REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of 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 March 31, 2026
	VIU (a)		T&D		AEPTHCo		G&M		Corporate and Other		Reconciling Adjustments		AEP Consolidated
	(in millions)
Retail Revenues:
Residential Revenues	$	1,364	$	733	$	—	$	—	$	—	$	—	$	2,097
Commercial Revenues	799		409		—		—		—		—		1,208
Industrial Revenues (b)	649		128		—		—		—		—		777
Other Retail Revenues	59		15		—		—		—		—		74
Total Retail Revenues	2,871		1,285		—		—		—		—		4,156
Wholesale and Competitive Retail Revenues:
Generation Revenues	362		—		—		52		—		—		414
Transmission Revenues (c)	163		214		586		—		—		(519)		444
Retail, Trading and Marketing Revenues (d)	—		—		—		770		—		(21)		749
Total Wholesale and Competitive Retail Revenues	525		214		586		822		—		(540)		1,607
Other Revenues from Contracts with Customers (e)	48		102		5		31		29		(57)		158
Total Revenues from Contracts with Customers	3,444		1,601		591		853		29		(597)		5,921
Other Revenues:
Alternative Revenue Programs (f)	3		(2)		7		—		—		(11)		(3)
Other Revenues (b) (g)	(7)		10		—		99		2		(2)		102
Total Other Revenues	(4)		8		7		99		2		(13)		99
Total Revenues	$	3,440	$	1,609	$	598	$	952	$	31	$	(610)	$	6,020

(a)Beginning in the first quarter of 2026, PSO and SWEPCo incorporated fuel‑related amounts into unbilled revenues to reflect consideration earned but not yet invoiced as of the balance sheet date. The impact of this change did not have a material impact on the financial statements or related disclosures.

(b)Amounts include affiliated and nonaffiliated revenues.

(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $458 million. The affiliated revenues for Vertically Integrated Utilities were $55 million. The remaining affiliated amounts were immaterial.

(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $21 million. The remaining affiliated amounts were immaterial.

(e)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $29 million. The remaining affiliated amounts were immaterial.

(f)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.

(g)Generation & Marketing includes economic hedge activity.

	Three Months Ended March 31, 2025
	VIU		T&D		AEPTHCo		G&M		Corporate and Other		Reconciling Adjustments		AEP Consolidated
	(in millions)
Retail Revenues:
Residential Revenues	$	1,352	$	739	$	—	$	—	$	—	$	—	$	2,091
Commercial Revenues	665		382		—		—		—		—		1,047
Industrial Revenues (a)	618		123		—		—		—		—		741
Other Retail Revenues	54		15		—		—		—		—		69
Total Retail Revenues	2,689		1,259		—		—		—		—		3,948
Wholesale and Competitive Retail Revenues:
Generation Revenues	305		—		—		51		—		—		356
Transmission Revenues (b)	121		197		521		—		—		(450)		389
Retail, Trading and Marketing Revenues (c)	—		—		—		838		—		(16)		822
Total Wholesale and Competitive Retail Revenues	426		197		521		889		—		(466)		1,567
Other Revenues from Contracts with Customers (d)	52		62		9		1		43		(51)		116
Total Revenues from Contracts with Customers	3,167		1,518		530		890		43		(517)		5,631
Other Revenues:
Alternative Revenue Programs (e)	3		4		12		—		—		(15)		4
Other Revenues (a) (f)	(32)		5		—		(143)		1		(3)		(172)
Total Other Revenues	(29)		9		12		(143)		1		(18)		(168)
Total Revenues	$	3,138	$	1,527	$	542	$	747	$	44	$	(535)	$	5,463

(a)Amounts include affiliated and nonaffiliated revenues.

(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $411 million. The affiliated revenues for Vertically Integrated Utilities were $39 million. The remaining affiliated amounts were immaterial.

(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $16 million. The remaining affiliated amounts were immaterial.

(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $29 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.

(f)Generation & Marketing includes economic hedge activity.

	Three Months Ended March 31, 2026
	AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO (a)		SWEPCo (a)
	(in millions)
Retail Revenues:
Residential Revenues	$	158	$	—	$	589	$	243	$	575	$	186	$	198
Commercial Revenues	114		—		193		251		295		122		158
Industrial Revenues (b)	37		—		186		146		91		89		92
Other Retail Revenues	11		—		26		1		4		24		5
Total Retail Revenues	320		—		994		641		965		421		453
Wholesale Revenues:
Generation Revenues (c)	—		—		94		257		—		1		52
Transmission Revenues (d)	186		564		61		11		28		14		58
Total Wholesale Revenues	186		564		155		268		28		15		110
Other Revenues from Contracts with Customers (e)	20		6		17		28		82		3		8
Total Revenues from Contracts with Customers	526		570		1,166		937		1,075		439		571
Other Revenues:
Alternative Revenue Programs (f)	(2)		8		1		2		—		—		—
Other Revenues (b)	—		—		—		(6)		10		—		—
Total Other Revenues	(2)		8		1		(4)		10		—		—
Total Revenues	$	524	$	578	$	1,167	$	933	$	1,085	$	439	$	571

(a)Beginning in the first quarter of 2026, PSO and SWEPCo incorporated fuel‑related amounts into unbilled revenues to reflect consideration earned but not yet invoiced as of the balance sheet date. The impact of this change did not have a material impact on the financial statements or related disclosures.

(b)Amounts include affiliated and nonaffiliated revenues.

(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $55 million primarily related to the PPA with KGPCo. The remaining affiliated amounts were immaterial.

(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $454 million, $33 million and $20 million, respectively. The remaining affiliated amounts were immaterial.

(e)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $17 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.

(f)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.

	Three Months Ended March 31, 2025
	AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Retail Revenues:
Residential Revenues	$	172	$	—	$	606	$	232	$	567	$	175	$	193
Commercial Revenues	119		—		195		153		262		102		141
Industrial Revenues (a)	40		—		191		134		84		70		90
Other Retail Revenues	11		—		28		1		5		20		3
Total Retail Revenues	342		—		1,020		520		918		367		427
Wholesale Revenues:
Generation Revenues (b)	—		—		90		195		—		4		56
Transmission Revenues (c)	173		506		42		10		24		14		39
Total Wholesale Revenues	173		506		132		205		24		18		95
Other Revenues from Contracts with Customers (d)	10		9		14		30		52		9		9
Total Revenues from Contracts with Customers	525		515		1,166		755		994		394		531
Other Revenues:
Alternative Revenue Programs (e)	(2)		12		7		—		5		—		—
Other Revenues (a)	—		—		—		(32)		5		—		—
Total Other Revenues	(2)		12		7		(32)		10		—		—
Total Revenues	$	523	$	527	$	1,173	$	723	$	1,004	$	394	$	531

(a)Amounts include affiliated and nonaffiliated revenues.

(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $45 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 $407 million, $19 million and $10 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. Amounts include affiliated and nonaffiliated revenues.

Schedule of Fixed Performance Obligations

The following table represents the Registrants’ remaining fixed performance obligations satisfied over time as of March 31, 2026. 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.

Company	2026		2027-2028		2029-2030		After 2030		Total
	(in millions)
AEP	$	64	$	86	$	39	$	16	$	205
APCo	12		32		24		12		80
I&M	3		9		5		2		19

Schedule of Affiliated Accounts Receivable Contracts with Customers

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 Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
March 31, 2026	$	2	$	165	$	198	$	119	$	133	$	57	$	85
December 31, 2025	—		146		113		67		74		22		65