Filing Flows › AES (AES) › Q3 2025
AES (AES) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
AES (AES) reported revenue of $3.4B for the third quarter 2025 (Q3 2025), +2% from a year earlier and +17% from the quarter before. Operating margin was 8.7%, net earnings $639M (19.1% of revenue).
AES, Q3 2025: revenue $3.4B (+2% year over year), operating margin 8.7%, net earnings $639M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.4B | +17% | +2% |
| Gross profit | $735M | +62% | +2% |
| Operating profit | $291M | 17× | -8% |
| Net earnings | $639M | — | +27% |
| Operating cash flow | $1.3B | +33% | +32% |
What changed
Revenue was $3.4B in Q3 2025, up 2% year over year and up 17% from the previous quarter. Electricity, Generation was the largest line at 68% of revenue. Electric Transmission added $0.14B year over year (up 15%), 234% of the total change. Electricity, Generation declined 4%.
Gross margin was 21.9%, unchanged from a year earlier. Operating profit was $0.29B, a 8.7% margin (down 1.0 points year over year). Operating profit fell $0.03B even though revenue rose $0.06B versus a year earlier, so costs grew faster than sales. Operating expenses grew 10% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+15%). Net earnings were $0.64B, up 27% year over year ($0.52B including minority interests, which bore $0.12B of losses). The effective tax rate was -77.7%.
Operating cash flow was $1.3B (up 32% year over year), 251% of net income including minority interests. Working capital and other items added $0.78B. Capital expenditures of $1.8B exceeded it, leaving free cash flow of −$0.51B.
Questions
What was AES' revenue in the third quarter 2025?
AES (AES) reported revenue of $3.4B for the third quarter 2025 (Q3 2025), +2% from a year earlier and +17% from the quarter before.
Was AES profitable in the third quarter 2025?
Operating profit was $291M (8.7% of revenue) and net earnings $639M.
Source: AES 10-Q on SEC EDGAR.