AES Corporation

Utilities Independent Power Producers & Energy Traders Arlington, Virginia Last filing Mar 2, 2026 · FY2025

                    Revenue
                    FY2025
                
$12.2B
                    3y CAGR -1.0%
                    
                    P16
                    
                    -0.4%
                    
                    Net income
                    FY2025
                
$910.0M
                    Net margin +7.4%
                    
                    P13
                    
                    -45.8%
                    
                    Total assets
                    FY2025
                
$51.8B
                    ROA +1.8%
                    
                    P6
                    
                    +9.2%
                    
                    Operating cash flow
                    FY2025
                
$4.3B
                    FCF margin -13.3%
                    
                    P42
                    
                    +56.5%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 3 years

Total assets $51.8B

Total liabilities $8.5B

Shareholders equity $4.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	2.7%	3.2%	3.2%
Short Term Investments	0.3%	0.2%	0.9%
Accounts Receivable	3.3%	3.5%	3.2%
Inventory	1.2%	1.3%	1.6%
Prepaid Expenses	0.4%	0.3%	0.4%
Other Current Assets	3.3%	3.2%	3.1%
Total Current Assets	12.6%	14.4%	14.8%
Property,Plant and Equipment	73.1%	70.0%	66.9%
Goodwill	0.7%	0.7%	0.8%
Intangible Assets	3.9%	4.1%	5.0%
Long Term Investments	0.3%	0.2%	0.9%
Other Noncurrent Assets	5.4%	6.2%	7.3%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	3.8%	3.5%	4.9%
Accrued Liabilities	4.3%	2.6%	3.0%
Other Current Liabilities	0.5%	0.8%	1.0%
Total Current Liabilities	16.4%	18.1%	21.7%
Deferred Revenue Noncurrent	0.7%	0.5%	0.7%
Deferred Tax Liabilities	3.1%	4.9%	4.3%
Other Noncurrent Liabilities	5.8%	6.1%	7.0%
Total Liabilities	16.4%	18.1%	21.7%
Equity
Preferred Stock	0.0%	0.0%	1.9%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	11.4%	12.5%	14.2%
Retained Earnings	1.2%	0.6%	-3.1%
Treasury Stock	3.5%	3.8%	4.0%
Accumulated Other Comprehensive Income	-1.3%	-1.6%	-3.4%
Noncontrolling Interest	9.7%	8.6%	7.8%
Total Stockholders Equity	7.8%	7.7%	5.6%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $12.2B

Operating income $949.0M

Net income $910.0M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	23.6%	25.9%	28.3%
Expenses Cost of Revenue	19.4%	21.0%	22.7%
Expenses Selling,General and Administrative	0.5%	0.6%	0.6%
Expenses Depreciation and Amortization	2.8%	2.7%	2.6%
Expenses Share Based Compensation	0.0%	0.0%	0.0%
Expenses Restructuring and Asset Impairment	0.0%	—	—
Other Income Expense Gross Profit	4.3%	4.9%	5.6%
Other Income Expense Operating Income	1.8%	3.6%	0.5%
Other Income Expense Interest Income	0.6%	0.8%	1.2%
Other Income Expense Interest Expense	2.7%	3.1%	2.9%
Other Income Expense Other Income/expense	0.2%	0.0%	0.0%
Other Income Expense Income Before Tax	0.1%	1.9%	0.2%
Income Tax Income Tax Expense	-0.3%	0.1%	0.6%
net Income net Income	1.8%	3.5%	0.6%
net Income Comprehensive Income	1.9%	4.1%	0.9%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.4%	1.5%	1.5%
Earnings Per Share Weighted Average Shares Diluted	1.4%	1.5%	1.6%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 3 years

Operating cash flow $4.3B

Investing cash flow $-6.2B

Financing cash flow $2.0B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	1.8%	3.5%	0.6%
Operating Activities Depreciation and Amortization	2.8%	2.7%	2.6%
Operating Activities Stock Based Compensation	0.0%	0.0%	0.0%
Operating Activities Deferred Income Taxes	0.2%	0.2%	-0.1%
Operating Activities Changes In Operating Assets and Liabilities	-0.2%	0.0%	-1.1%
Operating Activities Other Non Cash Items	-0.1%	0.3%	0.1%
Operating Activities net Cash From Operating Activities	8.3%	5.8%	6.8%
Investing Activities Capital Expenditures	11.5%	15.6%	17.2%
Investing Activities Business Acquisitions	0.2%	0.5%	1.2%
Investing Activities Purchases of Investments	0.4%	1.7%	2.1%
Investing Activities Other Investing Activities	-0.3%	0.3%	0.2%
Investing Activities net Cash From Investing Activities	-12.0%	-16.2%	-18.3%
Financing Activities Proceeds From Debt	7.5%	14.4%	15.9%
Financing Activities Repayment of Debt	10.3%	13.1%	14.0%
Financing Activities Dividends Paid	1.0%	1.0%	1.0%
Financing Activities Other Financing Activities	-0.1%	-0.2%	-0.3%
Financing Activities net Cash From Financing Activities	3.8%	10.5%	12.1%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.1%	-0.1%	-0.6%
Cash Reconciliation net Change In Cash	0.2%	0.1%	-0.2%
Cash Reconciliation Cash At Beginning of Period	4.2%	4.3%	4.4%
Cash Reconciliation Cash At End of Period	4.2%	4.3%	4.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+18.1%	+18.8%	+19.8%
Operating margin	+7.8%	+13.7%	+1.9%
Net margin	+7.4%	+13.7%	+2.0%
FCF margin	-13.3%	-37.8%	-37.0%
Growth
Revenue CAGR (3y)	-1.0%	+3.3%	+9.5%
Returns
ROE	+22.4%	+46.1%	+10.0%
ROA	+1.8%	+3.5%	+0.6%
ROIC	—	—	—
Liquidity
Current ratio	0.77x	0.80x	0.68x
Quick ratio	0.36x	0.37x	0.29x
Leverage
D/E	2.09x	2.35x	3.91x
Interest coverage	0.67x	1.14x	0.18x
Efficiency
Asset turnover	0.24x	0.26x	0.28x
Cash conversion cycle	+0d	+10d	-12d

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AES Corporation

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