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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
The AES Corporation
The AES Corporation (AES) investor relations material
The AES Corporation Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 2026 net income was $527M vs. $517M YoY; Adjusted EBITDA rose to $1.09B from $830M on stronger spot-market sales and utility rates, partly offset by lower Maritza contract volume.
Nine-month net income reached $1.189B vs. $294M, and Adjusted EBITDA was $2.815B vs. $2.102B; gains included stronger spot sales, U.S. development services, utility rates, Fluence share-sale gains, and lower prior-year lease losses.
Financial highlights
Q3 revenue increased 16% to $3.872B; operating margin increased 34% to $982M. Nine-month revenue grew 15% to $10.474B; operating margin rose 42% to $2.314B.
Q3 income attributable to common stockholders was $544M, or $0.76 diluted EPS, vs. $634M, or $0.89, including discontinued operations in 2025; nine-month diluted EPS was $2.04 vs. $0.81.
Operating cash flow was $3.447B for 9M, up $629M YoY; net cash used in investing was $4.756B, including $4.916B capital expenditures.
Adjusted for one-time prior-year restructuring and Mong Duong valuation-allowance reversal, reported comparisons also reflect a $186M Fluence share-sale gain and $24M JK projects contribution gain in 2026.
Outlook and guidance
PPA backlog stood at 10.9 GW, including 4.7 GW under construction; 9M completions included 2.1 GW of renewables and 0.5 GW of natural gas, and 1.1 GW of new long-term PPAs were signed or awarded.
Remaining U.S. renewables projects are expected to qualify for most applicable tax credits; supply for solar, storage, and wind backlog scheduled for completion in 2026–27 is largely contracted, with limited expected impact from announced tariffs.
The merger is expected to close in late 2026 or early 2027, subject to remaining regulatory approvals and customary conditions; PUCO and European Commission approvals were obtained, while additional approvals remain outstanding.
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Latest events from The AES Corporation
- Q2 net income surged to $387M, with strong growth in revenue, EBITDA, and operating margin.AES
Q2 2026 - Merger and related compensation proposals approved; final results to be filed on Form 8-K.AESEGM 2026
- Stockholders will vote on a $15/share take-private deal by a GIP/EQT consortium, closing by early 2027.AESProxy filing
- Shareholders to vote on a $15.00 per share cash merger; board unanimously recommends approval.AESProxy filing
- Net income rebounded to $275M on 9% revenue growth and a pending $15/share merger offer.AESQ1 2026
- Shareholders to vote on a $15.00 per share cash merger, with board unanimous support and appraisal rights.AESProxy filing
- Shareholders to vote on key governance matters and a pending $10.7B acquisition proposal.AESProxy filing
- Q3 2024 saw higher EPS and renewables growth, but lower EBITDA and net income amid Energy Infrastructure declines.AESQ3 2024
- Record adjusted EPS and strong cash flow in 2024 set up robust renewables-driven growth for 2025.AESQ4 2024
Next The AES Corporation earnings date
Q4 20265 Mar, 2027
The AES Corporation
Next The AES Corporation earnings date
Q4 20265 Mar, 2027
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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.