The AES (AES) Gross Margin — Quarter Ended Dec 31, 2024

Revenue was unchanged from the year-ago quarter but lower than the previous quarter. Gross profit decreased compared with both periods, leading to a lower gross margin.

Gross margin takeaway

Quarter ended Dec 31, 2024 · FY2024 Q4

Revenue was unchanged from the year-ago quarter but lower than the previous quarter. Gross profit decreased compared with both periods, leading to a lower gross margin.

The decline in gross profit was larger relative to the change in revenue, compressing the gross margin.
Compared with the immediately preceding quarter, gross margin weakened. Compared with the same quarter one year earlier, gross margin also weakened.

Gross margin snapshot

The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.

Gross margin

14.2%

Gross profit

$420.0M

Revenue

$3.0B

Cost of revenue

$2.5B

Quarter-over-quarter change

-7.8 pts

Year-over-year change

-2.5 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
Mar 31, 2024	$3.1B	$619.0M	$2.5B	20.1%
Jun 30, 2024	$2.9B	$553.0M	$2.4B	18.8%
Sep 30, 2024	$3.3B	$722.0M	$2.6B	22.0%
Dec 31, 2024	$3.0B	$420.0M	$2.5B	14.2%

Quarterly comparisons

Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.

Previous-quarter change

Sep 30, 2024

-7.8 pts

Year-over-year change

Dec 31, 2023

-2.5 pts

What the margin says

Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.

The decline in gross profit was larger relative to the change in revenue, compressing the gross margin.

Compared with the immediately preceding quarter, gross margin weakened. Compared with the same quarter one year earlier, gross margin also weakened.

Monitor the relationship between gross profit and revenue, as cost of revenue dynamics may affect margin trends.