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How AES (AES) makes money
AES (AES) made $3.9B of revenue in the third quarter 2026 (Q3 2026), +16% from a year earlier. Electricity, Generation brought in $2.6B (68%); Electric Transmission brought in $1.2B (32%). Of every dollar of revenue, 25¢ was left as gross profit, 13¢ was left as operating profit, 14¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Electricity, Generation | $2.6B | 68.4% | +9% | +17% |
| Electric Transmission | $1.2B | 31.6% | +23% | +13% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $3.9B | 100.0% |
| Cost of revenue | $2.9B | 74.6% |
| Gross profit | $982M | 25.4% |
| Operating expenses | $465M | 12.0% |
| Operating profit | $517M | 13.4% |
| Net earnings | $553M | 14.3% |
| Operating cash flow | $1.2B | 31.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $3.9B | +16% |
| Q2 2026 | $3.4B | +20% |
| Q1 2026 | $3.2B | +9% |
| Q4 2025 | $3.1B | +5% |
| Q3 2025 | $3.4B | +2% |
| Q2 2025 | $2.9B | -3% |
| Q1 2025 | $2.9B | -5% |
From AES' 10-Q filed Nov 3, 2026 (on EDGAR).
Questions
How does AES make money?
AES (AES) made $3.9B of revenue in the third quarter 2026 (Q3 2026), +16% from a year earlier. Electricity, Generation brought in $2.6B (68%); Electric Transmission brought in $1.2B (32%). Of every dollar of revenue, 25¢ was left as gross profit, 13¢ was left as operating profit, 14¢ was left as net earnings.
What is AES' biggest business?
Electricity, Generation: $2.6B in the third quarter 2026, 68% of revenue, +17% from a year earlier.
What is AES' profit margin?
Net earnings were $553M, 14.3% of revenue, in the third quarter 2026; the operating margin was 13.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.