Energy Infrastructure was Aes’s largest segment in fiscal 2025, bringing in $10.80B of $18.49B (58%).
| Business Segments | FY 2013 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Energy Infrastructure | $14.41B | — | $12.41B | $10.80B | |||||||
| Brazil Sbu | — | — | — | — | |||||||
| Us & Utilities Sbu | — | — | — | — | |||||||
| Us | — | — | — | — | |||||||
| South America | — | — | — | — | |||||||
| Utilities | $7.23B | $6.99B | $7.04B | $168.00M | |||||||
| Andes | — | — | — | — | |||||||
| Renewables | $3.79B | $4.83B | $5.23B | $5.83B | |||||||
| Mcac | — | — | — | — | |||||||
| Europe | — | — | — | — | |||||||
| Eurasia | — | — | — | — | |||||||
| Aes Andes | — | — | — | $1.80B | |||||||
| Asia | — | — | — | — | |||||||
| Discontinued Operations | — | — | — | — | |||||||
| Corporate & Other | — | — | $324.00M | $298.00M | |||||||
| Corporate, Other & Eliminations | — | — | — | — | |||||||
| New Energy Technologies | $6.00M | $152.00M | $2.00M | $2.00M | |||||||
| Corporate Segment & Other Operating | -$200.00M | -$248.00M | -$310.00M | -$410.00M | |||||||
| Eliminations | -$432.00M | — | — | — | |||||||
| Total | $24.80B | $11.73B | $24.71B | $18.49B |
Aes brought in $18.49B from its seven segments in fiscal 2025, the year ended December 31, 2025. That is less than the $26.96B it reports by product and service, so these segments do not cover all of its revenue. Energy Infrastructure was the largest at $10.80B (58.4%), ahead of Renewables at $5.83B (31.5%) and Aes Andes at $1.80B (9.7%). The other three segments brought in $468.00M combined.
Compared with fiscal 2024, Renewables grew 11.3% to $5.83B, while Energy Infrastructure fell 13.0% to $10.80B. Some of that change comes from Aes regrouping its segments.
Aes began breaking out Aes Andes in fiscal 2025, when it brought in $1.80B. The total is net of Corporate Segment & Other Operating, which took $410.00M off revenue in fiscal 2025.
United States was Aes’s largest region in fiscal 2025, bringing in $10.11B of $18.77B (54%).
| Geography | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| United States | $8.19B | $8.88B | $9.38B | $10.11B | ||
| Chile | $4.13B | — | $3.07B | — | ||
| Dominican Republic | $3.18B | — | $2.90B | $2.73B | ||
| El Salvador | $1.80B | $1.87B | $2.07B | — | ||
| Panama | $1.36B | $1.29B | $1.33B | — | ||
| Bulgaria | $1.58B | $1.06B | $956.00M | $1.37B | ||
| Brazil | $1.12B | $1.39B | $1.23B | — | ||
| Mexico | $1.19B | $1.07B | $924.00M | $1.52B | ||
| Colombia | $834.00M | $1.41B | $1.37B | $844.00M | ||
| Argentina | $1.00B | $814.00M | $636.00M | $732.00M | ||
| Puerto Rico | — | — | — | $808.00M | ||
| Viet Nam | $646.00M | $688.00M | $624.00M | $642.00M | ||
| Jordan | $204.00M | $194.00M | $56.00M | $12.00M | ||
| Other Non-U.S | $2.00M | $6.00M | $4.00M | $2.00M | ||
| Total | $25.23B | $18.67B | $24.56B | $18.77B |
Aes brought in $18.77B from its 10 regions in fiscal 2025, the year ended December 31, 2025. That is less than the $26.96B it reports by product and service, so these regions do not cover all of its revenue. United States was the largest at $10.11B (53.9%), ahead of Dominican Republic at $2.73B (14.5%) and Mexico at $1.52B (8.1%). The other seven regions brought in $4.41B combined.
Compared with fiscal 2024, Mexico grew fastest, up 64.5% to $1.52B, while Colombia fell the most, down 38.5% to $844.00M. Some of that change comes from Aes regrouping its regions.
Aes stopped reporting Chile ($3.07B in fiscal 2024), El Salvador ($2.07B in fiscal 2024), Panama ($1.33B in fiscal 2024) and one other as separate regions.
Non-Regulated Revenue was Aes’s largest product and service line in fiscal 2025, bringing in $10.80B of $26.96B (40%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2024 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Electricity, Generation | — | — | $8.60B | $13.31B | — | — | ||||||
| Non-Regulated Revenue | $14.41B | $13.61B | — | — | $12.41B | $10.80B | ||||||
| Regulated Revenue | $7.08B | — | — | — | $7.04B | $8.08B | ||||||
| Electric Distribution | $7.08B | — | $3.45B | $5.32B | $7.04B | $8.08B | ||||||
| Total | $28.56B | $13.61B | $12.05B | $18.63B | $26.50B | $26.96B |
Aes brought in $26.96B from its three product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 1.7% from $26.50B in fiscal 2024. Non-Regulated Revenue was the largest at $10.80B (40.1%), ahead of Regulated Revenue at $8.08B (30.0%) and Electric Distribution at $8.08B (30.0%).
Compared with fiscal 2024, Regulated Revenue grew fastest, up 14.7% to $8.08B, while Non-Regulated Revenue fell the most, down 13.0% to $10.80B. From fiscal 2022 to 2025, combined revenue from these lines fell from $28.56B to $26.96B, a compound annual decline of 1.9%. Non-Regulated Revenue's share of the total fell from 50.4% to 40.1%.
Aes stopped reporting Electricity, Generation as a separate line after fiscal 2024, when it brought in $13.31B.
Aes (AES) reports its revenue by business segments, by geography and by product and service. In fiscal 2025, Energy Infrastructure was its largest segment, bringing in $10.80B (58.4% of the total), followed by Renewables at $5.83B (31.5%).
Energy Infrastructure was Aes' largest segment in fiscal 2025, bringing in $10.80B, or 58.4% of the $18.49B total across its seven segments.
United States was Aes' largest region in fiscal 2025, bringing in $10.11B, or 53.9% of the $18.77B total across its 10 regions.
Non-Regulated Revenue was Aes' largest product and service line in fiscal 2025, bringing in $10.80B, or 40.1% of the $26.96B total across its three product and service lines.
Among Aes' product and service lines that make up at least 2% of revenue, Regulated Revenue grew fastest in fiscal 2025, up 14.7% from $7.04B to $8.08B.
Every figure comes from Aes' annual financial filings, as reported. Each line keeps the name Aes gives it, and years follow its fiscal calendar.
Aes' revenue by business segments goes back to fiscal 2013, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.