# The AES Corporation (AES)

> Source: Nexqual · https://nexqual.com/AES · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The AES Corporation (AES), nexqual.com/AES" · informational, not investment advice.

**Price:** USD 14.97 (+0.00% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 14.97 · day 14.95–14.98 · 52w 13.21–17.65 · market cap $10.7B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $13.1B, net income $1.87B (14.3% margin), free cash flow -$1.72B (SEC filings).
- Valuation: P/E 5.7x (avg 23.9x at the last 3 fiscal year-ends).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (9 analysts), mean target USD 15 (range 15–15).
- Total return with dividends: 1Y +10.7% vs S&P 500 +14.9%; 5Y -26.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.73, revenue estimate $3.45B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.1B | $12.6B | $12.7B | $12.3B | $12.2B | $13.1B |
| Gross profit | $2.71B | $2.55B | $2.50B | $2.31B | $2.21B | — |
| Net income | -$409M | -$546M | $249M | $1.68B | $910M | $1.87B |
| EPS (diluted) | -$0.61 | -$0.82 | $0.35 | $2.36 | $1.26 | — |
| Free cash flow | -$214M | -$1.84B | -$4.69B | -$4.64B | -$1.62B | -$1.72B |
| Gross margin | 24.3% | 20.2% | 19.8% | 18.8% | 18.1% | — |
| Net margin | -3.7% | -4.3% | 2.0% | 13.7% | 7.4% | 14.3% |
| Revenue growth | +15.3% | +13.2% | +0.4% | -3.1% | -0.4% | — |
| Cash + short-term investments | $1.18B | $2.10B | $1.82B | $1.60B | $1.56B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 5.7x · P/S 0.8x · P/B 2.2x · FCF yield -16.10% · Earnings yield 17.53% · Dividend yield (paid, TTM) 4.70%
P/E at fiscal year-ends: Dec 2025 11.3x, Dec 2024 5.5x, Dec 2023 55.0x.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 9 analysts; mean target USD 15 (low 15, high 15).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +10.7% | -26.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +10.7% | -6.0% |
| Volatility (annualized) | 27.2% | 37.5% |
| Max drawdown | -19.0% (Feb 2026→Mar 2026) | -62.3% (Dec 2022→Feb 2025) |

## Peers (Utilities - Diversified)
AQN (Algonquin Power & Utilities Cor) USD 5.45 +2.64% · BIP (Brookfield Infrastructure Partn) USD 37.29 +2.53% · AVA (Avista Corporation) USD 37.74 +2.22% · SRE (DBA Sempra) USD 84.77 +1.52% · UTL (UNITIL Corporation) USD 55.06 +2.76%

## More
Full page: https://nexqual.com/AES · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Energy Infrastructure | $1.50B | 43.7% | +14.5% |
| Utilities | $1.02B | 29.7% | +6.7% |
| Renewables | $939.0M | 27.4% | +45.8% |
| Corporate Other And Other | $39.0M | 1.1% | -9.3% |
| Total revenue | $3.42B | 100% | — |
The lines above cover 102% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Electricity, Generation | $2.43B | 70.9% | +26.3% |
| Electric Transmission | $995.0M | 29.1% | +6.6% |
| Non-regulated revenue | $939.0M | 27.4% | +45.8% |
| Total revenue | $3.42B | 100% | — |
The lines above cover 127.4% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Non Us | $7.18B | 58.7% | -5.4% |
| — UNITED STATES (part of Total Non Us) | $5.06B | 41.3% | +7.8% |
| — Dominican Republic (part of Total Non Us) | $1.36B | 11.1% | -6.1% |
| — Mexico (part of Total Non Us) | $760.0M | 6.2% | +64.5% |
| Puerto Rico | $404.0M | 3.3% | -5.2% |
| JORDAN | $6.0M | 0.0% | -78.6% |
| Other Non Us | $1.0M | 0.0% | -50.0% |
| Total revenue | $12.23B | 100% | — |
The lines above cover 62% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.73 | $0.73 | +0.0% | $3.45B | 2 |
| Next quarter (ends 2026-12-31) | $0.59 | $0.59 | +0.0% | $3.17B | 2 |
| Current fiscal year (ends 2026-12-31) | $2.29 | $2.29 | -0.0% | $13.60B | 6 |
| Next fiscal year (ends 2027-12-31) | $2.38 | $2.38 | +0.2% | $13.44B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±1.3%; last 8 reports averaged ±4.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 3.7% | ±1.3% |
| 2027-01-15 | 84 | 3.2% | ±1.7% |
| 2027-02-19 | 119 | 3.3% | ±1.6% |
| 2027-05-21 | 210 | 2.4% | ±1.7% |
| 2027-06-17 | 237 | 2.1% | ±2.1% |