AES Corporation

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

                    Revenue
                    FY2025
                
$12.2B
                    3y CAGR -1.0%
                    
                    P17
                    
                    -0.4%
                    
                    Net income
                    FY2025
                
$910.0M
                    Net margin +7.4%
                    
                    P13
                    
                    -45.8%
                    
                    Total assets
                    FY2025
                
$51.8B
                    ROA +1.8%
                    
                    P3
                    
                    +9.2%
                    
                    Operating cash flow
                    FY2025
                
$4.3B
                    FCF margin -14.2%
                    
                    P45
                    
                    +56.5%

19 yrs · FY2007–FY2025 7 filed · 1 derived · 1 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

19 accounts · 10 years

Total assets $51.8B

Total liabilities ~$47.7B

Shareholders equity $4.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	16.9%	16.0%	14.2%	15.1%	11.2%	14.3%	13.4%	10.9%	11.6%	12.1%
Accounts Receivable	13.8%	13.4%	11.2%	14.3%	12.7%	13.5%	14.5%	14.9%	13.9%	13.8%
Other Current Assets	22.4%	26.3%	27.1%	31.2%	24.2%	28.2%	23.4%	17.5%	35.3%	33.8%
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%	198.6%
Other Noncurrent Assets	60.9%	60.3%	64.7%	60.9%	69.1%	65.9%	57.3%	117.3%	121.9%	93.1%
Total Assets	423.2%	386.1%	353.6%	304.1%	295.9%	358.2%	330.2%	302.9%	314.5%	351.4%
Liabilities
Other Current Liabilities	62.2%	62.5%	75.2%	51.4%	42.5%	55.5%	50.0%	41.0%	57.2%	51.3%
Total Current Liabilities	69.4%	69.8%	76.8%	51.4%	42.5%	55.5%	50.0%	41.0%	57.2%	51.3%
Other Noncurrent Liabilities	256.2%	245.9%	218.0%	206.4%	201.1%	244.8%	220.2%	201.6%	203.2%	237.0%
Equity
Total Stockholders Equity	33.2%	29.7%	19.6%	19.3%	25.1%	27.3%	29.4%	29.9%	23.4%	27.2%
Common Stock	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%
Additional Paid In Capital	48.3%	48.2%	50.2%	53.0%	63.8%	78.3%	76.3%	76.0%	80.7%	83.6%
Retained Earnings	5.2%	2.4%	-10.9%	-13.0%	-9.8%	-7.0%	-6.8%	-9.4%	-21.6%	-11.1%
Treasury Stock	14.7%	14.7%	14.3%	14.4%	16.6%	19.2%	18.3%	17.5%	18.0%	18.5%
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%
Temporary Equity and Other	23.1%	7.6%	11.6%	10.5%	11.3%	9.0%	8.7%	8.2%	7.9%	7.6%
Total Liabilitiesand Equity	423.2%	386.1%	353.6%	304.1%	295.9%	358.2%	330.2%	302.9%	314.5%	351.4%

Income Statement

Revenue, expense, and profitability

9 accounts · 10 years

Revenue $12.2B

Operating income Not reported

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%
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	-87.9%	-80.6%	-88.8%	-92.5%	-101.4%	-84.2%	-79.9%	-71.4%	-81.6%	-87.2%
Other Income Expense Income Before Tax	0.6%	7.3%	0.8%	-1.3%	-9.6%	5.1%	9.8%	18.8%	7.3%	1.8%
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 Other Items Below Tax	12.9%	20.6%	5.1%	-0.9%	-0.1%	-1.2%	-3.4%	1.0%	-15.2%	-19.2%
net Income net Income	7.4%	13.7%	2.0%	-4.3%	-3.7%	0.5%	3.0%	11.2%	-11.0%	-11.0%
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%

Cash Flow Statement

Operating, investing, and financing flows

15 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 Cash From Operating Activities	35.2%	22.4%	24.0%	21.5%	17.1%	28.5%	24.2%	21.8%	23.8%	28.2%
Operating Activities net Income	1.3%	6.5%	-1.4%	-4.0%	-8.5%	1.6%	-4.7%	14.6%	-7.4%	-7.6%
Operating Activities Depreciation and Amortization	11.9%	10.3%	9.1%	8.5%	9.5%	11.1%	10.3%	—	—	—
Operating Activities Other Non Cash Items	22.0%	5.6%	16.3%	17.0%	16.1%	15.9%	9.3%	-2.1%	20.1%	24.3%
Investing Activities Capital Expenditures	-49.4%	-62.2%	-65.3%	-38.0%	-24.9%	-21.1%	-25.5%	-20.4%	-26.5%	-23.3%
Investing Activities Other Investing Activities	-1.4%	-0.5%	0.6%	-8.3%	-2.5%	-2.7%	-1.2%	15.7%	1.8%	2.5%
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	86.1%	126.2%	102.8%	90.4%	40.0%	108.9%	77.1%	44.6%	60.8%	48.1%
Financing Activities Repayment of Debt	-82.1%	-87.2%	-73.3%	-62.3%	-40.0%	-103.3%	-68.9%	-52.0%	-51.8%	-47.7%
Financing Activities Dividends Paid	-11.6%	-7.4%	-6.1%	-5.4%	-6.1%	-8.3%	-7.7%	-6.4%	-7.0%	-7.5%
Financing Activities Other Financing Activities	23.7%	-20.2%	-10.2%	-9.4%	11.7%	0.4%	-1.3%	-1.6%	-1.6%	0.6%
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 Other Changes In Cash	0.6%	0.8%	-0.6%	0.2%	0.5%	-1.1%	-0.7%	0.7%	-1.2%	-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%

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	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	+7.4%	+13.7%	+2.0%	-4.3%	-3.7%	+0.5%	+3.0%	+11.2%	-11.0%	-11.0%
FCF margin	-14.2%	-39.8%	-41.3%	-16.5%	-7.8%	+7.4%	-1.3%	+1.5%	-2.7%	+4.9%
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%	-40.4%
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	0.44x	0.42x	0.33x	0.57x	0.56x	0.50x	0.56x	0.63x	0.45x	0.51x
Leverage
D/E	11.74x	12.01x	17.01x	14.74x	10.78x	12.14x	10.23x	9.14x	12.43x	11.93x
Interest coverage	—	—	—	—	—	—	—	—	—	—
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	—	—	—	—	—	—	—	—	—	—

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AES Corporation

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