AES (AES) Financials

$14.32 +0.03 (+0.19%)

Closing price 03:59 PM Eastern

Extended Trading

$14.30 -0.02 (-0.12%)

As of 04:40 PM Eastern

Annual Income Statements for AES

This table shows AES's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,229	191	-2,322	1,349	303	152	-951	-546	249	1,679	900
Consolidated Net Income / (Loss)	762	191	-1,938	1,349	478	152	-951	-505	-182	802	162
Net Income / (Loss) Continuing Operations	682	191	-148	1,349	477	149	-955	-505	-189	809	201
Total Pre-Tax Income	989	187	771	2,018	1,001	488	-1,064	-169	104	894	75
Total Operating Income	2,210	1,077	1,775	1,927	1,888	1,611	910	733	1,071	1,477	1,288
Total Gross Profit	2,663	2,383	2,465	2,573	2,349	2,693	2,711	2,548	2,504	2,314	2,211
Total Revenue	11,260	10,281	10,530	10,736	10,189	9,660	11,141	12,617	12,668	12,278	12,233
Operating Revenue	11,260	10,281	10,530	10,736	10,189	9,660	11,141	12,617	12,668	12,278	12,233
Total Cost of Revenue	8,597	7,898	8,065	8,163	7,840	6,967	8,430	10,069	10,164	9,964	10,022
Operating Cost of Revenue	8,597	7,898	8,065	8,163	7,840	6,967	8,430	10,069	10,164	9,964	10,022
Total Operating Expenses	453	1,306	690	646	461	1,082	1,801	1,815	1,433	837	923
Selling, General & Admin Expense	196	194	273	192	276	218	226	275	354	463	699
Impairment Charge	317	1,096	537	208	185	864	1,575	1,540	1,079	374	224
Total Other Income / (Expense), net	-754	-890	-1,004	91	-887	-1,123	-1,974	-902	-967	-583	-1,213
Interest Expense	1,145	1,147	1,238	1,056	1,219	1,224	989	1,132	1,382	1,502	1,433
Interest & Investment Income	256	245	244	310	318	268	298	389	551	381	287
Other Income / (Expense), net	135	12	-10	837	14	-167	-1,283	-159	-136	538	-67
Income Tax Expense	412	32	990	708	352	216	-133	265	261	59	-181
Other Gains / (Losses), net	105	36	71	39	-172	-123	-24	-71	-32	-26	-55
Net Income / (Loss) Discontinued Operations	80	-	-1,283	-	1.00	3.00	4.00	0.00	7.00	-7.00	-39
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	384	-	175	0.00	-	41	-431	-877	-748
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	-	-	-	0.00	0.00	10
Basic Earnings per Share	$0.45	-	($1.76)	$1.82	$0.46	$0.07	($0.61)	($0.82)	$0.37	$2.38	$1.26
Weighted Average Basic Shares Outstanding	687M	660M	660M	662.36M	-	665.48M	667.40M	668.82M	710.29M	711.90M	712.56M
Diluted Earnings per Share	$0.44	-	($1.76)	$1.81	$0.45	$0.07	($0.61)	($0.82)	$0.35	$2.36	$1.26
Weighted Average Diluted Shares Outstanding	687M	660M	660M	662.36M	-	665.48M	667.40M	668.82M	710.29M	711.90M	712.56M
Weighted Average Basic & Diluted Shares Outstanding	687M	660M	660M	662.36M	-	665.48M	667.40M	668.82M	710.29M	711.90M	712.56M
Cash Dividends to Common per Share	$0.41	$0.45	$0.49	$0.53	-	$0.57	$0.60	$0.64	$0.67	-	$0.70

This table shows AES's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	231	-94	432	282	504	560	46	-105	634	325	487
Consolidated Net Income / (Loss)	291	-643	278	153	215	353	-73	-150	517	-132	275
Net Income / (Loss) Continuing Operations	291	-650	278	153	222	353	-73	-130	554	-150	275
Total Pre-Tax Income	414	-579	277	115	334	365	-22	39	327	-269	242
Total Operating Income	684	-358	498	365	560	205	263	273	664	36	515
Total Gross Profit	918	494	619	553	722	420	441	453	735	582	640
Total Revenue	3,434	2,968	3,085	2,942	3,289	2,962	2,926	2,855	3,351	3,101	3,180
Operating Revenue	3,434	2,968	3,085	2,942	3,289	2,962	2,926	2,855	3,351	3,101	3,180
Total Cost of Revenue	2,516	2,474	2,466	2,389	2,567	2,542	2,485	2,402	2,616	2,519	2,540
Operating Cost of Revenue	2,516	2,474	2,466	2,389	2,567	2,542	2,485	2,402	2,616	2,519	2,540
Total Operating Expenses	234	852	121	188	162	215	178	180	71	546	125
Selling, General & Admin Expense	76	125	75	150	88	196	129	344	72	206	113
Impairment Charge	158	727	46	38	74	19	49	-154	31	298	12
Total Other Income / (Expense), net	-270	-221	-221	-250	-226	160	-285	-214	-273	-389	-273
Interest Expense	326	415	358	398	380	366	350	357	350	376	361
Interest & Investment Income	144	153	105	88	119	69	69	70	76	72	65
Other Income / (Expense), net	-88	41	32	60	35	457	-4.00	73	1.00	-85	23
Income Tax Expense	109	82	-16	-35	103	7.00	17	167	-226	-139	-41
Other Gains / (Losses), net	-14	11	-15	3.00	-9.00	-5.00	-34	-22	1.00	-	-8.00
Net Income / (Loss) Attributable to Noncontrolling Interest	60	-549	-154	-123	-289	-207	-119	-55	-122	-452	-212
Basic Earnings per Share	$0.34	($0.13)	$0.62	$0.40	$0.71	$0.78	$0.07	($0.15)	$0.89	$0.45	$0.68
Weighted Average Basic Shares Outstanding	669.63M	710.29M	710.67M	710.92M	711.03M	711.90M	711.92M	712.05M	712.12M	712.56M	713.16M
Diluted Earnings per Share	$0.32	($0.12)	$0.60	$0.39	$0.71	$0.78	$0.07	($0.15)	$0.89	$0.45	$0.68
Weighted Average Diluted Shares Outstanding	712M	710.29M	712M	713M	713M	711.90M	713M	712M	714M	712.56M	715M
Weighted Average Basic & Diluted Shares Outstanding	669.63M	710.29M	710.67M	710.92M	711.03M	711.90M	711.92M	712.05M	712.12M	712.56M	713.16M
Cash Dividends to Common per Share	$0.17	-	$0.17	$0.17	$0.17	-	$0.18	$0.18	$0.18	-	$0.18

This table details how cash moves in and out of AES's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-231	9.00	-172	215	-431	255	-479	-1,425	-3,543	-3,680	123
Net Cash From Operating Activities	2,134	2,897	2,504	2,343	2,466	2,755	1,902	2,715	3,034	2,752	4,306
Net Cash From Continuing Operating Activities	2,134	2,897	2,504	2,343	2,466	2,755	1,902	2,715	3,034	2,532	4,306
Net Income / (Loss) Continuing Operations	762	-777	-777	1,565	478	152	-951	-505	-182	802	162
Consolidated Net Income / (Loss)	762	-777	-777	1,565	478	152	-951	-505	-182	802	162
Depreciation Expense	1,144	1,176	1,169	1,003	1,045	1,068	1,056	1,072	1,147	1,264	1,457
Non-Cash Adjustments To Reconcile Net Income	551	2,670	1,505	-352	990	1,292	3,565	2,433	1,813	447	2,488
Changes in Operating Assets and Liabilities, net	-323	-172	607	127	-47	243	-1,768	-285	256	19	199
Net Cash From Investing Activities	-2,366	-2,136	-2,599	-505	-2,721	-2,295	-3,051	-5,836	-8,188	-7,700	-6,210
Net Cash From Continuing Investing Activities	-2,366	-2,136	-2,599	-505	-2,721	-2,295	-3,051	-5,836	-8,188	-7,700	-6,210
Purchase of Property, Plant & Equipment	-2,308	-2,345	-2,177	-2,121	-2,405	-1,900	-2,116	-4,551	-7,724	-7,392	-5,929
Acquisitions	-17	-52	-609	-66	-192	-136	-658	-243	-542	-246	-108
Purchase of Investments	-4,801	-5,151	-3,310	-1,411	-770	-653	-519	-1,492	-937	-818	-185
Divestitures	138	538	108	2,020	178	169	95	1.00	254	423	108
Sale and/or Maturity of Investments	4,851	4,904	3,540	1,302	666	627	616	1,049	1,318	796	93
Other Investing Activities, net	-229	-30	-151	-229	-198	-402	-469	-600	-557	-463	-189
Net Cash From Financing Activities	28	-747	43	-1,643	-86	-78	797	3,758	5,405	4,963	1,975
Net Cash From Continuing Financing Activities	28	-747	43	-1,643	-86	-78	615	1,674	1,689	1,391	1,975
Repayment of Debt	-5,261	-5,056	-5,555	-5,621	-7,150	-10,213	-4,626	-8,409	-11,034	-12,744	-11,919
Payment of Dividends	-602	-766	-741	-684	-789	-803	-685	-687	-767	-913	-1,413
Issuance of Debt	5,782	4,943	6,445	4,842	7,854	10,519	4,453	11,412	13,024	15,492	10,610
Issuance of Preferred Equity	461	134	-	-	0.00	112	1,014	0.00	-	-	992
Issuance of Common Equity	126	190	73	-	17	1.00	365	233	102	222	437
Other Financing Activities, net	4.00	-113	-179	-180	-18	306	-59	-935	-57	-666	3,268
Effect of Exchange Rate Changes	-52	37	8.00	-54	-18	-24	-	-	-	-	-27
Other Net Changes in Cash	25	-42	-128	74	-72	-103	55	22	-78	97	79
Cash Interest Paid	1,265	1,273	1,196	1,003	946	908	815	928	1,317	1,268	1,210
Cash Income Taxes Paid	388	487	377	370	363	333	459	271	301	345	227

This table details how cash moves in and out of AES's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	325	-3,791	565	-364	411	-554	527	-360	343	-387	-32
Net Cash From Operating Activities	1,122	725	287	392	985	1,088	545	976	1,297	1,488	1,201
Net Cash From Continuing Operating Activities	1,122	725	287	392	985	1,088	545	976	1,297	1,488	1,011
Net Income / (Loss) Continuing Operations	291	-643	278	153	210	353	-73	-150	517	-132	275
Consolidated Net Income / (Loss)	291	-643	278	153	210	353	-73	-150	517	-132	275
Depreciation Expense	286	311	318	315	306	338	337	354	365	401	433
Non-Cash Adjustments To Reconcile Net Income	429	961	297	-362	37	232	276	473	933	806	150
Changes in Operating Assets and Liabilities, net	116	96	-606	286	432	165	5.00	299	-518	413	153
Net Cash From Investing Activities	-1,923	-2,515	-2,386	-1,838	-1,865	-1,611	-1,282	-1,600	-1,736	-1,592	-1,799
Net Cash From Continuing Investing Activities	-1,923	-2,515	-2,386	-1,838	-1,865	-1,611	-1,282	-1,600	-1,736	-1,592	-1,799
Purchase of Property, Plant & Equipment	-1,899	-2,429	-2,148	-1,685	-1,832	-1,727	-1,254	-1,332	-1,808	-1,535	-1,766
Acquisitions	-21	-231	-57	-16	-6.00	-167	-4.00	-108	8.00	-4.00	0.00
Purchase of Investments	-144	-173	-144	-460	-121	-93	-18	-18	-21	-128	0.00
Divestitures	-	156	11	-	-	412	5.00	-	100	3.00	0.00
Sale and/or Maturity of Investments	296	316	141	393	197	65	33	19	18	23	126
Other Investing Activities, net	-155	-154	-189	-70	-103	-101	-44	-161	-33	49	-159
Net Cash From Financing Activities	1,211	1,665	2,606	1,153	1,428	-224	1,317	145	791	-278	756
Net Cash From Continuing Financing Activities	1,211	-2,051	2,606	1,153	1,428	-224	1,317	145	791	-278	756
Repayment of Debt	-1,199	-5,820	-2,476	-3,259	-2,462	-3,857	-2,645	-3,050	-2,932	-3,300	-2,025
Repurchase of Preferred Equity	-	-	-	-	-	-	-	-	-	-	113
Payment of Dividends	-137	-261	-139	-227	-160	-387	-209	-379	-311	-514	-613
Issuance of Debt	1,832	5,297	4,591	4,160	2,971	3,080	3,535	1,792	3,224	2,059	2,703
Issuance of Preferred Equity	-	-	0.00	-	-	-	8.00	-	-	464	0.00
Issuance of Common Equity	45	39	26	71	40	85	73	201	63	100	37
Other Financing Activities, net	670	-1,727	604	408	1,039	855	555	1,129	671	913	541
Other Net Changes in Cash	-14	-58	73	-86	-133	-	-52	118	13	-	0.00
Cash Interest Paid	223	582	354	411	338	165	267	331	261	351	266
Cash Income Taxes Paid	67	34	68	141	61	75	60	74	58	35	47

This table presents AES's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	36,470	36,124	33,112	32,521	33,648	34,603	32,963	38,363	44,799	47,406	51,768
Total Current Assets	6,842	6,416	6,398	5,015	5,231	5,414	5,356	7,643	6,649	6,831	6,502
Cash & Equivalents	1,257	1,244	949	1,166	1,029	1,089	943	1,374	1,426	1,524	1,382
Restricted Cash	295	277	274	370	336	297	304	536	370	437	691
Short-Term Investments	469	530	424	313	400	335	232	730	395	79	174
Accounts Receivable	2,302	1,421	1,463	1,595	1,479	1,300	1,418	1,799	1,420	1,646	1,683
Inventories, net	671	622	562	577	487	461	604	1,055	712	593	612
Prepaid Expenses	106	72	62	130	80	102	142	98	177	157	192
Other Current Assets	1,318	657	630	807	802	726	897	1,533	1,387	1,533	1,723
Other Current Nonoperating Assets	424	1,593	2,034	57	618	1,104	816	518	762	862	45
Plant, Property, & Equipment, net	22,022	20,415	20,296	21,396	22,574	22,826	19,906	23,039	29,958	33,166	37,818
Total Noncurrent Assets	7,606	9,293	6,418	6,110	5,843	6,363	7,701	7,681	8,192	7,409	6,693
Long-Term Investments	610	621	1,197	1,114	966	835	1,080	952	941	1,124	1,004
Noncurrent Note & Lease Receivables	-	-	0.00	1,423	1,351	0.00	0.00	0.00	0.00	0.00	0.00
Goodwill	1,157	1,157	1,059	1,059	1,059	1,061	1,177	362	348	345	342
Intangible Assets	340	287	366	436	469	827	1,450	1,841	2,243	1,947	2,040
Noncurrent Deferred & Refundable Income Taxes	410	227	130	97	156	288	409	319	396	365	397
Other Noncurrent Operating Assets	3,652	3,220	3,101	1,514	1,842	1,660	2,425	4,207	3,453	2,995	2,821
Other Noncurrent Nonoperating Assets	1,437	3,781	565	467	0.00	1,692	1,160	0.00	811	633	89
Total Liabilities & Shareholders' Equity	36,470	36,124	33,112	32,521	33,648	34,603	32,963	38,363	44,799	47,406	51,768
Total Liabilities	29,761	29,642	27,430	26,038	27,531	29,011	27,139	32,538	37,150	37,865	39,839
Total Current Liabilities	6,926	5,277	6,028	4,399	5,096	5,362	4,732	6,491	9,731	8,571	8,492
Short-Term Debt	2,172	1,052	2,164	1,659	1,868	1,430	1,367	1,758	3,932	2,688	3,111
Accounts Payable	1,571	1,238	1,371	1,329	1,311	1,156	1,153	1,730	2,199	1,654	1,980
Accrued Expenses	2,286	1,117	980	962	987	1,223	1,205	1,489	1,334	1,246	2,223
Other Taxes Payable	-	-	252	250	253	257	266	249	278	249	294
Other Current Liabilities	-	-	-	-	34	438	0.00	662	974	917	616
Other Current Nonoperating Liabilities	897	1,870	1,261	199	643	858	741	603	814	918	268
Total Noncurrent Liabilities	22,835	24,365	21,402	21,639	22,435	23,649	22,407	26,047	27,619	30,193	31,347
Long-Term Debt	17,909	18,402	17,801	17,636	18,305	18,451	17,332	21,740	22,746	25,431	26,786
Noncurrent Deferred & Payable Income Tax Liabilities	1,090	804	1,006	1,280	1,213	1,100	977	1,139	1,245	1,490	1,581
Other Noncurrent Operating Liabilities	2,794	2,327	2,595	2,723	2,917	3,241	3,358	3,168	3,114	2,881	2,980
Other Noncurrent Nonoperating Liabilities	123	2,595	0.00	0.00	0.00	857	740	0.00	514	391	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	538	782	837	879	888	872	1,257	1,321	1,464	938	2,824
Total Equity & Noncontrolling Interests	6,171	5,700	4,845	5,604	5,229	4,720	4,567	4,504	5,985	7,704	9,105
Total Preferred & Common Equity	0.00	2,794	2,465	3,208	2,996	2,634	2,798	2,437	2,488	3,644	4,063
Preferred Stock	-	-	-	-	-	0.00	838	838	838	838	0.00
Total Common Equity	-3,883	2,794	2,465	3,208	2,996	2,634	1,960	1,599	1,650	3,644	4,063
Common Stock	0.00	8,600	8,509	8,162	7,784	7,569	7,114	6,696	6,363	5,922	5,913
Retained Earnings	0.00	-1,146	-2,276	-1,005	-692	-680	-1,089	-1,635	-1,386	293	641
Treasury Stock	0.00	-1,904	-1,892	-1,878	-1,867	-1,858	-1,845	-1,822	-1,813	-1,805	-1,793
Accumulated Other Comprehensive Income / (Loss)	-3,883	-2,756	-1,876	-2,071	-2,229	-2,397	-2,220	-1,640	-1,514	-766	-698
Noncontrolling Interest	3,022	2,906	2,380	2,396	2,233	2,086	1,769	2,067	3,497	4,060	5,042

This table presents AES's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	41,505	43,161	44,799	47,045	47,738	50,079	47,406	48,615	48,542	50,783	52,819
Total Current Assets	7,205	7,317	6,649	7,170	9,555	10,526	6,831	7,878	6,320	6,820	6,110
Cash & Equivalents	1,322	1,765	1,426	1,994	1,773	1,919	1,524	1,753	1,350	1,758	1,600
Restricted Cash	517	365	370	362	299	563	437	735	763	689	599
Short-Term Investments	713	538	395	394	61	62	79	64	-	-	51
Accounts Receivable	1,710	1,725	1,420	1,624	1,507	1,868	1,646	1,719	1,865	1,790	1,651
Inventories, net	774	798	712	639	661	646	593	624	647	607	648
Prepaid Expenses	218	161	177	198	141	134	157	168	132	162	133
Other Current Assets	1,449	1,472	1,387	1,404	1,458	1,460	1,533	1,341	1,532	1,781	1,380
Other Current Nonoperating Assets	502	493	762	555	3,655	3,874	862	1,474	31	33	48
Plant, Property, & Equipment, net	26,077	27,535	29,958	31,906	30,732	32,354	33,166	33,995	34,727	36,511	39,290
Total Noncurrent Assets	8,223	8,309	8,192	7,969	7,451	7,199	7,409	6,742	7,495	7,452	7,419
Long-Term Investments	858	894	941	1,029	1,156	1,162	1,124	1,129	1,091	1,030	1,006
Noncurrent Note & Lease Receivables	1,018	990	0.00	0.00	0.00	0.00	0.00	-	800	781	730
Goodwill	362	362	348	348	348	348	345	345	345	345	342
Intangible Assets	2,282	2,290	2,243	2,258	1,879	1,928	1,947	1,943	2,050	2,016	2,019
Noncurrent Deferred & Refundable Income Taxes	383	428	396	395	435	421	365	371	402	404	425
Other Noncurrent Operating Assets	3,320	3,140	3,453	3,191	2,845	2,593	2,917	2,876	2,719	2,876	2,777
Other Noncurrent Nonoperating Assets	0.00	205	811	748	788	747	711	78	88	0.00	120
Total Liabilities & Shareholders' Equity	41,505	43,161	44,799	47,045	47,738	50,079	47,406	48,615	48,542	50,783	52,819
Total Liabilities	35,458	39,278	37,150	41,637	42,230	43,898	37,865	39,991	38,680	40,253	40,568
Total Current Liabilities	7,628	8,819	9,731	9,211	9,823	12,375	8,571	9,344	7,679	9,434	8,374
Short-Term Debt	2,945	4,775	3,932	4,990	3,401	5,362	2,688	4,167	3,717	4,386	3,200
Accounts Payable	1,583	1,641	2,199	2,064	1,869	1,965	1,654	1,655	1,663	2,000	1,962
Accrued Expenses	2,232	2,442	1,334	1,273	1,043	1,182	1,246	1,315	1,109	1,362	1,756
Other Taxes Payable	228	269	278	268	229	257	249	288	292	297	333
Other Current Liabilities	0.00	-	974	875	553	698	917	605	621	1,046	805
Other Current Nonoperating Liabilities	640	707	814	498	3,063	3,327	918	1,314	277	343	318
Total Noncurrent Liabilities	27,830	29,444	27,619	31,669	32,072	31,107	30,193	30,647	31,001	30,819	32,194
Long-Term Debt	23,598	25,412	22,746	26,987	27,575	26,453	25,431	26,409	26,554	26,463	27,799
Noncurrent Deferred & Payable Income Tax Liabilities	1,104	1,257	1,245	1,507	1,588	1,696	1,490	1,475	1,635	1,885	1,605
Other Noncurrent Operating Liabilities	3,128	2,775	3,114	2,661	2,452	2,501	2,881	2,763	2,812	2,471	2,790
Other Noncurrent Nonoperating Liabilities	0.00	-	514	514	457	457	391	0.00	0.00	0.00	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	1,289	1,423	1,464	1,502	901	905	938	899	2,179	2,122	2,895
Total Equity & Noncontrolling Interests	4,758	5,256	5,985	6,280	7,029	7,639	7,704	7,725	7,683	8,408	9,356
Total Preferred & Common Equity	2,492	2,779	2,488	2,900	3,091	3,290	3,644	3,468	3,369	3,865	4,420
Preferred Stock	838	840	838	0.00	1.04	1.04	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,654	1,941	1,650	2,900	3,091	3,290	3,644	3,468	3,369	3,865	4,420
Common Stock	6,558	6,457	6,363	7,077	7,076	6,958	5,922	5,897	6,079	5,921	5,894
Retained Earnings	-1,523	-1,292	-1,386	-954	-769	-267	293	214	-79	555	1,003
Treasury Stock	-1,814	-1,814	-1,813	-1,809	-1,807	-1,806	-1,805	-1,795	-1,795	-1,794	-1,781
Accumulated Other Comprehensive Income / (Loss)	-1,567	-1,410	-1,514	-1,414	-1,409	-1,595	-766	-848	-836	-817	-696
Noncontrolling Interest	2,266	2,477	3,497	3,380	3,938	4,349	4,060	4,257	4,314	4,543	4,936

This table displays calculated financial ratios and metrics derived from AES's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	712,120,944.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	712,120,944.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.26
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	1,289	893	-504	1,251	1,224	898	637	513	-1,617	1,380	4,396
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.83%	-4.95%	3.85%	11.53%
Earnings before Interest and Taxes (EBIT)	2,345	1,089	1,765	2,764	1,902	1,444	-373	574	935	2,015	1,221
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,489	2,265	2,934	3,767	2,947	2,512	683	1,646	2,082	3,279	2,678
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,013	1,856	386	226	130	2,646	1,004	-3,834	-6,751	-1,902	-92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,318	22,355	21,465	22,490	23,584	21,836	21,469	25,816	30,950	34,232	38,798
Increase / (Decrease) in Invested Capital	-1,724	-963	-890	1,025	1,094	-1,748	-367	4,347	5,134	3,282	4,488
Book Value per Share	($5.77)	$4.24	$3.73	$4.84	$4.51	$3.96	$2.94	$2.39	$2.46	$5.13	$5.71
Tangible Book Value per Share	($8.00)	$2.05	$1.57	$2.59	$2.21	$1.12	($1.00)	($0.90)	($1.41)	$1.90	$2.36
Total Capital	26,790	25,936	25,647	25,778	26,290	25,473	24,523	29,323	34,127	36,761	40,947
Total Debt	20,081	19,454	19,965	19,295	20,173	19,881	18,699	23,498	26,678	28,119	29,018
Total Long-Term Debt	17,909	18,402	17,801	17,636	18,305	18,451	17,332	21,740	22,746	25,431	26,786
Net Debt	17,450	16,782	17,121	16,332	17,442	17,325	16,140	19,906	23,546	24,955	25,767
Capital Expenditures (CapEx)	2,308	2,345	2,177	2,121	2,405	1,900	2,116	4,551	7,724	7,392	5,929
Debt-free, Cash-free Net Working Capital (DFCFNWC)	67	140	887	426	238	-239	512	270	-1,341	-1,092	-2,005
Debt-free Net Working Capital (DFNWC)	2,088	2,191	2,534	2,275	2,003	1,482	1,991	2,910	850	948	242
Net Working Capital (NWC)	-84	1,139	370	616	135	52	624	1,152	-3,082	-1,740	-1,990
Net Nonoperating Expense (NNE)	527	702	1,434	-98	746	746	1,588	1,018	-1,435	578	4,234
Net Nonoperating Obligations (NNO)	16,609	15,873	15,783	16,007	17,467	16,244	15,645	19,991	23,501	25,590	26,869
Total Depreciation and Amortization (D&A)	1,144	1,176	1,169	1,003	1,045	1,068	1,056	1,072	1,147	1,264	1,457
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.45	($1.72)	($1.76)	$0.00	$0.46	$0.07	($0.61)	($0.82)	$0.37	$2.38	$1.26
Adjusted Weighted Average Basic Shares Outstanding	659.73M	659.18M	660.45M	662.36M	0.00	665.48M	667.40M	668.82M	710.29M	711.90M	712.56M
Adjusted Diluted Earnings per Share	$0.44	($1.71)	($1.76)	$0.00	$0.45	$0.07	($0.61)	($0.82)	$0.35	$2.36	$1.26
Adjusted Weighted Average Diluted Shares Outstanding	659.73M	659.18M	660.45M	662.36M	0.00	665.48M	667.40M	668.82M	710.29M	711.90M	712.56M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($1.76)	$0.00	$0.00	$0.07	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	659.73M	659.18M	660.45M	662.36M	0.00	665.48M	667.40M	668.82M	710.29M	711.90M	712.56M
Normalized Net Operating Profit after Tax (NOPAT)	1,474	1,801	1,618	1,508	1,344	1,380	1,740	1,591	1,505	1,729	1,058
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from AES's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	712,120,944.00	712,558,860.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	712,120,944.00	712,558,860.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.46	0.68
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.32%	-3.01%	-4.75%	-2.81%	-4.22%	-0.20%	-5.15%	-2.96%	1.89%	-	8.68%
EBITDA Growth	0.00%	99.14%	13.67%	-49.35%	1.59%	16,766.67%	-29.72%	-5.41%	13.56%	-	62.92%
EBIT Growth	0.00%	54.58%	12.05%	27.32%	-1.01%	308.83%	-51.13%	-18.59%	11.76%	-	107.72%
NOPAT Growth	0.00%	31.02%	43.22%	-50.03%	-24.34%	180.23%	-58.14%	-288.20%	189.93%	-	227.13%
Net Income Growth	-34.75%	34.79%	47.09%	-105.26%	-27.84%	154.90%	-126.26%	-198.04%	140.47%	-	476.71%
EPS Growth	-45.76%	0.00%	185.71%	550.00%	121.88%	750.00%	-88.33%	-138.46%	25.35%	-	871.43%
Operating Cash Flow Growth	0.00%	0.00%	-54.08%	0.00%	-12.21%	50.07%	89.90%	148.98%	31.68%	-	120.37%
Free Cash Flow Firm Growth	0.00%	-14.32%	-27.13%	-163.67%	0.00%	42.78%	68.65%	-130.48%	-55.14%	-	-139.11%
Invested Capital Growth	0.00%	19.89%	22.39%	10.08%	8.89%	10.60%	5.90%	14.92%	14.23%	-	13.78%
Revenue Q/Q Growth	13.45%	-13.57%	3.94%	-4.64%	11.79%	-9.94%	-1.22%	-2.43%	17.37%	-	2.55%
EBITDA Q/Q Growth	91.74%	-100.68%	14,233.33%	0.00%	284.55%	11.61%	-40.40%	17.45%	47.14%	-	175.85%
EBIT Q/Q Growth	225.68%	-153.19%	267.19%	0.00%	153.22%	12.20%	-60.88%	33.59%	92.20%	-	1,197.96%
NOPAT Q/Q Growth	39.98%	-149.73%	310.20%	0.00%	111.92%	-47.26%	9.66%	-506.35%	225.32%	-	2,289.89%
Net Income Q/Q Growth	1,631.58%	-320.96%	143.23%	-114.03%	638.46%	68.10%	-120.68%	-105.48%	444.67%	-	308.33%
EPS Q/Q Growth	633.33%	-137.50%	600.00%	-55.00%	162.96%	9.86%	-91.03%	-314.29%	693.33%	-	51.11%
Operating Cash Flow Q/Q Growth	99.64%	-35.38%	-60.41%	0.00%	0.00%	10.46%	-49.91%	79.08%	32.89%	-	-19.29%
Free Cash Flow Firm Q/Q Growth	-100.00%	0.00%	-3.39%	0.00%	15.30%	-31.12%	43.35%	-227.18%	36.33%	-	-17.74%
Invested Capital Q/Q Growth	4.79%	0.74%	7.64%	0.00%	3.66%	2.33%	3.06%	5.12%	3.03%	-	5.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.73%	16.64%	20.06%	18.80%	21.95%	14.18%	15.07%	15.87%	21.93%	-	20.13%
EBITDA Margin	25.68%	-0.20%	27.49%	7.92%	27.24%	33.76%	20.37%	24.52%	30.74%	-	30.53%
Operating Margin	19.92%	-12.06%	16.14%	8.74%	16.87%	6.92%	10.77%	9.56%	19.82%	-	16.20%
EBIT Margin	17.36%	-10.68%	17.18%	7.92%	17.94%	22.35%	8.85%	12.12%	19.84%	-	16.92%
Profit (Net Income) Margin	8.47%	-21.66%	9.01%	-1.33%	6.38%	11.92%	-2.49%	-5.25%	15.43%	-	8.65%
Tax Burden Percent	70.29%	111.05%	100.36%	50.65%	63.83%	96.71%	331.82%	-384.62%	158.10%	-	113.64%
Interest Burden Percent	69.46%	182.65%	52.26%	-33.05%	55.76%	55.14%	-8.49%	11.27%	49.17%	-	44.98%
Effective Tax Rate	26.33%	0.00%	-5.78%	0.00%	31.31%	1.92%	0.00%	428.21%	-69.11%	-	-16.94%
Return on Invested Capital (ROIC)	6.09%	-3.77%	7.06%	2.47%	4.44%	2.56%	2.66%	-10.89%	11.31%	-	6.27%
ROIC Less NNEP Spread (ROIC-NNEP)	5.21%	-5.57%	6.00%	1.55%	3.74%	3.18%	1.54%	-8.00%	9.01%	-	5.07%
Return on Net Nonoperating Assets (RNNOA)	18.75%	-18.26%	20.85%	5.28%	12.02%	9.69%	4.89%	-23.17%	24.83%	-	13.25%
Return on Equity (ROE)	24.85%	-22.03%	27.91%	7.74%	16.46%	12.25%	7.56%	-34.06%	36.14%	-	19.52%
Cash Return on Invested Capital (CROIC)	0.00%	-23.78%	-21.86%	-19.75%	-6.52%	-5.84%	-2.54%	-12.38%	-9.39%	-	-5.93%
Operating Return on Assets (OROA)	5.47%	-3.25%	4.98%	2.21%	4.73%	5.95%	2.24%	3.03%	4.76%	-	4.17%
Return on Assets (ROA)	2.67%	-6.60%	2.61%	-0.37%	1.68%	3.17%	-0.63%	-1.31%	3.70%	-	2.13%
Return on Common Equity (ROCE)	8.40%	-5.39%	9.13%	2.63%	5.66%	4.03%	2.93%	-12.37%	13.56%	-	7.38%
Return on Equity Simple (ROE_SIMPLE)	-18.89%	0.00%	-3.21%	-3.66%	-5.90%	0.00%	13.00%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	504	-251	527	180	381	201	221	-896	1,123	25	602
NOPAT Margin	14.67%	-8.44%	17.08%	6.11%	11.59%	6.79%	7.54%	-31.38%	33.51%	-	18.94%
Net Nonoperating Expense Percent (NNEP)	0.89%	1.80%	1.06%	0.92%	0.70%	-0.62%	1.12%	-2.89%	2.30%	-	1.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.77%	1.38%	-	-	0.56%	0.58%	-2.36%	2.86%	0.07%	1.49%
Cost of Revenue to Revenue	73.27%	83.36%	79.94%	81.20%	78.05%	85.82%	84.93%	84.13%	78.07%	-	79.87%
SG&A Expenses to Revenue	2.21%	4.21%	2.43%	2.24%	2.68%	6.62%	2.63%	12.05%	2.15%	-	3.55%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Expenses to Revenue	6.81%	28.71%	3.92%	10.06%	5.08%	7.26%	4.31%	6.30%	2.12%	-	3.93%
Earnings before Interest and Taxes (EBIT)	596	-317	530	233	590	662	259	346	665	-49	538
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	882	-6.00	848	233	896	1,000	596	700	1,030	352	971
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.03	7.39	3.89	4.00	4.33	2.47	2.50	2.19	2.39	-	2.24
Price to Tangible Book Value (P/TBV)	0.00	0.00	38.33	14.31	14.06	6.66	7.36	7.59	6.15	-	4.82
Price to Revenue (P/Rev)	0.77	0.96	0.90	0.99	1.16	0.73	0.72	0.61	0.77	-	0.79
Price to Earnings (P/E)	0.00	48.95	21.26	38.28	24.01	5.37	6.72	8.16	8.93	-	7.40
Dividend Yield	4.49%	3.65%	3.98%	3.89%	3.41%	5.45%	5.68%	6.72%	5.39%	-	5.06%
Earnings Yield	0.00%	2.04%	4.70%	2.61%	4.17%	18.64%	14.89%	12.26%	11.20%	-	13.52%
Enterprise Value to Invested Capital (EV/IC)	1.34	1.34	1.33	1.39	1.42	1.14	1.15	1.10	1.13	-	1.13
Enterprise Value to Revenue (EV/Rev)	3.22	3.28	3.54	3.61	3.88	3.17	3.36	3.40	3.58	-	3.64
Enterprise Value to EBITDA (EV/EBITDA)	74.25	19.95	20.31	20.04	21.13	11.88	13.46	13.71	13.92	-	14.90
Enterprise Value to EBIT (EV/EBIT)	74.25	44.42	44.71	43.08	45.97	19.34	23.36	24.59	24.95	-	30.33
Enterprise Value to NOPAT (EV/NOPAT)	64.57	0.00	0.00	0.00	74.44	28.24	37.24	78.58	31.03	-	17.33
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	13.69	16.45	17.77	19.94	14.16	13.53	11.39	11.08	-	9.17
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.52	3.58	4.11	3.91	3.72	3.25	3.55	3.07	2.93	-	2.53
Long-Term Debt to Equity	3.80	3.05	3.47	3.48	3.10	2.94	3.06	2.69	2.51	-	2.27
Financial Leverage	3.60	3.28	3.47	3.41	3.22	3.05	3.18	2.90	2.76	-	2.61
Leverage Ratio	6.07	6.27	6.39	6.39	6.12	5.73	5.83	5.41	5.29	-	4.86
Compound Leverage Factor	4.21	11.44	3.34	-2.11	3.42	3.16	-0.50	0.61	2.60	-	2.19
Debt to Total Capital	81.88%	78.17%	80.43%	79.62%	78.83%	76.49%	78.00%	75.43%	74.55%	-	71.67%
Short-Term Debt to Total Capital	12.95%	11.52%	12.55%	8.74%	13.29%	7.31%	10.63%	9.26%	10.60%	-	7.40%
Long-Term Debt to Total Capital	68.93%	66.65%	67.88%	70.88%	65.54%	69.18%	67.37%	66.17%	63.95%	-	64.28%
Preferred Equity to Total Capital	2.27%	2.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	10.58%	14.54%	12.28%	12.44%	13.02%	13.60%	13.15%	16.18%	16.11%	-	18.11%
Common Equity to Total Capital	5.27%	4.83%	7.29%	7.94%	8.15%	9.91%	8.85%	8.39%	9.34%	-	10.22%
Debt to EBITDA	54.49	12.81	14.64	13.83	14.11	8.58	10.10	10.13	9.92	-	10.15
Net Debt to EBITDA	48.06	11.31	12.91	12.36	12.47	7.61	8.89	9.06	8.80	-	9.09
Long-Term Debt to EBITDA	45.87	10.93	12.36	12.31	11.74	7.76	8.72	8.89	8.51	-	9.11
Debt to NOPAT	47.39	-16.50	-61.16	-9.90	49.73	20.38	27.95	58.09	22.11	-	11.81
Net Debt to NOPAT	41.80	-14.56	-53.93	-8.85	43.93	18.09	24.59	51.94	19.62	-	10.57
Long-Term Debt to NOPAT	39.89	-14.07	-51.62	-8.81	41.35	18.43	24.14	50.96	18.97	-	10.59
Altman Z-Score	0.41	0.33	0.39	0.42	0.43	0.41	0.37	0.35	0.37	-	0.39
Noncontrolling Interest Sharing Ratio	66.18%	75.52%	67.30%	66.05%	65.64%	67.10%	61.18%	63.69%	62.49%	-	62.21%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.83	0.68	0.78	0.97	0.85	0.80	0.84	0.82	0.72	-	0.73
Quick Ratio	0.46	0.33	0.44	0.34	0.31	0.38	0.38	0.42	0.38	-	0.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-5,385	-5,567	-2,774	-2,350	-3,081	-1,746	-5,711	-3,636	-4,463	-4,261
Operating Cash Flow to CapEx	59.08%	29.85%	13.36%	0.00%	53.77%	63.00%	43.46%	73.27%	71.74%	-	68.01%
Free Cash Flow to Firm to Interest Expense	0.00	-12.97	-15.55	-6.97	-6.18	-8.42	-4.99	-16.00	-10.39	-	-11.80
Operating Cash Flow to Interest Expense	3.44	1.75	0.80	0.00	2.59	2.97	1.56	2.73	3.71	-	3.33
Operating Cash Flow Less CapEx to Interest Expense	-2.38	-4.11	-5.20	0.00	-2.23	-1.75	-2.03	-1.00	-1.46	-	-1.57
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.30	0.29	0.28	0.26	0.27	0.25	0.25	0.24	-	0.25
Accounts Receivable Turnover	7.27	7.87	7.19	7.73	6.84	8.01	7.25	7.14	6.61	-	7.41
Inventory Turnover	11.34	11.50	13.29	13.72	13.71	15.27	15.81	15.28	16.03	-	15.84
Fixed Asset Turnover	0.52	0.48	0.45	0.44	0.41	0.39	0.37	0.37	0.35	-	0.34
Accounts Payable Turnover	6.12	5.17	5.60	5.70	5.49	5.17	5.37	5.66	5.07	-	5.57
Days Sales Outstanding (DSO)	50.23	46.37	50.79	47.24	53.38	45.57	50.34	51.15	55.20	-	49.25
Days Inventory Outstanding (DIO)	32.18	31.73	27.47	26.60	26.63	23.90	23.09	23.88	22.76	-	23.04
Days Payable Outstanding (DPO)	59.64	70.55	65.23	63.99	66.50	70.57	67.99	64.48	72.04	-	65.51
Cash Conversion Cycle (CCC)	22.77	7.55	13.03	9.85	13.51	-1.10	5.44	10.54	5.93	-	6.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	30,722	30,950	33,315	32,272	33,453	34,232	35,281	37,087	38,212	38,798	40,144
Invested Capital Turnover	0.42	0.45	0.41	0.40	0.38	0.38	0.35	0.35	0.34	-	0.33
Increase / (Decrease) in Invested Capital	0.00	5,134	6,094	2,954	2,731	3,282	1,966	4,815	4,759	4,488	4,863
Enterprise Value (EV)	41,134	41,534	44,348	44,892	47,625	38,961	40,737	40,949	43,290	-	45,492
Market Capitalization	9,771	12,189	11,268	12,365	14,261	9,008	8,686	7,389	9,253	-	9,918
Book Value per Share	$2.90	$2.46	$4.08	$4.35	$4.63	$5.13	$4.87	$4.73	$5.43	$5.71	$6.20
Tangible Book Value per Share	($1.06)	($1.41)	$0.41	$1.22	$1.43	$1.90	$1.66	$1.37	$2.11	$2.36	$2.89
Total Capital	36,866	34,127	39,759	38,906	40,359	36,761	39,200	40,133	41,379	40,947	43,250
Total Debt	30,187	26,678	31,977	30,976	31,815	28,119	30,576	30,271	30,849	29,018	30,999
Total Long-Term Debt	25,412	22,746	26,987	27,575	26,453	25,431	26,409	26,554	26,463	26,786	27,799
Net Debt	26,625	23,546	28,198	27,687	28,109	24,955	26,895	27,067	27,372	25,767	27,743
Capital Expenditures (CapEx)	1,899	2,429	2,148	0.00	1,832	1,727	1,254	1,332	1,808	1,535	1,766
Debt-free, Cash-free Net Working Capital (DFCFNWC)	605	-1,341	199	1,000	969	-1,092	149	245	-675	-2,005	-1,314
Debt-free Net Working Capital (DFNWC)	3,273	850	2,949	3,133	3,513	948	2,701	2,358	1,772	242	936
Net Working Capital (NWC)	-1,502	-3,082	-2,041	-268	-1,849	-1,740	-1,466	-1,359	-2,614	-1,990	-2,264
Net Nonoperating Expense (NNE)	213	392	249	219	171	-152	294	-746	606	157	327
Net Nonoperating Obligations (NNO)	24,043	23,501	25,533	24,342	24,909	25,590	26,657	27,225	27,682	26,869	27,893
Total Depreciation and Amortization (D&A)	286	311	318	0.00	306	338	337	354	365	401	433
Debt-free, Cash-free Net Working Capital to Revenue	4.74%	-10.59%	1.59%	8.05%	7.89%	-8.89%	1.23%	2.04%	-5.58%	-	-10.52%
Debt-free Net Working Capital to Revenue	25.65%	6.71%	23.57%	25.21%	28.60%	7.72%	22.29%	19.60%	14.65%	-	7.50%
Net Working Capital to Revenue	-11.77%	-24.33%	-16.31%	-2.16%	-15.05%	-14.17%	-12.10%	-11.29%	-21.61%	-	-18.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	($0.13)	$0.00	$0.27	$0.71	$0.78	$0.07	($0.15)	$0.89	$0.45	$0.68
Adjusted Weighted Average Basic Shares Outstanding	669.63M	710.29M	0.00	710.92M	711.03M	711.90M	711.92M	712.05M	712.12M	712.56M	713.16M
Adjusted Diluted Earnings per Share	$0.32	($0.12)	$0.00	$0.27	$0.71	$0.78	$0.07	($0.15)	$0.89	$0.45	$0.68
Adjusted Weighted Average Diluted Shares Outstanding	712M	710.29M	0.00	713M	713M	711.90M	713M	712M	714M	712.56M	715M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	669.63M	710.29M	0.00	710.92M	711.03M	711.90M	711.92M	712.05M	712.12M	712.56M	713.16M
Normalized Net Operating Profit after Tax (NOPAT)	620	258	381	341	436	220	255	83	487	234	369
Normalized NOPAT Margin	18.06%	8.70%	12.34%	11.59%	13.24%	7.42%	8.71%	2.92%	14.52%	-	11.60%
Pre Tax Income Margin	12.06%	-19.51%	8.98%	-2.62%	10.00%	12.32%	-0.75%	1.37%	9.76%	-	7.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.83	-0.76	1.48	0.59	1.55	1.81	0.74	0.97	1.90	-	1.49
NOPAT to Interest Expense	1.55	-0.60	1.47	0.45	1.00	0.55	0.63	-2.51	3.21	-	1.67
EBIT Less CapEx to Interest Expense	-4.00	-6.62	-4.52	0.00	-3.27	-2.91	-2.84	-2.76	-3.27	-	-3.40
NOPAT Less CapEx to Interest Expense	-4.28	-6.46	-4.53	0.00	-3.82	-4.17	-2.95	-6.24	-1.96	-	-3.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-421.43%	-804.30%	-676.11%	-405.67%	113.84%	217.96%	766.89%	285.78%	-	356.27%
Augmented Payout Ratio	0.00%	-421.43%	-804.30%	-676.11%	-405.67%	113.84%	217.96%	766.89%	285.78%	-	356.27%

Financials Breakdown Chart

Key Financial Trends

AES Corp (NYSE: AES) has reported quarterly results with a fairly stable revenue base around $3.0B, modest margin fluctuation, and variable earnings across the last four years. Below are the top trends drawn from the latest four years of income, cash flow, and balance sheet data.

Revenue has remained roughly in the $3.0B range each quarter, with Q4 2025 at $3.101B, indicating a stable top line in a low-volatile energy utility environment.
Gross margin improved in 2025, with Q3 2025 gross profit of $735M on $3.351B revenue (about 21.9%), and Q4 2025 gross profit of $582M on $3.101B revenue (about 18.8%), signaling a favorable mix/ cost management trend into late 2025.
Operating cash flow remained robust in the latest quarters, with net cash from continuing operating activities around $0.5B–$1.5B per quarter (example: Q4 2025 CFO $1.488B; Q3 2025 CFO $1.297B; Q2 2025 CFO $0.976B; Q1 2025 CFO $0.545B).
AES continues to provide shareholder value through regular cash dividends per share near $0.176, reflecting ongoing cash-return policy in a capital-intensive industry.

Total assets have trended higher, rising from about $48.6B in early 2025 to roughly $50.8B by Q3 2025, indicating ongoing asset growth and expansion.
Long-term debt remains elevated, around $26.4B–$26.7B across 2025, implying a high leverage profile relative to assets.
Earnings per share have been volatile in 2025, with Q3 2025 Diluted EPS around $0.89 and Q4 2025 around $0.45, while other quarters show negative or smaller positives due to impairment and other items.

Net income has shown meaningful swings, including quarter-to-quarter losses in several 2025 quarters (for example, approximately -$73M in Q1 2025, -$130M in Q2 2025, and -$132M in Q4 2025 consolidated), highlighting earnings volatility.
Investing cash outflows were sizable in 2025, with Net Cash From Investing Activities around -$1.58B to -$1.73B per quarter, reflecting substantial capital expenditures and asset acquisitions.
Total liabilities remain high (around $39B–$41B in mid-2025), with debt service costs (Interest Expense around $0.35B–$0.40B per quarter) continuing to weigh on near-term profitability.

05/08/26 03:30 PM ETAI Generated. May Contain Errors.

AES Financials - Frequently Asked Questions

According to the most recent income statement we have on file, AES's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

AES's net income appears to be on a downward trend, with a most recent value of $162 million in 2025, falling from $762 million in 2015. The previous period was $802 million in 2024. Find out what analysts predict for AES in the coming months.

AES's total operating income in 2025 was $1.29 billion, based on the following breakdown:

Total Gross Profit: $2.21 billion
Total Operating Expenses: $923 million

Over the last 10 years, AES's total revenue changed from $11.26 billion in 2015 to $12.23 billion in 2025, a change of 8.6%.

AES's total liabilities were at $39.84 billion at the end of 2025, a 5.2% increase from 2024, and a 33.9% increase since 2015.

In the past 10 years, AES's cash and equivalents has ranged from $943 million in 2021 to $1.52 billion in 2024, and is currently $1.38 billion as of their latest financial filing in 2025.

Over the last 10 years, AES's book value per share changed from -5.77 in 2015 to 5.71 in 2025, a change of -198.9%.

Related Companies

Financial statements for NYSE:AES last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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AES (AES) Financials

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AES (AES) Financials

Annual Income Statements for AES

Quarterly Income Statements for AES

Annual Cash Flow Statements for AES

Quarterly Cash Flow Statements for AES

Annual Balance Sheets for AES

Quarterly Balance Sheets for AES

Annual Metrics And Ratios for AES

Quarterly Metrics And Ratios for AES

Financials Breakdown Chart

Key Financial Trends

AES Financials - Frequently Asked Questions

When does AES's financial year end?

How has AES's net income changed over the last 10 years?

What is AES's operating income?

How has AES's revenue changed over the last 10 years?

How much debt does AES have?

How much cash does AES have?

How has AES's book value per share changed over the last 10 years?

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