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AES (AES) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · AES (AES) Q3 2026 earnings results →
Q3 2026 Revenue up 16% year over year to $3.9B · 14¢ of every $1 of revenue kept as net profit · operating margin 13.4%
AES made $3.9B in Q3 2026 (+16% Y/Y): Electricity, Generation $2.6B, Electric Transmission $1.2B. Operating margin 13.4%, net earnings $553M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $3.9B in Q3 2026, up 16% year over year and up 13% from the previous quarter. Electricity, Generation was the largest line at 68% of revenue. Electricity, Generation added $0.38B year over year (up 17%), 73% of the total change.
Gross margin was 25.4%, up 3.4 points from Q3 2025. Operating profit was $0.52B, a 13.4% margin (up 4.7 points year over year). Of the extra revenue versus Q3 2025, 43% reached operating profit, above the 9% margin then. Operating expenses grew 5% against revenue growth of 16%. The fastest-growing cost line was General & admin (+48%). Net earnings were $0.55B, down 13% year over year ($0.53B including minority interests, which bore $0.03B of losses). The effective tax rate was -1.9%.
Operating cash flow was $1.2B (down 7% year over year), 228% of net income including minority interests. Working capital and other items added $0.67B. Capital expenditures of $1.5B exceeded it, leaving free cash flow of −$0.31B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $3.9B | +16% | 13.4% | $553M | $1.2B |
| Q2 2026 | 10-Q | Aug 4, 2026 | $3.4B | +20% | 12.1% | $426M | $1.0B |
| Q1 2026 | 10-Q | May 5, 2026 | $3.2B | +9% | 7.4% | $487M | $1.2B |
| Q4 2025 | 10-K | Mar 2, 2026 | $3.1B | +5% | -8.7% | −$132M | $1.5B |
| Q3 2025 | 10-Q | Nov 4, 2025 | $3.4B | +2% | 8.7% | $639M | $1.3B |
| Q2 2025 | 10-Q | Aug 1, 2025 | $2.9B | -3% | 0.6% | −$150M | $976M |
| Q1 2025 | 10-Q | May 1, 2025 | $2.9B | -5% | -1.9% | −$73.0M | $545M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About AES
Incorporated in 1981, AES is a global energy company accelerating the future of energy. Together with our many stakeholders, we are improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. AES is the next-generation energy company with over four decades of experience developing, operating, and owning electric generation and utilities.
In its own words, from its 10-K, filed Mar 2, 2026.
Source: AES 10-Q on SEC EDGAR · CIK 874761 · Cogeneration Services & Small Power Producers
Guidance and outlook
13F: who owns AES and who is buying
More on AES
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results