Filing Flows › AES (AES) › Q1 2026
AES (AES) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
AES (AES) reported revenue of $3.2B for the first quarter 2026 (Q1 2026), +9% from a year earlier and +3% from the quarter before. Operating margin was 7.4%, net earnings $487M (15.3% of revenue).
AES, Q1 2026: revenue $3.2B (+9% year over year), operating margin 7.4%, net earnings $487M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.2B | +3% | +9% |
| Gross profit | $640M | +10% | +45% |
| Operating profit | $234M | — | — |
| Net earnings | $487M | +52% | +959% |
| Operating cash flow | $1.2B | -19% | +120% |
What changed
Revenue was $3.2B in Q1 2026, up 9% year over year and up 3% from the previous quarter. Electricity, Generation was the largest line at 65% of revenue. Electric Transmission added $0.13B year over year (up 13%), 51% of the total change.
Gross margin was 20.1%, up 5.1 points from Q1 2025. Operating profit was $0.23B, a 7.4% margin (up 9.3 points year over year). Operating expenses fell 18% while revenue rose 9%. Net earnings were $0.49B, up 959% year over year ($0.28B including minority interests, which bore $0.21B of losses). The effective tax rate was -17.5%.
Operating cash flow was $1.2B (up 120% year over year), 437% of net income including minority interests. Working capital and other items added $0.93B. Capital expenditures of $1.8B exceeded it, leaving free cash flow of −$0.56B.
Questions
What was AES' revenue in the first quarter 2026?
AES (AES) reported revenue of $3.2B for the first quarter 2026 (Q1 2026), +9% from a year earlier and +3% from the quarter before.
Was AES profitable in the first quarter 2026?
Operating profit was $234M (7.4% of revenue) and net earnings $487M.
Source: AES 10-Q on SEC EDGAR.