EarningsQ3 2025 Earnings Report

AES (AES) Q3 2025 Earnings Report

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Previous Report: Q2 2025

Next Report: Q4 2025

MX:AES Q3 2025 EPS Results

Actual EPS$12.93

Consensus EPS$13.20

Beat/MissMissed by -$0.28

One Year Ago EPS$12.24

MX:AES Q3 2025 Revenue Results

Actual Revenue$57.76B

Expected Revenue$55.57B

Beat/MissBeat by +$2.19B

YoY Revenue Growth+1.89%

Earnings Announcement Details

QuarterQ3 2025

Date11/04/2025

TimeAfter Close

Conference CallTuesday, November 4, 2025

MX:AES Upcoming Earnings

AES's next earnings date is estimated for October 29, 2026, based on past reporting schedules.

Q3 2025 Earnings Call Audio

MX:AES Q3 2025 Earnings Call

0:00 / 0:00

Q3 2025 Earnings Slide Deck

Q3 2025 Earnings Call Summary

Q3 2025

Earnings Call Date:Nov 04, 2025|

% Change Since:

Earnings Call Sentiment|Positive

AES Corporation's Q3 2025 earnings call highlighted significant growth in renewables, strong progress in signing new PPAs, and a robust construction pipeline. Despite challenges in rate cases and the impact of higher interest expenses, the company's reaffirmation of its financial guidance indicates a positive outlook.

Company Guidance

During The AES Corporation's Q3 2025 Financial Review Call, the company reaffirmed its full-year 2025 guidance and long-term growth rates for key financial metrics, including adjusted EBITDA, adjusted EPS, and parent free cash flow. AES highlighted its strong performance and strategic progress, underscored by a 46% year-to-date increase in renewables EBITDA, driven by organic growth and expansion in the U.S. renewables sector. The company expects to sign 4 gigawatts of new power purchase agreements (PPAs) in 2025, with 2.2 gigawatts already signed. AES is on track to complete 3.2 gigawatts of construction projects this year, with 2.9 gigawatts completed so far. The company also reported completing 4.2 gigawatts of projects serving data centers, with an additional 4 gigawatts in its backlog. AES maintains a robust pipeline with 7.5 gigawatts of safe-harbored U.S. projects and plans to safe harbor an additional 3-4 gigawatts by mid-2026, further strengthening its competitive position. The company's U.S. utilities remain focused on providing affordable, reliable power, with significant investments in infrastructure and rate base growth. AES also highlighted its ongoing efforts to maintain investment-grade credit ratings and its commitment to executing its strategic and financial objectives effectively.

Record Growth in Renewables

Renewables EBITDA increased by 46% year-to-date, driven by organic growth and new projects coming online. The installed capacity of the U.S. business is nearly 60% larger compared to two years ago.

Significant New PPAs

AES has signed 2.2 gigawatts of PPAs year-to-date and expects to sign an additional 1.8 gigawatts by year-end, with a total target of 4 gigawatts.

Robust Construction Pipeline

AES has completed 2.9 gigawatts of construction projects year-to-date, with an additional 4.8 gigawatts under construction.

Strong Data Center Segment

4.2 gigawatts of data center projects are operational, with 4 gigawatts in backlog. AES signed a development transfer agreement with a large data center customer.

Financial Performance and Guidance

Third quarter adjusted EBITDA was $830 million, up from $698 million a year ago. AES reaffirmed its full-year 2025 guidance with an EBITDA range of $2.65 billion to $2.85 billion and an EPS guidance of $2.10 to $2.26.

MX:AES Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 29, 2026	2026 (Q3)	9.14 / -	12.928	―
Jul 30, 2026	2026 (Q2)	7.76 / 7.14	8.791	-18.82% (-1.65)
Apr 30, 2026	2026 (Q1)	6.55 / 13.43	4.654	188.52% (+8.77)
Mar 02, 2026	2025 (Q4)	10.52 / 13.96	9.308	50.00% (+4.65)
Nov 04, 2025	2025 (Q3)	13.20 / 12.93	12.239	5.63% (+0.69)
Jul 31, 2025	2025 (Q2)	6.86 / 8.79	6.55	34.21% (+2.24)
May 01, 2025	2025 (Q1)	5.96 / 4.65	8.619	-46.00% (-3.96)
Feb 28, 2025	2024 (Q4)	5.96 / 9.31	12.584	-26.03% (-3.28)
Oct 31, 2024	2024 (Q3)	10.26 / 12.24	10.343	18.33% (+1.90)
Aug 01, 2024	2024 (Q2)	6.29 / 6.55	3.62	80.95% (+2.93)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed