AES AES Corporation
FY2025 10-K
AES Corporation (AES) filed its fiscal year 2025 10-K annual report with the SEC on Mar 2, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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)
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
Financial SummaryXBRL
Revenue
$12.2B
Net Income
$910M
Gross Margin
18.1%
Net Margin
7.4%
ROE
22.4%
Total Assets
$51.8B
EPS (Diluted)
$1.26
Operating Cash Flow
$4.3B
Source: XBRL data from AES Corporation FY2025 10-K filing on SEC EDGAR. All figures in USD.
Other AES Corporation Annual Reports
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