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Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended March 31, 2026
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 1-12291
THE AES CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 54-1163725 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 4300 Wilson Boulevard | |||||||||||
| Arlington, | Virginia | 22203 | |||||||||
| (Address of principal executive offices) | (Zip Code) |
| Registrant's telephone number, including area code: | (703) | 522-1315 |
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
| Common Stock, par value $0.01 per share | AES | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ | Non-accelerated filer | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of Registrant’s Common Stock, par value $0.01 per share, on May 1, 2026 was 713,157,713.
The AES Corporation
Form 10-Q for the Quarterly Period ended March 31, 2026
Table of Contents
1 | The AES Corporation | March 31, 2026 Form 10-Q
Glossary of Terms
The following terms and acronyms appear in the text of this report and have the definitions indicated below:
| 2024 DRC Settlement | The order issued in November 2025 by the PUCO authorizing AES Ohio to, among other things, increase its basic rates and charges by $168 million annually | ||||
| Adjusted EBITDA | Adjusted earnings before interest income and expense, taxes, depreciation, amortization, and accretion of AROs, a non-GAAP measure of operating performance | ||||
| Adjusted EBITDA with Tax Attributes | Adjusted earnings before interest income and expense, taxes, depreciation, amortization, and accretion of AROs, adding back the pre-tax effect of Production Tax Credits, Investment Tax Credits and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties, a non-GAAP measure | ||||
| Adjusted EPS | Adjusted Earnings Per Share, a non-GAAP measure | ||||
| Adjusted PTC | Adjusted Pre-tax Contribution, a non-GAAP measure of operating performance | ||||
| AES | The Parent Company and its subsidiaries and affiliates | ||||
| AES Andes | AES Andes S.A., formerly AES Gener | ||||
| AES Indiana | Indianapolis Power & Light Company, formerly branded as IPL. AES Indiana is wholly-owned by IPALCO | ||||
| AES Ohio | The Dayton Power & Light Company, formerly branded as DP&L. For the periods covered by this report, AES Ohio was wholly-owned by DPL. Beginning in April 2025, CDPQ owns an aggregate indirect equity interest in AES Ohio of approximately 30%. | ||||
| AES Renewable Holdings | AES Renewable Holdings, LLC, formerly branded as AES Distributed Energy | ||||
| AFUDC | Allowance for Funds Used During Construction | ||||
| AGIC | AES Global Insurance Company, AES’ captive insurance company | ||||
| ANEEL | Brazilian National Electric Energy Agency | ||||
| AOCL | Accumulated Other Comprehensive Loss | ||||
| ARO | Asset Retirement Obligations | ||||
| ASC | Accounting Standards Codification | ||||
| ASU | Accounting Standards Update | ||||
| BESS | Battery Energy Storage System | ||||
| BOT | Build, Operate and Transfer | ||||
| CAA | U.S. Clean Air Act | ||||
| CAISO | California Independent System Operator | ||||
| CAMMESA | Wholesale Electric Market Administrator in Argentina | ||||
| CCR | Coal Combustion Residuals, which includes bottom ash, fly ash, and air pollution control wastes generated at coal-fired generation plant sites | ||||
| CDPQ | La Caisse de dépôt et placement du Québec | ||||
| CECL | Current Expected Credit Loss | ||||
| CEO | Chief Executive Officer | ||||
| CFO | Chief Financial Officer | ||||
| CO2 | Carbon Dioxide | ||||
| CPI | U.S. Consumer Price Index | ||||
| CSAPR | Cross-State Air Pollution Rule | ||||
| CWA | U.S. Clean Water Act | ||||
| CWIP | Construction Work In Progress | ||||
| DG Comp | Directorate-General for Competition of the European Commission | ||||
| DPL | DPL LLC and its consolidated subsidiaries. On April 3, 2025, DPL Inc. converted its form of business organization from an Ohio corporation to an Ohio limited liability company. Upon the conversion, DPL Inc. changed its name to DPL LLC. References to DPL are to DPL Inc. before April 3, 2025, and DPL LLC on and after April 3, 2025. | ||||
| EBITDA | Earnings before interest income and expense, taxes, depreciation, amortization, and accretion of AROs, a non-GAAP measure of operating performance | ||||
| ENSO | El Niño-Southern Oscillation | ||||
| EPA | U.S. Environmental Protection Agency | ||||
| EPC | Engineering, Procurement and Construction | ||||
| ESP | Electric Security Plan | ||||
| EU | European Union | ||||
| FASB | Financial Accounting Standards Board | ||||
| FERC | U.S. Federal Energy Regulatory Commission | ||||
| Fluence | Fluence Energy, Inc and its subsidiaries, including Fluence Energy, LLC, which was previously our joint venture with Siemens AG (NASDAQ: FLNC) | ||||
| FONINVEMEM | Fund for the Investment Needed to Increase the Supply of Electricity in the Wholesale Market in Argentina | ||||
| GAAP | Generally Accepted Accounting Principles in the United States | ||||
| GHG | Greenhouse Gas | ||||
| GILTI | Global Intangible Low-Taxed Income | ||||
| GW | Gigawatts | ||||
| GWh | Gigawatt Hours | ||||
| HLBV | Hypothetical Liquidation at Book Value | ||||
| IPALCO | IPALCO Enterprises, Inc. CDPQ owns direct and indirect interests in IPALCO of approximately 30%. | ||||
| ITC | Investment Tax Credit | ||||
| IURC | Indiana Utility Regulatory Commission | ||||
| LNG | Liquid Natural Gas | ||||
2 | The AES Corporation | March 31, 2026 Form 10-Q
| MISO | Midcontinent Independent System Operator, Inc. | ||||
| MMBtu | Million British Thermal Units | ||||
| MWh | Megawatt Hours | ||||
| NAAQS | U.S. National Ambient Air Quality Standards | ||||
| NCI | Noncontrolling Interest | ||||
| NCTI | Net Controlled Foreign Corporation Tested Income | ||||
| NEK | Natsionalna Elektricheska Kompania (state-owned electricity public supplier in Bulgaria) | ||||
| NM | Not Meaningful | ||||
| NOV | Notice of Violation | ||||
| NOX | Nitrogen Dioxide | ||||
| NPDES | National Pollutant Discharge Elimination System | ||||
| NSPS | New Source Performance Standards | ||||
| O&M | Operations and Maintenance | ||||
| OCC | Ohio Consumers' Counsel (statewide legal representative for Ohio's residential consumers and advocates on their behalf in PUCO and Ohio Supreme Court proceedings) | ||||
| OTC | Once-Through Cooling | ||||
| OTC Policy | Statewide Water Quality Control Policy on the Use of Coastal and Estuarine Waters for Power Plant Cooling | ||||
| OVEC | Ohio Valley Electric Corporation, an electric generating company in which AES Ohio has a 4.9% interest | ||||
| Parent Company | The AES Corporation | ||||
| Pet Coke | Petroleum Coke | ||||
| PJM | PJM Interconnection, LLC | ||||
| PPA | Power Purchase Agreement | ||||
| PREPA | Puerto Rico Electric Power Authority | ||||
| PUCO | The Public Utilities Commission of Ohio | ||||
| RSC | The Rate Stabilization Charge is a non-bypassable rider intended to compensate AES Ohio for providing stabilized rates to customers. | ||||
| RSU | Restricted Stock Unit | ||||
| RTO | Regional Transmission Organization | ||||
| SBU | Strategic Business Unit | ||||
| SEC | U.S. Securities and Exchange Commission | ||||
| SEET | Significantly Excessive Earnings Test | ||||
| SO2 | Sulfur Dioxide | ||||
| SPP | Southwest Power Pool, Inc. | ||||
| TDSIC | Transmission, Distribution, and Storage System Improvement Charge | ||||
| U.S. | United States | ||||
| USD | United States Dollar | ||||
| VIE | Variable Interest Entity | ||||
3 | The AES Corporation | March 31, 2026 Form 10-Q
PART I: FINANCIAL INFORMATION
Next: Item 1. FINANCIAL STATEMENTS