 
Spent Nuclear Fuel Obligation (e)330 316 
Junior Subordinated Notes2027-20545.83%3.88%-7.05%3.88%-7.05%4,681 2,579 
Other Long-term Debt2026-20594.88%3.00%-13.72%3.00%-13.72%1,817 378 
Total Long-term Debt Outstanding$47,322 $42,643 
AEP Texas
Senior Unsecured Notes2026-20554.62%2.10%-6.76%2.10%-6.76%$6,472 $5,874 
Pollution Control Bonds (a)2029-2030 (b)3.88%2.60%-4.55%2.60%-4.55%441 440 
Securitization Bonds2029 (d)2.29%2.29%2.06%-2.29%102 127 
Other Long-term Debt20594.50%4.50%4.50%1 1 
Total Long-term Debt Outstanding
$7,016 $6,442 
AEPTCo
Senior Unsecured Notes2026-20534.21%2.75%-5.52%2.75%-5.52%$6,100 $5,768 
Other Long-term Debt20284.83%4.83%—%499 — 
Total Long-term Debt Outstanding
$6,599 $5,768 
APCo
Senior Unsecured Notes2027-20504.84%2.70%-7.00%2.70%-7.00%$4,688 $4,984 
Pollution Control Bonds (a)2028-2038 (b)3.92%3.30%-3.70%0.63%-4.22%379 430 
Securitization Bonds2028 (d)3.77%3.77%3.77%92 120 
Other Long-term Debt2026-20284.89%4.83%-13.72%5.75%-13.72%1,100 127 
Total Long-term Debt Outstanding
$6,259 $5,661 
I&M
Senior Unsecured Notes2028-20534.52%3.25%-6.05%3.25%-6.05%$2,847 $2,845 
Pollution Control Bonds (a)2029 (b)3.70%3.70%0.75%-3.05%149 190 
Notes Payable – Nonaffiliated (c)2026-20305.24%3.44%-6.41%0.93%-6.41%235 143 
Spent Nuclear Fuel Obligation (e)330 316 
Total Long-term Debt Outstanding
$3,561 $3,494 
OPCo
Senior Unsecured Notes2030-20514.16%1.63%-6.60%1.63%-6.60%$3,718 $3,716 
Total Long-term Debt Outstanding
$3,718 $3,716 
PSO
Senior Unsecured Notes2026-20514.59%2.20%-6.63%2.20%-6.63%$3,525 $2,854 
Other Long-term Debt20273.00%3.00%3.00%1 2 
Total Long-term Debt Outstanding
$3,526 $2,856 
SWEPCo
Senior Unsecured Notes2026-20513.73%1.65%-6.20%1.65%-6.20%$3,653 $3,650 
Notes Payable – Affiliated20284.24%4.24%—%1,000 — 
Securitization Bonds2039 (d)4.88%4.88%4.88%321 331 
Total Long-term Debt Outstanding
$4,974 $3,981 

(a)For certain series of Pollution Control Bonds, interest rates are subject to periodic adjustment.  Certain series may be purchased on demand at periodic interest adjustment dates.  Letters of credit from banks and insurance policies support certain series. Consequently, these bonds have been classified for maturity purposes as Long-term Debt Due Within One Year - Nonaffiliated on the balance sheets.
(b)Certain Pollution Control Bonds are subject to redemption earlier than the maturity date.
(c)Notes payable represent outstanding promissory notes issued under term loan agreements and credit agreements with a number of banks and other financial institutions. At expiration, all notes then issued and outstanding are due and payable. Interest rates are both fixed and variable. Variable rates generally relate to specified short-term interest rates.
(d)Dates represent the scheduled final payment dates for the securitization bonds. The legal maturity date is one to two years later. These bonds have been classified for maturity and repayment purposes based on the scheduled final payment date.
(e)Spent Nuclear Fuel Obligation consists of a liability along with accrued interest for disposal of SNF. See “Spent Nuclear Fuel Disposal” section of Note 6 for additional information.
The following details long-term debt outstanding as of December 31, 2025 and 2024:

Long-term Debt
 Weighted-AverageInterest Rate Ranges as ofOutstanding as of
Interest Rate as ofDecember 31,December 31,
Type of DebtMaturityDecember 31, 20252025202420252024
    (in millions)
Senior Unsecured Notes2027-20504.58%
1.80%-5.95%
1.00%-5.95%
$4,882 $5,290 
Pollution Control Bonds2026-2029 (a)3.12%
2.40%-3.75%
2.40%-3.75%
537 537 
Junior Subordinated Notes2027-20545.83%
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 Year50 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:
20262027202820292030After 2030Total
 (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.
Schedule of Maturities of Long-term Debt
As of December 31, 2025, outstanding long-term debt was payable as follows:
AEPAEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
2026$3,194 $75 $425 $1,131 $117 $— $51 $917 
20272,453 26 — 356 68 — — 17 
20283,468 526 559 413 388 — — 1,593 
20292,887 627 55 — 162 — 100 19 
20301,809 942 60 — 1 350 — 20 
After 203033,896 4,871 5,566 4,400 2,855 3,400 3,400 2,434 
Principal Amount47,707 7,067 6,665 6,300 3,591 3,750 3,551 5,000 
Unamortized Discount, Net and Debt Issuance Costs
(385)(51)(66)(41)(30)(32)(25)(26)
Total Long-term Debt Outstanding
$47,322 $7,016 $6,599 $6,259 $3,561 $3,718 $3,526 $4,974 
Schedule of Dividend Repayment Restrictions As of December 31, 2025, the amount of any such restrictions were as follows:
AEPAEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
Restricted Retained Earnings
$2,690 (a)$904 $— $901 $663 $— $17 $— 

(a)    Includes the restrictions of consolidated and non-consolidated subsidiaries.
Schedule of Short-term Debt AEP’s outstanding short-term debt was as follows:
December 31,
20252024
CompanyType of DebtOutstanding
Amount		Interest
Rate (a)		Outstanding
Amount		Interest
Rate (a)
(in millions)(in millions)
AEPSecuritized Debt for Receivables (b)$900 4.00 %$900 4.73 %
AEPCommercial Paper605 3.92 %1,618 4.70 %
SWEPCoNotes Payable3 6.30 %6 6.69 %
Total Short-term Debt$1,508 $2,524 

(a)    Weighted-average rate of all borrowings outstanding as of December 31, 2025 and 2024, respectively.
(b)    Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance.
Parent’s outstanding short-term debt was as follows:
 December 31, 2025December 31, 2024
Type of DebtOutstanding
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  
Schedule of Utility Money Pool Participants' Money Pool Activity and Authorized Borrowing Limits The Utility Money Pool participants’ money pool activity and corresponding authorized borrowing limits are described in the following tables:
Year Ended December 31, 2025:
MaximumAverageNet Loans to
BorrowingsMaximumBorrowingsAverage(Borrowings from)Authorized
from the Loans to the from the Loans to the the Utility MoneyShort-term
UtilityUtilityUtilityUtilityPool as ofBorrowing
CompanyMoney PoolMoney PoolMoney PoolMoney PoolDecember 31, 2025Limit
(in millions)
AEP Texas$468 $486 $159 $94 $(188)$750 
AEPTCo404 312 176 50 (140)1,070 (a)
APCo264 464 126 25 (192)750 
I&M145 290 71 132 192 750 
OPCo271 166 120 82 (79)600 
PSO505 391 183 166 (171)750 
SWEPCo472 1,117 254 110 23 750 

Year Ended December 31, 2024:
MaximumAverageNet Loans to
BorrowingsMaximumBorrowingsAverage(Borrowings from)Authorized
from theLoans to thefrom the Loans to the the Utility MoneyShort-term
UtilityUtilityUtilityUtilityPool as ofBorrowing
CompanyMoney PoolMoney PoolMoney PoolMoney PoolDecember 31, 2024Limit
(in millions)
AEP Texas$375 $274 $234 $165 $(285)$600 
AEPTCo313 332 72 138 (73)820 (a)
APCo400 132 103 30 (77)750 
I&M136 8 59 4 (127)500 
OPCo310 183 181 94 115 600 
PSO309 315 171 288 232 750 
SWEPCo362 59 250 57 (275)750 

(a)    Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions.
Schedule of Nonutility Money Pool Activity The Nonutility Money Pool participants’ money pool activity is described in the following tables:
Year Ended December 31, 2025:
Maximum LoansAverage LoansLoans to the Nonutility
to the Nonutilityto the NonutilityMoney Pool as of
CompanyMoney PoolMoney PoolDecember 31, 2025
(in millions)
AEP Texas$7 $7 $7 
SWEPCo2 2 — 
Year Ended December 31, 2024:
Maximum LoansAverage LoansLoans to the Nonutility
to the Nonutilityto the NonutilityMoney Pool as of
CompanyMoney PoolMoney PoolDecember 31, 2024
(in millions)
AEP Texas$7 $7 $7 
SWEPCo3 3 2 
Schedule of Direct Borrowing Activity AEPTCo’s direct financing activities with AEP and corresponding authorized borrowing limits are described in the following tables:
Year Ended December 31, 2025:
BorrowingsAuthorized
MaximumMaximumAverageAveragefrom AEPLoans toShort-term
BorrowingsLoansBorrowingsLoansas of AEP as ofBorrowing
Companyfrom AEPto AEPfrom AEPto AEPDecember 31, 2025December 31, 2025Limit (a)
(in millions)
AEPTCo Parent$107 $153 $18 $54 $— $70 $— 
SWTCo2 — 2 — 2 — 50 
Midwest Transmission Holdings— 36 — 4 — — — 

Year Ended December 31, 2024:
BorrowingsAuthorized
MaximumMaximumAverageAveragefrom AEPLoans toShort-term
BorrowingsLoansBorrowingsLoansas ofAEP as ofBorrowing
Companyfrom AEPto AEPfrom AEPto AEPDecember 31, 2024December 31, 2024 Limit (a)
(in millions)
AEPTCo Parent$49 $149 $15 $57 $— $20 $— 
SWTCo2 — 2 — 2 — 50 
(a)    Amount represents the authorized short-term borrowing limit from FERC or state regulatory agencies not otherwise included in the utility money pool above.
Schedule of Maximum and Minimum Interest Rates for Funds Either Borrowed from or Loaned to Utility Money Pool
The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool are summarized in the following table:
Years Ended December 31,
202520242023
Maximum Interest Rate4.83 %5.79 %5.81 %
Minimum Interest Rate3.40 %4.74 %4.66 %
Schedule of Average Interest Rates for Funds Borrowed from and Loaned to Utility Money Pool
The average interest rates for funds borrowed from and loaned to the Utility Money Pool are summarized in the following table:
Average Interest Rate for Funds Borrowed
from the Utility Money Pool for the
Years Ended December 31,		Average Interest Rate for Funds Loaned
to the Utility Money Pool for the
Years Ended December 31,
Company202520242023202520242023
AEP Texas4.60 %5.48 %5.46 %4.19 %5.45 %5.71 %
AEPTCo4.48 %5.51 %5.41 %4.44 %5.50 %5.56 %
APCo4.50 %5.51 %5.54 %4.46 %5.41 %5.54 %
I&M4.69 %5.40 %5.14 %4.12 %5.44 %5.57 %
OPCo4.43 %5.70 %5.43 %4.70 %5.20 %5.60 %
PSO4.51 %5.50 %5.51 %4.68 %4.79 %5.35 %
SWEPCo4.67 %5.41 %5.34 %4.29 %4.78 %5.72 %
Schedule of Maximum, Minimum and Average Interest Rates for Funds Borrowed from and Loaned to the Nonutility Money Pool
Maximum, minimum and average interest rates for funds loaned to the Nonutility Money Pool are summarized in the following table:
 Maximum Interest Rate Minimum Interest Rate Average Interest Rate
Year Ended for Funds Loaned to for Funds Loaned to for Funds Loaned to
December 31,Company the Nonutility Money Pool the Nonutility Money Pool the Nonutility Money Pool
2025AEP Texas 4.76 %3.89 %4.52 %
2025SWEPCo 4.76 %4.62 %4.69 %
2024AEP Texas5.79 %4.74 %5.46 %
2024SWEPCo5.79 %4.74 %5.45 %
2023AEP Texas5.81 %4.66 %5.54 %
2023SWEPCo5.81 %4.66 %5.56 %
Schedule of Maximum Minimum and Average Interest Rates for Funds Borrowed from and Loaned to AEP
AEPTCo’s maximum, minimum and average interest rates for funds either borrowed from or loaned to AEP are summarized in the following table:
  Maximum Minimum Maximum Minimum Average Average
  Interest Rate Interest Rate Interest Rate Interest Rate Interest Rate Interest Rate
  for Funds for Funds for Funds for Funds for Funds for Funds
Year Ended Borrowed from Borrowed from Loaned to Loaned to Borrowed from Loaned to
December 31, AEP AEPAEP AEP AEP AEP
2025 4.76 %3.89 %4.76 %3.89 %4.55 %4.43 %
2024 5.79 %4.66 %5.79 %4.66 %5.53 %5.56 %
20235.81 %4.53 %5.81 %4.53 %5.56 %5.51 %
Schedule of Interest Expense Incurred For Funds Borrowed from Utility Money Pool The Registrant Subsidiaries incurred interest expense for all short-term borrowing activities as follows:
Years Ended December 31,
Company202520242023
(in millions)
AEP Texas$5 $7 $11 
AEPTCo8 4 8 
APCo7 6 17 
I&M2 4 3 
OPCo4 4 10 
PSO6 9 2 
SWEPCo6 14 8 
Schedule of Interest Income Earned for Funds Loaned to Utility Money Pool The Registrant Subsidiaries earned interest income for all short-term lending activities as follows:
Years Ended December 31,
Company202520242023
(in millions)
AEP Texas$1 $4 $— 
AEPTCo4 11 7 
APCo1 2 1 
I&M3 — 2 
OPCo1 3 — 
PSO2 1 2 
SWEPCo3 — — 
Schedule of Comparative Accounts Receivable Information
Accounts receivable information for AEP Credit was as follows:
Years Ended December 31,
202520242023
(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable4.46 %5.39 %5.33 %
Net Uncollectible Accounts Receivable Written Off$34 $29 $31 
Schedule of Customer Accounts Receivable Managed Portfolio
December 31,
20252024
(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts$1,230 $1,117 
Short-term – Securitized Debt of Receivables
900 900 
Delinquent Securitized Accounts Receivable66 56 
Bad Debt Reserves Related to Securitization42 45 
Unbilled Receivables Related to Securitization368 336 
Schedule of Accounts Receivable and Accrued Unbilled Revenues
The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreement were:
December 31,
Company20252024
(in millions)
APCo$203 $193 
I&M175 161 
OPCo501 471 
PSO140 111 
SWEPCo169 154 
Schedule of Fees Paid to AEP Credit for Customer Accounts Receivable Sold
The fees paid to AEP Credit for customer accounts receivable sold were:
Years Ended December 31,
Company202520242023
(in millions)
APCo$14 $16 $17 
I&M15 15 16 
OPCo30 30 30 
PSO13 14 15 
SWEPCo15 18 19 
Schedule of Proceeds on Sale of Receivables to AEP Credit
The proceeds on the sale of receivables to AEP Credit were:
Years Ended December 31,
Company202520242023
(in millions)
APCo$1,992 $1,954 $1,820 
I&M2,415 2,105 2,055 
OPCo3,332 3,198 3,339 
PSO1,926 1,781 1,945 
SWEPCo1,853 1,838 1,866