Filing Flows › AES (AES) › Q2 2026 › vs Q2 2025
AES (AES) Q2 2026 vs Q2 2025 (year over year)
AES's revenue rose $567M (+20%) from $2.9B in Q2 2025 to $3.4B in Q2 2026. The biggest changes: Electricity, Generation +$505M (+26%); Electric Transmission +$62.0M (+7%). Gross margin 20.2% against 15.9% (+4.4 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 20.2% | 15.9% | +4.4 pts |
| Operating margin | 12.1% | 0.6% | +11.5 pts |
| Net margin | 12.4% | -3.3% | +15.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Electricity, Generation | $2.4B | $1.9B | $505M | +26% |
| Electric Transmission | $995M | $933M | $62.0M | +7% |
| Revenue | $3.4B | $2.9B | $567M | +20% |
| Gross profit | $692M | $453M | $239M | +53% |
| Cost of revenue | $2.7B | $2.4B | $328M | +14% |
| Operating profit | $415M | $17.0M | $398M | 24× |
| Operating expenses | $277M | $436M | −$159M | -36% |
| Pre-tax earnings | $415M | $17.0M | $398M | 24× |
| General & admin | $62.0M | $49.0M | $13.0M | +27% |
| Other operating costs | $215M | $387M | −$172M | -44% |
| Loss borne by minority interests | $39.0M | $55.0M | −$16.0M | -29% |
| Net earnings | $426M | −$95.0M | $521M | — |
| Income tax | $28.0M | $167M | −$139M | -83% |
| Working capital & other | $620M | $1.1B | −$451M | -42% |
| Operating cash flow | $1.0B | $976M | $70.0M | +7% |
| Capital expenditures | $1.6B | $1.3B | $311M | +23% |
| Negative free cash flow (OCF − capex) | $597M | $356M | $241M | +68% |
Questions
How much did AES's revenue grow year over year in Q2 2026?
AES's revenue rose $567M (+20%) from $2.9B in Q2 2025 to $3.4B in Q2 2026.
What drove AES's revenue change in Q2 2026?
Electricity, Generation +$505M (+26%); Electric Transmission +$62.0M (+7%).