Filing Flows › AES (AES) › Q2 2025
AES (AES) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
AES (AES) reported revenue of $2.9B for the second quarter 2025 (Q2 2025), -3% from a year earlier and -2% from the quarter before. Operating margin was 0.6%, net loss $150M (5.3% of revenue).
AES, Q2 2025: revenue $2.9B (-3% year over year), operating margin 0.6%, net loss $150M, operating cash flow $976M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.9B | -2% | -3% |
| Operating profit | $17.0M | — | — |
| Net earnings | −$150M | — | — |
| Operating cash flow | $976M | +79% | +149% |
What changed
Revenue was $2.9B in Q2 2025, down 3% year over year and down 2% from the previous quarter. Electricity, Generation was the largest line at 67% of revenue. Electricity, Generation lost $0.15B year over year (down 7%), 170% of the total change.
Gross margin was 15.9%, down 2.9 points from a year earlier. Operating profit was $0.02B, a 0.6% margin (down 3.4 points year over year). Operating expenses grew 0% against a revenue fall of 3%. The quarter ended with a net loss of $0.15B, wider than the previous quarter's $0.07B loss. Minority interests bore $0.06B of it: to shareholders the quarter was a loss of $0.10B.
Operating cash flow was $1.0B (up 149% year over year). Working capital and other items added $1.1B. Capital expenditures of $1.3B exceeded it, leaving free cash flow of −$0.36B.
Questions
What was AES' revenue in the second quarter 2025?
AES (AES) reported revenue of $2.9B for the second quarter 2025 (Q2 2025), -3% from a year earlier and -2% from the quarter before.
Was AES profitable in the second quarter 2025?
Operating profit was $17.0M (0.6% of revenue) and net loss $150M.
Source: AES 10-Q on SEC EDGAR.