Saturday 17 October 2026 Export AES’s income statement to Excel — free account

The AES Corporation

The AES Corporation’s revenue for fiscal 2025 (year ended December 2025) was $12.2 billion, roughly unchanged from fiscal 2024. In the quarter to June 2026, revenue grew 19.9%, EPS grew 500.0%, free cash flow fell 67.7% and total debt rose 6.10%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

14.95 0.02 −0.13%

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Market cap: $10.7B
P/E: 5.7×
Fwd P/E: 7.3×
Dividend yield: 4.71%
F-score: 4/9
Altman Z: 0.36
Beneish M: −2.80
Dividend safety: 16/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Auditor change Jul 27, 2026 Impairment Jan 16, 2026

All filings →

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.53%

Capital & Financial Ratios $m

Market Cap 10,680.00

Revenue 13,054.00

Net Income 1,047.00

Free Cash Flow (1,720.00)

Net Debt 29,734.00

Current Ratio 0.75

Debt/Equity 3.29

P/E ratio 5.71

Fwd P/E 7.26

P/S ratio 0.82

P/B ratio 1.09

Past 5Y EPS Growth 78.26%

This Y EPS Growth (2.44%)

Next Y EPS Growth 7.67%

Next Y revenue growth 10.15%

Next 5Y EPS Growth 4.53%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 11.93%

10-year low 10-year high

P/S against its own 10 years 32.14%

10-year low 10-year high

P/B against its own 10 years 7.81%

10-year low 10-year high

EV/Sales against its own 10 years 68.60%

10-year low 10-year high

Dividends

Payout Ratio 0.27

Annual Dividend Rate 0.70

Annual Dividend Yield 4.71%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.70	0.18 0.18 0.18
2025	0.70	0.18 0.18 0.18 0.18
2024	0.69	0.17 0.17 0.17 0.17
2023	0.66	0.17 0.17 0.17 0.17
2022	0.63	0.16 0.16 0.16 0.16
2021	0.60	0.15 0.15 0.15 0.15
2020	0.57	0.14 0.14 0.14 0.14
2019	0.55	0.14 0.14 0.14 0.14
2018	0.52	0.13 0.13 0.13 0.13
2017	0.48	0.12 0.12 0.12 0.12
2016	0.44	0.11 0.11 0.11 0.11

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,191	2,040	2,247	2,383
Receivables	1,420	1,646	1,683	1,934
Inventory	712	593	612	618
Other	2,149	2,395	1,768	1,367
	6,649	6,831	6,502	6,403

	2023	2024	2025	Q'26
Payables	2,199	1,654	1,980	2,170
ST’ Debt	4,132	3,587	3,111	3,462
Other	974	917	616	826
	9,731	8,571	8,492	8,578

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	3,180	3,422	—	—	—
’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	—	—	—
’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)	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.68	0.60	—	—	—
’25	0.07	(0.15)	0.89	0.45	1.26
’24	0.60	0.27	0.71	0.79	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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	8.22	10.00	9.87	13.97	8.11	22.60	18.62	11.43	12.24	9.46	Analyst estimates 2026–2028 Powerpack
	High	13.32	12.06	16.28	20.12	23.62	29.07	29.89	29.11	22.21	15.51
People
People	Employees	21,000	19,000	10,500	—	8,200	8,450	9,100	9,600	9,100	8,336
	Revenue/emp, $m	0.49	0.55	1.02	0.00	1.18	1.32	1.39	1.32	1.35	1.47
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
	Gross margin, %	23.18	23.41	23.97	23.05	27.88	24.33	20.19	19.77	18.85	18.07
	EBT	187	771	2,018	1,001	488	(1,064)	(169)	104	894	75
	EBT margin, %	1.82	7.32	18.80	9.82	5.05	(9.55)	(1.34)	0.82	7.28	0.61
	Net income	(777)	(777)	1,565	478	152	(951)	(505)	(182)	802	162
	Depreciation	1,176	1,169	1,003	1,045	1,068	1,056	1,072	1,147	1,264	1,457
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
	Earnings	(1.72)	(1.76)	1.82	0.46	0.07	(0.61)	(0.82)	0.37	2.38	1.26
	Cash flow	4.39	3.79	3.54	3.71	4.14	2.86	4.06	4.54	3.90	6.05
	Capex	(3.55)	(3.30)	(3.20)	(3.62)	(2.86)	(3.18)	(6.81)	(11.55)	(10.47)	(8.33)
	Free cash flow	0.84	0.50	0.34	0.09	1.29	(0.32)	(2.75)	(7.01)	(6.57)	(2.28)
	Book value	8.64	7.34	8.47	7.88	7.10	6.86	6.74	8.95	10.91	12.79
	Shares, m	660	660	662	664	665	666	668	669	706	712
Valuation, ×
Valuation, ×	P/E	0.00	0.00	7.95	44.22	293.75	0.00	0.00	53.72	5.38	11.38
	P/S	0.75	0.68	0.89	1.30	1.62	1.45	1.49	1.02	0.74	0.83
	P/B	1.35	1.48	1.71	2.53	3.31	4.34	5.12	2.51	1.18	1.12
	EV/Sales	2.44	2.42	2.52	3.10	3.50	3.00	3.14	2.97	2.94	3.09
	EV/FCF	45.47	77.98	121.71	518.39	39.52	(156.09)	(21.59)	(8.02)	(7.77)	(23.33)
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
	Capex	(2,345)	(2,177)	(2,121)	(2,405)	(1,900)	(2,116)	(4,551)	(7,724)	(7,392)	(5,929)
	Free cash flow	552	327	222	61	855	(214)	(1,836)	(4,690)	(4,640)	(1,623)
Balance, $m
Balance, $m	Working capital	1,139	370	616	135	52	624	1,152	(3,082)	(1,740)	(1,990)
	Total debt	19,454	19,965	19,295	20,173	19,881	18,699	23,498	26,878	29,018	29,897
	Net debt	17,403	18,318	17,446	18,408	18,160	17,220	20,858	24,687	26,978	27,650
	Shareholders’ equity	5,700	4,845	5,604	5,229	4,720	4,567	4,504	5,985	7,704	9,105
Returns, %
Returns, %	ROA	(3.11)	(3.35)	3.67	0.92	0.13	(1.21)	(1.53)	0.60	3.64	1.81
	ROIC	0.51	2.08	5.87	2.89	1.88	(3.05)	0.01	0.21	1.61	0.32
	ROE	(19.04)	(22.02)	23.03	5.59	0.92	(9.68)	(14.77)	5.65	26.13	10.71

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$53.6B	24.0×	17.8×	−0.10% (below 0%: shrinking)	+71.83% (above 0%: growing)	+39.61% (above 0%: growing)	96.40%	27.76%	Compare
BIP Brookfield Infrastructure Partners LP	$24.3B	60.4×	33.4×	+19.40% (above 0%: growing)	n/m	+17.47% (above 0%: growing)	24.53%	22.77%	Compare
AES The AES Corporation	$10.7B	5.7×	7.3×	+19.86% (above 0%: growing)	n/m	−67.70% (below 0%: shrinking)	20.22%	13.12%
ELPC Companhia Paranaense de Energia - Copel Unsponsored ADR	$10.2B	20.0×	—	—	+100.00% (above 0%: growing)	—	—	—	Compare
AVA Avista Corporation	$3.0B	13.2×	16.3×	+0.49% (above 0%: growing)	+152.94% (above 0%: growing)	+47.57% (above 0%: growing)	100.00%	13.08%	Compare
UTL Unitil Corporation	$972.6M	17.1×	15.7×	+14.04% (above 0%: growing)	+4.00% (above 0%: growing)	+505.00% (above 0%: growing)	61.71%	13.16%	Compare
Median of peers	$10.2B	20.0×	17.1×	+7.26%	+85.92%	+43.59%	79.06%	17.97%

All 6 Utilities Diversified stocks →

The AES Corporation (AES) key facts

The AES Corporation (AES) is an Utilities Diversified company in the Utilities sector, listed on the New York Stock Exchange.
The AES Corporation’s revenue for fiscal 2025 (year ended December 2025) was $12.2 billion, roughly unchanged from fiscal 2024.
As of October 16, 2026, AES traded at $14.95, a market capitalization of $10.7 billion.
The AES Corporation pays an annual dividend of $0.70 per share, a yield of 4.71%, with a payout ratio of 26.9%.
Return on equity was 10.7% and debt-to-equity 3.29.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 0.36 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.