AES
AES · NYSECogeneration Services & Small Power Producers · Fiscal year ends Dec 31
AES reported revenue of $12.2B in the fiscal year ended Dec 2025, down 0.4% from the year before. Net income was $910M. Operating cash flow of $4.3B less capital expenditure of $5.9B left free cash flow of −$1.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $11.1B | $12.6B | $12.7B | $12.3B | $12.2B |
| Cost of revenue | $8.4B | $10.1B | $10.2B | $10B | $10B |
| Gross profit | $2.7B | $2.5B | $2.5B | $2.3B | $2.2B |
| Interest expense | $911M | $1.1B | $1.3B | $1.5B | $1.4B |
| Pre-tax income | $644M | $96M | $104M | $894M | $75M |
| Income tax | −$133M | $265M | $261M | $59M | −$181M |
| Net income | −$409M | −$546M | $249M | $1.7B | $910M |
| Diluted EPS | −0.61 | −0.82 | 0.35 | 2.36 | 1.26 |
| Diluted shares | 666M | 668M | 712M | 713M | 714M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $943M | $1.4B | $1.4B | $1.5B | $1.4B |
| Receivables | $1.4B | $1.8B | $1.4B | $1.6B | $1.7B |
| Inventory | $604M | $1.1B | $712M | $593M | $612M |
| Current assets | $5.4B | $7.6B | $6.6B | $6.8B | $6.5B |
| Net PP&E | $19.9B | $23B | $30B | $33.2B | $37.8B |
| Goodwill | $1.2B | $362M | $348M | $345M | $342M |
| Total assets | $33B | $38.4B | $44.8B | $47.4B | $51.8B |
| Payables | $1.2B | $1.7B | $2.2B | $1.7B | $2B |
| Deferred revenue | $216M | $337M | $328M | $237M | $245M |
| Current liabilities | $4.7B | $6.5B | $9.7B | $8.6B | $8.5B |
| Shareholders' equity | $2.8B | $2.4B | $2.5B | $3.6B | $4.1B |
| Backlog (remaining obligations) | $9M | $9M | $7M | $7M | $396M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $2.7B | $3B | $2.8B | $4.3B |
| Capital expenditure | $2.1B | $4.6B | $7.7B | $7.4B | $5.9B |
| Free cash flow | −$214M | −$1.8B | −$4.7B | −$4.6B | −$1.6B |
| Depreciation & amortisation | $1.1B | $1.1B | $1.1B | $1.3B | $1.5B |
| Stock-based compensation | $14M | $23M | $2M | $12M | $14M |
| Dividends paid | $401M | $422M | $444M | $483M | $501M |
| Dividend per share | 0.61 | 0.64 | 0.67 | 0.69 | 0.70 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.2% | 0.4% | −3.1% | −0.4% |
| EPS growth (YoY) | – | – | – | 574.3% | −46.6% |
| Gross margin | 24.3% | 20.2% | 19.8% | 18.8% | 18.1% |
| Net margin | −3.7% | −4.3% | 2.0% | 13.7% | 7.4% |
| Return on equityBlank when equity is negative | −14.6% | −22.4% | 10.0% | 46.1% | 22.4% |
| Free cash flow margin | −1.9% | −14.6% | −37.0% | −37.8% | −13.3% |
| Cash conversion (CFO ÷ net income) | −4.65x | −4.97x | 12.2x | 1.64x | 4.73x |
| Receivable days | 46 | 52 | 41 | 49 | 50 |
| Inventory days | 26 | 38 | 26 | 22 | 22 |
| Payable days | 50 | 63 | 79 | 61 | 72 |
| Current ratio | 1.13x | 1.18x | 0.68x | 0.80x | 0.77x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.