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Screener / SEC EDGAR /CIK 0000874761 /10-K filed Mar 2, 2026, compared with Mar 11, 2025 /Numbers from the XBRL of the 10-Ks
Utilities peers:
SREXELESETRPEGAES
NYSE Utilities · Power Producers

AES Corporation AES

AES quote by TradingView

Item 1. - Business is an outline of our strategy and our businesses by SBU, including key financial drivers. 10-K, Item 1

Employees
982,000
Headquarters
Arlington, VA
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $12.2B through the costs to a net profit of $910.0M · income statement of the 10-K

7% net margin
Revenue to Gross profit: $2.2BRevenue to Cost of revenue: $10.0BGross profit to Net profit: $910.0MGross profit to Costs, tax, other: $1.3B Revenue: $12.2B REVENUE $12.2B +0% Y/Y Gross profit: $2.2B · 18% margin GROSS PROFIT $2.2B 18% margin · −4% Y/Y Cost of revenue: $10.0B · 82% of revenue COST OF REVENUE $10.0B 82% of revenue Net profit: $910.0M · 7% margin NET PROFIT $910.0M 7% margin · −46% Y/Y Costs, tax, other: $1.3B · 11% of revenue COSTS, TAX, OTHER $1.3B 11% of revenue
Gross profit $2.2B 18% margin · −4% Y/Y
Net profit $910.0M 7% margin · −46% Y/Y
The full income statement, year by year

AES among Utilities peers

Six ratios from the latest 10-K. Each corner is the share of 30 peers the company is above, not a score.

Compare
Revenue growth: -0.4%, above 0% of 30 peers (their median 9.7%) REVENUE GROWTH -0.4% · above 0% Gross margin: 21.3%, above 0% of 3 peers (their median 85.8%) GROSS MARGIN 21.3% · above 0% Net margin: 13.2%, above 43% of 30 peers (their median 14.1%) NET MARGIN 13.2% · above 43% FCF margin: -11.2%, above 61% of 23 peers (their median -16.0%) FCF MARGIN -11.2% · above 61%
AES Peer median Below the median

What changed

3 new risk paragraphs and 4 accounting facts worth reading about. 10-K filed Mar 2, 2026 against Mar 11, 2025.

Risk factors
3 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Auditor change
8-K item 4.01 (change in certifying accountant) filed Jul 27, 2026
10-K · XBRL
Restatement (8-K item 4.02)
8-K item 4.02 (non-reliance on previous financial statements) filed Mar 11, 2025
10-K · XBRL
Late filing notice (NT 10-K or NT 10-Q)
NT 10-K filed Mar 3, 2025: the company said its 10-K would be late
10-K · XBRL
Material impairment (8-K item 2.06)
8-K item 2.06 (material impairments) filed Jan 16, 2026: “The AES Corporation’s (“AES”) Maritza power plant in Bulgaria is operating under a Power Purchase Agreement (“PPA”) that expires in May 2026. Although negotiations are underway for a new PPA and other alternatives to realize additional value are being considered, no agreements have been reached. Further, in the fourth quarter of 2025, the Company made the decision not to invest in a conversion of…”
10-K · XBRL
Accounting checks
7 other checks clear, 4 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
3 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

4facts worth reading about the other 7 checks found nothing to note

  • Auditor change
    8-K item 4.01 (change in certifying accountant) filed Jul 27, 2026
  • Restatement (8-K item 4.02)
    8-K item 4.02 (non-reliance on previous financial statements) filed Mar 11, 2025
  • Late filing notice (NT 10-K or NT 10-Q)
    NT 10-K filed Mar 3, 2025: the company said its 10-K would be late
  • Material impairment (8-K item 2.06)
    8-K item 2.06 (material impairments) filed Jan 16, 2026: “The AES Corporation’s (“AES”) Maritza power plant in Bulgaria is operating under a Power Purchase Agreement (“PPA”) that expires in May 2026. Although negotiations are underway for a new PPA and other alternatives to realize additional value are being considered, no agreements have been reached. Further, in the fourth quarter of 2025, the Company made the decision not to invest in a conversion of…”
  • Receivables +2.2% vs revenue -0.4% (+2.6 pts)
6 more checks with nothing to note
  • Cash from operations $4.3B vs net income $910.0M (FY ending Dec 31, 2025)
  • Inventory +3.2% vs revenue -0.4% (+3.6 pts)
  • No statement of substantial doubt about going concern
  • No longer listed: Accounting for the Madison and Birdseye Acquisition. Same as last year: Allocation of Earnings to Noncontrolling Interests in Tax Equity Partnerships
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 1.03 in the last 2 years

In their words

3 paragraphs in Risk Factors that were not in the 10-K filed Mar 11, 2025. Quoted as filed.

All 3 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Mar 11, 2025 10-K, ITEM 1A
    were to acquire any of these types of businesses, there can be no assurance that we will be successful in transitioning them to private ownership or that we will not incur unforeseen obligations or liabilities.
  2. Item 1A · new paragraph · not in the 10-K filed Mar 11, 2025 10-K, ITEM 1A
    initiatives could also result in the early retirement of coal-fired generation facilities, which could result in stranded costs if regulators disallow full recovery of investments.
  3. Item 1A · new paragraph · not in the 10-K filed Mar 11, 2025 10-K, ITEM 1A
    of our U.S. renewables projects involving tax equity investors or purchasers of tax credits, we provide customary Parent Company or subsidiary guarantees to the tax equity investors or tax credit purchasers that require the Parent Company or subsidiary to bear the risk of any IRS recapture or disallowance of certain tax benefits they…

New risk paragraphs, against peers

Latest 10-K of each, Utilities companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$12.6B$12.7B$12.3B$12.2B
Net income−$546.0M$249.0M$1.7B$910.0M
Operating cash flow$2.7B$3.0B$2.8B$4.3B
Free cash flow−$1.8B−$4.7B−$4.6B−$1.6B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$12.2B ▼ 0.4% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

3 filings in the last 30 days · SEC EDGAR

All filings

About the company

AES Corporation, Arlington, VA · from the 10-K filed Mar 2, 2026

Item 1. - Business is an outline of our strategy and our businesses by SBU, including key financial drivers. Additional items that may have an impact on our businesses are discussed in Item 1A. - Risk Factors and Item 3. - Legal Proceedings. Incorporated in 1981, AES is a global energy company accelerating the future of energy. Together with our many stakeholders, we are improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today.

Headquarters
Arlington, VA
Country
United States
Listed on
NYSE
Fiscal year ends
December 31
Last results
Nov 4, 2025
Incorporated in
DE

Employees, at the top of the page: "AES Indiana has an exclusive right to provide electric service to the customers in its service area, covering about 528 square miles with an estimated population of approximately 982,000 people" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Mar 2, 2026 (open at SEC), compared with the 10-K filed Mar 11, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/AES/export.csv") into a cell.