Filing Flows › AES (AES) › Q2 2026 › vs Q1 2026
AES (AES) Q2 2026 vs Q1 2026 (quarter over quarter)
AES's revenue rose $242M (+8%) from $3.2B in Q1 2026 to $3.4B in Q2 2026. The biggest changes: Electricity, Generation +$361M (+17%); Electric Transmission −$119M (-11%). Gross margin 20.2% against 20.1% (+0.1 pts).
AES, Q2 2026: revenue $3.4B (+20% year over year), operating margin 12.1%, net earnings $426M, operating cash flow $1.0B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 20.2% | 20.1% | +0.1 pts |
| Operating margin | 12.1% | 7.4% | +4.8 pts |
| Net margin | 12.4% | 15.3% | -2.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Electricity, Generation | $2.4B | $2.1B | $361M | +17% |
| Electric Transmission | $995M | $1.1B | −$119M | -11% |
| Revenue | $3.4B | $3.2B | $242M | +8% |
| Gross profit | $692M | $640M | $52.0M | +8% |
| Cost of revenue | $2.7B | $2.5B | $190M | +7% |
| Operating profit | $415M | $234M | $181M | +77% |
| Operating expenses | $277M | $406M | −$129M | -32% |
| Pre-tax earnings | $415M | $234M | $181M | +77% |
| General & admin | $62.0M | $55.0M | $7.0M | +13% |
| Other operating costs | $215M | $351M | −$136M | -39% |
| Loss borne by minority interests | $39.0M | $212M | −$173M | -82% |
| Net earnings | $426M | $487M | −$61.0M | -13% |
| Income tax | $28.0M | −$41.0M | $69.0M | — |
| Working capital & other | $620M | $714M | −$94.0M | -13% |
| Operating cash flow | $1.0B | $1.2B | −$155M | -13% |
| Capital expenditures | $1.6B | $1.8B | −$123M | -7% |
| Negative free cash flow (OCF − capex) | $597M | $565M | $32.0M | +6% |
Questions
How much did AES's revenue grow quarter over quarter in Q2 2026?
AES's revenue rose $242M (+8%) from $3.2B in Q1 2026 to $3.4B in Q2 2026.
What drove AES's revenue change in Q2 2026?
Electricity, Generation +$361M (+17%); Electric Transmission −$119M (-11%).