AES CORP AES

Utilities SIC 4991 - Cogeneration Services & Small Power Producers NAICS Utilities › Electric Power Generation, Transmission and Distribution › Electric Power Generation › Other Electric Power Generation derived NYSE

—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.

Last close 15.00 2026-10-23
Market cap $10.70B 2026-06-30 share count
52-week range 13.21 - 17.65

Valuation FY2025 figures against the last close

P/S0.9x
P/E11.9x
P/FCF—
EV/EBITDA—
Dividend yield4.7%
Diluted EPS1.26

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 1.262.380.37-0.82-0.610.070.461.82-1.76-1.72
EPS, diluted 1.262.360.35-0.82-0.610.070.451.81-1.76-1.72
Shares, diluted (wtd. avg.) 714.0M713.0M712.0M668.0M666.0M668.0M667.0M665.0M660.0M660.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -5B 0 5B 10B 15B Revenue, FY2016: 10.3B Gross profit, FY2016: 2.4B Net income, FY2016: -1.1B Revenue, FY2017: 10.5B Gross profit, FY2017: 2.5B Net income, FY2017: -1.2B Revenue, FY2018: 10.7B Gross profit, FY2018: 2.6B Net income, FY2018: 1.2B Revenue, FY2019: 10.2B Gross profit, FY2019: 2.3B Net income, FY2019: 303M Revenue, FY2020: 9.7B Gross profit, FY2020: 2.7B Net income, FY2020: 46M Revenue, FY2021: 11.1B Gross profit, FY2021: 2.7B Net income, FY2021: -409M Revenue, FY2022: 12.6B Gross profit, FY2022: 2.5B Net income, FY2022: -546M Revenue, FY2023: 12.7B Gross profit, FY2023: 2.5B Net income, FY2023: 249M Revenue, FY2024: 12.3B Gross profit, FY2024: 2.3B Net income, FY2024: 1.7B Revenue, FY2025: 12.2B Gross profit, FY2025: 2.2B Net income, FY2025: 910M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $10.28B $10.53B $10.74B $10.19B $9.66B $11.14B $12.62B $12.67B $12.28B $12.23B
Gross profit $2.38B $2.46B $2.57B $2.35B $2.69B $2.71B $2.55B $2.50B $2.31B $2.21B
Net income -$1.13B -$1.16B $1.20B $303.0M $46.0M -$409.0M -$546.0M $249.0M $1.68B $910.0M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01
  • Material agreement signed Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event Item 8.01
  • Shareholder vote Item 5.07
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.