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 revenue.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 10 years

Total assets $51.8B

Total liabilities $8.5B

Shareholders equity $4.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	11.3%	12.4%	11.3%	10.9%	8.5%	11.3%	10.1%	10.9%	9.0%	12.7%
Short Term Investments	1.4%	0.6%	3.1%	5.8%	2.1%	3.5%	3.9%	2.9%	4.0%	7.8%
Accounts Receivable	13.8%	13.4%	11.2%	14.3%	12.7%	13.5%	14.5%	14.9%	13.9%	21.1%
Inventory	5.0%	4.8%	5.6%	8.4%	5.4%	4.8%	4.8%	5.4%	5.3%	6.1%
Prepaid Expenses	1.6%	1.3%	1.4%	0.8%	1.3%	1.1%	0.8%	1.2%	0.6%	0.8%
Other Current Assets	14.1%	12.5%	10.9%	12.2%	8.1%	7.5%	7.9%	7.5%	6.0%	11.2%
Total Current Assets	53.2%	55.6%	52.5%	60.6%	48.1%	56.0%	51.3%	46.7%	60.8%	62.4%
Property,Plant and Equipment	309.1%	270.1%	236.5%	182.6%	178.7%	236.3%	221.6%	199.3%	192.7%	222.2%
Goodwill	2.8%	2.8%	2.7%	2.9%	10.6%	11.0%	10.4%	9.9%	10.1%	11.3%
Intangible Assets	16.7%	15.9%	17.7%	14.6%	13.0%	8.6%	4.6%	4.1%	3.5%	3.5%
Long Term Investments	1.4%	0.6%	3.1%	5.8%	2.1%	3.5%	3.9%	2.9%	4.0%	7.8%
Other Noncurrent Assets	23.1%	23.8%	25.7%	23.6%	19.6%	17.2%	16.0%	14.1%	16.5%	18.5%
Total Assets	423.2%	386.1%	353.6%	304.1%	295.9%	358.2%	330.2%	302.9%	314.5%	351.4%
Liabilities
Accounts Payable	16.2%	13.5%	17.4%	13.7%	10.3%	12.0%	12.9%	12.4%	13.0%	16.1%
Accrued Liabilities	18.2%	10.1%	10.5%	17.0%	10.8%	12.7%	10.0%	9.0%	11.7%	20.1%
Other Current Liabilities	2.2%	3.1%	3.4%	2.9%	2.6%	3.0%	2.9%	2.6%	3.0%	4.1%
Total Current Liabilities	69.4%	69.8%	76.8%	51.4%	42.5%	55.5%	50.0%	41.0%	57.2%	51.3%
Deferred Revenue Noncurrent	3.1%	1.9%	2.6%	2.7%	1.9%	4.5%	1.1%	1.0%	—	—
Deferred Tax Liabilities	12.9%	19.0%	15.4%	14.5%	18.0%	21.1%	16.8%	15.5%	14.9%	20.9%
Other Noncurrent Liabilities	24.4%	23.5%	24.6%	25.1%	30.1%	33.6%	28.6%	25.4%	22.5%	29.2%
Total Liabilities	69.4%	69.8%	76.8%	51.4%	42.5%	55.5%	50.0%	41.0%	57.2%	51.3%
Equity
Preferred Stock	0.0%	0.0%	6.6%	6.6%	7.5%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	26.0%
Additional Paid In Capital	48.3%	48.2%	50.2%	53.0%	63.8%	78.3%	76.3%	76.0%	80.7%	0.0%
Retained Earnings	5.2%	2.4%	-10.9%	-13.0%	-9.8%	-7.0%	-6.8%	-9.4%	-21.6%	0.0%
Treasury Stock	14.7%	14.7%	14.3%	14.4%	16.6%	19.2%	18.3%	17.5%	18.0%	1.5%
Accumulated Other Comprehensive Income	-5.7%	-6.2%	-12.0%	-13.0%	-19.9%	-24.8%	-21.9%	-19.3%	-17.8%	-26.8%
Noncontrolling Interest	41.2%	33.1%	27.6%	16.4%	15.9%	21.6%	21.9%	22.3%	22.6%	28.3%
Total Stockholders Equity	33.2%	29.7%	19.6%	19.3%	25.1%	27.3%	29.4%	29.9%	23.4%	55.4%
Total Liabilitiesand Equity	423.2%	386.1%	353.6%	304.1%	295.9%	358.2%	330.2%	302.9%	314.5%	351.3%

Income Statement

Revenue, expense, and profitability

19 accounts · 10 years

Revenue $12.2B

Operating income $949.0M

Net income $910.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	81.9%	81.2%	80.2%	79.8%	75.7%	72.1%	76.9%	76.0%	76.6%	76.8%
Expenses Selling,General and Administrative	2.0%	2.3%	2.0%	1.6%	1.5%	1.7%	1.9%	1.8%	2.0%	1.9%
Expenses Depreciation and Amortization	11.9%	10.3%	9.1%	8.5%	9.5%	11.1%	10.3%	9.3%	11.1%	11.4%
Expenses Share Based Compensation	0.1%	0.1%	0.0%	0.2%	0.1%	0.2%	0.2%	0.2%	0.1%	0.1%
Expenses Restructuring and Asset Impairment	0.0%	—	—	—	—	—	—	—	—	—
Other Income Expense Gross Profit	18.1%	18.8%	19.8%	20.2%	24.3%	27.9%	23.1%	24.0%	23.4%	23.2%
Other Income Expense Operating Income	7.8%	13.7%	1.9%	-4.3%	-3.7%	0.4%	3.0%	9.2%	-4.8%	-0.2%
Other Income Expense Interest Income	2.3%	3.1%	4.3%	3.1%	2.7%	2.8%	3.1%	2.9%	2.3%	2.4%
Other Income Expense Interest Expense	11.5%	12.1%	10.4%	8.9%	8.2%	10.7%	10.3%	9.8%	11.1%	11.0%
Other Income Expense Other Income/expense	0.9%	0.0%	0.0%	1.4%	0.0%	2.1%	0.9%	1.4%	0.0%	0.0%
Other Income Expense Income Before Tax	0.6%	7.3%	0.8%	0.8%	5.8%	-2.0%	-2.7%	-4.7%	-4.9%	-3.4%
Income Tax Income Tax Expense	-1.5%	0.5%	2.1%	2.1%	-1.2%	2.2%	3.5%	6.6%	9.4%	0.3%
net Income net Income	7.4%	13.7%	2.0%	-4.3%	-3.7%	0.5%	3.0%	11.2%	-11.0%	-11.0%
net Income Comprehensive Income	8.1%	15.7%	3.0%	0.9%	-2.0%	-0.1%	1.5%	9.2%	-2.4%	-0.0%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	-0.0%	-0.0%	0.0%	0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	-0.0%	-0.0%	0.0%	0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Weighted Average Shares Basic	5.8%	5.8%	5.3%	5.3%	6.0%	6.9%	6.5%	6.2%	6.3%	6.4%
Earnings Per Share Weighted Average Shares Diluted	5.8%	5.8%	5.6%	5.3%	6.0%	6.9%	6.5%	6.2%	6.3%	6.4%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $4.3B

Investing cash flow $-6.2B

Financing cash flow $2.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	7.4%	13.7%	2.0%	-4.3%	-3.7%	0.5%	3.0%	11.2%	-11.0%	-11.0%
Operating Activities Depreciation and Amortization	11.9%	10.3%	9.1%	8.5%	9.5%	11.1%	10.3%	9.3%	11.1%	11.4%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.0%	0.2%	0.1%	0.2%	0.2%	0.2%	0.1%	0.1%
Operating Activities Deferred Income Taxes	0.8%	0.9%	-0.4%	0.0%	-3.6%	-2.4%	-0.1%	2.9%	6.4%	-7.7%
Operating Activities Changes In Operating Assets and Liabilities	-0.9%	0.0%	-4.0%	8.1%	1.1%	4.0%	-1.1%	2.3%	0.9%	-11.2%
Operating Activities Other Non Cash Items	-0.3%	1.3%	0.3%	0.1%	0.7%	1.9%	1.7%	1.8%	0.6%	0.2%
Operating Activities net Cash From Operating Activities	35.2%	22.4%	24.0%	21.5%	17.1%	28.5%	24.2%	21.8%	23.8%	28.2%
Investing Activities Capital Expenditures	48.5%	60.2%	61.0%	36.1%	19.0%	19.7%	23.6%	19.8%	20.7%	22.8%
Investing Activities Business Acquisitions	0.9%	2.0%	4.3%	1.9%	5.9%	1.4%	1.9%	0.6%	5.8%	0.5%
Investing Activities Purchases of Investments	1.5%	6.7%	7.4%	11.8%	4.7%	6.8%	7.6%	13.1%	31.4%	50.1%
Investing Activities Other Investing Activities	-1.1%	1.3%	0.9%	0.2%	0.9%	0.4%	-1.3%	0.9%	0.7%	0.2%
Investing Activities net Cash From Investing Activities	-50.8%	-62.7%	-64.6%	-46.3%	-27.4%	-23.8%	-26.7%	-4.7%	-24.7%	-20.8%
Financing Activities Proceeds From Debt	31.6%	55.4%	56.1%	43.0%	25.2%	25.1%	19.9%	17.4%	—	—
Financing Activities Repayment of Debt	43.6%	50.5%	49.6%	37.1%	21.7%	25.7%	17.0%	20.8%	16.5%	13.9%
Financing Activities Dividends Paid	4.1%	3.9%	3.5%	3.3%	3.6%	3.9%	3.6%	3.2%	3.0%	2.8%
Financing Activities Other Financing Activities	-0.5%	-0.9%	-1.0%	0.0%	-0.9%	-0.3%	-0.1%	0.5%	0.4%	-0.4%
Financing Activities net Cash From Financing Activities	16.1%	40.4%	42.7%	29.8%	7.2%	-0.8%	-0.8%	-15.3%	0.4%	-7.3%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.2%	-0.5%	-2.1%	-0.4%	-0.4%	-0.2%	-0.2%	-0.5%	0.1%	0.4%
Cash Reconciliation net Change In Cash	1.0%	0.4%	-0.8%	4.8%	-3.1%	2.6%	-4.2%	2.0%	-1.6%	0.1%
Cash Reconciliation Cash At Beginning of Period	17.7%	16.6%	15.7%	16.5%	13.3%	18.9%	15.4%	18.7%	17.0%	19.1%
Cash Reconciliation Cash At End of Period	17.7%	16.6%	15.7%	16.5%	13.3%	18.9%	15.4%	18.7%	17.0%	19.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+18.1%	+18.8%	+19.8%	+20.2%	+24.3%	+27.9%	+23.1%	+24.0%	+23.4%	+23.2%
Operating margin	+7.8%	+13.7%	+1.9%	-4.3%	-3.7%	+0.4%	+3.0%	+9.2%	-4.8%	-0.2%
Net margin	+7.4%	+13.7%	+2.0%	-4.3%	-3.7%	+0.5%	+3.0%	+11.2%	-11.0%	-11.0%
FCF margin	-13.3%	-37.8%	-37.0%	-14.6%	-1.9%	+8.9%	+0.6%	+2.1%	+3.1%	+5.4%
Growth
Revenue CAGR (3y)	-1.0%	+3.3%	+9.5%	+7.4%	+1.2%	-2.8%	-0.3%	-1.6%	-13.2%	-13.5%
Returns
ROE	+22.4%	+46.1%	+10.0%	-22.4%	-14.6%	+1.7%	+10.1%	+37.5%	-47.1%	-19.8%
ROA	+1.8%	+3.5%	+0.6%	-1.4%	-1.2%	+0.1%	+0.9%	+3.7%	-3.5%	-3.1%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	0.77x	0.80x	0.68x	1.18x	1.13x	1.01x	1.03x	1.14x	1.06x	1.22x
Quick ratio	0.36x	0.37x	0.29x	0.49x	0.50x	0.45x	0.49x	0.63x	0.40x	0.66x
Leverage
D/E	2.09x	2.35x	3.91x	2.66x	1.69x	2.04x	1.70x	1.37x	2.45x	0.92x
Interest coverage	0.67x	1.14x	0.18x	-0.49x	-0.45x	0.04x	0.29x	0.93x	-0.43x	-0.02x
Efficiency
Asset turnover	0.24x	0.26x	0.28x	0.33x	0.34x	0.28x	0.30x	0.33x	0.32x	0.28x
Cash conversion cycle	+0d	+10d	-12d	+28d	+23d	+13d	+15d	+21d	+14d	+29d

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AES Corporation

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