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AES

AES NYSE Independent Power Producers & Energy Traders Financials FY2016–FY2025

AES had $12.2B of revenue in fiscal 2025, down 0.4% on the year before. Over five years, revenue changed +4.8% a year on average.

Download report 3-page PDF: the company, its results and charts with peers.

Last close Β· Oct 23, 2026

$15.00

0.2%
Value it Compare

What AES does

AES Β· Independent Power Producers & Energy Traders

From its latest annual report

No business description yet.

Filing details

Legal name
THE AES CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
β€”
Accession Β· CIK
0000874761-26-000063 Β· 0000874761

KIRA’s summary AI analyst

Hi! I read AES’s latest annual report (fiscal 2025). Here is what stands out:

1 strength 2 to watch

1.Sales and profit

See section β†’
  • AES had $12.2B of revenue in fiscal 2025, down 0.4% on the year before. Over five years, revenue changed +4.8% a year on average.
  • AES made $910M of net profit in fiscal 2025.

2.Cash and shareholders

See section β†’
  • Free cash flow was βˆ’$1.6B in fiscal 2025, βˆ’13.3% of revenue.
  • AES returned $501M to shareholders in fiscal 2025. The diluted share count rose 0.1%.
  • No open-market insider trades in the last 12 months.

4.Price and value

See section β†’
  • At $15.00 a share, the company is worth $10.7B: 5.7 times its earnings of the last four quarters.
  • AES grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 0 of 3.

AES in 30 seconds

Good So-so Weak

Weak

Are sales growing?

βˆ’0.4%

No. Sales fell 0.4% last year.

So-so

Does it make a profit?

7.4%

A little. It keeps 7.4% of every sale as profit.

Weak

Does profit turn into cash?

βˆ’13.3%

No. It spent more cash than it brought in.

For information

How is the share priced?

5.7x

One share costs 5.7 times its yearly profit per share. Typical for its sector: 20.7x.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap Last close times the latest diluted share count, so it is approximate.
$10.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
5.7x
On $2.62 EPS (TTM)

Revenue

Total sales reported in the income statement.

KIRA Β· AES had $12.2B of revenue in fiscal 2025, down 0.4% on the year before. Over five years, revenue changed +4.8% a year on average.

See the full section β†’

Operating margin

Operating income as a share of revenue.

See the full section β†’

Net income

Profit after all expenses, interest and tax.

KIRA Β· AES made $910M of net profit in fiscal 2025.

See the full section β†’

Free cash flow

Cash from operations minus capital spending.

KIRA Β· Free cash flow was βˆ’$1.6B in fiscal 2025, βˆ’13.3% of revenue.

See the full section β†’

Return on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

See the full section β†’

About these figures. AES reports its debt as recourse and non-recourse debt under its own labels, which the SEC's structured data leaves out, so debt and debt-based ratios are left blank.

Charts by

Sales and profit

Is it selling more, and how much does it keep?

Results dates

In plain words: Every quarter, companies publish how much they sold and earned. These are the days AES did it, and the next one. Share prices often move a lot on those days.

Next results

November 3, 2026

Tuesday Β· in 9 days

Time
Time not announced
Covers
Period ended Sep 30, 2026
Source
Earnings calendar
See who else reports that week β†’
Date Results for Time Source
Aug 4, 2026 Q2 '26 After the market closes 10-Q β†—
May 5, 2026 Q1 '26 After the market closes 10-Q β†—
Mar 2, 2026 Q4 '25 After the market closes 10-K β†—
Nov 4, 2025 Q3 '25 After the market closes 8-K β†—
Jul 31, 2025 Q2 '25 After the market closes 8-K β†—
May 1, 2025 Q1 '25 After the market closes 8-K β†—
Feb 28, 2025 Q4 '24 Before the market opens 8-K β†—
Oct 31, 2024 Q3 '24 After the market closes 8-K β†—

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

Revenue and margins

KIRA Β· AES had $12.2B of revenue in fiscal 2025, down 0.4% on the year before. Over five years, revenue changed +4.8% a year on average.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue

Revenue

Margins, % of revenue

Gross Operating Net FCF

Margins, % of revenue

Gross Operating Net FCF

Net income and earnings per share

KIRA Β· AES made $910M of net profit in fiscal 2025.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income

Net income

Diluted EPS

Diluted EPS

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

KIRA Β· Free cash flow was βˆ’$1.6B in fiscal 2025, βˆ’13.3% of revenue.

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

Free cash flow

Free cash flow

Cash from operations vs capital spending

Cash from operations Capital spending

Cash from operations vs capital spending

Cash from operations Capital spending

Dividends, buybacks and share count

KIRA Β· AES returned $501M to shareholders in fiscal 2025. The diluted share count rose 0.1%.

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks

Dividends Buybacks

Dividends and buybacks

Dividends Buybacks

Diluted shares outstanding (annual)

Insider trades

KIRA Β· No open-market insider trades in the last 12 months.

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. β€œPlan” marks trades under a pre-arranged Rule 10b5-1 plan.

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

β€”

$0.0M

No open-market insider trades in the last 12 months.

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

Cash, debt and the ratios that show how comfortably AES can carry it.

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

Cash vs debt (incl. leases)

Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.2B$2.1B$1.8B$1.6B$1.6B
Interest coverage 1.7x1.1x1.1x1.6x1.1x
Current ratio 1.1x1.2x0.7x0.8x0.8x
Quick ratio 1.0x1.0x0.6x0.7x0.7x
Total assets $33.0B$38.4B$44.8B$47.4B$51.8B
Total liabilities $28.4B$33.9B$38.8B$39.7B$42.7B
Shareholders' equity $2.8B$2.4B$2.5B$3.6B$4.1B
Net debt (βˆ’ = net cash) β€”β€”β€”β€”β€”

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)

Return on capital Return on equity Return on assets

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

TestFY23FY24FY25
Net income is positive βœ“ βœ“ βœ“
Cash from operations is positive βœ“ βœ“ βœ“
Return on assets rose βœ“ βœ“ βœ•
Cash from operations exceeds net income βœ“ βœ“ βœ“
Debt fell relative to assets β€” β€” β€”
Current ratio rose βœ• βœ“ βœ•
Share count didn't rise βœ• βœ• βœ•
Gross margin rose βœ• βœ• βœ•
Revenue rose relative to assets βœ• βœ• βœ•
F-score β€” / 9β€” / 9β€” / 9
Accruals ratio βˆ’6.7%βˆ’2.3%βˆ’6.9%
Altman Z'' βˆ’0.180.320.20

Price and value

What does the share cost, and how does it compare?

Value AES yourself

KIRA Β· At $15.00 a share, the company is worth $10.7B: 5.7 times its earnings of the last four quarters.

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β€” the answer depends entirely on what you put in.

In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.

Discounted cash flow

Value per share

β€”

Adds net cash of β€” and divides by 714.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

β€”

Reference multiples: today 5.7x Β· peers 24.2x Β· sector 20.7x.

Similar companies

KIRA Β· AES grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 0 of 3.

Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.

In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
AES AES $10.7B βˆ’0.4% β€” βˆ’13.3% β€” 5.7x β€”
NRG Energy NRG $19.6B 9.2% 6.0% 2.5% 10.9% 24.2x 6 Compare β†’
Talen Energy TLN $15.1B 22.0% βˆ’3.5% 23.5% βˆ’1.3% β€” β€” Compare β†’
Public Service Enterprise Group PEG $35.9B 18.3% 24.5% 0.2% 6.7% 17.9x 7 Compare β†’
Entergy ETR $49.6B 9.0% 24.7% βˆ’19.6% 5.6% 27.4x 7 Compare β†’

All figures

Every number, year by year.

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $10.3B $10.5B $10.7B $10.2B $9.7B $11.1B $12.6B $12.7B $12.3B $12.2B
Gross profit $2.4B $2.5B $2.6B $2.3B $2.7B $2.7B $2.5B $2.5B $2.3B $2.2B
Interest expense $1.1B $1.2B $1.1B $1.1B $1.0B $911M $1.1B $1.3B $1.5B $1.4B
Pretax income βˆ’$354M βˆ’$521M βˆ’$509M βˆ’$277M βˆ’$192M $644M $96.0M $104M $894M $75.0M
Income tax $32.0M $990M $708M $352M $216M βˆ’$133M $265M $261M $59.0M βˆ’$181M
Net income βˆ’$1.1B βˆ’$1.2B $1.2B $303M $46.0M βˆ’$409M βˆ’$546M $249M $1.7B $910M
Diluted EPS βˆ’$1.72 βˆ’$1.76 $1.81 $0.45 $0.07 βˆ’$0.61 βˆ’$0.82 $0.35 $2.36 $1.26
Diluted shares 0.66B 0.66B 0.67B 0.67B 0.67B 0.67B 0.67B 0.71B 0.71B 0.71B
Cash flow
Cash from operations $2.9B $2.5B $2.3B $2.5B $2.8B $1.9B $2.7B $3.0B $2.8B $4.3B
Capital expenditure $2.3B $2.2B $2.1B $2.4B $1.9B $2.1B $4.6B $7.7B $7.4B $5.9B
Free cash flow $552M $327M $222M $61.0M $855M βˆ’$214M βˆ’$1.8B βˆ’$4.7B βˆ’$4.6B βˆ’$1.6B
Depreciation and amortization $1.2B $1.2B $1.0B $1.0B $1.1B $1.1B $1.1B $1.1B $1.3B $1.5B
Stock-based compensation $10.0M $8.0M $20.0M $22.0M $21.0M $14.0M $23.0M $2.0M $12.0M $14.0M
Acquisitions $52.0M $609M $66.0M $192M $136M $658M $243M $542M $246M $108M
Share buybacks $79.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $290M $317M $344M $362M $381M $401M $422M $444M $483M $501M
Dividends and buybacks $369M $317M $344M $362M $381M $401M $422M $444M $483M $501M
Balance sheet
Cash and short-term investments $1.8B $1.4B $1.5B $1.4B $1.4B $1.2B $2.1B $1.8B $1.6B $1.6B
Finance lease liabilities $0.0M $0.0M $0.0M $70.0M $81.0M $134M $175M $270M $571M $735M
Current assets $6.4B $6.4B $5.0B $5.2B $5.4B $5.4B $7.6B $6.6B $6.8B $6.5B
Current liabilities $5.3B $6.0B $4.4B $5.1B $5.4B $4.7B $6.5B $9.7B $8.6B $8.5B
Inventory $622M $562M $577M $487M $461M $604M $1.1B $712M $593M $612M
Property and equipment, net $20.4B $20.3B $21.4B $22.6B $22.8B $19.9B $23.0B $30.0B $33.2B $37.8B
Total assets $36.1B $33.1B $32.5B $33.6B $34.6B $33.0B $38.4B $44.8B $47.4B $51.8B
Total liabilities $30.4B $28.3B $26.9B $28.4B $29.9B $28.4B $33.9B $38.8B $39.7B $42.7B
Shareholders' equity $2.8B $2.5B $3.2B $3.0B $2.6B $2.8B $2.4B $2.5B $3.6B $4.1B
Margins
Gross margin 23.2% 23.4% 24.0% 23.1% 27.9% 24.3% 20.2% 19.8% 18.9% 18.1%
EBITDA margin 19.0% 17.3% 14.4% 17.8% 19.8% 23.4% 18.1% 20.3% 29.7% 24.0%
Net margin βˆ’11.0% βˆ’11.0% 11.2% 3.0% 0.5% βˆ’3.7% βˆ’4.3% 2.0% 13.7% 7.4%
FCF margin 5.4% 3.1% 2.1% 0.6% 8.9% βˆ’1.9% βˆ’14.6% βˆ’37.0% βˆ’37.8% βˆ’13.3%
Returns
Return on capital employed 2.6% 2.2% 2.0% 2.7% 2.9% 5.4% 4.0% 4.3% 6.4% 3.6%
Return on equity βˆ’38.0% βˆ’44.2% 42.4% 9.8% 1.6% βˆ’15.1% βˆ’20.9% 10.1% 54.8% 23.6%
Return on assets βˆ’3.1% βˆ’3.4% 3.7% 0.9% 0.1% βˆ’1.2% βˆ’1.5% 0.6% 3.6% 1.8%
Growth
Revenue growth βˆ’8.7% 2.4% 2.0% βˆ’5.1% βˆ’5.2% 15.3% 13.3% 0.4% βˆ’3.1% βˆ’0.4%
Net income growth βˆ’469.3% β€” β€” βˆ’74.8% βˆ’84.8% βˆ’989.1% β€” β€” 574.3% βˆ’45.8%
EPS growth βˆ’490.9% β€” β€” βˆ’75.1% βˆ’84.4% βˆ’971.4% β€” β€” 574.3% βˆ’46.6%
FCF growth β€” βˆ’40.8% βˆ’32.1% βˆ’72.5% 1,301.6% βˆ’125.0% β€” β€” β€” β€”
Share count change βˆ’4.2% 0.0% 0.8% 0.3% 0.2% βˆ’0.3% 0.3% 6.6% 0.1% 0.1%
Financial health
Interest coverage 0.7x 0.6x 0.5x 0.7x 0.8x 1.7x 1.1x 1.1x 1.6x 1.1x
Current ratio 1.2x 1.1x 1.1x 1.0x 1.0x 1.1x 1.2x 0.7x 0.8x 0.8x
Quick ratio 1.1x 1.0x 1.0x 0.9x 0.9x 1.0x 1.0x 0.6x 0.7x 0.7x
Capital allocation
Capex / revenue 22.8% 20.7% 19.8% 23.6% 19.7% 19.0% 36.1% 61.0% 60.2% 48.5%
Stock comp / revenue 0.1% 0.1% 0.2% 0.2% 0.2% 0.1% 0.2% 0.0% 0.1% 0.1%
Payouts / FCF 66.9% 96.9% 155.0% 593.4% 44.6% β€” β€” β€” β€” β€”
Quality scores
Altman Z'' 0.5 0.2 0.4 0.3 0.3 0.5 0.4 βˆ’0.2 0.3 0.2
Accruals ratio βˆ’11.1% βˆ’10.6% βˆ’3.5% βˆ’6.5% βˆ’7.9% βˆ’6.8% βˆ’9.1% βˆ’6.7% βˆ’2.3% βˆ’6.9%

Source: SEC EDGAR XBRL filings (CIK 0000874761). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β€” not investment advice. Check the original filings before relying on any figure.

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