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REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
The disclosures in this note apply to all Registrants, unless indicated otherwise.

Disaggregated Revenues from Contracts with Customers

The tables below represent AEP’s reportable segment and Registrant Subsidiary revenues from contracts with customers, net of respective provisions for refund, by type of revenue:
Three Months Ended September 30, 2025
VIUT&DAEPTHCoG&MCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$1,435.8 $797.8 $— $— $— $— $2,233.6 
Commercial Revenues861.7 422.7 — — — — 1,284.4 
Industrial Revenues (a)709.8 133.7 — — — (0.1)843.4 
Other Retail Revenues67.0 15.4 — — — — 82.4 
Total Retail Revenues3,074.3 1,369.6 — — — (0.1)4,443.8 
Wholesale and Competitive Retail Revenues:
Generation Revenues 259.6 — — 50.5 — — 310.1 
Transmission Revenues (b)141.3 210.0 531.3 — — (479.5)403.1 
Renewable Generation Revenues— — — 0.1 — — 0.1 
Retail, Trading and Marketing Revenues (c)— — — 648.0 — (18.9)629.1 
Total Wholesale and Competitive Retail Revenues
400.9 210.0 531.3 698.6 — (498.4)1,342.4 
Other Revenues from Contracts with Customers (d)96.1 84.4 12.0 3.0 34.1 (53.7)175.9 
Total Revenues from Contracts with Customers
3,571.3 1,664.0 543.3 701.6 34.1 (552.2)5,962.1 
Other Revenues:
Alternative Revenue Programs (e)8.6 17.6 29.8 — — (32.0)24.0 
Other Revenues (a) (f)5.8 7.7 0.1 11.1 1.8 (2.2)24.3 
Total Other Revenues14.4 25.3 29.9 11.1 1.8 (34.2)48.3 
Total Revenues$3,585.7 $1,689.3 $573.2 $712.7 $35.9 $(586.4)$6,010.4 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $423 million. The affiliated revenues for Vertically Integrated Utilities were $56 million. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $18 million. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $31 million. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues. Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $25 million. The remaining affiliated amounts were immaterial.
(f)Generation & Marketing includes economic hedge activity.
Three Months Ended September 30, 2024
VIUT&DAEPTHCoG&MCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$1,362.9 $773.7 $— $— $— $— $2,136.6 
Commercial Revenues776.1 396.5 — — — — 1,172.6 
Industrial Revenues (a)692.6 123.7 — — — (0.3)816.0 
Other Retail Revenues63.8 13.9 — — — — 77.7 
Total Retail Revenues2,895.4 1,307.8 — — — (0.3)4,202.9 
Wholesale and Competitive Retail Revenues:
Generation Revenues 202.5 — — 25.4 — 0.1 228.0 
Transmission Revenues (b)129.6 195.1 505.5 — — (439.4)390.8 
Renewable Generation Revenues (a)— — — 8.7 — (1.5)7.2 
Retail, Trading and Marketing Revenues (c)— — — 529.3 (0.2)(13.8)515.3 
Total Wholesale and Competitive Retail Revenues
332.1 195.1 505.5 563.4 (0.2)(454.6)1,141.3 
Other Revenues from Contracts with Customers (d)76.2 58.9 5.8 0.8 37.6 (53.4)125.9 
Total Revenues from Contracts with Customers
3,303.7 1,561.8 511.3 564.2 37.4 (508.3)5,470.1 
Other Revenues:
Alternative Revenue Programs (a) (e)0.3 10.3 1.2 — — 1.0 12.8 
Other Revenues (a) (f)(1.0)3.3 — (65.1)0.7 (0.7)(62.8)
Total Other Revenues(0.7)13.6 1.2 (65.1)0.7 0.3 (50.0)
Total Revenues$3,303.0 $1,575.4 $512.5 $499.1 $38.1 $(508.0)$5,420.1 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $402 million. The affiliated revenues for Vertically Integrated Utilities were $51 million. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $14 million. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $34 million. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
(f)Generation & Marketing includes economic hedge activity.
Three Months Ended September 30, 2025
AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
Retail Revenues:
Residential Revenues$243.6 $— $438.2 $249.1 $554.2 $334.9 $296.8 
Commercial Revenues123.9 — 194.0 216.8 298.8 184.4 189.0 
Industrial Revenues (a)41.6 — 197.7 150.1 92.1 112.1 112.3 
Other Retail Revenues11.3 — 26.8 1.2 4.0 33.7 3.5 
Total Retail Revenues420.4 — 856.7 617.2 949.1 665.1 601.6 
Wholesale Revenues:
Generation Revenues (b)— — 106.1 141.1 — 6.1 43.2 
Transmission Revenues (c)184.3 515.9 44.4 11.1 25.7 8.1 60.9 
Total Wholesale Revenues184.3 515.9 150.5 152.2 25.7 14.2 104.1 
Other Revenues from Contracts with Customers (d)10.4 12.0 42.2 35.9 74.0 13.7 15.8 
Total Revenues from Contracts with Customers
615.1 527.9 1,049.4 805.3 1,048.8 693.0 721.5 
Other Revenues:
Alternative Revenue Programs (e)3.8 30.1 6.5 0.9 13.6 0.3 2.4 
Other Revenues (a)0.2 — 0.1 6.0 7.8 0.1 — 
Total Other Revenues4.0 30.1 6.6 6.9 21.4 0.4 2.4 
Total Revenues$619.1 $558.0 $1,056.0 $812.2 $1,070.2 $693.4 $723.9 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $41 million primarily related to the PPA with KGPCo. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $419 million, $19 million and $28 million, respectively. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $19 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues. Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo were $25 million. The remaining affiliated amounts were immaterial.
Three Months Ended September 30, 2024
AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
Retail Revenues:
Residential Revenues$230.2 $— $442.6 $249.4 $543.4 $301.1 $260.1 
Commercial Revenues120.3 — 196.4 169.9 276.2 165.1 172.5 
Industrial Revenues (a)33.7 — 201.2 155.4 89.9 98.5 102.5 
Other Retail Revenues9.7 — 28.1 1.2 4.2 30.8 2.3 
Total Retail Revenues393.9 — 868.3 575.9 913.7 595.5 537.4 
Wholesale Revenues:
Generation Revenues (b)— — 78.7 113.5 — 2.1 42.7 
Transmission Revenues (c)170.6 491.9 45.6 10.4 24.5 12.0 50.0 
Total Wholesale Revenues170.6 491.9 124.3 123.9 24.5 14.1 92.7 
Other Revenues from Contracts with Customers (d)8.2 6.0 36.2 35.3 50.8 6.0 8.8 
Total Revenues from Contracts with Customers
572.7 497.9 1,028.8 735.1 989.0 615.6 638.9 
Other Revenues:
Alternative Revenue Programs (a) (e)(1.5)(0.7)— (0.4)11.9 (0.2)(0.1)
Other Revenues (a)— — 0.1 (1.2)3.3 — — 
Total Other Revenues(1.5)(0.7)0.1 (1.6)15.2 (0.2)(0.1)
Total Revenues$571.2 $497.2 $1,028.9 $733.5 $1,004.2 $615.4 $638.8 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $41 million primarily related to the PPA with KGPCo. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $399 million, $22 million and $22 million, respectively. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $18 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
Nine Months Ended September 30, 2025
VIUT&DAEPTHCoG&MCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$3,817.8 $2,148.6 $— $— $— $— $5,966.4 
Commercial Revenues2,276.4 1,225.0 — — — — 3,501.4 
Industrial Revenues (a)2,032.2 401.9 — — — (0.6)2,433.5 
Other Retail Revenues181.9 44.9 — — — — 226.8 
Total Retail Revenues8,308.3 3,820.4 — — — (0.6)12,128.1 
Wholesale and Competitive Retail Revenues:
Generation Revenues801.9 — — 139.8 — — 941.7 
Transmission Revenues (b)419.4 604.4 1,751.0 — — (1,551.8)1,223.0 
Renewable Generation Revenues— — — 0.1 — — 0.1 
Retail, Trading and Marketing Revenues (c)— — — 1,808.2 (0.2)(50.4)1,757.6 
Total Wholesale and Competitive Retail Revenues1,221.3 604.4 1,751.0 1,948.1 (0.2)(1,602.2)3,922.4 
Other Revenues from Contracts with Customers (d)197.1 192.5 29.7 6.4 104.7 (148.3)382.1 
Total Revenues from Contracts with Customers
9,726.7 4,617.3 1,780.7 1,954.5 104.5 (1,751.1)16,432.6 
Other Revenues:
Alternative Revenue Programs (e)26.4 33.5 91.1 — — (94.3)56.7 
Other Revenues (a) (f)(14.4)15.2 0.1 71.3 5.6 (6.4)71.4 
Total Other Revenues12.0 48.7 91.2 71.3 5.6 (100.7)128.1 
Total Revenues$9,738.7 $4,666.0 $1,871.9 $2,025.8 $110.1 $(1,851.8)$16,560.7 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $1.4 billion. The affiliated revenues for Vertically Integrated Utilities were $160 million. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $50 million. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $86 million. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues. Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $74 million. The remaining affiliated amounts were immaterial.
(f)Generation & Marketing includes economic hedge activity.
Nine Months Ended September 30, 2024
VIUT&DAEPTHCoG&MCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$3,524.2 $2,127.7 $— $— $— $— $5,651.9 
Commercial Revenues2,071.0 1,184.6 — — — — 3,255.6 
Industrial Revenues (a)1,992.5 382.8 — — — (0.6)2,374.7 
Other Retail Revenues174.9 41.5 — — — — 216.4 
Total Retail Revenues7,762.6 3,736.6 — — — (0.6)11,498.6 
Wholesale and Competitive Retail Revenues:
Generation Revenues587.4 — — 76.5 — 0.1 664.0 
Transmission Revenues (b)371.5 583.2 1,490.8 — — (1,255.0)1,190.5 
Renewable Generation Revenues (a)— — — 23.2 — (4.3)18.9 
Retail, Trading and Marketing Revenues (c)
— — — 1,586.2 0.6 (83.7)1,503.1 
Total Wholesale and Competitive Retail Revenues
958.9 583.2 1,490.8 1,685.9 0.6 (1,342.9)3,376.5 
Other Revenues from Contracts with Customers (d)183.3 148.8 20.1 3.1 153.2 (170.9)337.6 
Total Revenues from Contracts with Customers
8,904.8 4,468.6 1,510.9 1,689.0 153.8 (1,514.4)15,212.7 
Other Revenues:
Alternative Revenue Programs (a) (e)(12.5)17.7 (11.2)— — (15.3)(21.3)
Other Revenues (a) (f)(22.4)15.2 — (158.9)(5.2)4.9 (166.4)
Total Other Revenues(34.9)32.9 (11.2)(158.9)(5.2)(10.4)(187.7)
Total Revenues$8,869.9 $4,501.5 $1,499.7 $1,530.1 $148.6 $(1,524.8)$15,025.0 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $1.2 billion. The affiliated revenues for Vertically Integrated Utilities were $133 million. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $84 million. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $112 million. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
(f)Generation & Marketing includes economic hedge activity.
Nine Months Ended September 30, 2025
AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
Retail Revenues:
Residential Revenues$595.7 $— $1,409.8 $671.3 $1,552.9 $700.6 $680.7 
Commercial Revenues357.8 — 582.5 561.5 867.3 421.5 485.1 
Industrial Revenues (a)122.8 — 599.6 440.5 279.1 273.8 305.2 
Other Retail Revenues32.3 — 83.2 3.7 12.6 80.3 8.9 
Total Retail Revenues1,108.6 — 2,675.1 1,677.0 2,711.9 1,476.2 1,479.9 
Wholesale Revenues:
Generation Revenues (b)— — 273.6 474.4 — 11.7 147.5 
Transmission Revenues (c)533.0 1,704.1 132.1 40.1 71.4 37.9 155.2 
Total Wholesale Revenues533.0 1,704.1 405.7 514.5 71.4 49.6 302.7 
Other Revenues from Contracts with
Customers (d)
29.0 29.8 75.1 92.8 163.6 28.8 31.6 
Total Revenues from Contracts with Customers1,670.6 1,733.9 3,155.9 2,284.3 2,946.9 1,554.6 1,814.2 
Other Revenues:
Alternative Revenue Program (e)2.7 93.0 20.2 1.9 30.7 2.2 11.2 
Other Revenues (a)— — 0.4 (14.6)15.1 0.1 — 
Total Other Revenues2.7 93.0 20.6 (12.7)45.8 2.3 11.2 
Total Revenues$1,673.3 $1,826.9 $3,176.5 $2,271.6 $2,992.7 $1,556.9 $1,825.4 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $122 million primarily related to the PPA with KGPCo. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $1.4 billion, $60 million and $59 million, respectively. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $55 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues. Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo were $73 million. The remaining affiliated amounts were immaterial.
Nine Months Ended September 30, 2024
AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
Retail Revenues:
Residential Revenues$562.4 $— $1,333.7 $664.7 $1,565.2 $647.1 $563.2 
Commercial Revenues346.2 — 571.8 465.5 838.4 398.2 413.2 
Industrial Revenues (a)103.3 — 603.5 456.4 279.4 269.9 269.8 
Other Retail Revenues28.7 — 84.3 3.8 12.9 78.2 6.6 
Total Retail Revenues1,040.6 — 2,593.3 1,590.4 2,695.9 1,393.4 1,252.8 
Wholesale Revenues:
Generation Revenues (b)— — 235.9 305.6 — 7.0 139.9 
Transmission Revenues (c)511.3 1,450.5 138.3 30.5 71.9 33.0 136.3 
Total Wholesale Revenues511.3 1,450.5 374.2 336.1 71.9 40.0 276.2 
Other Revenues from Contracts with
Customers (d)
27.4 20.3 71.0 92.3 121.5 30.4 26.0 
Total Revenues from Contracts with Customers1,579.3 1,470.8 3,038.5 2,018.8 2,889.3 1,463.8 1,555.0 
Other Revenues:
Alternative Revenue Programs (a) (e)(2.1)(15.6)(6.6)(0.9)19.8 (1.8)(4.2)
Other Revenues (a)— — 0.2 (22.7)15.2 — — 
Total Other Revenues(2.1)(15.6)(6.4)(23.6)35.0 (1.8)(4.2)
Total Revenues$1,577.2 $1,455.2 $3,032.1 $1,995.2 $2,924.3 $1,462.0 $1,550.8 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $118 million primarily related to the PPA with KGPCo. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $1.2 billion, $65 million and $50 million, respectively. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $59 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.

Fixed Performance Obligations (Applies to AEP, APCo and I&M)

The following table represents the Registrants’ remaining fixed performance obligations satisfied over time as of September 30, 2025. Fixed performance obligations primarily include electricity sales for fixed amounts of energy and stand ready services into PJM’s RPM market. The Registrants elected to apply the exemption to not disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less. Due to the annual establishment of revenue requirements, transmission revenues are excluded from the table below. The Registrant Subsidiaries amounts shown in the table below include affiliated and nonaffiliated revenues.
Company20252026-20272028-2029After 2029Total
(in millions)
AEP$21.8 $144.1 $49.0 $16.1 $231.0 
APCo4.0 32.2 26.5 11.6 74.3 
I&M1.1 8.8 6.8 2.4 19.1 
Contract Assets and Liabilities

Contract assets are recognized when the Registrants have a right to consideration that is conditional upon the occurrence of an event other than the passage of time, such as future performance under a contract. The Registrants did not have material contract assets as of September 30, 2025 and December 31, 2024.

When the Registrants receive consideration, or such consideration is unconditionally due from a customer prior to transferring goods or services to the customer under the terms of a sales contract, they recognize a contract liability on the balance sheets in the amount of that consideration. Revenue for such consideration is subsequently recognized in the period or periods in which the remaining performance obligations in the contract are satisfied. The Registrants’ contract liabilities typically arise from services provided under joint use agreements for utility poles. The Registrants did not have material contract liabilities as of September 30, 2025 and December 31, 2024.

Accounts Receivable from Contracts with Customers

Accounts receivable from contracts with customers are presented on the Registrant Subsidiaries’ balance sheets within the Accounts Receivable - Customers line item. The Registrant Subsidiaries’ balances for receivables from contracts that are not recognized in accordance with the accounting guidance for “Revenue from Contracts with Customers” included in Accounts Receivable - Customers were not material as of September 30, 2025 and December 31, 2024. See “Securitized Accounts Receivable - AEP Credit” section of Note 13 for additional information.

The following table represents the amount of affiliated accounts receivable from contracts with customers included in Accounts Receivable - Affiliated Companies on the Registrant Subsidiaries’ balance sheets:

AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
September 30, 2025$0.1 $143.7 $93.9 $58.2 $65.3 $19.9 $53.0 
December 31, 2024— 131.6 83.7 55.0 63.6 13.0 21.4