Filing Flows › AES (AES) › Q3 2026 › vs Q3 2025
AES (AES) Q3 2026 vs Q3 2025 (year over year)
AES's revenue rose $521M (+16%) from $3.4B in Q3 2025 to $3.9B in Q3 2026. The biggest changes: Electricity, Generation +$380M (+17%); Electric Transmission +$141M (+13%). Gross margin 25.4% against 21.9% (+3.4 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 25.4% | 21.9% | +3.4 pts |
| Operating margin | 13.4% | 8.7% | +4.7 pts |
| Net margin | 14.3% | 19.1% | -4.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Electricity, Generation | $2.6B | $2.3B | $380M | +17% |
| Electric Transmission | $1.2B | $1.1B | $141M | +13% |
| Revenue | $3.9B | $3.4B | $521M | +16% |
| Gross profit | $982M | $735M | $247M | +34% |
| Cost of revenue | $2.9B | $2.6B | $274M | +10% |
| Operating profit | $517M | $291M | $226M | +78% |
| Operating expenses | $465M | $444M | $21.0M | +5% |
| Pre-tax earnings | $517M | $291M | $226M | +78% |
| General & admin | $68.0M | $46.0M | $22.0M | +48% |
| Other operating costs | $397M | $398M | −$1.0M | -0.3% |
| Income tax benefit | $10.0M | $226M | −$216M | -96% |
| Loss borne by minority interests | $26.0M | $122M | −$96.0M | -79% |
| Net earnings | $553M | $639M | −$86.0M | -13% |
| Working capital & other | $647M | $658M | −$11.0M | -2% |
| Operating cash flow | $1.2B | $1.3B | −$97.0M | -7% |
| Capital expenditures | $1.5B | $1.8B | −$301M | -17% |
| Negative free cash flow (OCF − capex) | $307M | $511M | −$204M | -40% |
Questions
How much did AES's revenue grow year over year in Q3 2026?
AES's revenue rose $521M (+16%) from $3.4B in Q3 2025 to $3.9B in Q3 2026.
What drove AES's revenue change in Q3 2026?
Electricity, Generation +$380M (+17%); Electric Transmission +$141M (+13%).