Friday 6 November 2026 Export AES’s income statement to Excel — free account

The AES Corporation

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

14.90 0.00 0.00%

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Market cap: $10.6B
P/E: 6.0×
Fwd P/E: 7.3×
Dividend yield: 4.72%
F-score: 4/9
Altman Z: 0.36
Beneish M: −2.80
Dividend safety: 16/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

The AES Corporation (AES) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Energy Infrastructure	5,402	44.16%
Utilities	4,122	33.70%
Renewables	2,913	23.81%
AES Andes	900	7.36%
Corporate Other And Other	149	1.22%
New Energy Technologies	1	0.01%
Gross margin		18.07%
Operating margin		1.54%
Pre-tax margin		0.61%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Electricity, Generation	8,195 66.99%	8,756 71.31%	9,245 72.98%	9,079 71.96%	8,273 74.26%	6,999 72.45%	7,161 70.28%	7,797 72.62%	7,421 70.47%	6,971 67.80%
Electric Transmission	4,038 33.01%	3,522 28.69%	3,423 27.02%	3,538 28.04%	2,868 25.74%	2,661 27.55%	3,028 29.72%	2,939 27.38%	3,109 29.53%	3,310 32.20%
Also reported: a second breakdown of the same revenue
Non-regulated revenue	8,195 66.99%	8,756 71.31%	9,245 72.98%	9,079 71.96%	8,273 74.26%	6,999 72.45%	7,161 70.28%	7,797 72.62%	—	—
Regulated Revenue	4,038 33.01%	3,522 28.69%	3,423 27.02%	3,538 28.04%	2,868 25.74%	2,661 27.55%	3,028 29.72%	2,939 27.38%	—	—
Revenue	12,233	12,278	12,668	12,617	11,141	9,660	10,189	10,736	10,530	10,281

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Electricity, Generation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Electric Transmission	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Energy Infrastructure	5,402 44.16%	6,207 50.55%	6,805 53.72%	7,204 57.10%	6,702 60.16%	—	—	—	—	—	—	—	—	—	—	—	—
Utilities	4,122 33.70%	3,608 29.39%	3,495 27.59%	3,617 28.67%	2,944 26.42%	—	—	—	—	—	—	—	—	—	—	—	—
Renewables	2,913 23.81%	2,617 21.31%	2,416 19.07%	1,893 15.00%	1,562 14.02%	—	—	—	—	—	—	—	—	—	—	—	—
AES Andes	900 7.36%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Corporate Other And Other	149 1.22%	162 1.32%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
New Energy Technologies	1 0.01%	1 0.01%	76 0.60%	3 0.02%	7 0.06%	—	—	—	—	—	—	—	—	—	—	—	—
Eliminations	—	—	(262) (2.07%)	(216) (1.71%)	—	—	—	—	—	—	—	—	—	—	—	—	—
US and Utilities	—	—	—	—	—	3,918 40.56%	4,058 39.83%	4,230 39.40%	4,162 39.53%	4,330 42.12%	—	—	—	—	—	—	—
South America SBU	—	—	—	—	—	3,159 32.70%	3,208 31.48%	3,533 32.91%	3,252 30.88%	2,956 28.75%	—	—	—	—	—	—	—
Mcac	—	—	—	—	—	1,766 18.28%	1,882 18.47%	1,728 16.10%	1,519 14.43%	1,274 12.39%	2,353 20.90%	2,682 16.63%	2,713 17.07%	2,573 14.99%	2,327 14.46%	1,397 9.05%	—
Eurasia	—	—	—	—	—	828 8.57%	1,047 10.28%	1,255 11.69%	1,590 15.10%	1,670 16.24%	1,875 16.65%	—	—	—	—	—	—
Corporate Other And Other Eliminations	—	—	—	—	—	(11) (0.11%)	(6) (0.06%)	(10) (0.09%)	—	—	—	—	7 0.04%	9 0.05%	8 0.05%	1,425 9.23%	858 6.54%
United States	—	—	—	—	—	—	—	—	—	—	3,593 31.91%	3,826 23.73%	3,630 22.84%	3,736 21.77%	2,087 12.96%	806 5.22%	—
Andes	—	—	—	—	—	—	—	—	—	—	2,489 22.10%	2,642 16.39%	2,638 16.60%	3,020 17.59%	2,953 18.34%	2,519 16.31%	—
Brazil	—	—	—	—	—	—	—	—	—	—	962 8.54%	4,987 30.93%	5,015 31.56%	5,788 33.72%	6,640 41.25%	16 0.10%	—
Europe	—	—	—	—	—	—	—	—	—	—	—	1,439 8.92%	1,347 8.48%	1,344 7.83%	1,467 9.11%	1,177 7.62%	—
Asia	—	—	—	—	—	—	—	—	—	—	—	558 3.46%	550 3.46%	733 4.27%	625 3.88%	618 4.00%	375 2.86%
Brazil - Utilities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	6,340 41.05%	—
US - Utilities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,145 7.41%	1,068 8.15%
Latin America Utilities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	5,877 44.83%
Latin America Generation	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2,787 21.26%
North America Generation	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,381 10.53%
Generation Europe	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	764 5.83%
Other, not broken out	—	—	138 1.09%	116 0.92%	—	—	—	—	—	—	—	—	—	—	—	—	—
Eliminations	(1,254) (10.25%)	(317) (2.58%)	—	—	(74) (0.66%)	—	—	—	—	—	—	—	—	—	—	—	—
Revenue	12,233	12,278	12,668	12,617	11,141	9,660	10,189	10,736	10,530	10,281	11,260	16,124	15,891	17,164	16,098	15,443	13,110

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Backlog	Q3 FY2025	11.10	12.70	−12.60%
Remaining performance obligations	Q3 FY2026	$195.0M	$435.0M	−55.17%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.