AESAES Corporation

Utilities · Power Producers · NYSE

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

What the 10-K filed 2026-03-02 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-03-11.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“However, no single customer accounted for 10% or more of total revenue in 2025, 2024 or 2023.”
Read it in the 10-K ↗

Key suppliers

1 new

Parts or manufacturing that depend on one or a few suppliers.

“The equipment at our plants requires periodic upgrading, improvement or repair and replacement equipment or parts may be difficult to obtain in circumstances where we rely on a single supplier or a small number of suppliers.”
Read it in the 10-K ↗

New “In many cases, we also limit our exposure to fluctuations in fuel prices by entering into long-term contracts for fuel with a limited number of suppliers.”
Read it in the 10-K ↗

“We often rely on a single contracted supplier or a small number of suppliers for the provision of fuel, transportation of fuel and other services required for the operation of some of our facilities.”
Read it in the 10-K ↗

Lawsuits and legal claims

1 new

Pending cases, settlements and what the company has set aside for them.

“The Company has accrued for litigation and claims when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.”
Read it in the 10-K ↗

“The lawsuit generally alleges that the CCRs caused personal injuries and deaths, and demands $476 million in alleged damages.”
Read it in the 10-K ↗

“The lawsuit generally alleges that the CCRs caused personal injuries and deaths and demands over $900 million in alleged damages.”
Read it in the 10-K ↗

“The lawsuit generally alleges that the CCRs caused personal injuries and deaths and demands over $600 million in alleged damages.”
Read it in the 10-K ↗

New “The Plaintiffs appear to seek recovery of alleged lost profits totaling about $4 billion, alleged out-of-pocket damages, interest, statutory damages, and other relief from the Defendants.”
Read it in the 10-K ↗

Guarantees and indemnities

3 new

Promises to pay someone else's debts or losses if they cannot.

New “Furthermore, we have $391 million due under supplier financing arrangements that have a guarantee, $204 million guaranteed by the Parent Company and $187 million guaranteed by subsidiaries.”
Read it in the 10-K ↗

New “As of December 31, 2025, the consolidated maximum undiscounted potential exposure to guarantees, letters of credit, and surety bonds issued by our subsidiaries was $4.7 billion, including $2.5 billion of guarantees and commitments, $2.1 billion of letters of credit outstanding, and $74 million of surety bonds.”
Read it in the 10-K ↗

New “Of the amounts outstanding under supplier financing arrangements as of December 31, 2025, $391 million were guaranteed, including $204 million guaranteed by the Parent Company and $187 million guaranteed by subsidiaries.”
Read it in the 10-K ↗

“Amounts presented in the following table represent the Parent Company's current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure per individual agreement.”
Read it in the 10-K ↗

“Amounts presented in the following table represent our subsidiaries' current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure per individual agreement.”
Read it in the 10-K ↗

Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“This default is not a payment default but is instead a technical default triggered by failure to comply with covenants or other requirements contained in the non-recourse debt documents.”
Read it in the 10-K ↗

“As of December 31, 2025, we were in compliance with these covenants at the Parent Company level.”
Read it in the 10-K ↗

“This default is not a payment default, but is instead a technical default triggered by failure to comply with other covenants or other conditions contained in the non-recourse debt documents.”
Read it in the 10-K ↗

“The above default is not a payment default, but is instead a technical default triggered by failure to comply with covenants or other requirements contained in the non-recourse debt documents of the subsidiary.”
Read it in the 10-K ↗

“Each revolving credit facility also contains one financial covenant, evaluated quarterly, requiring the Company to maintain a maximum ratio of recourse debt to adjusted operating cash flow of 5.75 times.”
Read it in the 10-K ↗

Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“The Series A Preferred Stock was pledged as collateral to support holders’ purchase obligations under the 2024 Purchase Contracts, which obligated the holders to purchase, on February 15, 2024, for a price of $100 in cash, a maximum number of 57,467,883 shares of the Company’s common stock (subject to customary anti-dilution adjustments).”
Read it in the 10-K ↗

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

Work on AES in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/AES/export.csv") into a cell.