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AES AES Electricity, Generation — Cost of Sales—Non-Regulated

Other product segments

Electricity
$34M-12.8%

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SOElectricity Purchased — Total cost of sales
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Other financials

Income statement

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Revenue$3.2B+8.7%
Gross profit$640.0M+45.1%
Net income$487.0M+959%
EPS (diluted)$0.68+871%

Balance sheet

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Cash & equivalents$2.3B-9.6%
Total debt$1.2B+17.8%
Total equity$4.4B+27.5%
Total assets$52.8B+8.6%

Cash flow

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Operating cash flow$1.2B+120%
CapEx$1.8B+40.8%
Free cash flow-$565.0M+20.3%

Valuation

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Market cap$10.49B+14.7%
P/E7.8×-2.2×
P/S0.8×+0.1×

Profitability

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Gross margin19.3%+1.7pp
Net margin10.8%+0.2pp
FCF margin-11.8%-4.4pp

Returns & leverage

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Return on equity34.3%-6.4pp
Debt / equity0.3×0.0×
Current ratio0.7×-0.1×

Where this comes from

Reported directly by AES in its filing.

Tagged under the XBRL concept us-gaap:RelatedPartiesAmountInCostOfSales.

The source filing: AES’s 10-K, filed March 2, 2026.

Filed
Mar 2, 2026, 4:19 PM EST
Fiscal year
FY2025
Accession
0000874761-26-000063
Years Ended December 31,202520242023
Revenue—Non-Regulated$591$746$1,055
Cost of Sales—Non-Regulated150143576
Cost of Sales—Regulated373439
Interest income8129
Interest expense222636
Other income192328

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is AES's electricity, generation — cost of sales—non-regulated?
AES (AES) reported electricity, generation — cost of sales—non-regulated of $37.5M in Q4 2025.
How has AES's electricity, generation — cost of sales—non-regulated changed year-over-year?
AES's electricity, generation — cost of sales—non-regulated increased by 4.9% year-over-year, from $35.75M to $37.5M.
What is the long-term trend for AES's electricity, generation — cost of sales—non-regulated?
Over 4 years (2021 to 2025), AES's electricity, generation — cost of sales—non-regulated has grown at a -17.5% compound annual growth rate (CAGR), from $324M to $150M.
What does electricity, generation — cost of sales—non-regulated mean?
This metric isolates the direct costs of sales specifically for non-regulated generation activities, which are typically subject to market-based pricing rather than cost-of-service regulation. It excludes costs associated with regulated utility assets to provide a clearer view of the profitability of competitive energy markets. This is essential for analyzing the performance of merchant power plants.

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