Filing Flows › AES (AES) › Q4 2025
AES (AES) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
AES (AES) reported revenue of $3.1B for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -7% from the quarter before. Operating margin was -8.7%, net loss $132M (4.3% of revenue).
AES, Q4 2025: revenue $3.1B (+5% year over year), operating margin -8.7%, net loss $132M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | -7% | +5% |
| Operating profit | −$271M | -193% | — |
| Net earnings | −$132M | -121% | — |
| Operating cash flow | $1.5B | +15% | +37% |
What changed
Revenue was $3.1B in Q4 2025, up 5% year over year and down 7% from the previous quarter. Electricity, Generation was the largest line at 67% of revenue.
Gross margin was 18.8%, up 4.6 points from a year earlier. Operating costs exceeded revenue by $0.27B, an operating margin of -8.7%. Operating expenses grew 232% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+369%). The quarter ended with a net loss of $0.13B, after a profit of $0.52B the previous quarter. Minority interests bore $0.45B of it: to shareholders the quarter was a profit of $0.32B.
Operating cash flow was $1.5B (up 37% year over year). Working capital and other items added $1.6B. Capital expenditures of $1.5B exceeded it, leaving free cash flow of −$0.05B.
Questions
What was AES' revenue in the fourth quarter 2025?
AES (AES) reported revenue of $3.1B for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -7% from the quarter before.
Was AES profitable in the fourth quarter 2025?
Operating loss was $271M (-8.7% of revenue) and net loss $132M.
Source: AES 10-K on SEC EDGAR.