AES CORP FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $12.2B |
| Gross margin | 18.1% |
| Operating income | — not reported |
| Net income | $910.0M |
| Diluted EPS | $1.26 |
| Cash & equivalents | $1.4B |
| Total assets | $51.8B |
| Long-term debt | — not reported |
Key takeaway
AES reported $12.2B revenue and $910M net income in 2025, driven by 17.8 GW of operating renewables capacity and strong execution on long-term PPAs across utilities and clean energy.
🔒 4 more takeaways in the full analysis
Beneath the surface
Tax equity structures and noncontrolling interests materially obscure true economic earnings: comprehensive income of $987M versus net income of $910M masks a $755M loss attributable to noncontrolling interests, indicating third-party tax equity holders absorbed losses in 2025—a recurring feature of the renewables model that will continue to volatilize reported earnings.
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This is the free preview. The full analysis explains every line item above and includes 7 more findings — plus insider trades, activist stakes, and 8-K events for AES.
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