AES CORP AES
—Business is an outline of our strategy and our businesses by SBU, including key financial drivers. Additional items that may have an impact on our businesses are discussed in Item 1A.—Risk Factors and Item 3.—Legal Proceedings.
Incorporated in 1981, AES is a global energy company accelerating the future of energy. Together with our many stakeholders, we are improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today.
AES is the next-generation energy company with over four decades of experience developing, operating, and owning electric generation and utilities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.23B | $12.28B | $12.67B | $12.62B | $11.14B | $9.66B | $10.19B | $10.74B | $10.53B | $10.28B |
| Cost of revenue | $10.02B | $9.96B | $10.16B | $10.07B | $8.43B | $6.97B | $7.84B | $8.16B | $8.06B | $7.90B |
| Gross profit | $2.21B | $2.31B | $2.50B | $2.55B | $2.71B | $2.69B | $2.35B | $2.57B | $2.46B | $2.38B |
| SG&A | $241.0M | $288.0M | $255.0M | $207.0M | $166.0M | $165.0M | $196.0M | $192.0M | $215.0M | $194.0M |
| Interest expense | $1.41B | $1.49B | $1.32B | $1.12B | $911.0M | $1.04B | $1.05B | $1.06B | $1.17B | $1.13B |
| Pre-tax income | $75.0M | $894.0M | $104.0M | -$169.0M | -$1.06B | $488.0M | -$277.0M | -$509.0M | -$521.0M | -$354.0M |
| Income tax | $181.0M | $59.0M | $261.0M | $265.0M | $133.0M | $216.0M | $352.0M | $708.0M | $990.0M | $32.0M |
| Net income | $910.0M | $1.68B | $249.0M | -$546.0M | -$409.0M | $46.0M | $303.0M | $1.20B | -$1.16B | -$1.13B |
| EPS, basic | 1.26 | 2.38 | 0.37 | -0.82 | -0.61 | 0.07 | 0.46 | 1.82 | -1.76 | -1.72 |
| EPS, diluted | 1.26 | 2.36 | 0.35 | -0.82 | -0.61 | 0.07 | 0.45 | 1.81 | -1.76 | -1.72 |
| Shares, diluted (wtd. avg.) | $714.0M | $713.0M | $712.0M | $668.0M | $666.0M | $668.0M | $667.0M | $665.0M | $660.0M | $660.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.38B | $1.52B | $1.99B | $2.09B | $1.48B | $1.83B | $1.57B | $2.00B | $1.79B | $1.96B |
| Short-term investments | $174.0M | $79.0M | $395.0M | $730.0M | $232.0M | $335.0M | $400.0M | $313.0M | $424.0M | $530.0M |
| Receivables | $11.0M | $1.65B | $1.42B | $1.80B | $1.42B | $1.30B | $1.48B | $1.59B | $1.46B | $1.42B |
| Inventory | $612.0M | $593.0M | $712.0M | $1.05B | $604.0M | $461.0M | $487.0M | $577.0M | $562.0M | $622.0M |
| Total current assets | $6.50B | $6.83B | $6.65B | $7.64B | $5.36B | $5.41B | $5.23B | $5.01B | $6.40B | $6.42B |
| Property, plant and equipment | $37.82B | $33.17B | $29.96B | $23.04B | $19.91B | $22.83B | $22.57B | $21.40B | $20.30B | $20.41B |
| Goodwill | $342.0M | $345.0M | $348.0M | $362.0M | $1.18B | $1.06B | $1.06B | $1.06B | $1.06B | $1.16B |
| Other intangibles | $2.04B | $1.95B | $2.24B | $1.84B | $1.45B | $827.0M | $469.0M | $436.0M | $366.0M | $287.0M |
| Total assets | $51.77B | $47.41B | $44.80B | $38.36B | $32.96B | $34.60B | $33.65B | $32.52B | $33.11B | $36.12B |
| Accounts payable | $1.98B | $1.65B | $2.20B | $1.73B | $1.15B | $1.16B | $1.31B | $1.33B | $1.37B | $1.24B |
| Total current liabilities | $8.49B | $8.57B | $9.73B | $6.49B | $4.73B | $5.36B | $5.10B | $4.40B | $6.03B | $5.28B |
| Retained earnings | $641.0M | $293.0M | -$1.39B | -$1.64B | -$1.09B | -$680.0M | -$692.0M | -$1.00B | -$2.28B | -$1.15B |
| Total equity | $4.06B | $3.64B | $2.49B | $2.44B | $2.80B | $2.63B | $3.00B | $3.21B | $2.46B | $2.79B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.31B | $2.75B | $3.03B | $2.71B | $1.90B | $2.75B | $2.47B | $2.34B | $2.50B | $2.90B |
| Depreciation and amortisation | -$1.46B | -$1.26B | -$1.15B | -$1.07B | $972.0M | $1.07B | $977.0M | $960.0M | $1.00B | $1.00B |
| Capital expenditure | $5.93B | $7.39B | $7.72B | $4.55B | $2.12B | $1.90B | $2.40B | $2.12B | $2.18B | $2.35B |
| Investing cash flow | -$6.21B | -$7.70B | -$8.19B | -$5.84B | -$3.05B | -$2.29B | -$2.72B | -$505.0M | -$2.60B | -$2.14B |
| Financing cash flow | $1.98B | $4.96B | $5.41B | $3.76B | $797.0M | -$78.0M | -$86.0M | -$1.64B | $43.0M | -$747.0M |
| Dividends paid | $501.0M | $483.0M | $444.0M | $422.0M | $401.0M | $381.0M | $362.0M | $344.0M | $317.0M | $290.0M |
| Buybacks | — | — | — | — | — | — | — | $0 | $0 | $79.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000874761-26-000063.