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Equity | 6 Months Ended
--- | ---
Jun. 30, 2026
Equity [Abstract] |
EQUITY | EQUITY Equity Transactions with Noncontrolling Interests Marahu — In June 2026, the Company sold a preferred membership interest in CleanFlex Puerto Rico Partners, LLC (“Marahu”) to TotalEnergies (“Total”), resulting in a $169 million increase to NCI. Marahu is a holding company over the Jobos and Salinas renewables development projects in Puerto Rico, and is reported in the Renewables SBU reportable segment. Cochrane — In May 2025, the Company acquired the remaining 40% of the common shares in Empresa Electrica Cochrane SpA (“Cochrane”), a coal-fired plant in Chile, from a third-party investor for $89 million, increasing AES’ ownership in Cochrane to 96.7%. This transaction resulted in a $46 million decrease in Parent Company Stockholder’s Equity due to a decrease in additional paid-in-capital of $29 million and a reclassification of accumulated other comprehensive losses from NCI to AOCL of $17 million. In February 2026, AES Andes acquired all of the outstanding preferred shares in Cochrane for $29 million, increasing AES’ effective ownership in Cochrane to 99.6%. Cochrane is reported in the Energy Infrastructure SBU reportable segment. AES Indiana Petersburg Energy Center — In February 2026, AES Indiana sold additional noncontrolling interests in the Petersburg Energy Center project to the tax equity investor, resulting in a $120 million increase to NCI. AES Indiana is reported in the Utilities SBU reportable segment. AES Clean Energy Tax Equity Partnerships — The majority of solar projects in the U.S. have been financed with tax equity structures, in which tax equity investors receive a portion of the economic attributes of the facilities, including tax attributes, which vary over the life of the projects. The substance of such arrangements is that of a preferred structure, whereby tax equity investors are granted preferential returns in the form of significant earnings and tax allocations from the partnership, until a specified internal rate of return is achieved. During the six months ended June 30, 2025, AES Clean Energy Development and AES Renewable Holdings, through multiple transactions, sold noncontrolling interests in project companies to tax equity investors, resulting in increases to NCI of $282 million. AES Clean Energy Development and AES Renewable Holdings are reported in the Renewables SBU reportable segment. AES Indiana Pike County BESS — In March 2025, as a result of the Pike County BESS project being placed in service, the noncontrolling ownership interest of $38 million was reclassified from Redeemable stock of subsidiaries to Noncontrolling interests on the Condensed Consolidated Balance Sheets. See Note 11—Redeemable Stock of Subsidiaries for further information. Subsequently, AES Indiana sold additional noncontrolling interests to the tax equity investor, resulting in a $150 million increase to NCI. AES Indiana is reported in the Utilities SBU reportable segment. Chile Renovables — In December 2023, Chile Renovables issued $275 million of preferred shares to Global Infrastructure Management, LLC (“GIP”), the proceeds of which are being used to fund the development of an additional pipeline of renewables projects. Under the terms of the operating agreement, GIP receives an escalating specified internal rate of return up until the point the projects reach commercial operations. As each project reaches commercial operations, the preferred shares convert to common stock and GIP may make additional contributions to maintain its 49% ownership interest. In February 2025, the Andes Solar 2a BESS project reached commercial operations. The preferred shares were converted to common stock and GIP made additional contributions of $14 million, resulting in an increase to NCI of $17 million and a decrease to additional paid-in capital of $3 million. As the Company maintained control after these transactions, Chile Renovables continues to be consolidated by the Company within the Renewables SBU reportable segment. The following table summarizes the net income (loss) attributable to The AES Corporation and all transfers (to) from noncontrolling interests for the periods indicated (in millions):
|  | Six Months Ended June 30,
|  | 2026 |  | 2025
Net income attributable to The AES Corporation |  | $ | 913 |  |  | $ | (49) |
Transfers (to) from noncontrolling interest: |  |  |  |
Increase (decrease) in The AES Corporation's paid-in capital for sale of subsidiary shares |  | (6) |  |  | 184 |
Additional paid-in-capital transferred to redeemable stock of subsidiaries (1) |  | — |  |  | (188) |
Decrease in The AES Corporation's paid-in capital for acquisition of subsidiary shares |  | (1) |  |  | (26) |
Net transfers (to) from noncontrolling interest |  | (7) |  |  | (30) |
Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests |  | $ | 906 |  |  | $ | (79) |
_____________________________ (1)See Note 11—Redeemable Stock of Subsidiaries for further information on increase in paid-in capital transferred to redeemable stock of subsidiaries. Accumulated Other Comprehensive Loss — The following table summarizes the changes in AOCL by component, net of tax and NCI, for the six months ended June 30, 2026 (in millions):
| Foreign currency translation adjustments, net |  | Change in fair value of derivatives, net |  | Pension adjustments, net |  | Change in fair value option liabilities, net |  | Total
Balance at the beginning of the period | $ | (1,168) |  |  | $ | 483 |  |  | $ | (16) |  |  | $ | 3 |  |  | $ | (698) |
Other comprehensive income before reclassifications | 13 |  |  | 88 |  |  | — |  |  | — |  |  | 101 |
Amount reclassified to earnings | — |  |  | (7) |  |  | — |  |  | — |  |  | (7) |
Other comprehensive income | 13 |  |  | 81 |  |  | — |  |  | — |  |  | 94 |
Reclassification from NCI due to share repurchases | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Balance at the end of the period | $ | (1,155) |  |  | $ | 565 |  |  | $ | (16) |  |  | $ | 3 |  |  | $ | (603) |
Reclassifications out of AOCL are presented in the following table. The Company’s accounting policy for releasing the income tax effects from AOCL occurs on a portfolio basis. Amounts for the periods indicated are in millions and those in parentheses indicate debits to the Condensed Consolidated Statements of Operations:
AOCL Components |  | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Change in fair value of derivatives, net |  |  |  |  |  |  |  |
|  | Non-regulated revenue |  | $ | 4 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |
|  | Non-regulated cost of sales |  | (2) |  |  | 1 |  |  | (4) |  |  | 2 |
|  | Interest expense |  | — |  |  | (6) |  |  | (2) |  |  | 10 |
|  | Foreign currency transaction losses |  | 1 |  |  | 2 |  |  | 3 |  |  | 5 |
|  | Income (loss) from continuing operations before taxes and equity in earnings of affiliates |  | 3 |  |  | (3) |  |  | 2 |  |  | 17 |
|  | Income tax benefit (expense) |  | (1) |  |  | (6) |  |  | (2) |  |  | (12) |
|  | Net income (loss) |  | 2 |  |  | (9) |  |  | — |  |  | 5 |
|  | Less: Net loss attributable to noncontrolling interests and redeemable stock of subsidiaries |  | 1 |  |  | 3 |  |  | 7 |  |  | 4 |
|  | Net income (loss) attributable to The AES Corporation |  | $ | 3 |  |  | $ | (6) |  |  | $ | 7 |  |  | $ | 9 |
Common Stock Dividends — The Parent Company paid dividends of $0.17595 per outstanding share to its common stockholders during the first and second quarters of 2026 for dividends declared in December 2025 and February 2026. On July 9, 2026, the Board of Directors declared a quarterly common stock dividend of $0.17595 per share payable on August 14, 2026 to shareholders of record at the close of business on July 31, 2026.

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