The AES Corporation (AES) Income Statement
AES 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAES revenue and net income
Where AES's revenue goes
2025Each bar shows an amount and its share of revenue. AES kept 7.8% of revenue as net income.
AES profit margins
AES growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −0.4% | −1.0% | +4.8% | −1.4% |
| Gross profit | −4.5% | −4.6% | −3.9% | −2.3% |
| Operating income | −2.9% | −5.6% | −4.9% | −2.8% |
| Net income | −43.7% | — | +85.7% | +12.0% |
| EPS (diluted) | +9.9% | +11.9% | +10.2% | +6.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AES quarterly EPS vs estimates
AES beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.60).
AES income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.23B | $12.28B | $12.68B | $12.62B | $11.14B | $9.66B | $10.19B | $10.74B | $10.51B | $10.17B |
| Cost of revenue | $10.02B | $9.96B | $10.16B | $10.07B | $8.43B | $6.97B | $7.84B | $8.16B | $8.04B | $7.90B |
| Gross profit | $2.21B | $2.32B | $2.52B | $2.55B | $2.71B | $2.69B | $2.36B | $2.58B | $2.45B | $2.33B |
| Research & development | — | — | — | — | — | — | — | — | $0 | $0 |
| Sales, general & admin | $241.0M | $288.0M | $255.0M | $207.0M | $166.0M | $165.0M | $196.0M | $192.0M | $216.0M | $197.0M |
| Total operating expenses | $241.0M | $288.0M | $255.0M | $207.0M | $166.0M | $165.0M | $196.0M | $192.0M | $215.0M | $194.0M |
| Operating income | $1.97B | $2.03B | $2.26B | $2.34B | $2.55B | $2.53B | $2.17B | $2.39B | $2.24B | $2.13B |
| Interest income | $287.0M | $381.0M | $517.0M | $389.0M | $623.0M | $268.0M | $318.0M | $310.0M | $244.0M | $464.0M |
| Interest expense | $1.42B | $1.52B | $1.30B | $1.06B | $826.0M | $978.0M | $1.02B | $1.01B | $1.09B | $1.03B |
| Income before taxes | $20.0M | $868.0M | $72.0M | −$240.0M | −$1.09B | $365.0M | $829.0M | $2.06B | $842.0M | $223.0M |
| Income taxes | −$181.0M | $59.0M | $261.0M | $265.0M | −$133.0M | $216.0M | $352.0M | $708.0M | $990.0M | $32.0M |
| Net income | $949.0M | $1.69B | $242.0M | −$546.0M | −$413.0M | $43.0M | $302.0M | $1.00B | −$550.0M | −$11.0M |
| EBITDA | $2.94B | $3.67B | $2.53B | $1.94B | $818.0M | $2.53B | $3.07B | $4.03B | $3.03B | $2.39B |
| EPS (diluted) | $2.34 | $2.13 | $1.76 | $1.67 | $1.54 | $1.44 | $1.37 | $1.24 | $1.09 | $0.97 |
| Gross margin | 18.1% | 18.9% | 19.8% | 20.2% | 24.3% | 27.9% | 23.2% | 24.0% | 23.3% | 22.9% |
| Operating margin | 16.1% | 16.5% | 17.8% | 18.6% | 22.9% | 26.2% | 21.3% | 22.2% | 21.3% | 21.0% |
| Net margin | 7.8% | 13.7% | 1.9% | −4.3% | −3.7% | 0.4% | 3.0% | 9.3% | −5.2% | −0.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.42B | $3.18B | $3.10B | $3.35B | $2.85B | $2.93B | $2.96B | $3.29B | $2.94B | $3.08B | $2.97B | $3.43B |
| Cost of revenue | $2.73B | $2.54B | $2.52B | $2.62B | $2.40B | $2.48B | $2.54B | $2.57B | $2.39B | $2.47B | $2.47B | $2.52B |
| Gross profit | $692.0M | $640.0M | $582.0M | $735.0M | $454.0M | $440.0M | $420.0M | $721.0M | $553.0M | $620.0M | $495.0M | $917.0M |
| Sales, general & admin | $62.0M | $55.0M | $69.0M | $46.0M | $49.0M | $77.0M | $90.0M | $57.0M | $66.0M | $75.0M | $64.0M | $64.0M |
| Total operating expenses | $62.0M | $55.0M | $69.0M | $181.0M | $49.0M | $77.0M | $90.0M | $57.0M | $66.0M | $75.0M | $64.0M | $64.0M |
| Operating income | $630.0M | $585.0M | $513.0M | $554.0M | $405.0M | $363.0M | $330.0M | $664.0M | $487.0M | $545.0M | $431.0M | $853.0M |
| Interest income | $65.0M | $65.0M | $72.0M | $76.0M | $310.0M | $69.0M | $69.0M | $119.0M | $88.0M | $105.0M | $153.0M | $144.0M |
| Interest expense | $368.0M | $353.0M | $373.0M | $348.0M | $346.0M | $326.0M | $360.0M | $376.0M | $358.0M | $357.0M | $349.0M | $329.0M |
| Income before taxes | $449.0M | $234.0M | −$269.0M | $780.0M | $17.0M | −$56.0M | $256.0M | $320.0M | $118.0M | $262.0M | −$568.0M | $400.0M |
| Income taxes | $23.0M | −$41.0M | −$139.0M | $226.0M | $167.0M | $17.0M | $7.0M | $103.0M | −$35.0M | −$16.0M | $82.0M | $109.0M |
| Net income | $465.0M | $487.0M | $322.0M | $634.0M | −$105.0M | $46.0M | $560.0M | $509.0M | $282.0M | $432.0M | −$101.0M | $231.0M |
| EBITDA | $942.0M | $1.03B | $497.0M | $1.49B | $739.0M | $641.0M | $959.0M | $1.01B | $788.0M | $946.0M | $62.0M | $1.03B |
| EPS (diluted) | $0.51 | $0.77 | $0.81 | $0.75 | $0.51 | $0.27 | $0.54 | $0.71 | $0.38 | $0.50 | $0.73 | $0.60 |
| Gross margin | 20.2% | 20.1% | 18.8% | 21.9% | 15.9% | 15.0% | 14.2% | 21.9% | 18.8% | 20.1% | 16.7% | 26.7% |
| Operating margin | 18.4% | 18.4% | 16.5% | 16.5% | 14.2% | 12.4% | 11.1% | 20.2% | 16.6% | 17.7% | 14.5% | 24.8% |
| Net margin | 13.6% | 15.3% | 10.4% | 18.9% | −3.7% | 1.6% | 18.9% | 15.5% | 9.6% | 14.0% | −3.4% | 6.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AES's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AES financial results
In fiscal year 2025 (ended December 31, 2025), AES reported revenue of $12.2 billion, down 0.4% from the year before. It had net income of $949.0 million (down 43.7%), a net profit margin of 7.8%. Diluted earnings per share came to $2.34. Over five years revenue grew at an average rate of 4.8% a year.
See the AES stock overview for the latest quote and news, or the AES chart for price history and technical indicators.
AES income statement FAQ
What is AES's annual revenue?
AES reported total revenue of $12.2 billion for fiscal year 2025, which ended on December 31, 2025. That was down 0.4% from $12.3 billion the previous year.
Is AES profitable?
Yes. AES reported net income of $949.0 million in fiscal 2025, a net profit margin of 7.8%; its operating margin was 16.1%.
What is AES's gross margin?
AES's gross margin was 18.1% in fiscal 2025: for every $100 of revenue, AES kept $18 after the direct cost of its products and services.
How fast is AES growing?
Revenue grew 4.8% a year on average over the last five fiscal years, from $9.7 billion to $12.2 billion.
What are AES's earnings per share?
AES earned $2.34 per diluted share in fiscal 2025, compared with $2.13 a year earlier.
When will AES report its next earnings?
AES is expected to report results for the quarter ending September 30, 2026 on November 3, 2026.
When does AES's fiscal year end?
AES's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.