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

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 5 years

Total assets $51.8B

Total liabilities $8.5B

Shareholders equity $4.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	+10.0%	+17.4%	+23.0%	+45.7%	—
Short Term Investments	-6.9%	-30.2%	+30.5%	+214.7%	—
Accounts Receivable	+4.4%	+5.1%	+0.1%	+26.9%	—
Inventory	+0.3%	-0.6%	+8.6%	+74.7%	—
Prepaid Expenses	+7.8%	+3.4%	+11.6%	-31.0%	—
Other Current Assets	+17.7%	+19.6%	+24.3%	+70.9%	—
Total Current Assets	+5.0%	+8.4%	+11.4%	+42.7%	—
Property,Plant and Equipment	+17.4%	+18.6%	+22.7%	+15.7%	—
Goodwill	-26.6%	-33.6%	-45.6%	-69.2%	—
Intangible Assets	+8.9%	+10.3%	+24.4%	+27.0%	—
Long Term Investments	-6.9%	-30.2%	+30.5%	+214.7%	—
Other Noncurrent Assets	+6.6%	+10.1%	+22.0%	+36.2%	—
Total Assets	+11.9%	+12.9%	+16.6%	+16.4%	—
Liabilities
Accounts Payable	+14.5%	+12.8%	+38.1%	+50.0%	—
Accrued Liabilities	+16.5%	+1.1%	+5.2%	+78.5%	—
Other Current Liabilities	-1.7%	+9.9%	+22.5%	+25.4%	—
Total Current Liabilities	+15.7%	+21.9%	+43.4%	+37.2%	—
Deferred Revenue Noncurrent	+14.7%	+3.1%	+23.2%	+56.0%	—
Deferred Tax Liabilities	-5.8%	+5.0%	-1.5%	-8.6%	—
Other Noncurrent Liabilities	-2.9%	-5.0%	-3.7%	-5.7%	—
Total Liabilities	+15.7%	+21.9%	+43.4%	+37.2%	—
Equity
Preferred Stock	—	—	+0.0%	+0.0%	—
Common Stock	+3.0%	+4.0%	+0.0%	+0.0%	—
Additional Paid In Capital	-4.5%	-5.9%	-5.4%	-5.9%	—
Retained Earnings	—	—	—	—	—
Treasury Stock	-0.7%	-0.7%	-0.9%	-1.2%	—
Accumulated Other Comprehensive Income	—	—	—	—	—
Noncontrolling Interest	+29.9%	+31.9%	+40.6%	+16.8%	—
Total Stockholders Equity	+9.8%	+9.2%	-5.7%	-12.9%	—
Total Liabilitiesand Equity	+11.9%	+12.9%	+16.6%	+16.4%	—

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $12.2B

Operating income $949.0M

Net income $910.0M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	+2.4%	+3.3%	+6.6%	+13.2%	—
Expenses Cost of Revenue	+4.4%	+5.7%	+9.8%	+19.4%	—
Expenses Selling,General and Administrative	+9.8%	+20.2%	+23.9%	+24.7%	—
Expenses Depreciation and Amortization	+8.4%	+6.2%	+4.2%	+1.5%	—
Expenses Share Based Compensation	+0.0%	-5.0%	-62.2%	+64.3%	—
Expenses Restructuring and Asset Impairment	—	—	—	—	—
Other Income Expense Gross Profit	-5.0%	-5.1%	-3.9%	-6.0%	—
Other Income Expense Operating Income	—	—	—	—	—
Other Income Expense Interest Income	-0.9%	+8.5%	+36.0%	+30.5%	—
Other Income Expense Interest Expense	+11.5%	+17.7%	+20.3%	+22.6%	—
Other Income Expense Other Income/expense	—	—	—	—	—
Other Income Expense Income Before Tax	-41.6%	+11.6%	-59.8%	-85.1%	—
Income Tax Income Tax Expense	—	—	—	—	—
net Income net Income	—	—	—	—	—
net Income Comprehensive Income	—	—	—	—	—
Earnings Per Share Basic Eps	—	—	—	—	—
Earnings Per Share Diluted Eps	—	—	—	—	—
Earnings Per Share Weighted Average Shares Basic	+1.7%	+2.0%	+0.2%	+0.3%	—
Earnings Per Share Weighted Average Shares Diluted	+1.8%	+2.3%	+3.4%	+0.3%	—

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $4.3B

Investing cash flow $-6.2B

Financing cash flow $2.0B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	—	—	—	—	—
Operating Activities Depreciation and Amortization	+8.4%	+6.2%	+4.2%	+1.5%	—
Operating Activities Stock Based Compensation	+0.0%	-5.0%	-62.2%	+64.3%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	-62.8%	—	+773.5%	—
Operating Activities Other Non Cash Items	—	+27.3%	-27.5%	-80.8%	—
Operating Activities net Cash From Operating Activities	+22.7%	+13.1%	+26.3%	+42.7%	—
Investing Activities Capital Expenditures	+29.4%	+51.7%	+91.1%	+115.1%	—
Investing Activities Business Acquisitions	-36.3%	-28.0%	-9.2%	-63.1%	—
Investing Activities Purchases of Investments	-22.7%	+16.4%	+34.4%	+187.5%	—
Investing Activities Other Investing Activities	—	+16.7%	+7.0%	-70.1%	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—
Financing Activities Proceeds From Debt	+8.4%	+34.4%	+59.2%	+93.6%	—
Financing Activities Repayment of Debt	+21.8%	+36.8%	+61.2%	+93.7%	—
Financing Activities Dividends Paid	+5.7%	+6.4%	+5.2%	+5.2%	—
Financing Activities Other Financing Activities	—	—	—	—	—
Financing Activities net Cash From Financing Activities	+25.5%	+84.0%	+160.4%	+371.5%	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	—	—	—	—
Cash Reconciliation Cash At Beginning of Period	+9.9%	+11.2%	+15.8%	+40.6%	—
Cash Reconciliation Cash At End of Period	+9.9%	+11.2%	+15.8%	+40.6%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+18.1%	+18.8%	+19.8%	+20.2%	+24.3%
Operating margin	+7.8%	+13.7%	+1.9%	-4.3%	-3.7%
Net margin	+7.4%	+13.7%	+2.0%	-4.3%	-3.7%
FCF margin	-13.3%	-37.8%	-37.0%	-14.6%	-1.9%
Growth
Revenue CAGR (3y)	-1.0%	+3.3%	+9.5%	+7.4%	+1.2%
Returns
ROE	+22.4%	+46.1%	+10.0%	-22.4%	-14.6%
ROA	+1.8%	+3.5%	+0.6%	-1.4%	-1.2%
ROIC	—	—	—	—	—
Liquidity
Current ratio	0.77x	0.80x	0.68x	1.18x	1.13x
Quick ratio	0.36x	0.37x	0.29x	0.49x	0.50x
Leverage
D/E	2.09x	2.35x	3.91x	2.66x	1.69x
Interest coverage	0.67x	1.14x	0.18x	-0.49x	-0.45x
Efficiency
Asset turnover	0.24x	0.26x	0.28x	0.33x	0.34x
Cash conversion cycle	+0d	+10d	-12d	+28d	+23d

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AES Corporation

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