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AES (AES) investor relations material
AES Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 net income rose by $302 million year-over-year to $517 million, driven by tax credit benefits, new renewables projects, and increased utility revenues, partially offset by lower Energy Infrastructure generation and asset sales.
Adjusted EBITDA increased to $830 million, up $132 million year-over-year, with strong contributions from renewables and utilities, offset by asset sales.
Adjusted EPS rose to $0.75 from $0.71, reflecting higher EBITDA and tax benefits, partially offset by higher depreciation and interest.
Renewables SBU Adjusted EBITDA grew 46% year-to-date, with 3 GW of new capacity completed in the last 12 months.
On track to sign at least 4 GW of new PPAs in 2025, with 2.2 GW signed year-to-date and a backlog of 11.1 GW, including 1.6 GW with data center customers.
Financial highlights
Q3 2025 revenue was $3,351 million, up from $3,289 million in Q3 2024; operating margin increased to $735 million.
Q3 2025 Adjusted EBITDA was $830 million (up from $698 million); nine-month Adjusted EBITDA was $2,102 million (up from $1,996 million).
Q3 2025 Adjusted EPS was $0.75 (up from $0.71); nine-month Adjusted EPS was $1.53.
Net income for Q3 2025 was $517 million, up from $215 million in Q3 2024; nine-month net income was $294 million, down from $646 million.
Operating cash flow for the nine months was $2,818 million, up from $1,664 million year-over-year.
Outlook and guidance
Reaffirmed 2025 Adjusted EBITDA guidance of $2,650–$2,850 million and Adjusted EPS of $2.10–$2.26.
Long-term Adjusted EBITDA growth rate of 5–7% through 2027, with a step up to low teens growth in 2026.
Expect incremental $400 million run-rate EBITDA from projects under construction or coming online in 2027, contributing fully in 2028.
Self-funded through 2027 with no plans to issue equity; strong balance sheet and cash flow support continued growth.
Expectation to maintain current quarterly dividend of $0.17595.
Hyperscaler PPA backlog impact on future growth
Tax attribute timing impact on future EPS
US utilities capex plan impact on rate base growth
Indiana data center deal announcement timeline?
How do safe harbor projects enhance competitive edge?
Detail drivers of low teens EBITDA growth next year.
Detail the powered land DTA value extraction
Ohio's new rate review: lag reduction strategy?
New PPA returns vs. legacy book?
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Q4 202527 Feb, 2026
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Frequently asked questions
Power Generation Prowess
AES is an American multinational utility and power generation company. It is headquartered in Arlington, Virginia, and has been listed on the NYSE since 1991. AES is one of the world's leading power companies and owns and operates various types of power plants, which it uses to generate and sell electricity to its customers.
The History
Founded in 1981 by Roger Sant and Dennis Bakke, AES began its journey as a contracting firm but rapidly transitioned to an independent power producer. Over the decades, the company experienced transformative growth both organically as well as through strategic acquisitions, extending its operations to over 15 countries. With a series of acquisitions, strategic partnerships, and ventures, AES has established a robust global network, producing and distributing energy to millions of customers. Some publicly traded peers of AES include names like Edison International, Duke Energy, and Vistra.
Core Operations
AES operates a diversified energy portfolio encompassing a wide array of services and facilities. From power generation to utilities and distribution, its capabilities span the complete energy value chain. The company owns and operates power plants with multiple fuel sources, including coal, gas, hydroelectric, wind, and solar. Furthermore, AES is also involved in the distribution of electricity, ensuring that the power generated reaches consumers in a reliable and efficient manner. The customer list of AES includes everything from private individuals and households to government entities and businesses.
AES and Sustainable Energy
Recognizing the global push towards sustainable and clean energy, AES has been proactive in aligning its strategy with environmental and societal considerations. Over the years, the company has significantly increased its investment in renewable energy sources, such as wind, solar, and hydroelectric power. AES's commitment to sustainability is evident in its projects like battery-based energy storage solutions, which enable the integration of renewables into the grid.
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