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

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

19 accounts · 5 years

Total assets $51.8B

Total liabilities ~$47.7B

Shareholders equity $4.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	+5.7%	+9.2%	-6.0%	+53.2%	—
Accounts Receivable	+2.2%	+15.9%	-21.1%	+26.9%	—
Other Current Assets	-14.8%	-6.1%	-12.7%	+46.2%	—
Total Current Assets	-4.8%	+2.7%	-13.0%	+42.7%	—
Property,Plant and Equipment	+14.0%	+10.7%	+30.0%	+15.7%	—
Other Noncurrent Assets	+0.5%	-9.6%	+6.7%	-0.3%	—
Total Assets	+9.2%	+5.8%	+16.8%	+16.4%	—
Liabilities
Other Current Liabilities	-0.8%	-19.5%	+46.8%	+37.2%	—
Total Current Liabilities	-0.9%	-11.9%	+49.9%	+37.2%	—
Other Noncurrent Liabilities	+3.8%	+9.3%	+6.0%	+16.2%	—
Equity
Total Stockholders Equity	+11.5%	+46.5%	+2.1%	-12.9%	—
Common Stock	+0.0%	+12.5%	+0.0%	+0.0%	—
Additional Paid In Capital	-0.2%	-7.0%	-5.0%	-5.9%	—
Retained Earnings	+118.8%	+121.1%	+15.2%	-50.1%	—
Treasury Stock	-0.7%	-0.4%	-0.5%	-1.2%	—
Accumulated Other Comprehensive Income	+8.9%	+49.4%	+7.7%	+26.1%	—
Noncontrolling Interest	+24.2%	+16.1%	+69.2%	+16.8%	—
Temporary Equity and Other	+201.1%	-35.9%	+10.8%	+5.1%	—
Total Liabilitiesand Equity	+9.2%	+5.8%	+16.8%	+16.4%	—

Income Statement

Revenue, expense, and profitability

9 accounts · 5 years

Revenue $12.2B

Operating income Not reported

Net income $910.0M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	-0.4%	-3.1%	+0.4%	+13.2%	—
Other Income Expense Interest Expense	-5.3%	+12.6%	+18.1%	+22.6%	—
Other Income Expense Other Income/expense	-8.6%	+12.0%	+3.6%	-3.3%	—
Other Income Expense Income Before Tax	-91.6%	+759.6%	+161.5%	+84.1%	—
Income Tax Income Tax Expense	-406.8%	-77.4%	-1.5%	+299.2%	—
net Income Other Items Below Tax	-37.4%	+290.4%	+678.6%	-600.0%	—
net Income net Income	-45.8%	+574.3%	+145.6%	-33.5%	—
Earnings Per Share Basic Eps	-47.1%	+543.2%	+145.1%	-34.4%	—
Earnings Per Share Diluted Eps	-46.6%	+574.3%	+142.7%	-34.4%	—

Cash Flow Statement

Operating, investing, and financing flows

15 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 Cash From Operating Activities	+56.5%	-9.3%	+11.7%	+42.7%	—
Operating Activities net Income	-79.8%	+540.7%	+64.0%	+46.9%	—
Operating Activities Depreciation and Amortization	+15.3%	+10.2%	+7.0%	+1.5%	—
Operating Activities Other Non Cash Items	+291.7%	-66.8%	-3.7%	+19.5%	—
Investing Activities Capital Expenditures	+21.0%	+7.6%	-72.4%	-72.8%	—
Investing Activities Other Investing Activities	-179.0%	-179.5%	+107.5%	-276.2%	—
Investing Activities net Cash From Investing Activities	+19.4%	+6.0%	-40.3%	-91.3%	—
Financing Activities Proceeds From Debt	-32.0%	+18.9%	+14.1%	+156.3%	—
Financing Activities Repayment of Debt	+6.1%	-15.3%	-18.1%	-76.3%	—
Financing Activities Dividends Paid	-54.8%	-19.0%	-11.6%	-0.3%	—
Financing Activities Other Financing Activities	+216.8%	-92.9%	-8.1%	-191.3%	—
Financing Activities net Cash From Financing Activities	-60.2%	-8.2%	+43.8%	+371.5%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+57.1%	+76.7%	-382.1%	-21.7%	—
Cash Reconciliation Other Changes In Cash	-18.6%	+224.4%	-454.5%	-60.0%	—
Cash Reconciliation net Change In Cash	+151.0%	+150.5%	-116.1%	+275.8%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	—	—	—	—	—
Net margin	+7.4%	+13.7%	+2.0%	-4.3%	-3.7%
FCF margin	-14.2%	-39.8%	-41.3%	-16.5%	-7.8%
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	0.44x	0.42x	0.33x	0.57x	0.56x
Leverage
D/E	11.74x	12.01x	17.01x	14.74x	10.78x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.24x	0.26x	0.28x	0.33x	0.34x
Cash conversion cycle	—	—	—	—	—

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AES Corporation

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