NYSE : AES
The AES Corporation — Financial statements
Utilities · Utilities - Diversified · United States
Last price 14.875 USD (Nov 2, 2026, 10:45 AM EST) · Market cap 10.61B
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Financial statements
The AES Corporation (AES) reported revenue of 13.05B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 13.05B | 12.23B | 12.28B | 12.67B | 12.62B | 11.14B |
| Selling, General & Admin | 205.00M | 227.00M | 288.00M | 255.00M | 207.00M | 166.00M |
| Other Operating Expenses | 10.41B | 9.99B | 9.97B | 10.18B | 10.06B | 8.41B |
| Total Operating Expenses | 10.62B | 10.21B | 10.26B | 10.43B | 10.27B | 8.57B |
| Operating Income | 2.44B | 2.02B | 2.02B | 2.24B | 2.35B | 2.57B |
| Interest Expense | -1.43B | -1.41B | -1.49B | -1.32B | -1.12B | -911.00M |
| Interest Income | 284.00M | 292.00M | 385.00M | 557.00M | 392.00M | 299.00M |
| Net Interest Expense | -1.15B | -1.11B | -1.10B | -762.00M | -725.00M | -612.00M |
| Income (Loss) on Equity Investments | -41.00M | -55.00M | -26.00M | -32.00M | -71.00M | -24.00M |
| Currency Exchange Gain (Loss) | -82.00M | -79.00M | 31.00M | -359.00M | -77.00M | -10.00M |
| Allowance for Equity Funds for Construction | 7.00M | 3.00M | 10.00M | 14.00M | ||
| Other Non-Operating Income (Expenses) | -106.00M | -306.00M | -35.00M | -12.00M | 14.00M | -15.00M |
| EBT Excluding Unusual Items | 1.06B | 466.00M | 896.00M | 1.09B | 1.49B | 1.91B |
| Restructuring Charges | 49.00M | -54.00M | ||||
| Impairment of Goodwill | -12.00M | -777.00M | ||||
| Gain (Loss) on Sale of Investments | 171.00M | 123.00M | -62.00M | -226.00M | -224.00M | 254.00M |
| Gain (Loss) on Sale of Assets | -37.00M | 44.00M | 342.00M | 104.00M | -22.00M | -1.67B |
| Asset Writedown | -422.00M | -450.00M | -312.00M | -841.00M | -687.00M | -1.57B |
| Insurance Settlements | 2.00M | 2.00M | 12.00M | 6.00M | 12.00M | |
| Legal Settlements | -8.00M | -6.00M | 2.00M | -2.00M | 51.00M | |
| Other Unusual Items | -90.00M | -105.00M | -8.00M | -47.00M | -27.00M | -50.00M |
| Pretax Income | 708.00M | 20.00M | 868.00M | 72.00M | -240.00M | -1.09B |
| Income Tax Expense | -378.00M | -181.00M | 59.00M | 261.00M | 265.00M | -133.00M |
| Earnings From Continuing Ops. | 1.09B | 201.00M | 809.00M | -189.00M | -505.00M | -955.00M |
| Earnings From Discontinued Ops. | -39.00M | -39.00M | -7.00M | 7.00M | 4.00M | |
| Net Income to Company | 1.05B | 162.00M | 802.00M | -182.00M | -505.00M | -951.00M |
| Minority Interest in Earnings | 825.00M | 748.00M | 877.00M | 431.00M | -41.00M | 542.00M |
| Net Income | 1.87B | 910.00M | 1.68B | 249.00M | -546.00M | -409.00M |
| Preferred Dividends & Other Adjustments | 10.00M | |||||
| Net Income to Common | 1.87B | 900.00M | 1.68B | 249.00M | -546.00M | -409.00M |
| Shares Outstanding (Basic) | 713.50M | 712.00M | 706.00M | 669.00M | 668.00M | 666.00M |
| Shares Outstanding (Diluted) | 715.50M | 714.00M | 713.00M | 712.00M | 668.00M | 666.00M |
| EPS (Basic) | 2.62 | 1.26 | 2.38 | 0.37 | -0.82 | -0.61 |
| EPS (Diluted) | 2.61 | 1.26 | 2.36 | 0.35 | -0.82 | -0.61 |
| Free Cash Flow | -1.72B | -1.62B | -4.64B | -4.69B | -1.84B | -214.00M |
| Free Cash Flow Per Share | -2.40 | -2.27 | -6.51 | -6.59 | -2.75 | -0.32 |
| Dividend Per Share | 0.70 | 0.70 | 0.69 | 0.67 | 0.64 | 0.61 |
| Profit Margin | 14.34% | 7.36% | 13.68% | 1.97% | -4.33% | -3.67% |
| Free Cash Flow Margin | -13.18% | -13.27% | -37.79% | -37.02% | -14.55% | -1.92% |
| EBITDA | 4.07B | 3.48B | 3.28B | 3.38B | 3.42B | 3.62B |
| EBITDA Margin | 31.18% | 28.41% | 26.71% | 26.71% | 27.09% | 32.51% |
| D&A For EBITDA | 1.63B | 1.46B | 1.26B | 1.15B | 1.07B | 1.06B |
| EBIT | 2.44B | 2.02B | 2.02B | 2.24B | 2.35B | 2.57B |
| EBIT Margin | 18.67% | 16.50% | 16.42% | 17.66% | 18.59% | 23.03% |
| Effective Tax Rate | 6.80% | 362.50% | ||||
| Revenue as Reported | 13.05B | 12.23B | 12.28B | 12.67B | 12.62B | 11.14B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.80B | 1.38B | 1.52B | 1.43B | 1.37B | 943.00M |
| Short-Term Investments | 53.00M | 174.00M | 79.00M | 395.00M | 730.00M | 232.00M |
| Accounts Receivable | 1.93B | 1.68B | 1.65B | 1.42B | 1.80B | 1.42B |
| Other Receivables | 69.00M | 69.00M | 85.00M | 95.00M | 107.00M | 184.00M |
| Inventory | 618.00M | 612.00M | 593.00M | 712.00M | 1.05B | 604.00M |
| Prepaid Expenses | 101.00M | 192.00M | 157.00M | 177.00M | 98.00M | 142.00M |
| Restricted Cash | 530.00M | 691.00M | 437.00M | 370.00M | 536.00M | 304.00M |
| Loans Receivable Current | 96.00M | 107.00M | ||||
| Other Current Assets | 1.20B | 1.59B | 2.31B | 2.05B | 1.94B | 1.53B |
| Total Current Assets | 6.40B | 6.50B | 6.83B | 6.65B | 7.64B | 5.36B |
| Property, Plant & Equipment | 40.66B | 38.19B | 33.54B | 30.34B | 23.39B | 20.18B |
| Regulatory Assets | 698.00M | 724.00M | 834.00M | |||
| Goodwill | 342.00M | 342.00M | 345.00M | 348.00M | 362.00M | 1.18B |
| Other Intangible Assets | 2.03B | 2.04B | 1.95B | 2.24B | 1.84B | 1.45B |
| Long-Term Investments | 885.00M | 1.00B | 1.12B | 941.00M | 952.00M | 1.08B |
| Long-Term Loans Receivable | 710.00M | 755.00M | ||||
| Long-Term Deferred Tax Assets | 356.00M | 397.00M | 365.00M | 396.00M | 319.00M | 409.00M |
| Long-Term Accounts Receivable | 193.00M | 57.00M | ||||
| Other Long-Term Assets | 2.85B | 2.54B | 3.26B | 2.99B | 3.13B | 2.42B |
| Total Assets | 54.24B | 51.77B | 47.41B | 44.80B | 38.36B | 32.96B |
| Accounts Payable | 2.17B | 1.98B | 1.65B | 2.20B | 1.73B | 1.15B |
| Accrued Expenses | 2.11B | 2.44B | 1.46B | 1.59B | 1.62B | 1.48B |
| Short-Term Debt | 826.00M | 616.00M | 917.00M | 974.00M | 662.00M | |
| Current Portion of Long-Term Debt | 3.46B | 3.09B | 3.57B | 4.12B | 1.75B | 1.36B |
| Current Portion of Leases | 57.00M | 44.00M | 45.00M | 32.00M | 26.00M | |
| Current Income Taxes Payable | 117.00M | 71.00M | 103.00M | 104.00M | 133.00M | |
| Other Current Liabilities | 11.00M | 193.00M | 854.00M | 692.00M | 586.00M | 578.00M |
| Total Current Liabilities | 8.58B | 8.49B | 8.57B | 9.73B | 6.49B | 4.73B |
| Long-Term Debt | 28.66B | 26.07B | 24.88B | 22.48B | 21.57B | 17.20B |
| Long-Term Leases | 1.11B | 945.00M | 649.00M | 543.00M | 422.00M | |
| Long-Term Deferred Tax Liabilities | 1.60B | 1.58B | 1.49B | 1.25B | 1.14B | 977.00M |
| Other Long-Term Liabilities | 2.58B | 2.59B | 2.88B | 3.24B | 2.79B | 3.80B |
| Total Liabilities | 41.41B | 39.84B | 38.76B | 37.35B | 32.54B | 27.14B |
| Total Preferred Equity | 838.00M | 838.00M | 838.00M | |||
| Common Stock | 9.00M | 9.00M | 9.00M | 8.00M | 8.00M | 8.00M |
| Additional Paid-In Capital | 5.89B | 5.90B | 5.91B | 6.36B | 6.69B | 7.11B |
| Retained Earnings | 1.43B | 641.00M | 293.00M | -1.39B | -1.64B | -1.09B |
| Treasury Stock | -1.78B | -1.79B | -1.80B | -1.81B | -1.82B | -1.84B |
| Comprehensive Income & Other | -603.00M | -698.00M | -766.00M | -1.51B | -1.64B | -2.22B |
| Total Common Equity | 4.94B | 4.06B | 3.64B | 1.65B | 1.60B | 1.96B |
| Minority Interest | 7.88B | 7.87B | 5.00B | 4.96B | 3.39B | 3.03B |
| Shareholders' Equity | 12.82B | 11.93B | 8.64B | 7.45B | 5.83B | 5.82B |
| Total Liabilities & Equity | 54.24B | 51.77B | 47.41B | 44.80B | 38.36B | 32.96B |
| Total Debt | 32.94B | 30.94B | 30.35B | 28.28B | 24.56B | 19.01B |
| Net Cash (Debt) | -31.09B | -29.39B | -28.75B | -26.45B | -22.46B | -17.84B |
| Net Cash Per Share | -43.45 | -41.16 | -40.32 | -37.16 | -33.62 | -26.78 |
| Filing Date Shares Outstanding | 713.44M | 712.56M | 711.90M | 710.29M | 668.82M | 667.40M |
| Total Common Shares Outstanding | 713.16M | 712.20M | 711.07M | 669.69M | 668.74M | 666.79M |
| Working Capital | -2.17B | -1.99B | -1.74B | -3.08B | 1.15B | 624.00M |
| Book Value Per Share | 6.93 | 5.70 | 5.12 | 2.46 | 2.39 | 2.94 |
| Tangible Book Value | 2.57B | 1.68B | 1.35B | -941.00M | -604.00M | -667.00M |
| Tangible Book Value Per Share | 3.60 | 2.36 | 1.90 | -1.41 | -0.90 | -1.00 |
| Land | 645.00M | 610.00M | 522.00M | 470.00M | 426.00M | |
| Buildings | 1.31B | 1.23B | 1.24B | 1.20B | 1.55B | |
| Machinery | 35.97B | 30.16B | 27.91B | 24.48B | 23.27B | |
| Construction In Progress | 7.89B | 8.43B | 7.85B | 4.62B | 2.41B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.87B | 910.00M | 1.68B | 249.00M | -546.00M | -409.00M |
| Depreciation & Amortization | 1.63B | 1.46B | 1.26B | 1.15B | 1.07B | 1.06B |
| Loss (Gain) on Sale of Assets | -198.00M | -58.00M | -351.00M | -134.00M | 9.00M | 1.68B |
| Loss (Gain) on Sale of Investments | -123.00M | -123.00M | 62.00M | 226.00M | -254.00M | |
| Asset Writedown | 597.00M | 460.00M | 312.00M | 853.00M | 1.72B | 1.57B |
| Change in Accounts Receivable | -102.00M | 130.00M | -361.00M | 161.00M | -532.00M | -170.00M |
| Change in Inventory | -1.00M | 6.00M | 86.00M | 306.00M | -417.00M | -93.00M |
| Change in Accounts Payable | 297.00M | 215.00M | -40.00M | -132.00M | 470.00M | -251.00M |
| Change in Income Taxes | -282.00M | -100.00M | -134.00M | -109.00M | -51.00M | -271.00M |
| Change in Unearned Revenue | -314.00M | |||||
| Change in Other Net Operating Assets | 237.00M | -52.00M | 357.00M | 84.00M | 241.00M | -263.00M |
| Other Operating Activities | -210.00M | 433.00M | -342.00M | 383.00M | 754.00M | -387.00M |
| Operating Cash Flow | 5.03B | 4.31B | 2.75B | 3.03B | 2.71B | 1.90B |
| Capital Expenditures | -6.75B | -5.93B | -7.39B | -7.72B | -4.55B | -2.12B |
| Cash Acquisitions | -17.00M | -108.00M | -246.00M | -542.00M | -243.00M | -658.00M |
| Divestitures | 336.00M | 108.00M | 423.00M | 254.00M | 1.00M | 95.00M |
| Investment in Securities | 1.00M | -111.00M | -125.00M | 203.00M | -526.00M | -10.00M |
| Other Investing Activities | -159.00M | -170.00M | -360.00M | -379.00M | -517.00M | -362.00M |
| Investing Cash Flow | -6.59B | -6.21B | -7.70B | -8.19B | -5.84B | -3.05B |
| Short-Term Debt Issued | 79.00M | |||||
| Long-Term Debt Issued | 10.53B | 15.49B | 13.02B | 11.41B | 4.45B | |
| Total Debt Issued | 11.33B | 10.61B | 15.49B | 13.02B | 11.41B | 4.45B |
| Long-Term Debt Repaid | -10.04B | -10.70B | -9.28B | -7.86B | -4.46B | |
| Net Debt Issued (Repaid) | 1.87B | 565.00M | 4.79B | 3.74B | 3.55B | -5.00M |
| Common Dividends Paid | -502.00M | -501.00M | -483.00M | -444.00M | -422.00M | -401.00M |
| Other Financing Activities | 387.00M | 1.91B | 657.00M | 2.10B | 628.00M | 189.00M |
| Financing Cash Flow | 1.75B | 1.98B | 4.96B | 5.41B | 3.76B | 797.00M |
| Foreign Exchange Rate Adjustments | -26.00M | -27.00M | -63.00M | -270.00M | -56.00M | -46.00M |
| Miscellaneous Cash Flow Adjustments | 13.00M | 79.00M | 97.00M | -78.00M | 22.00M | 55.00M |
| Net Cash Flow | 182.00M | 123.00M | 49.00M | -97.00M | 603.00M | -343.00M |
| Free Cash Flow | -1.72B | -1.62B | -4.64B | -4.69B | -1.84B | -214.00M |
| Free Cash Flow Margin | -13.18% | -13.27% | -37.79% | -37.02% | -14.55% | -1.92% |
| Free Cash Flow Per Share | -2.40 | -2.27 | -6.51 | -6.59 | -2.75 | -0.32 |
| Levered Free Cash Flow | -3.09B | -3.09B | -6.71B | -4.73B | -3.33B | -760.62M |
| Unlevered Free Cash Flow | -2.19B | -2.21B | -5.78B | -3.91B | -2.63B | -191.25M |
| Cash Interest Paid | 1.23B | 1.21B | 1.27B | 1.32B | 928.00M | 815.00M |
| Cash Income Tax Paid | 293.00M | 227.00M | 345.00M | 301.00M | 271.00M | 459.00M |
| Change in Working Capital | 149.00M | 199.00M | -92.00M | 310.00M | -289.00M | -1.36B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.63B | 10.21B | 9.15B | 12.89B | 19.21B | 16.20B |
| Enterprise Value | 41.72B | 47.01B | 42.57B | 42.72B | 43.28B | 38.89B |
| PE Ratio | 5.71 | 11.35 | 5.45 | 51.77 | ||
| PS Ratio | 0.81 | 0.83 | 0.74 | 1.02 | 1.52 | 1.45 |
| PB Ratio | 2.15 | 0.86 | 1.06 | 1.73 | 3.30 | 2.78 |
| P/OCF Ratio | 2.11 | 2.37 | 3.33 | 4.25 | 7.08 | 8.52 |
| EV/Sales Ratio | 3.20 | 3.84 | 3.47 | 3.37 | 3.43 | 3.49 |
| EV/EBITDA Ratio | 10.25 | 13.53 | 12.98 | 12.62 | 12.66 | 10.74 |
| EV/EBIT Ratio | 17.12 | 23.30 | 21.12 | 19.09 | 18.45 | 15.16 |
| Debt / Equity Ratio | 2.57 | 2.59 | 3.51 | 3.80 | 4.22 | 3.27 |
| Debt / EBITDA Ratio | 7.95 | 8.72 | 9.05 | 8.19 | 7.03 | 5.17 |
| Net Debt / Equity Ratio | 2.42 | 2.46 | 3.33 | 3.55 | 3.85 | 3.06 |
| Net Debt / EBITDA Ratio | 7.64 | 8.46 | 8.77 | 7.82 | 6.57 | 4.92 |
| Net Debt / FCF Ratio | -18.08 | -18.11 | -6.20 | -5.64 | -12.23 | -83.36 |
| Quick Ratio | 0.45 | 0.39 | 0.39 | 0.34 | 0.62 | 0.59 |
| Current Ratio | 0.75 | 0.77 | 0.80 | 0.68 | 1.18 | 1.13 |
| Asset Turnover | 0.25 | 0.25 | 0.27 | 0.30 | 0.35 | 0.33 |
| Return on Equity (ROE) | 9.57% | 1.95% | 10.05% | -2.85% | -8.67% | -16.73% |
| Return on Assets (ROA) | 2.96% | 2.54% | 2.73% | 3.36% | 4.11% | 4.75% |
| Return on Capital Employed (ROCE) | 5.30% | 4.70% | 5.20% | 6.40% | 7.40% | 9.10% |
| Earnings Yield | 17.53% | 8.91% | 18.35% | 1.93% | -2.84% | -2.53% |
| FCF Yield | -16.18% | -15.89% | -50.70% | -36.38% | -9.56% | -1.32% |
| Dividend Yield | 4.72% | 4.91% | 5.39% | 3.48% | 2.23% | 2.51% |
| Payout Ratio | 26.95% | 55.05% | 28.77% | 178.31% | ||
| Buyback Yield / Dilution | -0.42% | -0.14% | -0.14% | -6.59% | -0.30% | 0.30% |
| Total Shareholder Return | 4.30% | 4.77% | 5.25% | -3.10% | 1.93% | 2.81% |