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Friday 6 November 2026 Export AES’s income statement to Excel — free account

The AES Corporation

AES Utilities Utilities Diversified

The AES Corporation’s revenue for fiscal 2025 (year ended December 2025) was $12.2 billion, roughly unchanged from fiscal 2024.

Revenue
+15.6%
EPS
−17.0%
Free cash flow
+39.9%
Total debt
+7.83%

Quarter to September 2026, against a year earlier

14.90 0.00 0.00%
Market cap
$10.6B
P/E
6.0×
Fwd P/E
7.3×
Dividend yield
4.72%
F-score
4/9
Altman Z
0.36
Beneish M
−2.80
Dividend safety
16/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Energy Infrastructure
  • Utilities
  • Renewables
  • AES Andes
  • Corporate Other And Other
  • New Energy Technologies

Every year since 2009 →

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.53%

Capital & Financial Ratios $m

Size
Market Cap 10,620.00
Revenue ttm 13,575.00
Net income ttm 1,057.00
Free cash flow ttm (1,516.00)
Net debt Q 30,647.00
Valuation
P/E 6.03
Forward P/E 7.34
Price / sales 0.78
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.99
Financial health
Current ratio Q 0.86 (below 1: weak)
Debt / equity Q 3.08 (above 2: weak)
Interest coverage Q —
Growth
Revenue growth Q +15.55% (above 0%: growing)
Operating income growth Q +40.67% (above 0%: growing)
EPS, this year −2.53% (below 0%: weak)
EPS, next year A +6.74%
Revenue, next year A +11.14% (at or above 10%: strong)
EPS, past 5 yrs +78.26% (at or above 15%: strong)
EPS, next 5 yrs A +3.77%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.0×, against a ten-year median of 2.9×; over the ten years it ranged from 2.2× in 2016 to 3.7× in 2021.
P/E against its own 10 years 12.38%
10-year low 10-year high
P/S against its own 10 years 21.97%
10-year low 10-year high
P/B against its own 10 years 2.46%
10-year low 10-year high
EV/Sales against its own 10 years 61.06%
10-year low 10-year high

Dividends

Yield
4.72%
Annual rate
0.70
Payout ratio
28.5%
Growth, 2018–26
+3.86%/yr
  1. 0.52 ’18
  2. 0.55 ’19 +5
  3. 0.57 ’20 +5
  4. 0.60 ’21 +5
  5. 0.63 ’22 +5
  6. 0.66 ’23 +5
  7. 0.69 ’24 +4
  8. 0.70 ’25 +2
  9. 0.70 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,191 2,040 2,247 2,617
Receivables 1,420 1,646 1,683 1,872
Inventory 712 593 612 617
Other 2,149 2,395 1,768 1,460
6,649 6,831 6,502 6,713
2023 2024 2025 Q'26
Payables 2,199 1,654 1,980 2,197
ST’ Debt 4,132 3,587 3,111 2,950
Other 974 917 616 461
9,731 8,571 8,492 7,766

Compound Annual Growth %

10y 5y 3y
Sales 0.83% 4.84% (1.02%)
Cash Flow 7.27% 9.34% 16.62%
Earnings 11.39% 81.26% 0.00%
Book Value 3.97% 14.04% 26.44%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY26 Estimate 0.50 Actual 0.67

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY25 0.39 0.51 Beat by 0.12
Q3 FY25 0.78 0.75 Miss by 0.03
Q4 FY25 0.62 0.81 Beat by 0.19
Q1 FY26 0.50 0.67 Beat by 0.17

EPS $

Mar Jun Sep Dec Year
’26 0.68 0.60 0.74 — —
’25 0.07 (0.15) 0.89 0.45 1.26
’24 0.60 0.39 0.71 0.65 2.36
’23 0.21 (0.06) 0.32 (0.14) 0.35
’22 0.16 (0.27) 0.59 (1.35) (0.82)
’21 (0.22) 0.04 0.48 (0.95) (0.61)
’20 0.22 (0.12) (0.50) 0.47 0.07
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,180 3,422 3,872 — —
’25 2,926 2,855 3,351 3,101 12,233
’24 3,085 2,942 3,289 2,962 12,278
’23 3,239 3,027 3,434 2,968 12,668
’22 2,852 3,078 3,627 3,060 12,617
’21 2,635 2,700 3,036 2,770 11,141
’20 2,338 2,217 2,545 2,560 9,660
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,201 1,046 1,200 — —
’25 545 976 1,297 1,488 4,306
’24 287 392 985 1,088 2,752
’23 625 562 1,122 725 3,034
’22 457 408 784 1,066 2,715
’21 253 351 775 523 1,902
’20 373 447 1,267 668 2,755
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (565) (597) (307) — —
’25 (709) (356) (511) (47) (1,623)
’24 (1,861) (1,293) (847) (639) (4,640)
’23 (926) (1,283) (777) (1,704) (4,690)
’22 (309) (485) (268) (774) (1,836)
’21 (179) (216) 240 (59) (214)
’20 (188) 46 854 143 855
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 15.6% a year for ten years.

Implied
15.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 10,281 10,530 10,736 10,189 9,660 11,141 12,617 12,668 12,278 12,233 13,575 +2.0% 13,596 13,438 13,982 +4.6%
Gross margin, % 23.18 23.41 23.97 23.05 27.88 24.33 20.19 19.77 18.85 18.07 21.33 (5.1) pt
EBT 187 771 2,018 1,001 488 (1,064) (169) 104 894 75 927 (9.7%)
EBT margin, % 1.82 7.32 18.80 9.82 5.05 (9.55) (1.34) 0.82 7.28 0.61 6.83 (1.2) pt
Net income (777) (777) 1,565 478 152 (951) (505) (182) 802 162 1,057 n/m
Per share, $
Per share, $ Revenue 15.58 15.95 16.22 15.34 14.53 16.73 18.89 18.94 17.39 17.18 19.04 +1.1%
Earnings (1.72) (1.76) 1.82 0.46 0.07 (0.61) (0.82) 0.37 2.38 1.26 2.47 n/m
Cash flow 4.39 3.79 3.54 3.71 4.14 2.86 4.06 4.54 3.90 6.05 6.92 +3.6%
Capex (3.55) (3.30) (3.20) (3.62) (2.86) (3.18) (6.81) (11.55) (10.47) (8.33) (9.05) +9.9%
Free cash flow 0.84 0.50 0.34 0.09 1.29 (0.32) (2.75) (7.01) (6.57) (2.28) (2.13) n/m
Book value 8.64 7.34 8.47 7.88 7.10 6.86 6.74 8.95 10.91 12.79 15.12 +4.5%
Shares, m 660 660 662 664 665 666 668 669 706 712 713 +0.8%
Valuation, ×
Valuation, × P/E 0.00 0.00 7.95 44.22 293.75 0.00 0.00 53.72 5.38 11.38 6.03 41.6
P/S 0.75 0.68 0.89 1.30 1.62 1.45 1.49 1.02 0.74 0.83 0.78 1.1
P/B 1.35 1.48 1.71 2.53 3.31 4.34 5.12 2.51 1.18 1.12 0.99 2.5
EV/Sales 2.44 2.42 2.52 3.10 3.50 3.00 3.14 2.97 2.94 3.09 3.04 2.9
EV/FCF 45.47 77.98 121.71 518.39 39.52 (156.09) (21.59) (8.02) (7.77) (23.33) (27.22) 58.6
Cash, $m
Cash, $m Operating cash flow 2,897 2,504 2,343 2,466 2,755 1,902 2,715 3,034 2,752 4,306 4,935 +4.5%
Capex (2,345) (2,177) (2,121) (2,405) (1,900) (2,116) (4,551) (7,724) (7,392) (5,929) (6,451) +10.9%
Free cash flow 552 327 222 61 855 (214) (1,836) (4,690) (4,640) (1,623) (1,516) n/m
Balance, $m
Balance, $m Working capital 1,139 370 616 135 52 624 1,152 (3,082) (1,740) (1,990) (1,053) n/m
Net debt 17,403 18,318 17,446 18,408 18,160 17,220 20,858 24,687 26,978 27,650 30,647 +5.3%
Shareholders’ equity 5,700 4,845 5,604 5,229 4,720 4,567 4,504 5,985 7,704 9,105 10,783 +5.3%
Returns, %
Returns, % ROA (3.11) (3.35) 3.67 0.92 0.13 (1.21) (1.53) 0.60 3.64 1.81 3.34 +4.9 pt
ROIC 0.51 2.08 5.87 2.89 1.88 (3.05) 0.01 0.21 1.61 0.32 1.51 (0.2) pt
ROE (19.04) (22.02) 23.03 5.59 0.92 (9.68) (14.77) 5.65 26.13 10.71 18.57 +29.8 pt
People
People Employees 21,000 19,000 10,500 — 8,200 8,450 9,100 9,600 9,100 8,336 — (9.8%)
Revenue/emp, $m 0.49 0.55 1.02 0.00 1.18 1.32 1.39 1.32 1.35 1.47 — +13.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

AES is a global energy company that develops, owns and operates electric generation facilities and utilities. It was founded in 1981, is headquartered in Arlington County, and its chief executive is Andrés R. Gluski.

Its generation business produces electricity from solar, wind, energy storage, hydro, natural gas, LNG, coal, pet coke, diesel and oil. It sells power to utilities, industrial users and other intermediaries. The company also develops new generation facilities and can transfer projects to third parties before construction under Develop-Transfer Agreements, or develop customized assets under development-service contracts.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Energy Infrastructure 5,402 44.16%
Utilities 4,122 33.70%
Renewables 2,913 23.81%
AES Andes 900 7.36%
Corporate Other And Other 149 1.22%
New Energy Technologies 1 0.01%
Gross margin 18.07%
Operating margin 1.54%
Pre-tax margin 0.61%

Revenue by segment since 2009

The AES Corporation vs peers in Utilities Diversified (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SRE Sempra $52.2B 17.1× 16.4× +1.27% (above 0%: growing) +1,016.67% (above 0%: growing) +25.78% (above 0%: growing) 0.00% 0.00% Compare
BIP Brookfield Infrastructure Partners LP $24.5B 61.0× 39.9× +19.40% (above 0%: growing) n/m +17.47% (above 0%: growing) 24.53% 22.77% Compare
AES The AES Corporation $10.6B 6.0× 7.3× +15.55% (above 0%: growing) −16.96% (below 0%: shrinking) +39.92% (above 0%: growing) 25.36% 13.04%
ELPC Companhia Paranaense de Energia - Copel Unsponsored ADR $7.8B 15.1× — — +100.00% (above 0%: growing) — — — Compare
AVA Avista Corporation $3.4B 13.6× 14.2× +4.47% (above 0%: growing) +62.50% (above 0%: growing) −237.84% (below 0%: shrinking) 100.00% 15.68% Compare
UTL Unitil Corporation $1.1B 18.3× 16.9× +11.37% (above 0%: growing) n/m +14.36% (above 0%: growing) 59.59% 6.04% Compare
Median of peers $7.8B 17.1× 16.7× +7.92% +100.00% +15.92% 42.06% 10.86%

All 6 Utilities Diversified stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 89.31%
Held by the ten largest 46.19%
Holder Shares Stake Change
Vanguard 88.26m 12.38% +117.97k
BlackRock 49.28m 6.91% +2.11m
State Street 42.89m 6.01% −89.40k
Balyasny Asset Management L.P. 34.63m 4.86% +23.45m
Geode Capital Management 25.12m 3.52% +610.68k
Millennium Management 21.30m 2.99% +11.38m
Morgan Stanley 21.00m 2.94% −3.30m
Invesco 18.55m 2.60% +285.46k
Goldman Sachs 14.65m 2.05% +1.77m
Citadel Advisors 13.70m 1.92% +11.49m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 20 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.15m 13.43m 73.00
2024 13.36m 5.90m 62.00
2023 12.72m (5.55m) 89.00
2022 12.53m 27.93m 129.00
2021 14.38m 13.46m 106.00

Ownership

Directors and executive officers, together 0.76%
The Vanguard Group 12.31%
State Street Corporation One Congress Street, Suite 6.13%
BlackRock, Inc. 5.91%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

The AES Corporation (AES) Latest News

2 Nov

Impact 3 · · Barchart

16 Oct

Impact 4 · · Barchart

22 Sep

Impact 4 · · Barchart

10 Jul

Impact 3 · · Barchart

26 Jun

Impact 5 ·

19 Jun

Impact 4 ·

1 Jun

Impact 4 · · Investor's Business Daily

17 May

Impact 4 ·

13 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · The Motley Fool transcript

7 May

Impact 4 · · Simply Wall St.

6 May

Impact 3 ·

26 Apr

Impact 4 · · Simply Wall St.

25 Apr

Impact 3 · · Simply Wall St.

23 Apr

Impact 3 ·

21 Apr

Impact 3 · · Barchart

20 Apr

Impact 4 ·

17 Apr

Impact 4 · · daytondailynews.com

16 Apr

Impact 4 · · Barchart

15 Apr

Impact 4 · · Insider Monkey

11 Apr

Impact 4 · · Simply Wall St.

2 Apr

Impact 4 · · Insider Monkey

26 Mar

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks

25 Mar

Impact 3 · · PR Newswire

23 Mar

Impact 4 · · 24/7 Wall St.

22 Mar

Impact 4 · · Simply Wall St.

16 Mar

Impact 5 · · Simply Wall St.

15 Mar

Impact 3 · · Insider Monkey

14 Mar

Impact 4 · · Simply Wall St.

AES metrics, ten years each

stockrow.com/AES · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com