AES · 10-Q · 2026Q3 · Full report

Operating Cash Flow Trends

AES CORP · 2026-11-03 · Importance 59 · Surprise 48 · Matches filing data

Net cash provided by operating activities rose $629 million to $3.447 billion in the nine months ended September 30, 2026, from $2.818 billion in the prior-year period. Adjusted net income increased $196 million, primarily on higher margins at the Renewables, Utilities, and Energy Infrastructure SBUs, partly offset by lower transfers of U.S. investment tax credits. Working-capital changes improved $433 million, mainly because of the timing of tax-credit transfer proceeds, partly offset by higher accounts receivable from increased billings and collection timing, and higher regulatory assets in El Salvador.

Key facts

• AES reported $1,200 million of net cash provided by operating activities in the third quarter of 2026, compared with $1,297 million in the prior-year quarter, a $97 million decrease, or 7%. source
• AES net cash provided by operating activities was $3.447 billion in the nine months ended September 30, 2026, up $629 million from the same 2025 period. source
• Working capital increased AES operating cash flow by $433 million in the nine months ended September 30, 2026, primarily due to timing of tax-credit transfer proceeds collections, partly offset by higher receivables and El Salvador regulatory assets. source
• AES adjusted net income increased $196 million in the nine months ended September 30, 2026, primarily due to higher margins at Renewables, Utilities, and Energy Infrastructure, partly offset by lower transfers of U.S. investment tax credits. source

Impact estimates