A variable, two-mode, input-split, parallel, hybrid electric transmission for a vehicle has an input shaft receiving power from the vehicle engine, and an output shaft delivering power to drive the vehicle. First and second motor/generators are employed as are energy storage devices, such as batteries, for accepting power from, and supplying power to, the first and second motor/generators. A control unit regulates power flow between the energy storage devices and the motor/generators as well as between the first and second motor/generators. At least one planetary gear set is used. Each planetary gear set has an inner gear member and an outer gear member, each of which meshingly engage a plurality of planet gear members supported on a carrier. The input shaft is operatively connected to one of the gear members in the planetary gear set, and the output shaft is operatively connected to one of the other gear members in the planetary gear set. One of the motor/generators is connected to at least the remaining gear member in the planetary gear set, and the other motor/generator is operatively connected to the output shaft. A second planetary gear set may be interposed between one of the motor/generators and the output shaft and/or between the output shaft and the first planetary gear set.