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Side-by-side financial comparison of AES Corporation (AES) and Western Digital (WDC). Click either name above to swap in a different company.
Western Digital is the larger business by last-quarter revenue ($3.3B vs $3.1B, roughly 1.1× AES Corporation). Western Digital runs the higher net margin — 96.0% vs 10.3%, a 85.7% gap on every dollar of revenue. On growth, Western Digital posted the faster year-over-year revenue change (45.5% vs 4.7%). Western Digital produced more free cash flow last quarter ($978.0M vs $-47.0M). Over the past eight quarters, AES Corporation's revenue compounded faster (0.3% CAGR vs -9.7%).
The AES Corporation is an American utility and power generation company. It owns and operates power plants, which it uses to generate and sell electricity to end users and intermediaries like utilities and industrial facilities. AES, headquartered in Arlington, Virginia, is one of the world's leading power companies, generating and distributing electric power in 15 countries and employing 10,500 people worldwide. AES Corporation is a global Fortune 500 power company.
Western Digital Corporation, doing business as WD, is an American data storage company headquartered in San Jose, California. Established in 1970, the company is one of the world's largest manufacturers of hard disk drives (HDDs).
AES vs WDC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2027
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $3.3B |
| Net Profit | $320.0M | $3.2B |
| Gross Margin | 18.8% | 50.2% |
| Operating Margin | -8.7% | 35.7% |
| Net Margin | 10.3% | 96.0% |
| Revenue YoY | 4.7% | 45.5% |
| Net Profit YoY | -42.9% | 516.3% |
| EPS (diluted) | $0.45 | $8.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q3 26 | — | $3.3B | ||
| Q2 26 | — | $3.0B | ||
| Q1 26 | — | $3.0B | ||
| Q4 25 | $3.1B | $2.8B | ||
| Q3 25 | $3.4B | — | ||
| Q2 25 | $2.9B | $-1.2B | ||
| Q1 25 | $2.9B | $2.3B | ||
| Q4 24 | $3.0B | $4.3B |
| Q3 26 | — | $3.2B | ||
| Q2 26 | — | $1.8B | ||
| Q1 26 | — | $1.8B | ||
| Q4 25 | $320.0M | $1.2B | ||
| Q3 25 | $639.0M | — | ||
| Q2 25 | $-95.0M | $282.0M | ||
| Q1 25 | $46.0M | $520.0M | ||
| Q4 24 | $560.0M | $594.0M |
| Q3 26 | — | 50.2% | ||
| Q2 26 | — | 45.7% | ||
| Q1 26 | — | 45.7% | ||
| Q4 25 | 18.8% | 43.5% | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 15.9% | — | ||
| Q1 25 | 15.1% | 39.8% | ||
| Q4 24 | 14.2% | 35.4% |
| Q3 26 | — | 35.7% | ||
| Q2 26 | — | 30.1% | ||
| Q1 26 | — | 30.1% | ||
| Q4 25 | -8.7% | 28.1% | ||
| Q3 25 | 9.8% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | -0.8% | 33.1% | ||
| Q4 24 | 12.3% | 19.9% |
| Q3 26 | — | 96.0% | ||
| Q2 26 | — | 61.1% | ||
| Q1 26 | — | 61.1% | ||
| Q4 25 | 10.3% | 41.9% | ||
| Q3 25 | 19.1% | — | ||
| Q2 25 | -3.3% | -24.4% | ||
| Q1 25 | 1.6% | 22.7% | ||
| Q4 24 | 18.9% | 13.9% |
| Q3 26 | — | $8.20 | ||
| Q2 26 | — | $4.73 | ||
| Q1 26 | — | $4.73 | ||
| Q4 25 | $0.45 | $3.07 | ||
| Q3 25 | $0.89 | — | ||
| Q2 25 | $-0.15 | $0.72 | ||
| Q1 25 | $0.07 | $1.42 | ||
| Q4 24 | $0.78 | $1.63 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.6B | $2.0B |
| Total DebtLower is stronger | — | $1.6B |
| Stockholders' EquityBook value | $4.1B | $9.7B |
| Total Assets | $51.8B | $15.0B |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q3 26 | — | $2.0B | ||
| Q2 26 | — | $2.0B | ||
| Q1 26 | — | $2.0B | ||
| Q4 25 | $1.6B | $2.0B | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | $1.8B | $3.5B | ||
| Q4 24 | $1.6B | $2.3B |
| Q3 26 | — | $1.6B | ||
| Q2 26 | — | $4.7B | ||
| Q1 26 | — | $4.7B | ||
| Q4 25 | — | $4.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $7.3B | ||
| Q4 24 | — | $7.4B |
| Q3 26 | — | $9.7B | ||
| Q2 26 | — | $7.1B | ||
| Q1 26 | — | $7.1B | ||
| Q4 25 | $4.1B | $5.9B | ||
| Q3 25 | $3.9B | — | ||
| Q2 25 | $3.4B | $5.3B | ||
| Q1 25 | $3.5B | $5.2B | ||
| Q4 24 | $3.6B | $12.1B |
| Q3 26 | — | $15.0B | ||
| Q2 26 | — | $15.6B | ||
| Q1 26 | — | $15.6B | ||
| Q4 25 | $51.8B | $14.4B | ||
| Q3 25 | $50.8B | — | ||
| Q2 25 | $48.5B | $14.0B | ||
| Q1 25 | $48.6B | $16.4B | ||
| Q4 24 | $47.4B | $25.5B |
| Q3 26 | — | 0.16× | ||
| Q2 26 | — | 0.65× | ||
| Q1 26 | — | 0.65× | ||
| Q4 25 | — | 0.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.89× | ||
| Q1 25 | — | 1.42× | ||
| Q4 24 | — | 0.61× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.5B | $1.1B |
| Free Cash FlowOCF − Capex | $-47.0M | $978.0M |
| FCF MarginFCF / Revenue | -1.5% | 29.3% |
| Capex IntensityCapex / Revenue | 49.5% | — |
| Cash ConversionOCF / Net Profit | 4.65× | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.6B | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 26 | — | $1.1B | ||
| Q2 26 | — | $745.0M | ||
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $672.0M | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $976.0M | $746.0M | ||
| Q1 25 | $545.0M | $508.0M | ||
| Q4 24 | $1.1B | $403.0M |
| Q3 26 | — | $978.0M | ||
| Q2 26 | — | $653.0M | ||
| Q1 26 | — | — | ||
| Q4 25 | $-47.0M | $599.0M | ||
| Q3 25 | $-511.0M | — | ||
| Q2 25 | $-356.0M | $675.0M | ||
| Q1 25 | $-709.0M | $379.0M | ||
| Q4 24 | $-639.0M | $287.0M |
| Q3 26 | — | 29.3% | ||
| Q2 26 | — | 21.6% | ||
| Q1 26 | — | — | ||
| Q4 25 | -1.5% | 21.3% | ||
| Q3 25 | -15.2% | — | ||
| Q2 25 | -12.5% | -58.5% | ||
| Q1 25 | -24.2% | 16.5% | ||
| Q4 24 | -21.6% | 6.7% |
| Q3 26 | — | — | ||
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 49.5% | 2.6% | ||
| Q3 25 | 54.0% | — | ||
| Q2 25 | 46.7% | -6.2% | ||
| Q1 25 | 42.9% | 5.6% | ||
| Q4 24 | 58.3% | 2.7% |
| Q3 26 | — | 0.35× | ||
| Q2 26 | — | 0.40× | ||
| Q1 26 | — | — | ||
| Q4 25 | 4.65× | 0.57× | ||
| Q3 25 | 2.03× | — | ||
| Q2 25 | — | 2.65× | ||
| Q1 25 | 11.85× | 0.98× | ||
| Q4 24 | 1.94× | 0.68× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AES
| Electric Distribution | $1.0B | 33% |
| Regulated Revenue | $1.0B | 33% |
| Renewables | $786.0M | 25% |
| AES Andes | $225.0M | 7% |
| Corporate Other And Other | $38.0M | 1% |
| Other Expense | $10.0M | 0% |
WDC
Segment breakdown not available.
