Filing Flows › AES (AES) › Q3 2026
AES (AES) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 3, 2026
AES (AES) reported revenue of $3.9B for the third quarter 2026 (Q3 2026), +16% from a year earlier and +13% from the quarter before. Operating margin was 13.4%, net earnings $553M (14.3% of revenue).
AES, Q3 2026: revenue $3.9B (+16% year over year), operating margin 13.4%, net earnings $553M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.9B | +13% | +16% |
| Gross profit | $982M | +42% | +34% |
| Operating profit | $517M | +25% | +78% |
| Net earnings | $553M | +30% | -13% |
| Operating cash flow | $1.2B | +15% | -7% |
What changed
Revenue was $3.9B in Q3 2026, up 16% year over year and up 13% from the previous quarter. Electricity, Generation was the largest line at 68% of revenue. Electricity, Generation added $0.38B year over year (up 17%), 73% of the total change.
Gross margin was 25.4%, up 3.4 points from Q3 2025. Operating profit was $0.52B, a 13.4% margin (up 4.7 points year over year). Of the extra revenue versus Q3 2025, 43% reached operating profit, above the 9% margin then. Operating expenses grew 5% against revenue growth of 16%. The fastest-growing cost line was General & admin (+48%). Net earnings were $0.55B, down 13% year over year ($0.53B including minority interests, which bore $0.03B of losses). The effective tax rate was -1.9%.
Operating cash flow was $1.2B (down 7% year over year), 228% of net income including minority interests. Working capital and other items added $0.67B. Capital expenditures of $1.5B exceeded it, leaving free cash flow of −$0.31B.
Questions
What was AES' revenue in the third quarter 2026?
AES (AES) reported revenue of $3.9B for the third quarter 2026 (Q3 2026), +16% from a year earlier and +13% from the quarter before.
Was AES profitable in the third quarter 2026?
Operating profit was $517M (13.4% of revenue) and net earnings $553M.
Source: AES 10-Q on SEC EDGAR.