AES (AES) Q2 FY2025 earnings: revenue $2.9 billion, down 3.0% on the year

AES Corp. (AES) reported revenue of $2.9 billion for Q2 FY2025, the quarter ended 30 June 2025, down 3.0% on the same quarter a year earlier. Net income was -$95 million, and diluted earnings per share $-0.15. The figures are the company's own, from the 10-Q it filed with the SEC on 1 August 2025.

Revenue

$2.9 billion

-3.0% on the year · -2.4% on the quarter

Q3 FY2023Q2 FY2025

Operating margin

n/a

Q3 FY2023Q2 FY2025

Net income

-$95 million

Q3 FY2023Q2 FY2025

Diluted EPS

-$0.15

Q3 FY2023Q2 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 8 kept.

Adjusted EBITDA rose $23 million: Adjusted EBITDA was $681 million against $658 million. Higher Renewables SBU contributions from projects placed in service and prior-year Colombia outages drove the increase; the AES Brasil sale and the Warrior Run revenue comparison offset part of it.
Net loss on sales-type lease losses: Net loss was $150 million against net income of $153 million, a $303 million decrease. Diluted EPS was ($0.15) against $0.39. Day-one losses on sales-type leases were the main cause.
Adjusted EPS rose to $0.51: Adjusted EPS was $0.51 against $0.38, up $0.13, on a lower adjusted tax rate and new renewables projects, partly offset by lower Utilities SBU contributions from planned outages.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2025	Q1 FY2025	Q2 FY2024	On the quarter	On the year
Revenue	2,855	2,926	2,942	-2.4%	-3.0%
Cost of revenue	2,402	2,485	2,389	-3.3%	+0.5%
Gross profit	453	441	553	+2.7%	-18.1%
Gross margin	15.9%	15.1%	18.8%
Interest expense	352	342	389	+2.9%	-9.5%
Pre-tax income	39.0	-22.0	115		-66.1%
Income tax	167	17.0	-35.0	+882.4%
Effective tax rate	428.2%	n/a	-30.4%
Net income	-95.0	46.0	276
Net margin	-3.3%	1.6%	9.4%
Diluted EPS	-$0.15	$0.07	$0.39

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q2 FY2025	Q1 FY2025	Q2 FY2024	On the quarter	On the year
Operating cash flow	976	545	392	+79.1%	+149.0%
Capital expenditure	1,332	1,254	1,685	+6.2%	-20.9%
Free cash flow	-356	-709	-1,293
Free cash flow margin	-12.5%	-24.2%	-43.9%
Cash from investing	-1,600	-1,282	-1,838
Cash from financing	145	1,317	1,153	-89.0%	-87.4%
Depreciation and amortisation	354	337	315	+5.0%	+12.4%
Dividends paid	125	125	122	0.0%	+2.5%
Dividend per share	$0.18	$0.18	$0.17	0.0%	+2.0%
Diluted shares, weighted	712m	713m	713m	-0.1%	-0.1%
Shares outstanding at period end	712m	712m	711m	+0.0%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2025	Q1 FY2025	Q2 FY2024	On the quarter	On the year
Shareholders' equity	3,369	3,468	3,091	-2.9%	+9.0%
Non-controlling interest	4,314	4,257	3,938	+1.3%	+9.5%
Redeemable equity	2,179	899	901	+142.4%	+141.8%
Debt	30,271	30,576	28,554	-1.0%	+6.0%
Other liabilities	8,409	9,415	11,254	-10.7%	-25.3%
Total liabilities and equity	48,542	48,615	47,738	-0.2%	+1.7%
Fixed assets	34,727	33,995	30,732	+2.2%	+13.0%
Goodwill	345	345	348	0.0%	-0.9%
Intangible assets	2,050	1,943	1,879	+5.5%	+9.1%
Investments	n/a	64.0	61.0
Cash and equivalents	1,350	1,753	1,773	-23.0%	-23.9%
Receivables	1,865	1,719	1,507	+8.5%	+23.8%
Inventory	647	624	661	+3.7%	-2.1%
Other assets	7,558	8,172	10,777	-7.5%	-29.9%
Total assets	48,542	48,615	47,738	-0.2%	+1.7%

Questions

What was AES's revenue in Q2 FY2025?

AES (AES) reported revenue of $2.9 billion for Q2 FY2025, the quarter ended 30 June 2025, down 3.0% on the same quarter a year earlier.

How much did AES earn in Q2 FY2025?

Net loss for Q2 FY2025 was $95 million, and the diluted loss per share $0.15.

When did AES report Q2 FY2025 results?

AES filed its 10-Q for the quarter ended 30 June 2025 with the SEC on 1 August 2025.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,770	2,852	3,078	3,627	3,060	3,239	3,027	3,434	2,968	3,085	2,942	3,289	2,962	2,926	2,855	3,351	3,101	3,180	3,422	3,872
Cost of revenue	2,211	2,322	2,515	2,735	2,497	2,645	2,529	2,516	2,474	2,466	2,389	2,567	2,542	2,485	2,402	2,616	2,519	2,540	2,730	2,890
Gross profit	559	530	563	892	563	594	498	918	494	619	553	722	420	441	453	735	582	640	692	982
Gross margin	20%	19%	18%	25%	18%	18%	16%	27%	17%	20%	19%	22%	14%	15%	16%	22%	19%	20%	20%	25%
Interest expense	242	258	279	276	304	330	310	326	353	357	389	379	360	342	352	348	365	353	368	361
Pre-tax income	-504	-66.0	-53.0	-42.0	n/a	265	4.0	414	-579	277	115	334	168	-22.0	39.0	327	-269	242	449	505
Tax rate	n/a	n/a	n/a	n/a	n/a	27%	-50%	26%	n/a	-6%	-30%	31%	4%	n/a	428%	-69%	n/a	-17%	6%	-2%
Net income	-632	115	-179	421	-903	151	-39.0	231	-94.0	432	276	504	560	46.0	-95.0	639	320	487	426	553
Net margin	-23%	4%	-6%	12%	-30%	5%	-1%	7%	-3%	14%	9%	15%	16%	2%	-3%	19%	10%	15%	12%	14%
Diluted EPS	-$0.95	$0.16	-$0.27	$0.59	-$1.35	$0.21	-$0.06	$0.32	-$0.14	$0.60	$0.39	$0.71	$0.79	$0.07	-$0.15	$0.89	$0.45	$0.68	$0.60	$0.76
Operating cash flow	523	457	408	784	1,066	625	562	1,122	725	287	392	985	1,088	545	976	1,297	1,488	1,201	1,046	1,200
Capital expenditure	582	766	893	1,052	1,840	1,551	1,845	1,899	2,429	2,148	1,685	1,832	1,727	1,254	1,332	1,808	1,535	1,766	1,643	1,507
Free cash flow	-59.0	-309	-485	-268	-774	-926	-1,283	-777	-1,704	-1,861	-1,293	-847	-639	-709	-356	-511	-47.0	-565	-597	-307
Dividends paid	100	105	106	105	106	111	111	111	111	116	122	123	122	125	125	126	125	125	126	125
Shares outstanding	667m	668m	668m	668m	669m	669m	669m	670m	670m	711m	711m	711m	711m	712m	712m	712m	712m	713m	713m	714m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2025, filed 1 August 2025: the filing.