AES (AES) Q3 FY2025 earnings: revenue $3.4 billion, up 1.9% on the year
AES Corp. (AES) reported revenue of $3.4 billion for Q3 FY2025, the quarter ended 30 September 2025, up 1.9% on the same quarter a year earlier. Net income was $639 million, up 26.8% on the year, and diluted earnings per share $0.89. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2025.
Revenue
$3.4 billion
+1.9% on the year · +17.4% on the quarter
Q4 FY2023Q3 FY2025
Operating margin
n/a
Q4 FY2023Q3 FY2025
Net income
$639 million
+26.8% on the year
Q4 FY2023Q3 FY2025
Diluted EPS
$0.89
+25.4% on the year
Q4 FY2023Q3 FY2025
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 7 kept.
Net income rose to $517 million: Third quarter net income was $517 million versus $215 million a year earlier; net income attributable to AES was $639 million versus $504 million.
Adjusted EBITDA rose $132 million: Adjusted EBITDA was $830 million versus $698 million, driven by new Renewables projects and higher rider revenues at AES Indiana and AES Ohio.
Renewables Adjusted EBITDA up nearly 50%: Renewables SBU Adjusted EBITDA is up nearly 50% year-to-date, mainly from the 3 GW brought online since third quarter 2024. Renewables revenue was $817 million versus $754 million.
$ million except per share. Read moreFree 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
Q3 FY2025
Q2 FY2025
Q3 FY2024
On the quarter
On the year
Last 8 quarters
Operating cash flow
1,297
976
985
+32.9%
+31.7%
Capital expenditure
1,808
1,332
1,832
+35.7%
-1.3%
Free cash flow
-511
-356
-847
Free cash flow margin
-15.2%
-12.5%
-25.8%
Cash from investing
-1,736
-1,600
-1,865
Cash from financing
791
145
1,428
+445.5%
-44.6%
Depreciation and amortisation
365
354
312
+3.1%
+17.0%
Dividends paid
126
125
123
+0.8%
+2.4%
Dividend per share
$0.18
$0.18
$0.17
0.0%
+2.0%
Diluted shares, weighted
714m
712m
713m
+0.3%
+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
Q3 FY2025
Q2 FY2025
Q3 FY2024
On the quarter
On the year
Last 8 quarters
Shareholders' equity
3,865
3,369
3,290
+14.7%
+17.5%
Non-controlling interest
4,543
4,314
4,349
+5.3%
+4.5%
Redeemable equity
2,122
2,179
905
-2.6%
+134.5%
Debt
30,849
30,271
29,452
+1.9%
+4.7%
Other liabilities
9,404
8,409
12,083
+11.8%
-22.2%
Total liabilities and equity
50,783
48,542
50,079
+4.6%
+1.4%
Fixed assets
36,511
34,727
32,354
+5.1%
+12.8%
Goodwill
345
345
348
0.0%
-0.9%
Intangible assets
2,016
2,050
1,928
-1.7%
+4.6%
Investments
n/a
n/a
62.0
Cash and equivalents
1,758
1,350
1,919
+30.2%
-8.4%
Receivables
1,790
1,865
1,868
-4.0%
-4.2%
Inventory
607
647
646
-6.2%
-6.0%
Other assets
7,756
7,558
10,954
+2.6%
-29.2%
Total assets
50,783
48,542
50,079
+4.6%
+1.4%
Questions
What was AES's revenue in Q3 FY2025?
AES (AES) reported revenue of $3.4 billion for Q3 FY2025, the quarter ended 30 September 2025, up 1.9% on the same quarter a year earlier.
How much did AES earn in Q3 FY2025?
Net income for Q3 FY2025 was $639 million, up 26.8% on the year, and diluted earnings per share $0.89.
When did AES report Q3 FY2025 results?
AES filed its 10-Q for the quarter ended 30 September 2025 with the SEC on 4 November 2025.
Each quarter as filed, linked to its filing. Read more* 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 September 2025, filed 4 November 2025: the filing.