Filing Flows › AES (AES) › Q3 2026 › vs Q2 2026
AES (AES) Q3 2026 vs Q2 2026 (quarter over quarter)
AES's revenue rose $450M (+13%) from $3.4B in Q2 2026 to $3.9B in Q3 2026. The biggest changes: Electric Transmission +$228M (+23%); Electricity, Generation +$222M (+9%). Gross margin 25.4% against 20.2% (+5.1 pts).
AES, Q3 2026: revenue $3.9B (+16% year over year), operating margin 13.4%, net earnings $553M, operating cash flow $1.2B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 25.4% | 20.2% | +5.1 pts |
| Operating margin | 13.4% | 12.1% | +1.2 pts |
| Net margin | 14.3% | 12.4% | +1.8 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Electricity, Generation | $2.6B | $2.4B | $222M | +9% |
| Electric Transmission | $1.2B | $995M | $228M | +23% |
| Revenue | $3.9B | $3.4B | $450M | +13% |
| Gross profit | $982M | $692M | $290M | +42% |
| Cost of revenue | $2.9B | $2.7B | $160M | +6% |
| Operating profit | $517M | $415M | $102M | +25% |
| Operating expenses | $465M | $277M | $188M | +68% |
| Pre-tax earnings | $517M | $415M | $102M | +25% |
| General & admin | $68.0M | $62.0M | $6.0M | +10% |
| Other operating costs | $397M | $215M | $182M | +85% |
| Income tax benefit | $10.0M | −$28.0M | $38.0M | — |
| Loss borne by minority interests | $26.0M | $39.0M | −$13.0M | -33% |
| Net earnings | $553M | $426M | $127M | +30% |
| Working capital & other | $647M | $620M | $27.0M | +4% |
| Operating cash flow | $1.2B | $1.0B | $154M | +15% |
| Capital expenditures | $1.5B | $1.6B | −$136M | -8% |
| Negative free cash flow (OCF − capex) | $307M | $597M | −$290M | -49% |
Questions
How much did AES's revenue grow quarter over quarter in Q3 2026?
AES's revenue rose $450M (+13%) from $3.4B in Q2 2026 to $3.9B in Q3 2026.
What drove AES's revenue change in Q3 2026?
Electric Transmission +$228M (+23%); Electricity, Generation +$222M (+9%).