FirmAtlas
Company handbook · AES · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
AES · CIK 874761 · LATEST FILING: 10-Q JUN '26 · FILED AUG 4, 2026
THE AES CORPORATION
$14.95
−0.02 (−0.13%)
Close, Oct 16, 2026 · 52-week $13–18
Last fiscal year
THE AES CORPORATION reported revenue of $12.2B for the year ended Dec 31, 2025 (FY25), down 0.4% from FY24. Net income was $910M, operating cash flow $4.3B and free cash flow −$1.6B. Source: 10-K filed Mar 2, 2026.
Market cap
$10.6B
P/E
5.7
P/B
2.1
Div yield
4.71%
Revenue 1Y
−0.4%/yr
EPS 1Y
−46.6%/yr
Shares 1Y
+0.2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
HQArlington, VA
AuditorErnst & Young LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
2.6%
−9.3%
2.9%
0.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$14.3B deployed
Capex
$13.3B
93.1%
Dividends
$984M
6.9%
Operating cash flow over the period: $7.1B. Total debt changed by +$164M.
Capex was more than operating cash flow in FY25.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
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Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Balance sheet
Total assets
47,406
51,768+9.2%
54,238
Cash & short-term investments
2,118
2,336+10.3%
—
Accounts receivable
1,646
1,683+2.2%
—
Inventory
593
612+3.2%
—
Net PP&E
33,166
37,818+14.0%
—
Other assets
9,883
9,319−5.7%
—
Total liabilities
43,762
47,705+9.0%
49,296
Accounts payable
1,654
1,980+19.7%
—
Total debt
571
735+28.7%
—
Other liabilities
41,537
44,990+8.3%
—
Shareholders’ equity
3,644
4,063+11.5%
4,942
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,752
4,306+56.5%
5,032
Net income
802
162−79.8%
—
Depreciation & amortization
1,264
1,457+15.3%
—
Stock-based compensation
12
14+16.7%
—
Working capital & other
674
2,673+296.6%
—
Cash from investing
(7,700)
(6,210)n/m
—
Capex
(7,392)
(5,929)n/m
—
Investments bought
(818)
(185)n/m
—
Investments sold / matured
796
93−88.3%
—
Other investing
(286)
(189)n/m
—
Cash from financing
4,963
1,975−60.2%
—
Dividends
(483)
(501)n/m
—
Other financing
5,446
2,476−54.5%
—
Net change in cash
49
123+151.0%
—
Free cash flow (OCF − capex)
(4,640)
(1,623)n/m
(1,720)
Where the cash went
Operating cash flow
2,752
4,306+56.5%
5,032
Reinvested in the business
7,392
5,929−19.8%
—
% of operating cash flow
268.6%
137.7%
Capex
7,392
5,929−19.8%
6,752
Free cash flow
(4,640)
(1,623)n/m
(1,720)
YoY
n/m
Returned to shareholders
483
501+3.7%
—
% of free cash flow
—
—
Dividends
483
501+3.7%
—
Change in total debt
—
164
—
Cash left over
—
(1,960)
—
FCF conversion (FCF ÷ net income)
−276.4%
−178.4%+98.0 pp
—
Owner earnings
—
(3,292)
—
Owner earnings margin
—
−26.9%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
3,351
3,101
3,180
3,422
vs year-ago quarter
Gross profit
735
582
640
692
Gross margin
21.9%
18.8%
20.1%
20.2%
Net income
639
320
487
426
vs year-ago quarter
Net margin
19.1%
10.3%
15.3%
12.4%
EPS (diluted, $)
0.89
0.45
0.68
0.60
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
50,783
51,768
52,819
54,238
Cash & equivalents
2,549
2,336
2,319
2,383
Total debt
—
735
—
—
Shareholders’ equity
3,865
4,063
4,420
4,942
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,297
1,488
1,201
1,046
Capex
1,808
1,535
1,766
1,643
Free cash flow
(511)
(47)
(565)
(597)
vs year-ago quarter