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Midas Edge

AEP Texas Inc.

For the period ended Mar 31, 2026. Filed May 5, 2026.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 5, 2026

AEP$127.84-0.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Item 1. CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended March 31,
20262025
REVENUES
Vertically Integrated Utilities$3,365$3,086
Transmission and Distribution Utilities1,5941,515
Generation & Marketing931730
Other Revenues130132
TOTAL REVENUES6,0205,463
EXPENSES
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation2,1181,853
Other Operation750752
Maintenance411319
Asset Impairments and Other Related Charges31—
Depreciation and Amortization907833
Taxes Other Than Income Taxes443422
TOTAL EXPENSES4,6604,179
OPERATING INCOME1,3601,284
Other Income (Expense):
Other Income68
Allowance for Equity Funds Used During Construction7057
Non-Service Cost Components of Net Periodic Benefit Cost3835
Interest Expense(552)(495)
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS922889
Income Tax Expense44125
Equity Earnings of Unconsolidated Subsidiaries2538
NET INCOME903802
Net Income Attributable to Noncontrolling Interests292
EARNINGS ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS$874$800
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING542,079,269533,391,487
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS$1.61$1.50
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING547,054,104534,663,493
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS$1.60$1.50
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 99.
Three Months Ended March 31,
20262025
Net Income$903$802
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
Cash Flow Hedges, Net of Tax of $(4) and $6 in 2026 and 2025, Respectively(15)23
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $0 and $0 in 2026 and 2025, Respectively11
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)(14)24
TOTAL COMPREHENSIVE INCOME889826
Total Comprehensive Income Attributable To Noncontrolling Interests292
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS$860$824
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 99.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

AEP Common Shareholders
Common Stock · Accumulated Other Comprehensive Income (Loss)
Shares · Amount · Paid-in Capital · Retained Earnings · Noncontrolling Interests · Total
TOTAL EQUITY – DECEMBER 31, 2024534$3,472$9,606$13,869$(3)$42$26,986
Issuance of Common Stock176875
Common Stock Dividends(500)(a)(1)(501)
Other Changes in Equity(22)(22)
Net Income8002802
Other Comprehensive Income2424
TOTAL EQUITY – MARCH 31, 2025535$3,479$9,652$14,169$21$43$27,364
TOTAL EQUITY – DECEMBER 31, 2025542$3,523$12,138$15,441$36$1,080$32,218
Issuance of Common Stock321337358
Capital Contributions from Noncontrolling Interest9696
Common Stock Dividends(520)(b)(520)
Dividends Paid to Noncontrolling Interest(35)(35)
Other Changes in Equity(28)(28)
Net Income87429903
Other Comprehensive Loss(14)(14)
TOTAL EQUITY – MARCH 31, 2026545$3,544$12,447$15,795$22$1,170$32,978

(a)Cash dividends declared per AEP common share were $0.93.

(b)Cash dividends declared per AEP common share were $0.95.

See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 99.

ASSETS

March 31,December 31,
20262025
CURRENT ASSETS
Cash and Cash Equivalents$306$197
Restricted Cash(March 31, 2026 and December 31, 2025 Amounts Include $33 and $71, Respectively, Related to Restoration Funding, Appalachian Consumer Rate Relief Funding, Storm Recovery Funding and Cost Recovery Funding)3371
Other Temporary Investments(March 31, 2026 and December 31, 2025 Amounts Include $202 and $209, Respectively, Related to EIS)210220
Accounts Receivable:
Customers1,3381,166
Accrued Unbilled Revenues349421
Pledged Accounts Receivable – AEP Credit1,2881,272
Miscellaneous5360
Allowance for Credit Losses(58)(52)
Total Accounts Receivable2,9702,867
Fuel567576
Materials and Supplies1,0981,046
Risk Management Assets246352
Accrued Tax Benefits21485
Regulatory Asset for Under-Recovered Fuel Costs594426
Prepayments and Other Current Assets385212
TOTAL CURRENT ASSETS6,6236,052
PROPERTY, PLANT AND EQUIPMENT
Electric:
Generation28,87928,388
Transmission43,09342,557
Distribution33,90233,364
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel)9,1198,635
Construction Work in Progress8,3147,635
Total Property, Plant and Equipment123,307120,579
Accumulated Depreciation and Amortization28,45328,205
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET94,85492,374
OTHER NONCURRENT ASSETS
Regulatory Assets5,0704,804
Securitized Assets912933
Spent Nuclear Fuel and Decommissioning Trusts4,8034,916
Goodwill5353
Long-term Risk Management Assets233265
Operating Lease Assets650661
Deferred Charges and Other Noncurrent Assets4,5784,402
TOTAL OTHER NONCURRENT ASSETS16,29916,034
TOTAL ASSETS$117,776$114,460
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 99.

LIABILITIES AND EQUITY

March 31,December 31,
20262025
CURRENT LIABILITIES
Accounts Payable$3,148$3,429
Short-term Debt:
Securitized Debt for Receivables – AEP Credit900900
Other Short-term Debt655608
Total Short-term Debt1,5551,508
Long-term Debt Due Within One Year (March 31, 2026 and December 31, 2025 Amounts Include $200 and $207, Respectively, Related to DCC Fuel, Restoration Funding, Appalachian Consumer Rate Relief Funding, Storm Recovery Funding, Transource Energy and Cost Recovery Funding)2,7043,194
Risk Management Liabilities130132
Customer Deposits521507
Accrued Taxes1,8882,002
Accrued Interest629544
Obligations Under Operating Leases95100
Other Current Liabilities1,9241,898
TOTAL CURRENT LIABILITIES12,59413,314
NONCURRENT LIABILITIES
Long-term Debt(March 31, 2026 and December 31, 2025 Amounts Include $1,246 and $1,294, Respectively, Related to DCC Fuel, Restoration Funding, Appalachian Consumer Rate Relief Funding, Storm Recovery Funding, Transource Energy and Cost Recovery Funding)46,85044,128
Long-term Risk Management Liabilities165178
Deferred Income Taxes11,24910,951
Regulatory Liabilities and Deferred Investment Tax Credits8,2308,362
Asset Retirement Obligations3,6073,556
Employee Benefits and Pension Obligations245232
Obligations Under Operating Leases572578
Deferred Credits and Other Noncurrent Liabilities1,235905
TOTAL NONCURRENT LIABILITIES72,15368,890
TOTAL LIABILITIES84,74782,204
Rate Matters (Note 4)
Commitments, Guarantees and Contingencies (Note 5)
Contingently Redeemable Performance Share Awards5138
EQUITY
Common Stock – Par Value – $6.50 Per Share:
20262025
Shares Authorized600,000,000600,000,000
Shares Issued545,159,912542,048,288
(1,186,815 Shares were Held in Treasury as of March 31, 2026 and December 31, 2025, Respectively)3,5443,523
Paid-in Capital12,44712,138
Retained Earnings15,79515,441
Accumulated Other Comprehensive Income (Loss)2236
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY31,80831,138
Noncontrolling Interests1,1701,080
TOTAL EQUITY32,97832,218
TOTAL LIABILITIES AND EQUITY$117,776$114,460
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 99.
Three Months Ended March 31,
20262025
OPERATING ACTIVITIES
Net Income$903$802
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization907833
Deferred Income Taxes188165
Asset Impairments and Other Related Charges31—
Allowance for Equity Funds Used During Construction(70)(57)
Mark-to-Market of Risk Management Contracts100(15)
Property Taxes(108)(88)
Deferred Fuel Over/Under-Recovery, Net(122)(75)
Change in Other Noncurrent Assets(351)(131)
Change in Other Noncurrent Liabilities433142
Changes in Certain Components of Working Capital:
Accounts Receivable, Net(36)(2)
Fuel, Materials and Supplies(39)139
Accounts Payable1086
Accrued Taxes, Net(244)(153)
Other Current Assets(115)(23)
Other Current Liabilities(66)(93)
Net Cash Flows from Operating Activities1,5191,450
INVESTING ACTIVITIES
Construction Expenditures(2,830)(2,100)
Purchases of Investment Securities(575)(603)
Sales of Investment Securities555587
Acquisitions of Generation Facilities(965)—
Acquisitions of Nuclear Fuel(13)(36)
Contribution in Aid of Construction Advances26055
Other Investing Activities(1)(5)
Net Cash Flows Used for Investing Activities(3,569)(2,102)
FINANCING ACTIVITIES
Capital Contribution from Noncontrolling Interest96—
Issuance of Common Stock35875
Issuance of Long-term Debt2,906562
Issuance of Short-term Debt with Original Maturities greater than 90 Days—320
Change in Short-term Debt with Original Maturities less than 90 Days, Net47752
Retirement of Long-term Debt(678)(229)
Redemption of Short-term Debt with Original Maturities Greater than 90 Days—(250)
Principal Payments for Finance Lease Obligations(24)(13)
Dividends Paid on Common Stock(520)(500)
Dividends Paid to Noncontrolling Interest(35)(1)
Other Financing Activities(29)(18)
Net Cash Flows from Financing Activities2,121698
Net Increase in Cash, Cash Equivalents and Restricted Cash7146
Cash, Cash Equivalents and Restricted Cash at Beginning of Period268246
Cash, Cash Equivalents and Restricted Cash at End of Period$339$292
See Condensed Notes to Condensed Financial Statements of Registrants beginning on page 99.
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.