The AES (AES) financial statements
The AES reported revenue of $12.2B in fiscal 2025, up 2.0% a year over 9 years.
Net income was $910M.
Free cash flow was -$1.6B, and the company returned $501M in dividends.
The diluted share count rose 8% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from The AES's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.3B | $10.5B | $10.7B | $10.2B | $9.7B | $11.1B | $12.6B | $12.7B | $12.3B | $12.2B |
| Cost of revenue | $7.9B | $8.1B | $8.2B | $7.8B | $7.0B | $8.4B | $10.1B | $10.2B | $10.0B | $10.0B |
| Gross profit | $2.4B | $2.5B | $2.6B | $2.3B | $2.7B | $2.7B | $2.5B | $2.5B | $2.3B | $2.2B |
| Selling, general and admin | $194M | $215M | $192M | $196M | $165M | $166M | $207M | $255M | $288M | $241M |
| Interest expense | $1.1B | $1.2B | $1.1B | $1.1B | $1.0B | $911M | $1.1B | $1.3B | $1.5B | $1.4B |
| Pre-tax income | $187M | $771M | $2.0B | $1.0B | $488M | -$1.1B | -$169M | $104M | $894M | $75M |
| Income tax | $32M | $990M | $708M | $352M | $216M | -$133M | $265M | $261M | $59M | -$181M |
| Net income | -$1.1B | -$1.2B | $1.2B | $303M | $46M | -$409M | -$546M | $249M | $1.7B | $910M |
| EPS (diluted) | -$1.72 | -$1.76 | $1.81 | $0.45 | $0.07 | -$0.61 | -$0.82 | $0.35 | $2.36 | $1.26 |
| Diluted shares | 660M | 660M | 665M | 667M | 668M | 666M | 668M | 712M | 713M | 714M |
| Gross margin | 23.2% | 23.4% | 24.0% | 23.1% | 27.9% | 24.3% | 20.2% | 19.8% | 18.8% | 18.1% |
| Net margin | -11.0% | -11.0% | 11.2% | 3.0% | 0.5% | -3.7% | -4.3% | 2.0% | 13.7% | 7.4% |
Balance sheet
Fiscal years, from The AES's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Receivables | $1.4B | $1.5B | $1.6B | $1.5B | $1.3B | $1.4B | $1.8B | $1.4B | $1.6B | $1.7B |
| Inventory | $622M | $562M | $577M | $487M | $461M | $604M | $1.1B | $712M | $593M | $612M |
| Total current assets | $6.4B | $6.4B | $5.0B | $5.2B | $5.4B | $5.4B | $7.6B | $6.6B | $6.8B | $6.5B |
| Property, plant and equipment | $20.4B | $20.3B | $21.4B | $22.6B | $22.8B | $19.9B | $23.0B | $30.0B | $33.2B | $37.8B |
| Goodwill | $1.2B | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B | $362M | $348M | $345M | $342M |
| Total assets | $36.1B | $33.1B | $32.5B | $33.6B | $34.6B | $33.0B | $38.4B | $44.8B | $47.4B | $51.8B |
| Total current liabilities | $5.3B | $6.0B | $4.4B | $5.1B | $5.4B | $4.7B | $6.5B | $9.7B | $8.6B | $8.5B |
| 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 |
| Net debt | -$1.2B | -$949M | -$1.2B | -$1.0B | -$1.1B | -$943M | -$1.4B | -$1.4B | -$1.5B | -$1.4B |
Cash flow
Fiscal years, from The AES's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.9B | $2.5B | $2.3B | $2.5B | $2.8B | $1.9B | $2.7B | $3.0B | $2.8B | $4.3B |
| Capital spending | $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 | $61M | $855M | -$214M | -$1.8B | -$4.7B | -$4.6B | -$1.6B |
| Stock-based compensation | $10M | $8M | $20M | $22M | $21M | $14M | $23M | $2M | $12M | $14M |
| Dividends paid | $290M | $317M | $344M | $362M | $381M | $401M | $422M | $444M | $483M | $501M |
| Share buybacks (net) | -$79M | $0 | $0 | — | — | — | — | — | — | — |
| Net borrowing | — | — | — | — | — | — | — | $0 | $0 | $79M |
| Free cash flow margin | 5.4% | 3.1% | 2.1% | 0.6% | 8.9% | -1.9% | -14.6% | -37.0% | -37.8% | -13.3% |
| Dividends per share | $0.44 | $0.48 | $0.52 | $0.54 | $0.57 | $0.60 | $0.63 | $0.62 | $0.68 | $0.70 |
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Open AES in InvestinglyQuestions
What was The AES's revenue in 2025?
$12.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does The AES generate?
-$1.6B in fiscal 2025 (operating cash flow minus capital spending).
From The AES's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.