AES · Aes Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $12.23B | $12.28B | $12.67B | $12.62B | $11.14B | $9.66B |
| Cost of Revenue | $10.02B | $9.96B | $10.16B | $10.07B | $8.43B | $6.97B |
| Gross Profit | $2.21B | $2.31B | $2.50B | $2.55B | $2.71B | $2.69B |
| R&D | - | - | - | - | - | - |
| SG&A | $241.00M | $288.00M | $255.00M | $207.00M | $166.00M | $165.00M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $1.46B | $1.26B | $1.13B | $1.05B | $1.06B | $1.07B |
| Operating Income | $75.00M | $894.00M | $104.00M | ($169.00M) | ($1.06B) | $488.00M |
| Interest Expense | $1.41B | $1.49B | $1.32B | $1.12B | $911.00M | $1.04B |
| Income Tax | ($181.00M) | $59.00M | $261.00M | $265.00M | ($133.00M) | $216.00M |
| Net Income | $910.00M | $1.68B | $249.00M | ($546.00M) | ($409.00M) | $46.00M |
| EPS - Basic | $1.26 | $2.38 | $0.37 | ($0.82) | ($0.61) | $0.07 |
| EPS - Diluted | $1.26 | $2.36 | $0.35 | ($0.82) | ($0.61) | $0.07 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.38B | $1.52B | $1.43B | $1.37B | $943.00M | $1.09B |
| Accounts Receivable | $1.68B | $1.65B | $1.42B | $1.80B | $1.42B | $1.30B |
| Inventory | $612.00M | $593.00M | $712.00M | $1.05B | $604.00M | $461.00M |
| Accounts Payable | $1.98B | $1.65B | $2.20B | $1.73B | $1.15B | $1.16B |
| Current Assets | $6.50B | $6.83B | $6.65B | $7.64B | $5.36B | $5.41B |
| Total Assets | $51.77B | $47.41B | $44.80B | $38.36B | $32.96B | $34.60B |
| Current Liabilities | $8.49B | $8.57B | $9.73B | $6.49B | $4.73B | $5.36B |
| Long-term Debt | $21.66B◇ | $20.63B◇ | $18.48B◇ | - | - | - |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $4.06B | $3.64B | $2.49B | $2.44B | $2.80B | $2.63B |
| Retained Earnings | $641.00M | $293.00M | ($1.39B) | ($1.64B) | ($1.09B) | ($680.00M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.31B | $2.75B | $3.03B | $2.71B | $1.90B | $2.75B |
| Investing Cash Flow | ($6.21B) | ($7.70B) | ($8.19B) | ($5.84B) | ($3.05B) | ($2.29B) |
| Financing Cash Flow | $1.98B | $4.96B | $5.41B | $3.76B | $797.00M | ($78.00M) |
| CapEx | $5.93B | $7.39B | $7.72B | $4.55B | $2.12B | $1.90B |
| Free Cash Flow | ($1.62B) | ($4.64B) | ($4.69B) | ($1.84B) | ($214.00M) | $855.00M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 18.1% | 18.8% | 19.8% | 20.2% | 24.3% | 27.9% |
| Operating margin | 0.6% | 7.3% | 0.8% | -1.3% | -9.6% | 5.1% |
| EBITDA margin | 12.5% | 17.6% | 9.7% | 7.0% | -0.1% | 16.1% |
| Net margin | 7.4% | 13.7% | 2.0% | -4.3% | -3.7% | 0.5% |
| Free cash flow margin | -13.3% | -37.8% | -37.0% | -14.6% | -1.9% | 8.9% |
| FCF / Net income | -1.78 | -2.76 | -18.84 | 3.36 | 0.52 | 18.59 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 2.0% | 2.3% | 2.0% | 1.6% | 1.5% | 1.7% |
| Effective tax rate | -24.8% | 3.4% | 51.2% | - | - | 82.4% |
| Return on assets | 1.8% | 3.5% | 0.6% | -1.4% | -1.2% | 0.1% |
| Return on equity | 22.4% | 46.1% | 10.0% | -22.4% | -14.6% | 1.7% |
| Return on invested capital | 0.3% | 3.6% | 0.2% | - | - | - |
| Liquidity | ||||||
| Current ratio | 0.77 | 0.80 | 0.68 | 1.18 | 1.13 | 1.01 |
| Quick ratio | 0.69 | 0.73 | 0.61 | 1.01 | 1.00 | 0.92 |
| Cash ratio | 0.16 | 0.18 | 0.15 | 0.21 | 0.20 | 0.20 |
| Leverage | ||||||
| Debt / Equity | 5.33 | 5.66 | 7.43 | - | - | - |
| Debt / Assets | 0.42 | 0.44 | 0.41 | - | - | - |
| Debt / EBITDA | 14.14 | 9.56 | 15.00 | - | - | - |
| Interest coverage | 0.1x | 0.6x | 0.1x | -0.2x | -1.2x | 0.5x |
| Equity multiplier | 12.74 | 13.01 | 18.01 | 15.74 | 11.78 | 13.14 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.24 | 0.26 | 0.28 | 0.33 | 0.34 | 0.28 |
| Inventory turnover | 16.38 | 16.80 | 14.28 | 9.54 | 13.96 | 15.11 |
| Days sales outstanding | 50d | 49d | 41d | 52d | 46d | 49d |
| Days inventory outstanding | 22d | 22d | 26d | 38d | 26d | 24d |
| Days payable outstanding | 72d | 61d | 79d | 63d | 50d | 61d |
| Cash conversion cycle | 0d | 10d | -12d | 28d | 23d | 13d |
| Valuation | ||||||
| P / E | 11.4x | 5.5x | 55.0x | - | - | 335.7x |
| P / B | 2.5x | 2.5x | 5.5x | 7.9x | 5.8x | 6.0x |
| P / S | 0.8x | 0.7x | 1.1x | 1.5x | 1.5x | 1.6x |
| EV / EBITDA | 19.9x | 13.1x | 25.0x | 20.2x | - | 9.4x |
| Growth | ||||||
| Revenue growth (YoY) | -0.4% | -3.1% | 0.4% | 13.2% | 15.3% | -5.2% |
| Revenue CAGR (3y) | -1.0% | 3.3% | 9.5% | 7.4% | 1.2% | -2.8% |
| Revenue CAGR (5y) | 4.8% | 3.8% | 3.4% | 3.7% | -3.9% | -8.4% |
| Gross profit growth (YoY) | -4.5% | -7.6% | -1.7% | -6.0% | 0.7% | 14.6% |
| Operating income growth (YoY) | -91.6% | 759.6% | - | 84.1% | - | -51.2% |
| Net income growth (YoY) | -45.8% | 574.3% | - | -33.5% | - | -84.8% |
| EPS growth (YoY) | -46.6% | 574.3% | - | -34.4% | - | -84.4% |
| EPS CAGR (3y) | - | - | 71.0% | - | - | - |
| EPS CAGR (5y) | 78.3% | 39.3% | -28.0% | - | - | -30.8% |
| FCF growth (YoY) | 65.0% | 1.1% | -155.4% | -757.9% | - | 1301.6% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 11.5% | 46.5% | 2.1% | -12.9% | 6.2% | -12.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$13.28B totalEnergy Infrastructure$5.40B · 40.7%
Utilities$4.12B · 31.0%
Renewables$2.91B · 21.9%
AESAndes$900.00M · 6.8%
Corporate Other And Other$149.00M · 1.1%
New Energy Technologies$1.00M · 0.0%
Corporate And Other($205.00M) · -1.5%
Product / service
$19.18B totalElectricity Generation$8.20B · 42.7%
Regulated Revenue$4.04B · 21.0%
Electric Distribution$4.04B · 21.0%
Nonregulatedrevenue$2.91B · 15.2%
Geographic
$19.81B totalTotal Non Us$7.18B · 36.2%
US$5.06B · 25.5%
CL$1.52B · 7.7%
DO$1.36B · 6.9%
SV$1.09B · 5.5%
MX$760.00M · 3.8%
BG$687.00M · 3.5%
PA$649.00M · 3.3%
CO$422.00M · 2.1%
PR$404.00M · 2.0%
AR$366.00M · 1.8%
VN$321.00M · 1.6%
JO$6.00M · 0.0%
Other Non Us$1.00M · 0.0%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Dividends
$0.70/share trailing 12 months · +0.9% YoY
| Ex-date | Per share |
|---|---|
| May 1, 2026 | $0.1760 |
| Jan 30, 2026 | $0.1760 |
| Oct 31, 2025 | $0.1760 |
| Aug 1, 2025 | $0.1760 |
| May 1, 2025 | $0.1760 |
| Jan 31, 2025 | $0.1760 |
| Nov 1, 2024 | $0.1730 |
| Aug 1, 2024 | $0.1730 |
| Apr 30, 2024 | $0.1730 |
| Jan 31, 2024 | $0.1730 |
| Oct 31, 2023 | $0.1660 |
| Jul 31, 2023 | $0.1660 |
| Apr 28, 2023 | $0.1660 |
| Jan 31, 2023 | $0.1660 |
| Oct 31, 2022 | $0.1580 |
| Jul 29, 2022 | $0.1580 |
| Apr 28, 2022 | $0.1580 |
| Jan 31, 2022 | $0.1580 |
| Nov 1, 2021 | $0.1510 |
| Jul 30, 2021 | $0.1510 |
| Apr 29, 2021 | $0.1510 |
| Jan 28, 2021 | $0.1510 |
| Oct 29, 2020 | $0.1430 |
| Jul 31, 2020 | $0.1430 |
Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.