AES Corporation (AES) Research

Forward Estimates

EPS Estimates

Current Qtr

$0.51

$0.49$0.54

vs $0.51+0.6%

2 analysts

Next Qtr

$0.81

$0.69$0.93

vs $0.75+7.9%

2 analysts

Current Yr

$2.02

$2.02$2.02

vs $2.34-13.7%

1 analyst

Next Yr

$2.39

$2.10$2.69

vs $2.02+18.3%

12 analysts

Revenue Estimates

Current Qtr

$3.09B

$3.09B$3.09B

vs $2.85B+8.1%

1 analyst

Next Qtr

$3.43B

$3.43B$3.43B

vs $3.35B+2.3%

1 analyst

Current Yr

$14.33B

$14.33B$14.33B

vs $12.23B+17.2%

1 analyst

Next Yr

$13.19B

$11.06B$15.96B

vs $14.33B-8.0%

7 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for AES on EDGAR.

AES filing events and research context
Filed	Item	Context
Mar 2, 2026	business	AES operates through four strategic business units: Renewables (solar, wind, hydro, and energy storage), Utilities (regulated operations in Indiana, Ohio, and El Salvador), Energy Infrastructure (natural gas, LNG, and legacy fossil fuels), and New Energy Technologies (including Fluence). The company is aggressively transitioning toward a renewable portfolio, completing 3.2 GW of capacity and securing long-term PPAs for an additional 4.0 GW. This shift is highlighted by the migration of the AES Andes portfolio in Chile to the Renewables SBU following the divestment of coal assets. Financially, AES reported an Adjusted EBITDA of $2.871 billion, bolstered by higher retail rates in the Utilities SBU and new project contributions, though net income was pressured by the sale of AES Brasil and impairments at Maritza and Uplight. Key risks include exposure to volatile foreign currencies, specifically the Argentine peso, and significant legal liabilities. These include environmental sanctions under the Clean Air Act in the U.S., remediation costs in Brazil, and substantial lawsuits in the Dominican Republic concerning coal combustion residuals. Additionally, the company is pursuing a $733 million ICSID arbitration award against Argentina.
Mar 2, 2026	mda	AES is aggressively expanding its Renewables SBU to meet surging power demands from generative AI and hyperscale data centers, reaching 17.8 GW of operating capacity with a 7.6 GW US backlog. Financial performance in the US is heavily supported by the Inflation Reduction Act, with $1.5 billion in tax attributes recognized in 2025. The Utilities SBU, specifically AES Indiana and AES Ohio, is similarly targeting data center and advanced manufacturing growth; AES Indiana is currently converting coal units at the Petersburg station to natural gas. In the Energy Infrastructure SBU, AES is prioritizing the transition to LNG, highlighted by the Son My terminal and CCGT project in Vietnam, while executing a coal phase-out in Chile by 2040. Innovation efforts are centered on the New Energy Technologies SBU, including the AI-powered solar robot Maximo and the energy storage platform Fluence. Key financial risks include regulatory uncertainty regarding US tax law reform under H.R. 1, currency volatility in Argentina and Chile, and hydrological variability affecting generation in Colombia and Panama. Additionally, the company faces significant environmental compliance costs related to the Clean Water Act’s cooling water intake rules and evolving GHG emissions standards.
Mar 2, 2026	risk_factors	AES faces substantial supply chain risks driven by U.S. antidumping and countervailing duties on solar cells from Southeast Asia, Section 301 tariffs on Chinese lithium-ion batteries, and UFLPA restrictions. The company is mitigating these by shifting procurement toward U.S. domestically manufactured solar panels, batteries, and wind turbines. Financial performance is highly sensitive to the 2025 Act, which alters Investment Tax Credit (ITC) and Production Tax Credit (PTC) eligibility and introduces Foreign Entity of Concern restrictions on Chinese components. Operationally, hydroelectric assets in Panama, Colombia, and Chile are vulnerable to dry hydrological conditions, which AES offsets through complementary wind and solar investments. Macroeconomic risks include severe currency devaluation and market deregulation in Argentina, as well as the ongoing PREPA bankruptcy in Puerto Rico. Regulatory headwinds include Ohio’s House Bill 15 regarding distribution rate cases and an EU State Aid review of the AES Maritza PPA in Bulgaria. Furthermore, non-indexed U.S. generation contracts leave the company exposed to rising inflation, while volatile interest rates increase financing costs for new project development. These factors, combined with potential Section 232 investigations into polysilicon and wind turbines, create ongoing uncertainty for U.S. project construction and overall margins.

Filed

Item

Context

Mar 2, 2026

business

AES operates through four strategic business units: Renewables (solar, wind, hydro, and energy storage), Utilities (regulated operations in Indiana, Ohio, and El Salvador), Energy Infrastructure (natural gas, LNG, and legacy fossil fuels), and New Energy Technologies (including Fluence). The company is aggressively transitioning toward a renewable portfolio, completing 3.2 GW of capacity and securing long-term PPAs for an additional 4.0 GW. This shift is highlighted by the migration of the AES Andes portfolio in Chile to the Renewables SBU following the divestment of coal assets. Financially, AES reported an Adjusted EBITDA of $2.871 billion, bolstered by higher retail rates in the Utilities SBU and new project contributions, though net income was pressured by the sale of AES Brasil and impairments at Maritza and Uplight. Key risks include exposure to volatile foreign currencies, specifically the Argentine peso, and significant legal liabilities. These include environmental sanctions under the Clean Air Act in the U.S., remediation costs in Brazil, and substantial lawsuits in the Dominican Republic concerning coal combustion residuals. Additionally, the company is pursuing a $733 million ICSID arbitration award against Argentina.

Mar 2, 2026

mda

AES is aggressively expanding its Renewables SBU to meet surging power demands from generative AI and hyperscale data centers, reaching 17.8 GW of operating capacity with a 7.6 GW US backlog. Financial performance in the US is heavily supported by the Inflation Reduction Act, with $1.5 billion in tax attributes recognized in 2025. The Utilities SBU, specifically AES Indiana and AES Ohio, is similarly targeting data center and advanced manufacturing growth; AES Indiana is currently converting coal units at the Petersburg station to natural gas. In the Energy Infrastructure SBU, AES is prioritizing the transition to LNG, highlighted by the Son My terminal and CCGT project in Vietnam, while executing a coal phase-out in Chile by 2040. Innovation efforts are centered on the New Energy Technologies SBU, including the AI-powered solar robot Maximo and the energy storage platform Fluence. Key financial risks include regulatory uncertainty regarding US tax law reform under H.R. 1, currency volatility in Argentina and Chile, and hydrological variability affecting generation in Colombia and Panama. Additionally, the company faces significant environmental compliance costs related to the Clean Water Act’s cooling water intake rules and evolving GHG emissions standards.

Mar 2, 2026

risk_factors

AES faces substantial supply chain risks driven by U.S. antidumping and countervailing duties on solar cells from Southeast Asia, Section 301 tariffs on Chinese lithium-ion batteries, and UFLPA restrictions. The company is mitigating these by shifting procurement toward U.S. domestically manufactured solar panels, batteries, and wind turbines. Financial performance is highly sensitive to the 2025 Act, which alters Investment Tax Credit (ITC) and Production Tax Credit (PTC) eligibility and introduces Foreign Entity of Concern restrictions on Chinese components. Operationally, hydroelectric assets in Panama, Colombia, and Chile are vulnerable to dry hydrological conditions, which AES offsets through complementary wind and solar investments. Macroeconomic risks include severe currency devaluation and market deregulation in Argentina, as well as the ongoing PREPA bankruptcy in Puerto Rico. Regulatory headwinds include Ohio’s House Bill 15 regarding distribution rate cases and an EU State Aid review of the AES Maritza PPA in Bulgaria. Furthermore, non-indexed U.S. generation contracts leave the company exposed to rising inflation, while volatile interest rates increase financing costs for new project development. These factors, combined with potential Section 232 investigations into polysilicon and wind turbines, create ongoing uncertainty for U.S. project construction and overall margins.

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AES filing events and research context

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