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% |
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.