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Sentiment · FY2026 Q1
AES posted Q4 revenue of $3.10 billion, up 4.7% YOY, with GAAP operating income surging 55% to $513 million as new renewable capacity and utility rate base investments drove strong operating performance. GAAP EPS fell 42% to $0.46 due to lower asset sale gains and higher interest expense, though adjusted EPS of $0.81 handily beat the $0.62 consensus. The quarter was overshadowed by the announcement of a $33.4 billion take-private by a consortium led by GIP and EQT at $15 per share, a 40% premium, which led to cancellation of the earnings call and cessation of forward guidance.
Capital Allocation | Demand | Regulation Policy | Cloud & AI | Margin | Credit | Revenue Growth | Capex Investment | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 8 | 1 | 1 | 3 | 3 | 1 | 2 | |
| 2025Q1 | 6 | 3 | 6 | 2 | 3 | 1 | 1 | |
| 2025Q2 | 2 | 5 | 4 | 3 | 1 | 3 | 3 | |
| 2025Q3 | 3 | 5 | 1 | 7 | 1 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | |
|---|---|---|---|---|
| Capital Allocation | 8 | 6 | 2 | 3 |
| Demand | 1 | 3 | 5 | 5 |
| Regulation Policy | 1 | 6 | 4 | 1 |
| Cloud & AI | 3 | 7 | ||
| Margin | 3 | 2 | 1 | 1 |
| Credit | 3 | 3 | 1 | |
| Revenue Growth | 1 | 1 | 3 | 2 |
| Capex Investment | 2 | 1 | 3 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Michael Sullivan | Wolfe Research | 8 (13%) |
| David Arcaro | Morgan Stanley | 8 (13%) |
| Julien Dumoulin-Smith | Jefferies |
| 8 (13%) |
| Nick Campanella | Barclays | 6 (0%) |
| Durgesh Chopra | Evercore ISI | 5 (0%) |
| Anthony Crowdell | Mizuho Securities | 3 (0%) |
| Steve Fleishman | Wolfe Research | 2 (0%) |
| Rick Sunderland | JPMorgan | 2 (0%) |
| Ryan Levine | Citigroup | 2 (0%) |
| Richard Sunderland | Truist Securities | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wolfe Research | 2 | 10 (10%) |
| Morgan Stanley | 1 | 8 (13%) |
| Jefferies | 1 | 8 (13%) |
| Barclays | 2 | 8 (0%) |
| Mizuho Securities | 2 | 5 (0%) |
| Evercore ISI | 1 | 5 (0%) |
| JPMorgan | 1 | 2 (0%) |
| Citigroup | 1 | 2 (0%) |
Reported Thursday, Aug 13. Earnings call pending.
A pre-earnings brief is ready for AES: the setup, what peers and partners said this season, and which analysts to watch. Reading it is a Tellvest Pro feature.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.96B | -0.2% | $0.79 | +626.7% | 14.2% | 11.1% | 18.9% | $-639M |
| FY2025 Q1 | $2.93B | -5.2% | $0.07 | -88.3% | 15.0% | 12.4% | 1.6% | $-709M |
| FY2025 Q2 | $2.85B | -3.0% | $-0.15 | -137.5% | 15.9% | 14.2% | -3.7% | $-356M |
| FY2025 Q3 | $3.35B | +1.9% | $0.89 | +25.4% | 21.9% | 16.5% | 18.9% | $-511M |
| FY2025 Q4 | $3.10B | +4.7% | $0.46 | -41.8% | 18.8% | 16.5% | 10.4% | $-47M |
| FY2026 Q1 | $3.18B | +8.7% | $0.68 | +871.4% | 20.1% | 18.4% | 15.3% | $-565M |
| FY2026 Q2 | $3.42B | +19.9% | $0.60 | +500.0% | 20.2% | 18.4% | 13.6% | $-597M |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2022 | $12.62B | — | $-0.87 | — | 20.2% | 18.6% | -4.3% | $-1.84B |
| FY2023 | $12.68B | +0.5% | $0.32 | +136.8% | 19.8% | 17.8% | 1.9% | $-4.69B |
| FY2024 | $12.28B | -3.1% | $2.50 | +681.3% | 18.8% | 16.5% | 14.5% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What AES and other companies said about each other on FY2025 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“a definitive merger agreement to be acquired by a consortium led by Global Infrastructure Partners (GIP) and EQT Infrastructure VI, with CalPERS and Qatar Investment Authority (QIA) as co-underwriters.”
AES agreed to be acquired by a GIP-led consortium for $15.00/share (approx. $33.4B enterprise value), a major take-private of a US utility/renewables operator.
“Moody's FFO to net debt metric tracking ahead of the 10-11% path for 2025, with confidence in achieving 12% target by end of 2026.”
| $-4.64B |
| FY2025 | $12.23B | -0.4% | $1.27 | -49.2% | 18.1% | 15.0% | 7.3% | $-1.62B |
AES cites Moody's credit metric (FFO to net debt) tracking ahead of the agency's path, signaling favorable rating-agency assessment of AES's investment-grade profile.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AES AES Corporation | 6 | +4.7% | |
| SRE Sempra | 6 | +0.3% |