Revenue growth remains highly inconsistent, fluctuating from a 19.8% increase in 2026Q1 to an 11.3% contraction in 2025Q4, indicating that hydrological cycles continue to drive significant top-line instability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Revenue | 43.34B | 41.28B | 40.18B | 37.16B | 34.07B | 34.63B | 25.4B | 29.04B | 26.21B | 29.44B | 50.4B | 32.18B | 30.14B | 23.84B | 28.01B | 29.21B | 26.83B | 24.83B | 28.97B | 25.16B | 21.98B | 17.87B | 18.17B |
| Revenue Growth % | 3.5% | 2.74% | 8.13% | 9.05% | -1.6% | 36.32% | -12.54% | 10.79% | -10.96% | -41.58% | 56.62% | 6.78% | 26.44% | -14.92% | -4.1% | 8.87% | 8.06% | -14.28% | 15.13% | 14.45% | 23.04% | -1.65% | - |
| Cost of Revenue | 4.59B | 5.04B | 5.95B | 5.52B | 4.83B | 4.17B | 3.31B | 6.78B | 5.54B | 9.46B | 8.94B | 16.99B | 16.33B | 12.12B | 10.45B | 9.25B | 8.87B | 4.7B | 7.95B | 5.68B | 4.34B | 5.44B | 9.02B |
| Gross Profit | 38.75B | 36.25B | 34.23B | 31.63B | 29.24B | 30.46B | 22.09B | 22.26B | 20.68B | 19.98B | 41.46B | 15.19B | 13.81B | 11.72B | 17.56B | 19.96B | 17.96B | 20.13B | 21.02B | 19.48B | 17.64B | 12.43B | 9.15B |
| Gross Margin % | 89.41% | 87.8% | 85.2% | 85.13% | 85.82% | 87.97% | 86.97% | 76.66% | 78.88% | 67.87% | 82.26% | 47.2% | 45.82% | 49.17% | 62.7% | 68.34% | 66.92% | 81.07% | 72.57% | 77.44% | 80.26% | 69.58% | 50.37% |
| Gross Profit Growth % | - | 5.87% | 8.22% | 8.18% | -4% | 37.89% | -0.78% | 7.67% | 3.49% | -51.81% | 172.96% | 9.98% | 17.84% | -33.28% | -12.01% | 11.16% | -10.8% | -4.24% | 7.9% | 10.42% | 41.93% | 35.86% | - |
| Operating Expenses | 22.49B | 22.96B | 21.67B | 20.77B | 22.93B | 20.68B | 15.88B | 13.66B | 4.31B | 16.45B | 24.63B | 25.65B | 17.65B | 17.1B | 17.2B | 16.14B | 14.22B | 20.13B | 14.8B | 15.19B | 11.26B | 8B | 4.34B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 20.95B | 17.87B | 16.55B | 14.49B | 9B | 11.23B | 7.46B | 10.41B | 18.06B | 5.05B | 18.4B | -8.62B | -2.07B | -3.87B | 2.06B | 5.55B | 5.33B | 7.29B | 10.03B | 7.15B | 9.75B | 6.33B | 6.55B |
| EBITDA Margin % | 48.34% | 43.28% | 41.19% | 38.99% | 26.42% | 32.42% | 29.38% | 35.84% | 68.91% | 17.15% | 36.5% | -26.79% | -6.86% | -16.23% | 7.36% | 18.98% | 19.88% | 29.34% | 34.63% | 28.4% | 44.34% | 35.42% | 36.08% |
| EBITDA Growth % | 28.49% | 7.95% | 14.25% | 60.92% | -19.81% | 50.45% | -28.31% | -42.38% | 257.69% | -72.55% | 313.34% | -317.33% | 46.58% | -287.64% | -62.83% | 3.96% | -26.8% | -27.36% | 40.38% | -26.68% | 54% | -3.44% | - |
| Depreciation & Amortization | 4.69B | 4.58B | 3.99B | 3.62B | 2.69B | 1.44B | 1.26B | 1.81B | 1.7B | 1.52B | 1.56B | 1.84B | 1.78B | 1.51B | 1.7B | 1.72B | 1.59B | 3.48B | 3.81B | 2.85B | 3.36B | 1.9B | 1.74B |
| D&A / Revenue % | 10.83% | 11.09% | 9.92% | 9.75% | 7.9% | 4.17% | 4.94% | 6.22% | 6.49% | 5.18% | 3.1% | 5.73% | 5.9% | 6.34% | 6.07% | 5.9% | 5.93% | 14% | 13.15% | 11.33% | 15.3% | 10.64% | 9.6% |
| Operating Income (EBIT) | 16.26B | 13.29B | 12.56B | 10.87B | 6.31B | 9.78B | 6.21B | 8.6B | 16.36B | 3.53B | 16.83B | -10.47B | -3.84B | -5.38B | 361.38M | 3.82B | 3.74B | 3.81B | 6.22B | 4.3B | 6.38B | 4.43B | 4.81B |
| Operating Margin % | 37.51% | 32.19% | 31.27% | 29.24% | 18.53% | 28.25% | 24.43% | 29.61% | 62.42% | 11.98% | 33.4% | -32.52% | -12.75% | -22.57% | 1.29% | 13.08% | 13.94% | 15.34% | 21.48% | 17.07% | 29.03% | 24.78% | 26.48% |
| Operating Income Growth % | - | 5.78% | 15.63% | 72.13% | -35.48% | 57.64% | -27.84% | -47.44% | 364% | -79.05% | 260.83% | -172.29% | 28.55% | -1588.56% | -90.54% | 2.14% | -1.79% | -38.78% | 44.88% | -32.71% | 44.17% | -7.96% | - |
| Interest Expense | 4M | 6.02B | 6.12B | 6.46B | 4.71B | 2.8B | 810.93M | 1.27B | 4.27B | 4.6B | 7.28B | 9.05B | 4.7B | 2.86B | 1.9B | 2.25B | 1.91B | 6.51B | 3.16B | 2.1B | 2.3B | 1.88B | 1.54B |
| Interest Coverage | - | -0.16x | 2.74x | 1.27x | 1.71x | 4.94x | 11.71x | 8.53x | 4.73x | 1.39x | 3.09x | -0.51x | -0.15x | -0.88x | -2.94x | 2.93x | 3.18x | -0.03x | 3.61x | 1.69x | 1.66x | 1.82x | 2.56x |
| Interest / Revenue % | 0.01% | 14.57% | 15.22% | 17.39% | 13.81% | 8.1% | 3.19% | 4.36% | 16.29% | 15.63% | 14.45% | 28.11% | 15.6% | 11.99% | 6.78% | 7.7% | 7.1% | 26.21% | 10.91% | 8.37% | 10.46% | 10.51% | 8.46% |
| Non-Operating Income | -2M | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | -3.68B | -6.98B | 10.62B | 1.73B | 3.35B | 11.06B | 6.64B | 7.22B | 17.22B | 2.96B | 18.82B | -11.21B | -4.46B | -4.82B | -7.27B | 4.54B | 4.05B | -2.51B | 11.39B | 1.45B | 1.53B | 1.55B | 2.39B |
| Pretax Margin % | -8.49% | -16.91% | 26.43% | 4.65% | 9.82% | 31.94% | 26.16% | 24.85% | 65.69% | 10.05% | 37.33% | -34.83% | -14.79% | -20.24% | -25.96% | 15.54% | 15.08% | -10.12% | 39.3% | 5.78% | 6.95% | 8.65% | 13.16% |
| Income Tax | -13.17B | -13.54B | 240.03M | -3B | 695.61M | 5.26B | 378.86M | -630.66M | 2.56B | 1.51B | 8.51B | 710.11M | 1.7B | 1.37B | -490.64M | 776.8M | 1.49B | -730.26M | 3.54B | 814.45M | 567.54M | 603.01M | 1.2B |
| Effective Tax Rate % | 358.02% | 193.98% | 2.26% | -173.49% | 20.78% | 47.57% | 5.7% | -8.74% | 14.88% | 51.07% | 45.23% | -6.34% | -38.15% | -28.33% | 6.75% | 17.11% | 36.92% | 29.06% | 31.05% | 56.02% | 37.17% | 39.01% | 50.39% |
| Net Income | 9.49B | 6.56B | 10.38B | 4.55B | 3.64B | 5.65B | 6.39B | 11.2B | 14.47B | -1.76B | 3.43B | -11.41B | -6.23B | -6.19B | -6.74B | 3.73B | 2.25B | -1.63B | 7.99B | 655.13M | 1.03B | 946.96M | 1.18B |
| Net Margin % | 21.9% | 15.89% | 25.83% | 12.24% | 10.67% | 16.31% | 25.15% | 38.55% | 55.18% | -5.99% | 6.8% | -35.44% | -20.66% | -25.96% | -24.04% | 12.78% | 8.38% | -6.58% | 27.58% | 2.6% | 4.67% | 5.3% | 6.49% |
| Net Income Growth % | -2.11% | -36.8% | 128.1% | 25.15% | -35.61% | -11.6% | -42.95% | -22.61% | 920.19% | -151.48% | 130.04% | -83.18% | -0.63% | 8.14% | -280.44% | 66.05% | 237.61% | -120.45% | 1119.47% | -36.16% | 8.38% | -19.75% | - |
| EPS (Diluted) | 4.19 | 2.27 | 4.50 | 2.15 | 1.33 | 3.54 | 4.08 | 5.01 | 9.72 | -1.30 | 2.45 | -8.43 | -4.60 | -4.57 | -5.08 | 3.02 | 1.89 | 0.70 | 5.93 | 1.24 | 0.81 | 0.84 | 0.00 |
| EPS Growth % | -2.82% | -49.56% | 109.3% | 61.65% | -62.43% | -13.24% | -18.56% | -48.46% | 847.69% | -153.06% | 129.06% | -83.26% | -0.66% | 10.04% | -268.21% | 59.79% | 170% | -88.2% | 378.23% | 53.09% | -3.57% | - | - |
| EPS (Basic) | - | 2.29 | 4.56 | 2.28 | 1.35 | 3.60 | 4.14 | 3.64 | 9.79 | -1.30 | 2.48 | -8.43 | -4.60 | -4.57 | -5.09 | 3.02 | 1.89 | 0.70 | 5.93 | 1.24 | 0.81 | 0.84 | 1.10 |
| Diluted Shares Outstanding | 2.27B | 2.25B | 2.25B | 2.27B | 1.99B | 1.59B | 1.55B | 1.58B | 1.35B | 1.35B | 1.37B | 1.35B | 1.35B | 1.35B | 1.35B | 1.35B | 1.13B | 1.13B | 1.13B | 1.13B | 1.13B | 1.13B | 0 |
Elevated due to regulatory and hydrological volatility
As reported in recent financial statements, AXIA's revenue trajectory remains inconsistent, fluctuating from a 19.8% growth rate in 2026Q1 to an 11.3% contraction in 2025Q4, suggesting that the company's reliance on hydrological cycles and regulatory adjustments creates significant top-line instability rather than predictable, rate-base-driven growth.
The revenue volatility appears to be heavily influenced by the interplay between fixed transmission RAP mechanisms and the transactional nature of generation assets exposed to spot market pricing. Investors should monitor whether the recent revenue expansion is sustainable or merely a reflection of temporary tariff adjustments that may not translate into long-term earnings power.
Based on AXIA's reported figures, the operating margin has experienced extreme variance, swinging from a negative 84.2% in 2025Q3 to a peak of 136.8% in 2025Q4, which indicates that the company's cost structure is highly sensitive to non-recurring items and potential GSF-related spot market exposure.
The wide swings in operating margins suggest that the company's legacy cost base, including significant personnel and pension obligations, is not yet fully optimized for a private-sector model. This lack of margin consistency warrants further investigation into whether the company can effectively pass through fuel and power costs without incurring working capital strain.
According to recent SEC filings, AXIA's net income has been characterized by extreme volatility, including a net loss of $5.4B in 2025Q3 followed by a $13.7B profit in 2025Q4, suggesting that reported EPS is heavily influenced by accounting noise rather than core regulated earnings power.
The presence of significant financial income, likely tied to RBSE receivables and IFRIC 12 construction accounting, obscures the underlying profitability of the utility's core operations. Analysts should be cautious in interpreting these headline figures as they may not reflect the sustainable cash-generating capacity of the transmission and generation assets.
Financial data suggests that AXIA's reported earnings may be masking underlying structural challenges, as the company's reliance on non-cash financial income and potential decommissioning liabilities for nuclear assets remains largely opaque, potentially overstating the quality of earnings in the current regulatory environment.
The income statement fails to clearly delineate the impact of potential regulatory revisions to the 'descotização' process, which could fundamentally alter long-term cash flows. Furthermore, the reported debt-to-equity ratio appears inconsistent with the capital-intensive nature of the utility sector, suggesting that the balance sheet may be hiding significant leverage or reporting discrepancies.
Quick answers to the most common questions about buying AXIA stock.
For fiscal year 2025, AXIA Energia S.A. (AXIA) reported total revenue of $41.28B. This represents a 127.2% increase compared to $18.17B in 2004.
AXIA Energia S.A. (AXIA) is profitable, generating $6.56B in net income for the fiscal year ending 2025 with a net profit margin of 15.9%.
AXIA Energia S.A. (AXIA) reported an operating income of $13.29B, resulting in an operating profit margin of 32.2%. This margin reflects the operational efficiency of the business before interest and taxes.
AXIA Energia S.A. (AXIA) generated $36.25B in gross profit for the year, representing a gross profit margin of 87.8%. This demonstrates the company's core pricing power and production efficiency.