AES CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AES CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,281	10,530	10,736	10,189	9,660	11,141	12,617	12,668	12,278	12,233
Cost of revenue	7,898	8,065	8,163	7,840	6,967	8,430	10,069	10,164	9,964	10,022
Gross profit	2,383	2,465	2,573	2,349	2,693	2,711	2,548	2,504	2,314	2,211
General and administrative	194	215	192	196	165	166	207	255	288	241
Interest expense	1,134	1,170	1,056	1,050	1,038	911	1,117	1,319	1,485	1,407
Interest income	245	244	310	318	268	298	389	551	381	287
Pre-tax income	-354	-521	-509	-277	-192	644	96	104	894	75
Income tax	32	990	708	352	216	-133	265	261	59	-181
Income from continuing operations	-20	-507	985	302	43	-413	-546	242	1,686	949
Net income to minority interests	364	398		-106	542	542	41	-431	-877	-748
Net income	-1,130	-1,161	1,203	303	46	-409	-546	249	1,679	910
EPS, basic	-1.72	-1.76	1.82	0.46	0.07	-0.61	-0.82	0.37	2.38	1.26
EPS, diluted	-1.72	-1.76	1.81	0.45	0.07	-0.61	-0.82	0.35	2.36	1.26
Shares, basic (weighted)	660	660	662	664	665	666	668	669	706	712
Shares, diluted (weighted)	660	660	665	667	668	666	668	712	713	714
Dividend per share	0.45	0.49	0.53	0.55	0.58	0.61	0.64	0.67	0.69	0.70

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,244	949	1,166	1,029	1,089	943	1,374	1,426	1,524	1,382
Short-term investments	530	424	313	400	335	232	730	395	79	174
Receivables	1,421	1,463	1,595	1,479	1,300	1,418	1,799	1,420	1,646	1,683
Inventory	622	562	577	487	461	604	1,055	712	593	612
Other current assets	657	630	807	802	726	897	1,533	1,387	1,533	1,723
Total current assets	6,416	6,398	5,015	5,231	5,414	5,356	7,643	6,649	6,831	6,502
Property, plant and equipment	20,415	20,296	21,396	22,574	22,826	19,906	23,039	29,958	33,166	37,818
Lease right-of-use assets				248	275	278	356	380	372	369
Goodwill	1,157	1,059	1,059	1,059	1,061	1,177	362	348	345	342
Intangible assets	287	366	436	469	827	1,450	1,841	2,243	1,947	2,040
Other non-current assets	1,775	1,741	1,514	1,635	1,660	2,188	4,030	3,259	2,917	2,821
Total assets	36,124	33,112	32,521	33,648	34,603	32,963	38,363	44,799	47,406	51,768
Accounts payable	1,238	1,371	1,329	1,311	1,156	1,153	1,730	2,199	1,654	1,980
Accrued liabilities	1,117	980	962	987	1,223	1,205	1,489	1,334	1,246	2,223
Deferred revenue										245
Total current liabilities	5,277	6,028	4,399	5,096	5,362	4,732	6,491	9,731	8,571	8,492
Lease liabilities				261	293	294	374	387	392	394
Other non-current liabilities	2,327	2,595	2,723	2,917	3,241	3,358	3,168	3,114	2,881	2,980
Total liabilities	30,424	28,267	26,917	28,419	29,883	28,396	33,859	38,814	39,702	42,663
Paid-in capital	8,592	8,501	8,154	7,776	7,561	7,106	6,688	6,355	5,913	5,904
Retained earnings	-1,146	-2,276	-1,005	-692	-680	-1,089	-1,635	-1,386	293	641
Treasury stock	-1,904	-1,892	-1,878	-1,867	-1,858	-1,845	-1,822	-1,813	-1,805	-1,793
Other comprehensive income	-2,756	-1,876	-2,071	-2,229	-2,397	-2,220	-1,640	-1,514	-766	-698
Shareholders' equity	2,794	2,465	3,208	2,996	2,634	2,798	2,437	2,488	3,644	4,063
Minority interests	2,906	2,380	2,396	2,233	2,086	1,769	2,067	3,497	4,060	5,042
Total equity	5,700	4,845	5,604	5,229	4,720	4,567	4,504	5,985	7,704	9,105
Total liabilities and equity	36,124	33,112	32,521	33,648	34,603	32,963	38,363	44,799	47,406	51,768
Shares outstanding	659	660	662	664	665	667	669	670	711	712

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-777	-777	1,565	478	152	-951	-505	-182	802	162
Depreciation and amortization	1,176	1,169	1,003	1,045	1,068	1,056	-1,072	-1,147	-1,264	-1,457
Stock-based compensation	10	8	20	22	21	14	23	2	12	14
Deferred income tax	-793	672	313	-8	-233	-406	4	-54	111	92
Change in receivables	237	-177	-206	73	48	-170	-532	161	-361	130
Change in inventory	42	-28	-36	28	-20	-93	-417	306	86	6
Change in payables	-619	163	62	-6	-186	-251	470	-132	-40	215
Cash from operations	2,897	2,504	2,343	2,466	2,755	1,902	2,715	3,034	2,752	4,306
Capital expenditures	-2,345	-2,177	-2,121	-2,405	-1,900	-2,116	-4,551	-7,724	-7,392	-5,929
Purchases of investments	-5,151	-3,310	-1,411	-770	-653	-519	-1,492	-937	-818	-185
Sales and maturities of investments					582	578	1,065	1,377	717	7
Cash from investing	-2,136	-2,599	-505	-2,721	-2,295	-3,051	-5,836	-8,188	-7,700	-6,210
Share buybacks	-79	0	0
Dividends paid	-290	-317	-344	-362	-381	-401	-422	-444	-483	-501
Cash from financing	-747	43	-1,643	-86	-78	797	3,758	5,405	4,963	1,975
Exchange rate effect	37	8	-54	-18	-24	-46	-56	-270	-63	-27
Net change in cash	9	-172	215	-431	255	-343	603	-97	49	123
Free cash flow	552	327	222	61	855	-214	-1,836	-4,690	-4,640	-1,623
Interest paid	1,273	1,196	1,003	946	908	815	928	1,317	1,268	1,210
Income taxes paid	487	377	370	363	333	459	271	301	345	227

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.87 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.3%	Gross profit / revenue.
Pre-tax margin	5.7%	Pre-tax income / revenue.
Net margin	14.3%	Net income / revenue.
FCF margin	-13.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	38.5%	Cash from operations / revenue.
Effective tax rate	-50.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	37.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	Net income / average total assets.
Capex / revenue	51.7%	Capital expenditures / revenue.
D&A / revenue	-12.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-3.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-45.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	81.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-46.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	78.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	56.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	16.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.75x	Current assets / current liabilities.
Quick ratio	0.44x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.22x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	82.0%	Total liabilities / total assets.
Working capital	-$2.18B	Current assets - current liabilities.
Goodwill and intangibles / assets	4.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.57B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.24x	Revenue / average total assets.
Fixed asset turnover	0.32x	Revenue / average property, plant and equipment.
Inventory turnover	16.8x	Cost of revenue / average inventory.
Days inventory	22 days	365 x average inventory / cost of revenue.
Receivables turnover	6.75x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Days payables	76 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-0 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-91.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	134.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$18.26	Revenue / diluted weighted shares.
FCF per share	-$2.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.04	Cash from operations / diluted weighted shares.
Book value per share	$6.93	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.60	Tangible book value / shares outstanding.
Cash per share	$2.60	(Cash + short-term investments) / shares outstanding.
Payout ratio	26.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.61B	Share price x shares outstanding.
Enterprise value	$8.76B	Market cap + total debt - cash - short-term investments.
P/E	5.67x	Market cap / net income. Only when net income is positive.
P/S	0.81x	Market cap / revenue.
P/B	2.15x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.13x	Market cap / tangible book value, when positive.
P/OCF	2.11x	Market cap / cash from operations, when positive.
EV/Sales	0.67x	Enterprise value / revenue.
FCF yield	-16.2%	Free cash flow / market cap.
Earnings yield	17.6%	Net income / market cap (the inverse of P/E).
Dividend yield	4.7%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.

What was AES CORP's revenue in fiscal 2025?

AES CORP reported revenue of $12.23B for fiscal 2025, 0.4% lower than the year before.

Was AES CORP profitable in fiscal 2025?

Yes. Net income was $910.0M, a net margin of 7.4%.

How much free cash flow did AES CORP generate in fiscal 2025?

Cash from operations of $4.31B minus capital expenditures of $5.93B left free cash flow of -$1.62B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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