The AES Corporation stock research
FY2026 Q1
The AES (AES) Gross Margin & Quarterly History
Explore The AES Corporation (AES) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue increased compared to both the prior quarter and the same quarter last year, while cost of revenue remained unchanged. As a result, gross profit rose and gross margin improved.
- The improvement in gross margin was associated with higher revenue, as cost of revenue was flat across all three periods. The key factor to monitor is whether revenue growth can be sustained without a corresponding increase in cost of revenue.
- Sequentially, revenue and gross profit were higher, cost of revenue was stable, and gross margin improved. Year-over-year, the same pattern held with revenue and gross profit higher, cost of revenue unchanged, and gross margin improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
20.1%
Gross profit
$640.0M
Revenue
$3.2B
Cost of revenue
$2.5B
Quarter-over-quarter change
+1.4 pts
Year-over-year change
+5.1 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $2.9B | $453.0M | $2.4B | 15.9% |
| Sep 30, 2025 | $3.4B | $735.0M | $2.6B | 21.9% |
| Dec 31, 2025 | $3.1B | $582.0M | $2.5B | 18.8% |
| Mar 31, 2026 | $3.2B | $640.0M | $2.5B | 20.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+1.4 pts
Year-over-year change
Mar 31, 2025
+5.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The improvement in gross margin was associated with higher revenue, as cost of revenue was flat across all three periods. The key factor to monitor is whether revenue growth can be sustained without a corresponding increase in cost of revenue.
Sequentially, revenue and gross profit were higher, cost of revenue was stable, and gross margin improved. Year-over-year, the same pattern held with revenue and gross profit higher, cost of revenue unchanged, and gross margin improved.
Monitor whether cost of revenue remains stable as revenue continues to change.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| The AES Corporation (AES) | 20.1% |