stockrowThe AES Corporation
AES Utilities Utilities Diversified
The AES Corporation’s revenue for fiscal 2025 (year ended December 2025) was $12.2 billion, roughly unchanged from fiscal 2024.
- Revenue
- +15.6%
- EPS
- −17.0%
- Free cash flow
- +39.9%
- Total debt
- +7.83%
Quarter to September 2026, against a year earlier
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The AES Corporation 10-Q filed Nov 3, 2026
Red flags
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Covenant breach
The AES Corporation’s 10-Q reports a breach of a debt covenant, or a waiver to avoid one
Some of our subsidiaries are currently in default with respect to all or a portion of their outstanding indebtedness.
What changed
Part I, Item 2, Management’s Discussion and Analysis, against the 10-Q filed Aug 4, 2026: 48 added · 34 removed · 132 modified; 32 with only figures updated; 3 moved without change
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Modified · Proposed Merger
On March 1, 2026, The AES Corporation (the “Company” or “AES”) entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Horizon Parent, L.P., a Delaware limited partnership (“Parent”), and Horizon Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement, on the terms and subject to the conditions set forth therein, Merger Sub will merge with and into the Company (the “Merger”), with the Company continuing as the surviving corporation in the Merger. Parent is jointly controlled by investment vehicles affiliated with one or more funds, accounts or other entities managed or advised by Global Infrastructure Management, LLC and the EQT Infrastructure VI fund. For further details on this proposed transaction, see
Item 1A.—Risk Factors andNote 1—Financial Statement Presentation included in Item 1.—Financial Statements of this Form 10-Q.