AES (AES) FY2024 results: revenue $12.3 billion, down 3.1% on the year
AES Corp. (AES) reported revenue of $12.3 billion for fiscal 2024, the year ended 31 December 2024, down 3.1% on the year before. Net income was $1.7 billion, up 574.3%, and diluted earnings per share $2.36. The figures are the company's own, from the 10-K it filed with the SEC on 11 March 2025.
Revenue
$12.3 billion
-3.1% on the year
FY2017FY2024
Operating margin
n/a
FY2017FY2024
Net income
$1.7 billion
+574.3% on the year
FY2017FY2024
Diluted EPS
$2.36
+574.3% on the year
FY2017FY2024
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 4 new, 4 kept.
Net income turned to $698 million: Net income was $698 million against a $182 million loss in 2023, with renewables placed in service, lower impairments and the AES Brasil gain cited as drivers.
Adjusted EPS rose to $2.14: Adjusted EPS was $2.14, up $0.38, against the 2024 guidance range of $1.87 to $1.97, on renewables, a lower adjusted tax rate and Utilities.
Adjusted EBITDA fell $189 million: Adjusted EBITDA was $2,639 million, down from $2,828 million in 2023, mainly on drought and Colombia outages at the Renewables segment.
2025 growth drivers named: Management named new renewables, US utility rate base growth and normalized Colombia and Mexico results as the 2025 growth drivers.
Indiana base rates and 9.9% ROE: The IURC approved new base rates and a 9.9% ROE for AES Indiana, supporting an investment program aimed at reliability and local economic development.
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
2,752
3,034
2,715
-9.3%
Capital expenditure
7,392
7,724
4,551
-4.3%
Free cash flow
-4,640
-4,690
-1,836
Free cash flow margin
-37.8%
-37.0%
-14.6%
Cash from investing
-7,700
-8,188
-5,836
Cash from financing
4,963
5,405
3,758
-8.2%
Depreciation and amortisation
1,264
1,147
1,053
+10.2%
Share-based compensation
12.0
2.0
23.0
+500.0%
Dividends paid
483
444
422
+8.8%
Dividend per share
$0.69
$0.67
$0.64
+3.5%
Diluted shares, weighted
713m
712m
668m
+0.1%
Shares outstanding at period end
711m
670m
669m
+6.2%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
3,644
2,488
2,437
+46.5%
Non-controlling interest
4,060
3,497
2,067
+16.1%
Redeemable equity
938
1,464
1,321
-35.9%
Debt
29,018
26,878
23,498
+8.0%
Operating lease liabilities
392
387
374
+1.3%
Finance lease liabilities
553
n/a
169
Other liabilities
8,801
10,085
8,497
-12.7%
Total liabilities and equity
47,406
44,799
38,363
+5.8%
Fixed assets
33,166
29,958
23,039
+10.7%
Goodwill
345
348
362
-0.9%
Intangible assets
1,947
2,243
1,841
-13.2%
Investments
79.0
395
730
-80.0%
Cash and equivalents
1,524
1,426
1,374
+6.9%
Receivables
1,646
1,420
1,799
+15.9%
Inventory
593
712
1,055
-16.7%
Other assets
8,106
8,297
8,163
-2.3%
Total assets
47,406
44,799
38,363
+5.8%
10-K for the year ended 31 December 2024, filed 11 March 2025: the filing.