AES Corp. (AES)
AES was incorporated in 1981 and describes itself as a global energy company with over four decades of experience developing, operating and owning electric generation and utilities. It has two lines of business. In generation it owns or operates power plants and sells power to customers such as utilities, industrial users and other intermediaries. In utilities it owns or operates utilities that generate or purchase, transmit, distribute and sell electricity to end users in the residential, commercial, industrial and governmental sectors within a defined service area, and in certain cases sells on the wholesale market as well. It owns or operates a generation portfolio of 34,740 MW, including the generation of its integrated utility in Indiana.
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Latest results
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The years before, in words
AES (AES) reported revenue of $12.2 billion for fiscal 2025, the year ended 31 December 2025, down 0.4% on the year before. Net income was $910 million and diluted earnings per share $1.26. Revenue was $12.3 billion in fiscal 2024, $12.7 billion in fiscal 2023, $12.6 billion in fiscal 2022 and $11.1 billion in fiscal 2021. Net income in the same years was $1.7 billion, $249 million, a loss of $546 million and a loss of $409 million. Over the twelve months to 30 September 2026, AES reported revenue of $13.6 billion and net income of $1.8 billion. Revenue grew 4.8% a year, compounded, over the five years to fiscal 2025. AES declared $0.70 a share in dividends over the last four quarters and had 714 million shares outstanding at the latest filed count. At the close of 6 November 2026 the market cap of AES was $10.6 billion, 6.0 times its earnings over the last twelve months.Ratios
From the filings
ROE31.3%
ROCEn/a
Operating marginn/a
Net margin13.2%
FCF margin-11.2%
Interest covern/a
Debt to equity5.82x
Cash conversion2.76x
Share count, last 12 months0.2%
Sales CAGR, 3 years-1.0%
Profit CAGR, 3 yearsn/a
EPS, TTM$2.49
At the close of 6 November 2026
Price$14.88
Market cap$10.6 billion
Stock P/E6.0x
Price to book1.9x
EV / EBITDAn/a
Dividend yield4.7%
Market cap / sales0.78x
52-week high$17.28
52-week low$13.48
Price, 1 year4.9%
Price CAGR, 3 years-2.7%
Price CAGR, 5 years-9.8%
29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of AES Corp.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.AESgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.Quarterly results
| Q4 FY2021 | Q1 FY2022 | Q2 FY2022 | Q3 FY2022 | Q4 FY2022 | Q1 FY2023 | Q2 FY2023 | Q3 FY2023 | Q4 FY2023 * | Q1 FY2024 † | Q2 FY2024 † | Q3 FY2024 † | Q4 FY2024 * † | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,770 | 2,852 | 3,078 | 3,627 | 3,060 | 3,239 | 3,027 | 3,434 | 2,968 | 3,085 | 2,942 | 3,289 | 2,962 | 2,926 | 2,855 | 3,351 | 3,101 | 3,180 | 3,422 | 3,872 |
| Cost of revenue | 2,211 | 2,322 | 2,515 | 2,735 | 2,497 | 2,645 | 2,529 | 2,516 | 2,474 | 2,466 | 2,389 | 2,567 | 2,542 | 2,485 | 2,402 | 2,616 | 2,519 | 2,540 | 2,730 | 2,890 |
| Gross profit | 559 | 530 | 563 | 892 | 563 | 594 | 498 | 918 | 494 | 619 | 553 | 722 | 420 | 441 | 453 | 735 | 582 | 640 | 692 | 982 |
| Gross margin | 20% | 19% | 18% | 25% | 18% | 18% | 16% | 27% | 17% | 20% | 19% | 22% | 14% | 15% | 16% | 22% | 19% | 20% | 20% | 25% |
| Interest expense | 242 | 258 | 279 | 276 | 304 | 330 | 310 | 326 | 353 | 357 | 389 | 379 | 360 | 342 | 352 | 348 | 365 | 353 | 368 | 361 |
| Pre-tax income | -504 | -66.0 | -53.0 | -42.0 | n/a | 265 | 4.0 | 414 | -579 | 277 | 115 | 334 | 168 | -22.0 | 39.0 | 327 | -269 | 242 | 449 | 505 |
| Tax rate | n/a | n/a | n/a | n/a | n/a | 27% | -50% | 26% | n/a | -6% | -30% | 31% | 4% | n/a | 428% | -69% | n/a | -17% | 6% | -2% |
| Net income | -632 | 115 | -179 | 421 | -903 | 151 | -39.0 | 231 | -94.0 | 432 | 276 | 504 | 560 | 46.0 | -95.0 | 639 | 320 | 487 | 426 | 553 |
| Net margin | -23% | 4% | -6% | 12% | -30% | 5% | -1% | 7% | -3% | 14% | 9% | 15% | 16% | 2% | -3% | 19% | 10% | 15% | 12% | 14% |
| Diluted EPS | -$0.95 | $0.16 | -$0.27 | $0.59 | -$1.35 | $0.21 | -$0.06 | $0.32 | -$0.14 | $0.60 | $0.39 | $0.71 | $0.79 | $0.07 | -$0.15 | $0.89 | $0.45 | $0.68 | $0.60 | $0.76 |
| Operating cash flow | 523 | 457 | 408 | 784 | 1,066 | 625 | 562 | 1,122 | 725 | 287 | 392 | 985 | 1,088 | 545 | 976 | 1,297 | 1,488 | 1,201 | 1,046 | 1,200 |
| Capital expenditure | 582 | 766 | 893 | 1,052 | 1,840 | 1,551 | 1,845 | 1,899 | 2,429 | 2,148 | 1,685 | 1,832 | 1,727 | 1,254 | 1,332 | 1,808 | 1,535 | 1,766 | 1,643 | 1,507 |
| Free cash flow | -59.0 | -309 | -485 | -268 | -774 | -926 | -1,283 | -777 | -1,704 | -1,861 | -1,293 | -847 | -639 | -709 | -356 | -511 | -47.0 | -565 | -597 | -307 |
| Dividends paid | 100 | 105 | 106 | 105 | 106 | 111 | 111 | 111 | 111 | 116 | 122 | 123 | 122 | 125 | 125 | 126 | 125 | 125 | 126 | 125 |
| Shares outstanding | 667m | 668m | 668m | 668m | 669m | 669m | 669m | 670m | 670m | 711m | 711m | 711m | 711m | 712m | 712m | 712m | 712m | 713m | 713m | 714m |
| Filing | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-K | 10-K | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.Income statement (profit and loss)
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the last twelve months as filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 10 peers in Other (11.2% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 8 peers in Other (24.2). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| FY2009 † | FY2010 † | FY2011 † | FY2012 † | FY2013 | FY2014 † | FY2015 † | FY2016 † | FY2017 † | FY2018 | FY2019 | FY2020 | FY2021 † | FY2022 | FY2023 † | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12,974 | 15,443 | 16,098 | 17,164 | 15,891 | 16,124 | 11,260 | 10,281 | 10,530 | 10,736 | 10,189 | 9,660 | 11,141 | 12,617 | 12,668 | 12,278 | 12,233 | 13,575 |
| Cost of revenue | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 7,898 | 8,065 | 8,163 | 7,840 | 6,967 | 8,430 | 10,069 | 10,164 | 9,964 | 10,022 | 10,679 |
| Gross profit | n/a | 3,820 | 4,040 | 3,583 | 3,247 | 2,980 | 2,663 | 2,383 | 2,464 | 2,573 | 2,349 | 2,693 | 2,711 | 2,548 | 2,504 | 2,314 | 2,211 | 2,896 |
| Gross margin | n/a | 24.7% | 25.1% | 20.9% | 20.4% | 18.5% | 23.7% | 23.2% | 23.4% | 24.0% | 23.1% | 27.9% | 24.3% | 20.2% | 19.8% | 18.8% | 18.1% | 21.3% |
| Interest expense | 1,462 | 1,449 | 1,530 | 1,544 | 1,482 | 1,451 | 1,145 | 1,134 | 1,170 | 1,056 | 1,050 | 1,038 | 911 | 1,117 | 1,319 | 1,485 | 1,407 | 1,447 |
| Pre-tax income | 2,316 | 1,890 | 2,260 | 230 | 1,048 | 578 | 513 | -354 | -521 | -509 | -277 | -192 | 644 | 96.0 | 104 | 894 | 75.0 | 927 |
| Income tax | 580 | 593 | 656 | 685 | 343 | 371 | 412 | 32.0 | 990 | 708 | 352 | 216 | -133 | 265 | 261 | 59.0 | -181 | -162 |
| Effective tax rate | 25.0% | 31.4% | 29.0% | 297.8% | 32.7% | 64.2% | 80.3% | n/a | n/a | n/a | n/a | n/a | -20.7% | 276.0% | 251.0% | 6.6% | -241.3% | -17.5% |
| Net income | 658 | 9.0 | 58.0 | -912 | 114 | 769 | 306 | -1,130 | -1,161 | 1,203 | 303 | 46.0 | -409 | -546 | 249 | 1,679 | 910 | 1,786 |
| Net margin | 5.1% | 0.1% | 0.4% | -5.3% | 0.7% | 4.8% | 2.7% | -11.0% | -11.0% | 11.2% | 3.0% | 0.5% | -3.7% | -4.3% | 2.0% | 13.7% | 7.4% | 13.2% |
| Diluted EPS | $0.98 | $0.01 | $0.07 | -$1.21 | $0.15 | $1.06 | $0.44 | -$1.71 | -$1.76 | $1.81 | $0.45 | $0.07 | -$0.61 | -$0.82 | $0.35 | $2.36 | $1.26 | $2.49 |
| Filing | 8-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
From each year's 10-K, linked; TTM is the last four quarters.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.Revenue by segment FY2009 to FY2024
| FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Energy Infrastructure | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 6,702 | 7,204 | 6,805 | 6,207 | 49.9% |
| Utilities | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 2,944 | 3,617 | 3,495 | 3,608 | 29.0% |
| Renewables | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 1,562 | 1,893 | 2,416 | 2,617 | 21.0% |
| New Energy Technologies | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 7 | 3 | 76 | 1 | under 0.1% |
| ANDES [Domain] | n/a | n/a | n/a | n/a | n/a | n/a | 2,489 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Andes | n/a | 2,519 | 2,989 | 2,987 | 2,638 | 2,642 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Asia | 375 | 618 | 625 | 733 | 550 | 558 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Brazil | n/a | n/a | n/a | n/a | n/a | n/a | 962 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Brazil SBU | n/a | 16 | 6,640 | 5,788 | 5,015 | 4,987 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Brazil Utilities | n/a | 6,340 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Corporate and Other | 858 | 1,425 | 8 | 4 | -1 | n/a | n/a | n/a | n/a | -10 | -6 | -11 | n/a | n/a | n/a | n/a | n/a |
| EURASIA | n/a | n/a | n/a | n/a | n/a | n/a | 1,875 | 1,670 | 1,590 | 1,255 | 1,047 | 828 | n/a | n/a | n/a | n/a | n/a |
| Europe | n/a | 1,177 | 1,469 | 1,343 | 1,347 | 1,439 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Europe Generation | 764 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Latin America Generation | 2,787 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Latin America Utilities | 5,877 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| MCAC | n/a | 1,397 | 2,324 | 2,573 | 2,712 | 2,682 | 2,353 | 1,274 | 1,519 | 1,728 | 1,882 | 1,766 | n/a | n/a | n/a | n/a | n/a |
| North America Generation | 1,381 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| North America Utilities | 1,068 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| South America | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 2,956 | 3,252 | 3,533 | 3,208 | 3,159 | n/a | n/a | n/a | n/a | n/a |
| U Sand Utilities Domain | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 4,330 | 4,162 | 4,230 | 4,058 | 3,918 | n/a | n/a | n/a | n/a | n/a |
| US Utilities | n/a | 1,145 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| United States | n/a | 806 | 2,087 | 3,736 | 3,630 | 3,826 | 3,593 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Eliminations | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | -216 | -262 | n/a | n/a |
Energy Infrastructure FY2021 to FY2024Utilities FY2021 to FY2024Renewables FY2021 to FY2024New Energy Technologies FY2021 to FY2024MCAC FY2010 to FY2020U Sand Utilities Domain FY2016 to FY2020South America FY2016 to FY2020EURASIA FY2015 to FY2020United States FY2010 to FY2015ANDES [Domain] FY2015Brazil FY2015Brazil SBU FY2010 to FY2014Andes FY2010 to FY2014Europe FY2010 to FY2014Asia FY2009 to FY2014Corporate and Other FY2009 to FY2012Latin America Utilities FY2009Latin America Generation FY2009North America Generation FY2009North America Utilities FY2009Europe Generation FY2009Other
$ billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Eliminations is the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart. Corporate and Other is below zero in FY2013, FY2018, FY2019 and FY2020 as the 10-K filed it, so it has no share or block for those years.Revenue by product or service FY2016 to FY2025
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-regulated revenue | n/a | n/a | 7,797 | 7,161 | 6,999 | 8,273 | 9,079 | 9,245 | 8,756 | 8,195 | 67.0% |
| Regulated Revenue | n/a | n/a | 2,939 | 3,028 | 2,661 | 2,868 | 3,538 | 3,423 | 3,522 | 4,038 | 33.0% |
| Electric Distribution | 3,310 | 3,109 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Electricity, Generation | 6,971 | 7,421 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Non-regulated revenue FY2018 to FY2025Regulated Revenue FY2018 to FY2025Electricity, Generation FY2016 to FY2017Electric Distribution FY2016 to FY2017
$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Revenue by region FY2019 to FY2025
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|
| United States | 3,230 | 3,243 | 3,531 | 4,093 | 4,439 | 4,689 | 5,056 | 41.3% |
| CL | 1,839 | 2,092 | 2,297 | 2,064 | 1,932 | 1,534 | 1,516 | 12.4% |
| DO | 877 | 896 | 1,087 | 1,591 | 1,400 | 1,451 | 1,363 | 11.1% |
| SV | 824 | 666 | 792 | 902 | 935 | 1,036 | 1,086 | 8.9% |
| Mexico | 402 | 349 | 471 | 595 | 536 | 462 | 760 | 6.2% |
| BG | 459 | 444 | 700 | 790 | 528 | 478 | 687 | 5.6% |
| PA | 601 | 519 | 595 | 678 | 644 | 666 | 649 | 5.3% |
| CO | 472 | 358 | 383 | 417 | 706 | 686 | 422 | 3.4% |
| AR | 373 | 308 | 390 | 501 | 407 | 318 | 366 | 3.0% |
| VN | 343 | 285 | 320 | 323 | 344 | 312 | 321 | 2.6% |
| JO | 95 | 96 | 98 | 102 | 97 | 28 | 6 | under 0.1% |
| Other Non-U.S. | 2 | 3 | 6 | 1 | 3 | 2 | 1 | under 0.1% |
| Brazil | 525 | 401 | 471 | 560 | 697 | 616 | 0 | n/a |
| United Kingdom | 147 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
United StatesCLDOSVMexicoBGPAOther
$ billion; hover a block for its figure and share
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Cash flow
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the last twelve months as filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 10 peers in Other (11.2% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| FY2009 † | FY2010 † | FY2011 † | FY2012 † | FY2013 | FY2014 † | FY2015 † | FY2016 † | FY2017 † | FY2018 | FY2019 | FY2020 | FY2021 † | FY2022 | FY2023 † | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 2,202 | 3,465 | 2,884 | 2,901 | 2,715 | 1,791 | 2,134 | 2,897 | 2,504 | 2,343 | 2,466 | 2,755 | 1,902 | 2,715 | 3,034 | 2,752 | 4,306 | 4,935 |
| Capital expenditure | 2,520 | 2,310 | 2,430 | 2,108 | 1,988 | 2,016 | 2,308 | 2,345 | 2,177 | 2,121 | 2,405 | 1,900 | 2,116 | 4,551 | 7,724 | 7,392 | 5,929 | 6,451 |
| Free cash flow | -318 | 1,155 | 454 | 793 | 727 | -225 | -174 | 552 | 327 | 222 | 61.0 | 855 | -214 | -1,836 | -4,690 | -4,640 | -1,623 | -1,516 |
| Free cash flow margin | -2.5% | 7.5% | 2.8% | 4.6% | 4.6% | -1.4% | -1.5% | 5.4% | 3.1% | 2.1% | 0.6% | 8.9% | -1.9% | -14.6% | -37.0% | -37.8% | -13.3% | -11.2% |
| Cash from investing | -1,917 | -2,040 | -4,906 | -895 | -1,774 | -656 | -2,366 | -2,136 | -2,599 | -505 | -2,721 | -2,295 | -3,051 | -5,836 | -8,188 | -7,700 | -6,210 | -6,348 |
| Cash from financing | 610 | -706 | 1,412 | -1,867 | -1,136 | -1,262 | 28.0 | -747 | 43.0 | -1,643 | -86.0 | -78.0 | 797 | 3,758 | 5,405 | 4,963 | 1,975 | 1,563 |
| Depreciation and amortisation | 884 | 1,034 | 1,176 | 1,394 | 1,294 | 1,245 | 1,144 | 1,176 | 1,169 | 1,003 | 1,045 | 1,068 | 1,056 | 1,053 | 1,147 | 1,264 | 1,457 | 1,681 |
| Share-based compensation | n/a | n/a | n/a | n/a | n/a | n/a | 8.0 | 10.0 | 8.0 | 20.0 | 22.0 | 21.0 | 14.0 | 23.0 | 2.0 | 12.0 | 14.0 | n/a |
| Buybacks | 0.0 | 99.0 | 279 | 301 | 322 | 308 | 482 | 79.0 | 0.0 | 0.0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Dividends paid | n/a | 0.0 | 0.0 | 30.0 | 119 | 144 | 276 | 290 | 317 | 344 | 362 | 381 | 401 | 422 | 444 | 483 | 501 | 501 |
| Dividend per share | n/a | $0.00 | $0.00 | $0.08 | $0.17 | $0.25 | $0.41 | $0.45 | $0.49 | $0.53 | $0.55 | $0.58 | $0.61 | $0.64 | $0.67 | $0.69 | $0.70 | $0.70 |
| Diluted shares, weighted | 670m | 774m | 783m | 755m | 748m | 724m | 689m | 662m | 660m | 665m | 667m | 668m | 666m | 668m | 712m | 713m | 714m | 715m |
| Shares outstanding at period end | 668m | 788m | 765m | 744m | 723m | 704m | 667m | 659m | 660m | 662m | 664m | 665m | 667m | 669m | 670m | 711m | 712m | 714m |
| Filing | 8-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
Cash paid in the year, from the cash flow statement.
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The dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.Balance sheet
| FY2009 † | FY2010 † | FY2011 † | FY2012 † | FY2013 | FY2014 † | FY2015 † | FY2016 † | FY2017 † | FY2018 | FY2019 | FY2020 | FY2021 † | FY2022 | FY2023 † | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funded by | ||||||||||||||||||
| Shareholders' equity | 4,675 | 6,473 | 5,946 | 4,569 | 4,330 | 4,272 | 3,149 | 2,794 | 2,465 | 3,208 | 2,996 | 2,634 | 2,798 | 2,437 | 2,488 | 3,644 | 4,063 | 5,712 |
| Non-controlling interest | 4,205 | 3,940 | 3,783 | 2,945 | 3,321 | 3,053 | 3,022 | 2,906 | 2,380 | 2,396 | 2,233 | 2,086 | 1,769 | 2,067 | 3,497 | 4,060 | 5,042 | 5,071 |
| Redeemable equity | n/a | n/a | n/a | n/a | 78.0 | 78.0 | 538 | 782 | 837 | 879 | 888 | 872 | 1,257 | 1,321 | 1,464 | 938 | 2,824 | 3,100 |
| Debt | n/a | 18,788 | 22,020 | 20,721 | 21,049 | n/a | 20,081 | 19,454 | 19,965 | 19,295 | 20,173 | 19,881 | 18,699 | 23,498 | 26,878 | 29,018 | 29,897 | 33,264 |
| Operating lease liabilities | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 261 | 293 | 294 | 374 | 387 | 392 | 394 | n/a |
| Finance lease liabilities | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 67.0 | 77.0 | 128 | 169 | n/a | 553 | 714 | n/a |
| Other liabilities | 30,655 | 11,310 | 13,584 | 13,595 | 11,633 | 31,159 | 9,755 | 10,183 | 7,465 | 6,743 | 7,030 | 8,760 | 8,018 | 8,497 | 10,085 | 8,801 | 8,834 | 8,900 |
| Total liabilities and equity | 39,535 | 40,511 | 45,333 | 41,830 | 40,411 | 38,562 | 36,545 | 36,119 | 33,112 | 32,521 | 33,648 | 34,603 | 32,963 | 38,363 | 44,799 | 47,406 | 51,768 | 56,047 |
| Owned | ||||||||||||||||||
| Fixed assets | 23,089 | 22,793 | 25,001 | 24,635 | 25,112 | 25,151 | 22,022 | 20,415 | 20,296 | 21,396 | 22,574 | 22,826 | 19,906 | 23,039 | 29,958 | 33,166 | 37,818 | 41,850 |
| Goodwill | 1,299 | 1,271 | 3,820 | 1,999 | 1,622 | 1,458 | 1,157 | 1,157 | 1,059 | 1,059 | 1,059 | 1,061 | 1,177 | 362 | 348 | 345 | 342 | 342 |
| Intangible assets | 333 | 448 | 545 | 324 | 297 | 281 | 340 | 287 | 366 | 436 | 469 | 827 | 1,450 | 1,841 | 2,243 | 1,947 | 2,040 | 2,021 |
| Investments | 1,648 | 1,718 | 1,356 | 693 | 668 | 709 | 469 | 530 | 424 | 313 | 400 | 335 | 232 | 730 | 395 | 79.0 | 174 | 54.0 |
| Trading assets | 7.0 | 10.0 | 12.0 | 12.0 | 13.0 | 15.0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Cash and equivalents | 1,745 | 2,360 | 1,624 | 1,900 | 1,642 | 1,517 | 1,218 | 1,244 | 949 | 1,166 | 1,029 | 1,089 | 943 | 1,374 | 1,426 | 1,524 | 1,382 | 1,972 |
| Receivables | 2,078 | 2,244 | 2,522 | 2,539 | 2,363 | 2,709 | 2,302 | 1,421 | 1,463 | 1,595 | 1,479 | 1,300 | 1,418 | 1,799 | 1,420 | 1,646 | 1,683 | 1,872 |
| Inventory | 479 | 549 | 775 | 719 | 684 | 702 | 671 | 622 | 562 | 577 | 487 | 461 | 604 | 1,055 | 712 | 593 | 612 | 617 |
| Other assets | 8,857 | 9,118 | 9,678 | 9,009 | 8,010 | 6,020 | 8,366 | 10,443 | 7,993 | 5,979 | 6,151 | 6,704 | 7,233 | 8,163 | 8,297 | 8,106 | 7,717 | 7,319 |
| Total assets | 39,535 | 40,511 | 45,333 | 41,830 | 40,411 | 38,562 | 36,545 | 36,119 | 33,112 | 32,521 | 33,648 | 34,603 | 32,963 | 38,363 | 44,799 | 47,406 | 51,768 | 56,047 |
| Filing | 8-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | |
At the fiscal year end; the TTM column is the latest quarter end.
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Both totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.Compounded growth
| 10 years | 5 years | 3 years | TTM | |
|---|---|---|---|---|
| Sales growth, compounded | 0.8% | 4.8% | -1.0% | 12.2% |
| Profit growth, compounded | 11.5% | 81.7% | n/a | 55.3% |
| Return on equity, average | 0.3% | 8.3% | 26.2% | 22.4% |
Yearly growth, compounded; TTM is the last four quarters against the four before.
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Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.Questions
What was AES's revenue in fiscal 2025?
AES (AES) reported revenue of $12.2 billion for fiscal 2025, the year ended 31 December 2025, down 0.4% on the year before.
How much did AES earn in fiscal 2025?
Net income was $910 million for fiscal 2025, and diluted earnings per share $1.26.
What is AES's P/E ratio?
At the close of 6 November 2026, AES traded at 6.0 times its earnings over the twelve months to 30 September 2026.
What is AES's market cap?
The market cap of AES was $10.6 billion at the close of 6 November 2026.
Does AES pay a dividend?
Yes. AES declared $0.70 a share in dividends over the four quarters to 30 September 2026.
Peers: Other
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Waste Management Inc. WM | $94.0 billion | 31.02 | 31.1% | 18.4% | 5.2% | 2.37 | 1.5% |
| Republic Services, Inc. RSG | $75.2 billion | 34.15 | 18.2% | 20.0% | 4.5% | 1.14 | 1.0% |
| Waste Connections, Inc. WCN | $47.3 billion | 42.28 | 14.4% | 17.7% | 6.3% | 1.20 | 0.7% |
| Amcor plc AMCR | $20.7 billion | 19.26 | 9.3% | 7.9% | 37.3% | 1.27 | 5.8% |
| Clean Harbors Inc. CLH | $15.0 billion | 28.54 | 16.9% | 13.2% | 10.1% | 0.93 | n/a |
| AES Corp. AES | $10.6 billion | 5.98 | 31.3% | n/a | 12.2% | 5.82 | 4.7% |
| Casella Waste Systems Inc. CWST | $6.3 billion | 1,091.67 | 0.4% | 3.4% | 13.6% | 0.85 | n/a |
| Brady Corp. BRC | $3.7 billion | 18.31 | 15.1% | 15.9% | 9.8% | 0.01 | n/a |
| Oil-Dri Corp. of America ODC | $1.0 billion | 18.01 | 19.1% | 13.8% | 1.7% | 0.13 | 1.2% |
| Daktronics Inc. DAKT | $933 million | 19.79 | 15.2% | 7.3% | 14.0% | 0.03 | n/a |
| Enviri Corp. NVRI | $671 million | n/a | n/a | n/a | n/a | 0.60 | n/a |
| Perma FIX Environmental Services Inc. PESI | $298 million | n/a | -41.3% | -36.2% | -4.9% | 0.03 | n/a |
No other company here shares its SEC industry code (Cogeneration Services & Small Power Producers); these are the names nearest in size in its wider industry, Other, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
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By market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.The public record on AES
| Dividends | $0.7036 a share over the four quarters to 30 September 2026, a 4.73% yield |
| Filings | 29 in twelve months: 15 current reports (8-K), about 6 other events; 4 material agreement; 3 officer or director change; 2 shareholder vote; 2 regulation FD disclosure |
| Planned insider sales | no Form 144 notice in twelve months |
| Options tape | put/call 1.32 by open interest at the 6 November 2026 close; the straddle prices a 1.0% move to 20 November 2026 |
| 13F holders | 708 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc. |
| Insider trading | 0 sales and 0 purchases on Form 4 in twelve months |
| Congress | 0 House trades disclosed in six months |
| Short interest | 20.5 million shares short, 2.18 days to cover at 15 October 2026 |
| Documents | the 10-K, the 10-Qs and the proxy, each linked |
Filings
| Filing | Period | Filed | Where |
|---|---|---|---|
| 10-Q | 30 September 2026 | 3 November 2026 | EDGAR |
| 10-Q | 30 June 2026 | 4 August 2026 | EDGAR |
| 10-Q | 31 March 2026 | 5 May 2026 | EDGAR |
| 10-K | 31 December 2025 | 2 March 2026 | EDGAR |
| 10-Q | 30 September 2025 | 4 November 2025 | EDGAR |
| 10-Q | 30 June 2025 | 1 August 2025 | EDGAR |
| 10-Q | 31 March 2025 | 1 May 2025 | EDGAR |
| 10-K/A | 31 December 2024 | 11 April 2025 | EDGAR |
| 10-K | 31 December 2024 | 11 March 2025 | EDGAR |
| 10-Q | 30 September 2024 | 31 October 2024 | EDGAR |
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