Filing Flows › AES (AES) › Q2 2026
AES (AES) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 4, 2026
AES (AES) reported revenue of $3.4B for the second quarter 2026 (Q2 2026), +20% from a year earlier and +8% from the quarter before. Operating margin was 12.1%, net earnings $426M (12.4% of revenue).
AES, Q2 2026: revenue $3.4B (+20% year over year), operating margin 12.1%, net earnings $426M, operating cash flow $1.0B. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.4B | +8% | +20% |
| Gross profit | $692M | +8% | +53% |
| Operating profit | $415M | +77% | 24× |
| Net earnings | $426M | -13% | — |
| Operating cash flow | $1.0B | -13% | +7% |
What changed
Revenue was $3.4B in Q2 2026, up 20% year over year and up 8% from the previous quarter. Electricity, Generation was the largest line at 71% of revenue. Electricity, Generation added $0.51B year over year (up 26%), 89% of the total change.
Gross margin was 20.2%, up 4.4 points from Q2 2025. Operating profit was $0.41B, a 12.1% margin (up 11.5 points year over year). Of the extra revenue versus Q2 2025, 70% reached operating profit, above the 1% margin then. Operating expenses fell 36% while revenue rose 20%. The fastest-growing cost line was General & admin (+27%). Net earnings were $0.43B ($0.39B including minority interests, which bore $0.04B of losses). The effective tax rate was 6.7%.
Operating cash flow was $1.0B (up 7% year over year), 270% of net income including minority interests. Working capital and other items added $0.66B. Capital expenditures of $1.6B exceeded it, leaving free cash flow of −$0.60B.
Questions
What was AES' revenue in the second quarter 2026?
AES (AES) reported revenue of $3.4B for the second quarter 2026 (Q2 2026), +20% from a year earlier and +8% from the quarter before.
Was AES profitable in the second quarter 2026?
Operating profit was $415M (12.1% of revenue) and net earnings $426M.
Source: AES 10-Q on SEC EDGAR.