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How AES Corporation (AES) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue grew 19.9% y/y to $3.42B, operating margin 18.4% vs 14.2%, net income $426M.
Key growth driver: Non-Regulated — the fastest-growing revenue line: $2,427, +26% y/y. · by the Q2 2026 report
Net income attributable to The AES Corporation
$426M
Total revenue
$3,422M
up 19.9% y/y
Operating income (calculated)
$630M
up 55.9% y/y
Next report
not announced yet
How does AES make money?
AES brought in $3.42 billion of revenue in Q2 2026, up 19.9% year over year. The largest source was Non-Regulated: $2.43 billion, or 71% of the total, followed by Regulated ($995M, 29%). Net income for the quarter was $426 million.
Revenue by source, Q2 2026
- Non-Regulated$2.43B · 71% · +26.3%
- Regulated$995M · 29% · +6.6%
Shares of $3.42B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Non-Regulated | $2,427 · +26.3% |
| Regulated | $995 · +6.6% |
| Total revenue | $3,422 · +19.9% |
| Non-Regulated cost of sales | $1,896 · +18.0% |
| Regulated cost of sales | $834 · +4.9% |
| Operating margin | $692 · +52.8% · 20.2% margin |
| General and administrative expenses | $62 · +26.5% |
| Operating income (calculated) | $630 · +55.9% · 18.4% margin |
| Interest expense net of interest income (calculated) | $303 · +7.4% |
| Gain on disposal and sale of business interests | $209 · +199% |
| Impairments, FX losses and other items, net (calculated) | $87 · −43.1% |
| Income from continuing operations before taxes and equity in earnings of affiliates | $449 · +1051% |
| Income tax expense | $28 · −83.2% · 6.2% effective rate |
| Net equity in losses of affiliates | $34 · +54.5% |
| Net loss attributable to noncontrolling interests | $39 · −29.1% |
| Net income attributable to The AES Corporation | $426 · vs −$95 · $0.60/sh · 12.4% margin |
Verdict: revenue grew 19.9% y/y to $3.42B, operating margin 18.4% vs 14.2%, net income $426M.
Diluted EPS $0.60 vs a $0.15 loss a year earlier.
Source and notation
Source: AES Form 10-Q filed 08/04/2026 (SEC EDGAR); the company published no earnings release for this quarter. Utility layout: operating revenues less fuel and purchased power, operations and maintenance, depreciation and taxes other than income taxes give operating income; interest and other income lead to pre-tax income. The income statement lines were taken from the 10-Q by hand; the program found every figure in the 10-Q text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- AES did not issue an earnings release for this quarter, so the card is built from its 10-Q, which reports net income attributable to AES of $426M: on March 1, 2026 the company entered into a merger agreement with Horizon Parent, L.P., controlled by funds of Global Infrastructure Management, LLC and the EQT Infrastructure VI fund.
- Total revenue rose 19.9% to $3,422M, mainly in the non-regulated business ($2,427M vs $1,922M); the operating margin rose to $692M from $453M.
- A year earlier other expense of $295M pushed the company to a loss; this quarter it booked a $209M gain on disposal and sale of business interests.
- Gross margin was 20.2% vs 15.9% a year earlier.
- Operating income was $630M, a 18.4% margin vs 14.2% a year earlier.
- The effective tax rate was 6.2% vs 428.2% a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Who runs the company now
- Andrés GluskiChairman of the Board and Chief Executive Officer [1]
- Stephen CoughlinExecutive Vice President and Chief Financial Officer [2]
As of 10/20/2026, per the company’s SEC filings: signatures on the latest report and leadership-change filings.
Positions: the company’s SEC filings. Spotted an error, or is this you and you’d like it corrected or removed? Contact us
How this is compiled
Who runs the company now comes from primary sources only: for US companies, the CEO and CFO signatures on the latest SEC report, and a separate board chair from the proxy statement (DEF 14A); for Russian and Kazakh issuers, the company website and its disclosures. We recheck weekly; if a name can’t be confirmed, or a leadership-change filing came out after the report, we don’t show it until it’s reviewed. History comes from proxy statements, disclosures, Wikipedia and Wikidata; years show when a term started and ended, “since” means the person is in office now. An outcome for a previous employer is shown only when the linked document states it.
Sources · 2
- SEC EDGAR: 10-Q 2026-08-04 · SEC EDGAR · 10/20/2026
- SEC EDGAR: 10-Q 2026-08-04 · SEC EDGAR · 10/20/2026
AES Corporation — The AES Corporation is an American utility and power generation company. · Text: Wikipedia, CC BY-SA 4.0, abridged
It owns and operates power plants, which it uses to generate and sell electricity to end users and intermediaries like utilities and industrial facilities. AES, headquartered in Arlington, Virginia, is one of the world's leading power companies, generating and distributing electric power in 15 countries and employing 10,500 people worldwide. AES Corporation is a global Fortune 500 power company.
AES earnings history: past report dates
| Nov 4, 2025 Tue | 4:17 pmafter market close | Sep 30, 2025 | $3.4B+2% y/y | $0.89+25% y/y |
| Jul 31, 2025 Thu | 6:12 pmafter market close | Jun 30, 2025 | $2.9B−3% y/y | −$0.15 |
| May 1, 2025 Thu | 5:02 pmafter market close | Mar 31, 2025 | $2.9B−5% y/y | $0.07−88% y/y |
| Feb 28, 2025 Fri | 6:06 ambefore market open | Dec 31, 2024 | ≈$3.0B−0% y/y | ≈$0.66 |
| Oct 31, 2024 Thu | 4:33 pmafter market close | Sep 30, 2024 | $3.3B−4% y/y | $0.71+122% y/y |
| Aug 1, 2024 Thu | 4:36 pmafter market close | Jun 30, 2024 | $2.9B−3% y/y | $0.39 |
| May 2, 2024 Thu | 5:19 pmafter market close | Mar 31, 2024 | $3.1B−5% y/y | $0.60+186% y/y |
| Feb 26, 2024 Mon | 5:27 pmafter market close | Dec 31, 2023 | ≈$3.0B−3% y/y | ≈−$0.12+91% y/y |
| Nov 2, 2023 Thu | 5:05 pmafter market close | Sep 30, 2023 | $3.4B−5% y/y | $0.32−46% y/y |
| Aug 3, 2023 Thu | 5:22 pmafter market close | Jun 30, 2023 | $3.0B−2% y/y | −$0.06+78% y/y |
| May 4, 2023 Thu | 5:01 pmafter market close | Mar 31, 2023 | $3.2B+14% y/y | $0.21+31% y/y |
| Feb 27, 2023 Mon | 6:02 ambefore market open | Dec 31, 2022 | $3.1B+10% y/y | −$1.35−42% y/y |
| Nov 4, 2022 Fri | 6:01 ambefore market open | Sep 30, 2022 | $3.6B+19% y/y | $0.59+23% y/y |
| Aug 5, 2022 Fri | 7:35 ambefore market open | Jun 30, 2022 | $3.1B+14% y/y | −$0.27 |
| May 5, 2022 Thu | 5:03 pmafter market close | Mar 31, 2022 | $2.9B+8% y/y | $0.16 |
| Nov 3, 2021 Wed | 5:28 pmafter market close | Sep 30, 2021 | $3.0B+19% y/y | $0.48 |
| Aug 4, 2021 Wed | 6:55 pmafter market close | Jun 30, 2021 | $2.7B+22% y/y | $0.04 |
| May 6, 2021 Thu | 6:01 ambefore market open | Mar 31, 2021 | $2.6B+13% y/y | −$0.22 |
| Feb 25, 2021 Thu | 6:02 ambefore market open | Dec 31, 2020 | $2.6B+5% y/y | $0.47 |
| Nov 6, 2020 Fri | 6:34 ambefore market open | Sep 30, 2020 | $2.5B−3% y/y | −$0.50 |
| Aug 6, 2020 Thu | 6:03 ambefore market open | Jun 30, 2020 | $2.2B−11% y/y | −$0.12 |
| May 7, 2020 Thu | 6:35 ambefore market open | Mar 31, 2020 | $2.3B−12% y/y | $0.22−4% y/y |
| Feb 28, 2020 Fri | 6:03 ambefore market open | Dec 31, 2019 | $2.4B−7% y/y | −$0.12 |
| Nov 6, 2019 Wed | 6:19 ambefore market open | Sep 30, 2019 | $2.6B−7% y/y | $0.32+113% y/y |
| Aug 5, 2019 Mon | 5:49 pmafter market close | Jun 30, 2019 | $2.5B−2% y/y | $0.02−95% y/y |
| May 7, 2019 Tue | 6:01 ambefore market open | Mar 31, 2019 | $2.6B−3% y/y | $0.23−78% y/y |
| Feb 26, 2019 Tue | 7:45 pmafter market close | Dec 31, 2018 | $2.6B−1% y/y | $0.19 |
| Nov 5, 2018 Mon | 7:14 pmafter market close | Sep 30, 2018 | $2.8B+5% y/y | $0.15−35% y/y |
| Aug 7, 2018 Tue | 6:03 ambefore market open | Jun 30, 2018 | $2.5B−3% y/y | $0.44+450% y/y |
| May 8, 2018 Tue | 7:09 ambefore market open | Mar 31, 2018 | $2.7B+6% y/y | $1.03 |
| Jan 16, 2018 Tue | 6:46 ambefore market open | Dec 31, 2017 | $2.6B−1% y/y | −$2.03−41% y/y |
| Nov 1, 2017 Wed | 8:51 pmafter market close | Sep 30, 2017 | $2.7B+2% y/y | $0.23−12% y/y |
| Aug 7, 2017 Mon | 9:30 pmafter market close | Jun 30, 2017 | $2.6B+7% y/y | $0.08 |
| May 8, 2017 Mon | 6:05 ambefore market open | Mar 31, 2017 | $2.6B+2% y/y | −$0.04 |
| Feb 27, 2017 Mon | 6:14 ambefore market open | Dec 31, 2016 | $2.7B−17% y/y | −$1.44 |
| Nov 3, 2016 Thu | 6:40 pmafter market close | Sep 30, 2016 | $2.6B−25% y/y | $0.26+0% y/y |
| Aug 4, 2016 Thu | 9:10 pmafter market close | Jun 30, 2016 | $2.5B−33% y/y | −$0.73 |
| Apr 27, 2016 Wed | 5:41 pmafter market close | Mar 31, 2016 | $2.5B−33% y/y | $0.19−5% y/y |
| Feb 24, 2016 Wed | 6:08 ambefore market open | Dec 31, 2015 | $3.2B | −$0.13 |
| Nov 5, 2015 Thu | 6:09 ambefore market open | Sep 30, 2015 | $3.5B | $0.26−61% y/y |
| Aug 10, 2015 Mon | 6:04 ambefore market open | Jun 30, 2015 | $3.7B | $0.10−44% y/y |
| May 11, 2015 Mon | 6:01 ambefore market open | Mar 31, 2015 | $3.8B−12% y/y | $0.20 |
| Feb 25, 2015 Wed | 9:45 pmafter market close | Dec 31, 2014 | — | $0.29 |
| Nov 6, 2014 Thu | 6:01 ambefore market open | Sep 30, 2014 | — | $0.67+644% y/y |
| Aug 6, 2014 Wed | 9:48 pmafter market close | Jun 30, 2014 | — | $0.18−18% y/y |
| May 7, 2014 Wed | 8:16 pmafter market close | Mar 31, 2014 | $4.3B+3% y/y | −$0.08 |
| Feb 25, 2014 Tue | 9:40 pmafter market close | Dec 31, 2013 | ≈$3.8B−13% y/y | ≈−$0.28 |
| Nov 7, 2013 Thu | 7:36 ambefore market open | Sep 30, 2013 | $4.0B−8% y/y | $0.09 |
| Apr 25, 2013 Thu | 7:16 ambefore market open | Mar 31, 2013 | $4.2B−10% y/y | $0.11−75% y/y |
| Feb 27, 2013 Wed | 6:10 ambefore market open | Dec 31, 2012 | ≈$4.4B+36% y/y | ≈$0.23 |
| Nov 7, 2012 Wed | 6:15 ambefore market open | Sep 30, 2012 | $4.4B+1% y/y | −$2.10 |
| Aug 6, 2012 Mon | 6:06 ambefore market open | Jun 30, 2012 | $4.1B−8% y/y | $0.18−18% y/y |
| May 4, 2012 Fri | 7:16 ambefore market open | Mar 31, 2012 | $4.6B+10% y/y | $0.44+57% y/y |
| Feb 27, 2012 Mon | 6:36 ambefore market open | Dec 31, 2011 | ≈$3.2B | ≈−$0.27 |
| Nov 4, 2011 Fri | 6:08 ambefore market open | Sep 30, 2011 | $4.3B | −$0.17 |
| Aug 5, 2011 Fri | 6:07 ambefore market open | Jun 30, 2011 | $4.4B | $0.22 |
| May 9, 2011 Mon | 6:09 ambefore market open | Mar 31, 2011 | $4.2B | $0.28 |
Show all 57 reports since 2011Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
AES Corporation: 15-year financials
| 2025 | 12,233 | 910 | −1,623 | 501 |
| 2024 | 12,278 | 1,679 | −4,640 | 483 |
| 2023 | 12,668 | 249 | −4,690 | 444 |
| 2022 | 12,617 | −546 | −1,836 | 422 |
| 2021 | 11,141 | −409 | −214 | 401 |
| 2020 | 9,660 | 46 | 855 | 381 |
| 2019 | 10,189 | 303 | 61 | 362 |
| 2018 | 10,736 | 1,203 | 222 | 344 |
| 2017 | 10,530 | −1,161 | 327 | 317 |
| 2016 | 10,281 | −1,130 | 552 | 290 |
| 2015 | 11,260 | 306 | −174 | 276 |
| 2014 | 16,124 | 769 | −225 | 144 |
| 2013 | 15,891 | 114 | 727 | 119 |
| 2012 | 17,164 | −912 | 793 | 30 |
| 2011 | 16,098 | 58 | 454 | — |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Jun 30, 2026: $4.9B (9.1% of total assets). Compare with other S&P 500 companies →
Included in screener lists: S&P 500 companies that paid dividends 10 years without a gap
AES Corporation (AES) earnings: FAQ
How does AES make money?
AES brought in $3.42 billion of revenue in Q2 2026, up 19.9% year over year. The largest source was Non-Regulated: $2.43 billion, or 71% of the total, followed by Regulated ($995M, 29%). Net income for the quarter was $426 million.
When is AES's next earnings date?
We have not yet seen an announcement of the next earnings date from AES Corporation (AES).
What time does AES report earnings?
AES Corporation usually reports after market close: its latest results release was filed with the SEC at 4:17 pm ET on Nov 4, 2025.
When did AES last report earnings?
AES Corporation reported Q2 2026 results on Aug 4, 2026.
Where can I find AES Corporation's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to AES's filings; this page breaks the latest report down in a Sankey chart.
What was AES's net income in Q2 2026?
AES Corporation reported net income of $426M for Q2 2026 (vs −$95 year over year), under US GAAP.
Does AES Corporation pay dividends?
Yes. In 2025, AES Corporation paid $501M in dividends on its common stock, per its 10-K. Earlier years are in the 15-year table above.
How has AES Corporation's revenue changed since 2011?
Per its 10-K filings, revenue fell 24%: $16,098M in 2011 and $12,233M in 2025. The peak was $17,164M in 2012. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
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