AES at a glance
AES Corporation (AES, SEC CIK 874761) filed its latest 10-K annual report on March 2, 2026, a 10-Q quarterly report on August 4, 2026, an 8-K current report on September 17, 2026 and Form 4 insider filings as recently as May 1, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), AES Corporation (AES) reported revenue of $12.2 billion (down 0.4% from FY2024) and net income of $910.0 million. Diluted EPS was $1.26.
- As of June 30, 2026, 38 institutional investment managers tracked by SignalX reported holding AES Corporation (AES) shares worth $4.7 billion in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $12.2B
- −0.4% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 38 funds
- $4.7B · +0 vs prior quarter
- Latest 8-K
- Sep 17, 2026
- Item 8.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Risk Factors
- H.R. 1 ("2025 Act") curtailed IRA renewable energy tax credits, threatening U.S. renewables growth; new tariffs imposed on solar cells, modules, and batteries compound risk
- ~$30B consolidated debt outstanding as of Dec 31, 2025; ~$23.2B non-recourse, ~$6.0B recourse Parent Company debt
- Interconnection backlog averaging 4+ years for U.S. renewables/storage projects; PJM supplemental processes risk further delays to solar/wind
- China economic slowdown threatens electricity demand in key South American commodity markets where AES generates significant revenue
- EPA's Feb 2026 rescission of 2009 GHG endangerment finding creates regulatory uncertainty; AES emitted ~29M metric tonnes CO₂e in 2025
Management Discussion & Analysis
- Revenue $12.2B, down $45M (essentially flat YoY); Energy Infrastructure SBU fell $805M (-13%), offset by Utilities +$514M and Renewables +$296M
- Total operating margin $2,211M vs $2,314M; Energy Infrastructure operating margin -27% YoY; net income dropped $640M to $162M; Adjusted EBITDA $2,871M vs $2,639M (+$232M)
- Worst segment: Energy Infrastructure, operating margin down $332M (-27%), Adjusted EBITDA down $176M (-13%); Best: Renewables, operating margin up $104M, Adjusted EBITDA up $320M
- Operating cash flow $4,306M vs $2,752M (+$1,554M); capex $5,929M vs $7,392M; dividends $501M ($0.70/share); no share buybacks disclosed
- Key risks: U.S. 2025 Act significantly revises IRA renewable tax credits; tariffs on China imports (up to 125% at peak), AD/CVD orders on SE Asian solar panels, and Section 232 probes on polysilicon/wind turbines threaten supply chain and project economics
Business Overview
- Core model: Global power generator/utility monetizing long-term PPAs across renewables (54% of capacity), gas (29%), and coal (15%), prioritizing corporate offtakers like hyperscale data centers and mining companies
- Data center pivot dominant theme: 12.0 GW contracted backlog (5.7 GW under construction), 4.0 GW new PPAs signed in 2025, 46 GW U.S. development pipeline explicitly targeting AI-driven data center demand
- U.S. utility acceleration: AES Indiana rate base ~$5.5B (vs ~$3.5B prior case); $4.2B capex planned 2026–2028; AES Ohio approved $167.9M distribution revenue increase; both flagged as fastest-growing U.S. utilities with double-digit rate base growth through 2027
- Tax credit monetization at scale: $1.5B recognized from U.S. renewables tax attributes (IRA transferability + tax equity) in 2025, including $166M at AES Indiana
- AI-robotics deployment: Fleet of 5 Maximo AI-powered solar installation robots operational at 2 GW Bellefield project in California; rare direct robotics commercialization by a utility-scale power company
AI summary of the AES 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- G&A expense $62M, up 27% YoY from $49M, including $11M merger costs
- Interest expense $368M, up 5% YoY from $352M
- Other expense $27M, down 91% YoY from $295M
- AES Clean Energy best-performing item, with $199M prior-year sales-type lease losses absent this quarter
Risk Factors
- Proposed merger risk newly added after March 1, 2026 agreement, with closing expected late 2026 or early 2027
- Regulatory risk from required merger approvals, including potential Burdensome Conditions or delay beyond June 1, 2027
- Legal risk from two stockholder lawsuits and sixteen demand letters alleging merger disclosure deficiencies
- Operational risk from merger restrictions requiring Parent consent for acquisitions, disposals, and additional debt
- Financial risk from approximately $321 million termination fee payable to Parent under specified circumstances
AI summary of the AES 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 8.01: Other Events
- Ohio PUCO approval removes one regulatory closing condition for AES’s proposed merger with Horizon Parent
- Merger still requires additional regulatory approvals and customary closing conditions before completion
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Bernerd Da Santos departed AES employment September 14, 2026 to become Fluence Energy’s Executive Vice President and Chief Operating Officer
- Leadership transition affects AES Clean Energy following Da Santos’s prior role as board chairman and senior strategic advisor
Item 8.01: Other Events
- CFIUS approval received August 27, 2026, removing a key national-security regulatory condition for AES’s proposed merger
- Merger still requires additional regulatory approvals and customary closing conditions before completion
AI summaries of AES 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for AES
Don't miss the next AES filing
- Alerts as it files. A push when AES files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut AES, by share count.
- Ask anything. An AI agent that reads every AES filing and answers with sources.
AES alerts on your phone. Follow it in the SignalX Android app.
Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Naim Moises | A | Apr 29, 2026 | 6,920 | $14.45 |
| MONIE ALAIN | A | Apr 29, 2026 | 12,111 | - |
| DAVIDSON JANET | A | Apr 29, 2026 | 12,111 | - |
| ANDERSON GERARD M | A | Apr 29, 2026 | 6,920 | $14.45 |
| DAVIDSON JANET | A | Apr 29, 2026 | 2,076 | $14.45 |
| Naim Moises | A | Apr 29, 2026 | 12,111 | - |
| Sebastian Teresa Mosley | A | Apr 29, 2026 | 12,111 | - |
| ANDERSON GERARD M | A | Apr 29, 2026 | 12,111 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $12.3B | $12.2B |
| Gross Profit | $2.5B | $2.3B | $2.2B |
| Net Income | $249.0M | $1.7B | $910.0M |
| Gross Margin | - | 18.8% | 18.1% |
| Net Margin | - | 13.7% | 7.4% |
| Balance Sheet | |||
| Total Assets | - | $47.4B | $51.8B |
| Equity | - | $3.6B | $4.1B |
| ROE | - | 46.1% | 22.4% |
| Per Share | |||
| EPS | - | $2.36 | $1.26 |
| Cash Flow | |||
| Operating CF | $3.0B | $2.8B | $4.3B |
| CapEx | $7.7B | $7.4B | $5.9B |
Source: XBRL data in AES Corporation (AES)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate AES share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 38 | $4.71B |
| Q1 2026 | 38 | $4.59B |
| Q4 2025 | 33 | $5.08B |
| Q3 2025 | 35 | $4.77B |
| Q2 2025 | 34 | $3.78B |
| Q1 2025 | 30 | $3.85B |
| Q4 2024 | 28 | $3.56B |
| Q3 2024 | 26 | $2.28B |
- Citadel Advisors LLC+11.49M (+519%)
- Millennium Management+11.38M (+115%)
- AQR Capital Management+6.84M (+471%)
- BlackRock+2.11M (+4%)
- Goldman Sachs Group+1.77M (+14%)
- Ameriprise Financial−26.63M (-81%)
- Morgan Stanley−3.30M (-14%)
- Citigroup−3.05M (-72%)
- Raymond James Financial−2.01M (-73%)
- Bank of America Corp−1.86M (-25%)
- Marex Group plc+78.7K
- Citizens Financial Group+19.2K
- ASSOCIATED BANC-CORP+15.0K
- First Bancorp, Inc /ME/+1.4K
- Soros Fund Management−1.56M
- Mangrove Partners−248.6K
- Bridgewater Associates LP−183.8K
- Allstate−81.6K
Source: 13F-HR filings on SEC EDGAR (aggregated from 262 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
AES filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 8-K | Sep 17, 2026 | - | Analysis | - |
| 8-K | Sep 16, 2026 | - | Analysis | - |
| 8-K | Aug 27, 2026 | - | Analysis | - |
| 8-K | Aug 5, 2026 | - | Analysis | - |
| 10-Q | Aug 4, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Jul 27, 2026 | - | Analysis | - |
| 8-K | Jun 26, 2026 | - | Analysis | - |
| 8-K | Jun 16, 2026 | - | Analysis | - |
| 8-K | Jun 12, 2026 | - | Analysis | - |
| 10-Q | May 5, 2026 | Mar 31, 2026 | Analysis | |
| 4 | May 1, 2026 | - | - | - |
| 4 | May 1, 2026 | - | - | - |
| 4 | May 1, 2026 | - | - | - |
| 4 | May 1, 2026 | - | - | - |
| 4 | May 1, 2026 | - | - | - |
| 4 | May 1, 2026 | - | - | - |
| 4 | May 1, 2026 | - | - | - |
| 4 | May 1, 2026 | - | - | - |
| 8-K | Apr 30, 2026 | - | Analysis | - |
| SC 13G | Apr 29, 2026 | - | - | |
| 4 | Apr 24, 2026 | - | - | - |
| 4 | Apr 24, 2026 | - | - | - |
| 4 | Apr 24, 2026 | - | - | - |
| 4 | Apr 24, 2026 | - | - | - |
| 8-K | Apr 16, 2026 | - | Analysis | - |
Related Utilities companies
- AQN · Algonquin Power & Utilities CorpElectric Services
- LNT · Alliant EnergyElectric & Other Services Combined
- AEE · AmerenElectric & Other Services Combined
- AEP · American Electric PowerElectric Services
- AWR · AMERICAN STATES WATER COWater Supply
- AWK · American Water WorksWater Supply
- ATO · Atmos EnergyNatural Gas Distribution
- AVA · AVISTA CORPElectric & Other Services Combined
AES SEC filings: frequently asked questions
Which institutions hold AES stock?
As of June 30, 2026, the largest AES Corporation (AES) holders among the 13F filers tracked by SignalX were BlackRock ($722.4 million), Vanguard Capital Management LLC ($681.8 million), State Street Corp ($628.8 million), Vanguard Portfolio Management LLC ($518.6 million), Millennium Management ($312.3 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was AES's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), AES Corporation (AES) reported revenue of $12.2 billion (down 0.4% from FY2024) and net income of $910.0 million. Diluted EPS was $1.26. The figures come from the XBRL data in the 10-K.
What are the main risks in AES's latest 10-K?
In the 10-K filed March 2, 2026, AES Corporation (AES) flagged: H.R. 1 ("2025 Act") curtailed IRA renewable energy tax credits, threatening U.S. renewables growth; new tariffs imposed on solar cells, modules, and batteries compound risk. ~$30B consolidated debt outstanding as of Dec 31, 2025; ~$23.2B non-recourse, ~$6.0B recourse Parent Company debt. (AI summary of the Risk Factors section.)
What did AES report in its latest 8-K?
AES Corporation (AES) filed an 8-K on September 17, 2026 reporting Item 8.01 (Other Events). Ohio PUCO approval removes one regulatory closing condition for AES’s proposed merger with Horizon Parent.
What are the latest AES SEC filings?
AES Corporation (AES) filed its latest 10-K annual report on March 2, 2026, a 10-Q quarterly report on August 4, 2026, an 8-K current report on September 17, 2026 and a Form 4 insider filing on May 1, 2026.
What is AES's SEC CIK number?
AES Corporation (AES)'s SEC Central Index Key (CIK) is 874761. EDGAR lists every AES filing under that number.
Ask anything about AES
The research agent reads AES's filings, financials, insider trades and 13F holders, then answers with sources.