---
title: "AES Corporation: Business Model"
description: "AES Corporation revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/aes-corporation/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# AES Corporation: Business Model & Revenue Engine



## Direct Answer

AES Corporation reports revenue across 6 business segments in its fiscal 2025 Form 10-K. Energy Infrastructure is the largest, with $5.4 billion of revenue (44% of the total), followed by Utilities at $4.1 billion (34%).

## How Does AES Corporation Make Money?

No single line supplies a majority of revenue: the largest, Energy Infrastructure, is 44%, which spreads AES Corporation's exposure across several demand drivers. Between fiscal 2024 and 2025, Utilities grew fastest (+14.2%) and Energy Infrastructure slowest (-13.0%), so the revenue mix tilts toward Utilities while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Energy Infrastructure | $5.4 billion | $6.2 billion | 44.2% | -13.0% |
| Utilities | $4.1 billion | $3.6 billion | 33.7% | 14.2% |
| Renewables | $2.9 billion | $2.6 billion | 23.8% | 11.3% |
| AES Andes | $900 million | Not reported | 7.4% | n/a |
| Corporate Other and Other | $149 million | $162 million | 1.2% | -8.0% |
| New Energy Technologies | $1 million | $1 million | 0.0% | 0.0% |

![Bar chart of AES Corporation revenue by segment for fiscal 2025: Energy Infrastructure 44.2%, Utilities 33.7%, Renewables 23.8%, AES Andes 7.4%, Corporate Other and Other 1.2%, New Energy Technologies 0.0%.](https://www.getswoopr.com/images/charts/aes-corporation-business-model-segment-mix.webp)
*AES Corporation revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What the Segment Figures Do Not Show

The rows above add up to 110% of AES Corporation's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value AES Corporation reported in the segment note and revenue disclosures of its Form 10-K filed March 2, 2026 (accession 0000874761-26-000063), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are AES Corporation's business segments?

In its fiscal 2025 Form 10-K, AES Corporation reports revenue for Energy Infrastructure, Utilities, Renewables, AES Andes, Corporate Other and Other and New Energy Technologies.

### Which part of AES Corporation brings in the most revenue?

Energy Infrastructure, with $5.4 billion of revenue in fiscal 2025, or 44% of the total.

### Where does AES Corporation report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed March 2, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: AES CORP Form 10-K filed March 2, 2026](https://www.sec.gov/Archives/edgar/data/874761/000087476126000063/aes-20251231.htm)
- [SEC EDGAR: AES CORP annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=874761&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [AES Corporation company dossier](https://www.getswoopr.com/stocks/companies/aes-corporation/)
- [AES Corporation financial metrics](https://www.getswoopr.com/stocks/companies/aes-corporation/metrics/)
- [AES Corporation financial risk indicators](https://www.getswoopr.com/stocks/companies/aes-corporation/risks/)
- [AES Corporation peer comparison](https://www.getswoopr.com/stocks/companies/aes-corporation/competitors/)
- [AES Corporation business model and revenue mix](https://www.getswoopr.com/stocks/companies/aes-corporation/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)





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