American Electric Power (AEP) FY2022 results: revenue $19.6 billion, up 17.0% on the year

American Electric Power Co. Inc. (AEP) reported revenue of $19.6 billion for fiscal 2022, the year ended 31 December 2022, up 17.0% on the year before. Net income was $2.3 billion, down 7.3%, and diluted earnings per share $4.49. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$19.6 billion

+17.0% on the year

FY2015FY2022

Operating margin

17.7%

20.3% a year earlier

FY2015FY2022

Net income

$2.3 billion

-7.3% on the year

FY2015FY2022

Diluted EPS

$4.49

-9.5% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	19,640	16,792	14,918	+17.0%
Cost of revenue	7,098	n/a	n/a
Gross profit	12,542	n/a	n/a
Gross margin	63.9%	n/a	n/a
Operating income	3,483	3,411	2,988	+2.1%
Operating margin	17.7%	20.3%	20.0%
Interest expense	1,396	1,199	1,166	+16.4%
Pre-tax income	2,310	2,600	2,234	-11.2%
Income tax	5.4	116	40.5	-95.3%
Effective tax rate	0.2%	4.4%	1.8%
Net income	2,307	2,488	2,200	-7.3%
Net margin	11.7%	14.8%	14.7%
Diluted EPS	$4.49	$4.96	$4.42	-9.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	5,288	3,840	3,833	+37.7%
Capital expenditure	n/a	n/a	0.0
Free cash flow	n/a	n/a	3,833
Free cash flow margin	n/a	n/a	25.7%
Cash from investing	-7,752	-6,434	-6,234
Cash from financing	2,569	2,607	2,407	-1.5%
Depreciation and amortisation	3,073	n/a	n/a
Share-based compensation	63.3	n/a	n/a
Dividends paid	1,645	-1,520	1,425
Dividend per share	$3.17	$3.00	$2.84	+5.7%
Diluted shares, weighted	513m	502m	497m	+2.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	23,893	22,433	20,551	+6.5%
Non-controlling interest	229	247	224	-7.3%
Redeemable equity	n/a	n/a	0.0
Short-term borrowings	n/a	2,614	2,479
Debt	40,913	34,558	31,072	+18.4%
Operating lease liabilities	552	501	638	+10.1%
Other liabilities	27,882	27,316	25,792	+2.1%
Total liabilities and equity	93,469	87,669	80,757	+6.6%
Fixed assets	73,339	68,304	63,902	+7.4%
Goodwill	52.5	52.5	52.5	0.0%
Investments	188	220	201	-14.9%
Cash and equivalents	509	403	393	+26.3%
Receivables	2,668	1,975	1,843	+35.1%
Other assets	16,713	16,713	14,367	-0.0%
Total assets	93,469	87,669	80,757	+6.6%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.