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

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	$1.4B -9.3%	$1.5B 6.9%	$1.4B 3.8%	$1.4B 45.7%	$943.0M
Short Term Investments	$174.0M 120.3%	$79.0M -80.0%	$395.0M -45.9%	$730.0M 214.7%	$232.0M
Accounts Receivable	$1.7B 2.2%	$1.6B 15.9%	$1.4B -21.1%	$1.8B 26.9%	$1.4B
Inventory	$612.0M 3.2%	$593.0M -16.7%	$712.0M -32.5%	$1.1B 74.7%	$604.0M
Prepaid Expenses	$192.0M 22.3%	$157.0M -11.3%	$177.0M 80.6%	$98.0M -31.0%	$142.0M
Other Current Assets	$1.7B 12.4%	$1.5B 10.5%	$1.4B -9.5%	$1.5B 70.9%	$897.0M
Total Current Assets	$6.5B -4.8%	$6.8B 2.7%	$6.6B -13.0%	$7.6B 42.7%	$5.4B
Property,Plant and Equipment	$37.8B 14.0%	$33.2B 10.7%	$30.0B 30.0%	$23.0B 15.7%	$19.9B
Goodwill	$342.0M -0.9%	$345.0M -0.9%	$348.0M -3.9%	$362.0M -69.2%	$1.2B
Intangible Assets	$2.0B 4.8%	$1.9B -13.2%	$2.2B 21.8%	$1.8B 27.0%	$1.4B
Long Term Investments	$174.0M 120.3%	$79.0M -80.0%	$395.0M -45.9%	$730.0M 214.7%	$232.0M
Other Noncurrent Assets	$2.8B -3.3%	$2.9B -10.5%	$3.3B 9.4%	$3.0B 36.2%	$2.2B
Total Assets	$51.8B 9.2%	$47.4B 5.8%	$44.8B 16.8%	$38.4B 16.4%	$33.0B
Liabilities
Accounts Payable	$2.0B 19.7%	$1.7B -24.8%	$2.2B 27.1%	$1.7B 50.0%	$1.2B
Accrued Liabilities	$2.2B 78.4%	$1.2B -6.6%	$1.3B -38.0%	$2.2B 78.5%	$1.2B
Other Current Liabilities	$268.0M -29.7%	$381.0M -11.6%	$431.0M 19.7%	$360.0M 25.4%	$287.0M
Total Current Liabilities	$8.5B -0.9%	$8.6B -11.9%	$9.7B 49.9%	$6.5B 37.2%	$4.7B
Deferred Revenue Noncurrent	$374.0M 57.8%	$237.0M -27.7%	$328.0M -2.7%	$337.0M 56.0%	$216.0M
Deferred Tax Liabilities	$1.6B -32.1%	$2.3B 19.5%	$1.9B 6.1%	$1.8B -8.6%	$2.0B
Other Noncurrent Liabilities	$3.0B 3.4%	$2.9B -7.5%	$3.1B -1.7%	$3.2B -5.7%	$3.4B
Total Liabilities	$8.5B -0.9%	$8.6B -11.9%	$9.7B 49.9%	$6.5B 37.2%	$4.7B
Equity
Preferred Stock	$0	$0 -100.0%	$838.0M 0.0%	$838.0M 0.0%	$838.0M
Common Stock	$9.0M 0.0%	$9.0M 12.5%	$8.0M 0.0%	$8.0M 0.0%	$8.0M
Additional Paid In Capital	$5.9B -0.2%	$5.9B -7.0%	$6.4B -5.0%	$6.7B -5.9%	$7.1B
Retained Earnings	$641.0M 118.8%	$293.0M 121.1%	$-1.4B 15.2%	$-1.6B -50.1%	$-1.1B
Treasury Stock	$1.8B -0.7%	$1.8B -0.4%	$1.8B -0.5%	$1.8B -1.2%	$1.8B
Accumulated Other Comprehensive Income	$-698.0M 8.9%	$-766.0M 49.4%	$-1.5B 7.7%	$-1.6B 26.1%	$-2.2B
Noncontrolling Interest	$5.0B 24.2%	$4.1B 16.1%	$3.5B 69.2%	$2.1B 16.8%	$1.8B
Total Stockholders Equity	$4.1B 11.5%	$3.6B 46.5%	$2.5B 2.1%	$2.4B -12.9%	$2.8B
Total Liabilitiesand Equity	$51.8B 9.2%	$47.4B 5.8%	$44.8B 16.8%	$38.4B 16.4%	$33.0B

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	$12.2B -0.4%	$12.3B -3.1%	$12.7B 0.4%	$12.6B 13.2%	$11.1B
Expenses Cost of Revenue	$10.0B 0.6%	$10.0B -2.0%	$10.2B 0.9%	$10.1B 19.4%	$8.4B
Expenses Selling,General and Administrative	$241.0M -16.3%	$288.0M 12.9%	$255.0M 23.2%	$207.0M 24.7%	$166.0M
Expenses Depreciation and Amortization	$1.5B 15.3%	$1.3B 10.2%	$1.1B 7.0%	$1.1B 1.5%	$1.1B
Expenses Share Based Compensation	$14.0M 16.7%	$12.0M 500.0%	$2.0M -91.3%	$23.0M 64.3%	$14.0M
Expenses Restructuring and Asset Impairment	$5.0M	—	—	—	—
Other Income Expense Gross Profit	$2.2B -4.5%	$2.3B -7.6%	$2.5B -1.7%	$2.5B -6.0%	$2.7B
Other Income Expense Operating Income	$949.0M -43.7%	$1.7B 596.7%	$242.0M 144.3%	$-546.0M -32.2%	$-413.0M
Other Income Expense Interest Income	$287.0M -24.7%	$381.0M -30.9%	$551.0M 41.6%	$389.0M 30.5%	$298.0M
Other Income Expense Interest Expense	$1.4B -5.3%	$1.5B 12.6%	$1.3B 18.1%	$1.1B 22.6%	$911.0M
Other Income Expense Other Income/expense	$113.0M	$0	$0 -100.0%	$175.0M	$0
Other Income Expense Income Before Tax	$75.0M -91.6%	$894.0M 759.6%	$104.0M 8.3%	$96.0M -85.1%	$644.0M
Income Tax Income Tax Expense	$-181.0M -406.8%	$59.0M -77.4%	$261.0M -1.5%	$265.0M 299.2%	$-133.0M
net Income net Income	$910.0M -45.8%	$1.7B 574.3%	$249.0M 145.6%	$-546.0M -33.5%	$-409.0M
net Income Comprehensive Income	$987.0M -48.8%	$1.9B 401.0%	$385.0M 231.9%	$116.0M 152.5%	$-221.0M
Earnings Per Share Basic Eps	$1 -47.1%	$2 543.2%	$0 145.1%	$-1 -34.4%	$-1
Earnings Per Share Diluted Eps	$1 -46.6%	$2 574.3%	$0 142.7%	$-1 -34.4%	$-1
Earnings Per Share Weighted Average Shares Basic	$712.0M 0.8%	$706.0M 5.5%	$669.0M 0.1%	$668.0M 0.3%	$666.0M
Earnings Per Share Weighted Average Shares Diluted	$714.0M 0.1%	$713.0M 0.1%	$712.0M 6.6%	$668.0M 0.3%	$666.0M

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	$910.0M -45.8%	$1.7B 574.3%	$249.0M 145.6%	$-546.0M -33.5%	$-409.0M
Operating Activities Depreciation and Amortization	$1.5B 15.3%	$1.3B 10.2%	$1.1B 7.0%	$1.1B 1.5%	$1.1B
Operating Activities Stock Based Compensation	$14.0M 16.7%	$12.0M 500.0%	$2.0M -91.3%	$23.0M 64.3%	$14.0M
Operating Activities Deferred Income Taxes	$92.0M -17.1%	$111.0M 305.6%	$-54.0M -1450.0%	$4.0M 101.0%	$-406.0M
Operating Activities Changes In Operating Assets and Liabilities	$-111.0M -1950.0%	$6.0M 101.2%	$-507.0M -149.6%	$1.0B 773.5%	$117.0M
Operating Activities Other Non Cash Items	$-32.0M -119.9%	$161.0M 292.7%	$41.0M 173.3%	$15.0M -80.8%	$78.0M
Operating Activities net Cash From Operating Activities	$4.3B 56.5%	$2.8B -9.3%	$3.0B 11.7%	$2.7B 42.7%	$1.9B
Investing Activities Capital Expenditures	$5.9B -19.8%	$7.4B -4.3%	$7.7B 69.7%	$4.6B 115.1%	$2.1B
Investing Activities Business Acquisitions	$108.0M -56.1%	$246.0M -54.6%	$542.0M 123.0%	$243.0M -63.1%	$658.0M
Investing Activities Purchases of Investments	$185.0M -77.4%	$818.0M -12.7%	$937.0M -37.2%	$1.5B 187.5%	$519.0M
Investing Activities Other Investing Activities	$-139.0M -190.3%	$154.0M 38.7%	$111.0M 282.8%	$29.0M -70.1%	$97.0M
Investing Activities net Cash From Investing Activities	$-6.2B 19.4%	$-7.7B 6.0%	$-8.2B -40.3%	$-5.8B -91.3%	$-3.1B
Financing Activities Proceeds From Debt	$3.9B -43.2%	$6.8B -4.2%	$7.1B 31.0%	$5.4B 93.6%	$2.8B
Financing Activities Repayment of Debt	$5.3B -14.0%	$6.2B -1.4%	$6.3B 34.1%	$4.7B 93.7%	$2.4B
Financing Activities Dividends Paid	$501.0M 3.7%	$483.0M 8.8%	$444.0M 5.2%	$422.0M 5.2%	$401.0M
Financing Activities Other Financing Activities	$-59.0M 45.9%	$-109.0M 9.9%	$-121.0M -4133.3%	$3.0M 103.0%	$-101.0M
Financing Activities net Cash From Financing Activities	$2.0B -60.2%	$5.0B -8.2%	$5.4B 43.8%	$3.8B 371.5%	$797.0M
Cash Reconciliation Effect of Exchange Rate On Cash	$-27.0M 57.1%	$-63.0M 76.7%	$-270.0M -382.1%	$-56.0M -21.7%	$-46.0M
Cash Reconciliation net Change In Cash	$123.0M 151.0%	$49.0M 150.5%	$-97.0M -116.1%	$603.0M 275.8%	$-343.0M
Cash Reconciliation Cash At Beginning of Period	$2.2B 6.0%	$2.0B 2.5%	$2.0B -4.6%	$2.1B 40.6%	$1.5B
Cash Reconciliation Cash At End of Period	$2.2B 6.0%	$2.0B 2.5%	$2.0B -4.6%	$2.1B 40.6%	$1.5B

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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