The AES Corporation (AES) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$0.37	$0.77	+108.1%	—	$3.2B	—
Q4 25	$0.61	$0.81	+32.8%	—	$3.1B	—
Q3 25	$0.77	$0.75	-2.6%	—	$3.4B	—
Q2 25	$0.4	$0.51	+27.5%	—	$2.9B	—
Q1 25	$0.33	$0.27	-18.2%	—	$2.9B	—
Q4 24	$0.35	$0.54	+54.3%	—	$3B	—
Q3 24	$0.64	$0.71	+10.9%	—	$3.3B	—
Q2 24	$0.37	$0.38	+2.7%	—	$2.9B	—
Q1 24	$0.34	$0.5	+47.1%	—	$3.1B	—
Q4 23	$0.67	$0.73	+9.0%	—	$3B	—
Q3 23	$0.54	$0.6	+11.1%	—	$3.4B	—
Q2 23	$0.22	$0.21	-4.5%	—	$3B	—
Q1 23	$0.23	$0.22	-4.3%	—	$3.2B	—
Q4 22	$0.46	$0.49	+6.5%	—	$3.1B	—
Q3 22	$0.53	$0.63	+18.9%	—	$3.6B	—
Q2 22	$0.31	$0.34	+9.7%	—	$3.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.26	—	—	$12.2B	—
FY24	—	$2.38	—	—	$12.3B	—
FY23	—	$0.37	—	—	$12.7B	—
FY22	—	-$0.82	—	—	$12.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$10.3B	$10.5B	$10.7B	$10.2B	$9.7B	$11.1B	$12.6B	$12.7B	$12.3B	$12.2B
YoY change	-8.69%	+2.42%	+1.96%	-5.1%	-5.19%	+15.3%	+13.2%	+0.4%	-3.08%	-0.37%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
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	7B	8.4B	10.1B	10.2B	10B	10B
Gross profit	2.4B	2.5B	2.6B	2.3B	2.7B	2.7B	2.5B	2.5B	2.3B	2.2B
Gross margin	23.2%	23.4%	24%	23.1%	27.9%	24.3%	20.2%	19.8%	18.8%	18.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	194M	215M	192M	196M	165M	166M	207M	255M	288M	241M
Operating expenses	246M	215M	199M	196M	165M	166M	207M	255M	288M	241M
Operating income	2.1B	2.3B	2.4B	2.2B	2.5B	2.5B	2.3B	2.2B	2B	2B
Operating margin	20.8%	21.4%	22.1%	21.1%	26.2%	22.8%	18.6%	17.8%	16.5%	16.1%
Non-operating income, net	-1.1B	-553M	390M	-420M	-1.3B	-3B	-1.8B	-1.4B	-28M	-775M
Pretax income	187M	771M	2B	1B	488M	-1.1B	-169M	104M	894M	75M
Income tax	32M	990M	708M	352M	216M	-133M	265M	261M	59M	-181M
Net income	-777M	-777M	1.6B	478M	152M	-951M	-505M	-182M	802M	162M
Net margin	-7.56%	-7.38%	14.6%	4.69%	1.57%	-8.54%	-4%	-1.44%	6.53%	1.32%
EBITDA	3.6B	3.7B	3.6B	3.4B	3.7B	3.9B	3.6B	3.9B	3.6B	3.4B
EPS	-1.72	-1.76	1.82	0.46	0.07	-0.61	-0.82	0.37	2.38	1.26
Diluted EPS	-1.72	-1.76	1.81	0.45	0.07	-0.61	-0.82	0.35	2.36	1.26

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.4B	3B	3.1B	2.9B	3.3B	3B	2.9B	2.9B	3.4B	3.1B	3.2B	3.4B
Cost of revenue	2.5B	2.5B	2.5B	2.4B	2.6B	2.5B	2.5B	2.4B	2.6B	2.5B	2.5B	2.7B
Gross profit	918M	494M	619M	553M	722M	420M	441M	453M	735M	582M	640M	692M
Gross margin	26.7%	16.6%	20.1%	18.8%	22%	14.2%	15.1%	15.9%	21.9%	18.8%	20.1%	20.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	64M	64M	75M	66M	57M	90M	77M	49M	46M	69M	55M	62M
Operating expenses	64M	64M	81M	66M	57M	90M	77M	49M	46M	69M	55M	62M
Operating income	854M	430M	538M	486M	665M	330M	364M	404M	689M	513M	585M	630M
Operating margin	24.9%	14.5%	17.4%	16.5%	20.2%	11.1%	12.4%	14.2%	20.6%	16.5%	18.4%	18.4%
Non-operating income, net	-258M	-809M	-9M	-262M	-76M	326M	-113M	-83M	-90M	-489M	-55M	122M
Pretax income	414M	-579M	277M	-77M	329M	365M	-22M	39M	327M	-269M	242M	449M
Income tax	109M	82M	-16M	-35M	103M	7M	17M	167M	-226M	-139M	-41M	28M
Net income	291M	-643M	278M	-39M	210M	353M	-73M	-150M	517M	-132M	275M	387M
Net margin	8.47%	-21.7%	9.01%	-1.33%	6.38%	11.9%	-2.49%	-5.25%	15.4%	-4.26%	8.65%	11.3%
EBITDA	1.3B	848M	955M	815M	1.1B	700M	765M	583M	1.1B	910M	1B	1.1B
EPS	0.34	—	0.62	0.27	0.71	0.79	0.07	-0.15	0.89	—	0.68	0.6
Diluted EPS	0.32	—	0.6	0.27	0.71	0.79	0.07	-0.15	0.89	—	0.68	0.6

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	7.6B	7.1B	9.6B	13.3B	15.4B	16.3B	19.1B	12.9B	9.1B	10.2B	10.6B
Enterprise value	25.3B	25.7B	27.4B	32B	33.9B	33.8B	40.5B	37.9B	36.5B	38.6B	49.6B
Shares outstanding	657M	660M	661M	667M	657.1M	670.5M	665.9M	669M	705.5M	712M	712M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	6.11	27.8	101.6	—	—	—	11.3	63	5.57
P/S	0.74	0.68	0.89	1.3	1.6	1.46	1.52	1.02	0.74	0.83	0.81
P/B	1.34	1.48	1.71	2.54	3.27	3.57	4.25	2.15	1.18	1.12	2.15
EV/EBITDA	7.08	6.98	7.7	9.44	9.22	8.66	11.2	9.72	10.1	11.5	12.2
EV/Sales	2.46	2.44	2.55	3.14	3.51	3.04	3.21	2.99	2.97	3.15	3.8
Earnings yield	—	—	16.4%	3.6%	0.98%	—	—	—	8.83%	1.59%	18%
FCF yield	7.23%	4.57%	2.32%	0.46%	5.54%	-1.31%	-9.59%	-36.4%	-51.1%	-15.9%	-29.1%
PEG	—	—	—	—	—	—	—	—	—	—	-0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	23.2%	23.4%	24%	23.1%	27.9%	24.3%	20.2%	19.8%	18.8%	18.1%	20.2%
Operating margin	20.8%	21.4%	22.1%	21.1%	26.2%	22.8%	18.6%	17.8%	16.5%	16.1%	18.7%
Net margin	-7.56%	-7.38%	14.6%	4.69%	1.57%	-8.54%	-4%	-1.44%	6.53%	1.32%	14.3%
ROE	-13.6%	-16%	27.9%	9.14%	3.22%	-20.8%	-11.2%	-3.04%	10.4%	1.78%	9.57%
ROA	-2.15%	-2.35%	4.81%	1.42%	0.44%	-2.89%	-1.32%	-0.41%	1.69%	0.31%	2.96%
ROIC	7.58%	0%	6.58%	5.82%	6.08%	11.5%	9.04%	0%	5.39%	5.26%	6.04%
Return on tangible assets	-2.34%	-2.57%	5.3%	1.56%	0.49%	-3.43%	-1.49%	-0.46%	1.87%	0.34%	2.12%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.22	1.06	1.14	1.03	1.01	1.13	1.18	0.68	0.8	0.77	0.75
Quick ratio	1.1	0.97	1.01	0.93	0.92	1	1.01	0.61	0.73	0.69	0.67
Debt / equity	3.41	4.12	3.44	3.86	4.21	4.09	5.22	4.49	3.77	3.28	2.57
Debt / assets	0.54	0.6	0.59	0.6	0.57	0.57	0.61	0.6	0.61	0.58	0.59
Net debt / EBITDA	4.94	5.04	5.01	5.53	5.02	4.49	5.91	6.42	7.59	8.44	7.25
Interest coverage	1.16	1.66	2.91	1.95	1.47	-0.17	0.85	1.08	1.6	1.05	1.52
Effective tax rate	17.1%	100%	35.1%	35.2%	44.3%	0%	0%	100%	6.6%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	15.6	16	16.2	15.3	14.7	16.6	18.9	18.9	17.4	17.2	18.3
EPS (basic)	-1.72	-1.76	1.82	0.46	0.07	-0.61	-0.82	0.37	2.38	1.26	1.26
EPS (diluted)	-1.72	-1.76	1.81	0.45	0.07	-0.61	-0.82	0.35	2.36	1.26	2.67
Book value per share	8.68	7.34	8.48	7.84	7.18	6.81	6.76	8.95	10.9	12.8	6.93
FCF per share	0.84	0.5	0.34	0.09	1.3	-0.32	-2.76	-7.01	-6.58	-2.28	-2.41
Cash per share	2.7	2.08	2.24	2.14	2.17	1.75	3.16	2.72	2.27	2.19	2.6
Capex per share	—	—	—	—	—	—	—	—	—	8.33	9.44

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	48.5%	51.7%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	137.7%	134.2%
Payout ratio	-37.3%	-40.8%	22%	75.7%	250.7%	-42.2%	-83.6%	-244%	60.2%	309.3%	26.4%
Dividend yield	3.8%	4.43%	3.6%	2.73%	2.47%	2.46%	2.2%	3.45%	5.32%	4.91%	4.74%

Yield

4.74%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.176

ex-dividend Jul 31, 2026

Payout ratio

26%

of earnings

Dividend growth

13 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 31, 2026	$0.176
May 1, 2026	$0.176
Jan 30, 2026	$0.176

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.4B	$3B	$3.1B	$2.9B	$3.3B	$3B	$2.9B	$2.9B	$3.4B	$3.1B	$3.2B	$3.4B
YoY change	-5.32%	-3.01%	-4.75%	-2.81%	-4.22%	-0.2%	-5.15%	-2.96%	+1.89%	+4.69%	+8.68%	+19.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & 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	5B	5.2B	5.4B	5.4B	7.6B	6.6B	6.8B	6.5B
Property, plant & equipment	-4.5B	-3.8B	-3.8B	-2.8B	-3.9B	-5.6B	-3.6B	-232M	343M	2.3B
Goodwill & intangibles	2.9B	2.9B	3B	3.1B	3.8B	5.3B	4.4B	5.2B	4.6B	4.8B
Total assets	36.1B	33.1B	32.5B	33.6B	34.6B	33B	38.4B	44.8B	47.4B	51.8B
Accounts payable	1.2B	1.4B	1.3B	1.3B	1.2B	1.2B	2.4B	3.2B	2.6B	2.6B
Short-term debt	1.1B	2.2B	1.7B	1.9B	1.4B	1.4B	1.8B	4.1B	3.6B	3.1B
Total current liabilities	5.3B	6B	4.4B	5.1B	5.4B	4.7B	6.5B	9.7B	8.6B	8.5B
Long-term debt	18.4B	17.8B	17.6B	18.3B	18.5B	17.3B	21.7B	22.7B	25.4B	26.8B
Total liabilities	30.4B	28.3B	26.9B	28.4B	29.9B	28.4B	33.9B	38.8B	39.7B	42.7B
Shareholders' equity	5.7B	4.8B	5.6B	5.2B	4.7B	4.6B	4.5B	6B	7.7B	9.1B
Total debt	19.5B	20B	19.3B	20.2B	19.9B	18.7B	23.5B	26.9B	29B	29.9B
Net debt	18.2B	19B	18.1B	19.1B	18.8B	17.8B	22.1B	25.5B	27.5B	28.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.3B	1.8B	2.4B	1.8B	2B	1.6B	1.8B	1.4B	1.8B	1.6B	1.7B	1.9B
Receivables	1.7B	1.4B	1.6B	1.5B	1.9B	1.6B	1.7B	1.9B	1.8B	1.7B	1.7B	1.9B
Inventory	798M	712M	639M	661M	646M	593M	624M	647M	607M	612M	648M	618M
Total current assets	7.3B	6.6B	7.2B	9.6B	10.5B	6.8B	7.9B	6.3B	6.8B	6.5B	6.1B	6.4B
Property, plant & equipment	-463M	-232M	554M	1.3B	-8.5B	343M	-9B	-9.3B	-9.6B	2.3B	-9.9B	-9.5B
Goodwill & intangibles	5.3B	5.2B	5.2B	4.5B	4.6B	4.6B	4.6B	4.8B	4.7B	4.8B	4.7B	4.8B
Total assets	43.2B	44.8B	47B	47.7B	50.1B	47.4B	48.6B	48.5B	50.8B	51.8B	52.8B	54.2B
Accounts payable	1.6B	3.2B	2.9B	2.4B	2.7B	2.6B	2.3B	2.3B	3B	2.6B	2.8B	3B
Short-term debt	3.8B	4.1B	4.2B	3.1B	4.9B	3.6B	4.2B	3.7B	4.4B	3.1B	3.2B	3.5B
Total current liabilities	8.8B	9.7B	9.2B	9.8B	12.4B	8.6B	9.3B	7.7B	9.4B	8.5B	8.4B	8.6B
Long-term debt	23.6B	22.7B	25.4B	25.5B	24.5B	25.4B	26.4B	26.6B	26.5B	26.8B	27.8B	28.7B
Total liabilities	37.9B	38.8B	40.8B	40.7B	42.4B	39.7B	40.9B	40.9B	42.4B	42.7B	43.5B	44.5B
Shareholders' equity	5.3B	6B	6.3B	7B	7.6B	7.7B	7.7B	7.7B	8.4B	9.1B	9.4B	9.8B
Total debt	27.4B	26.9B	29.6B	28.6B	29.5B	29B	30.6B	30.3B	30.8B	29.9B	31B	32.1B
Net debt	25.6B	25.5B	27.6B	26.8B	27.5B	27.5B	28.8B	28.9B	29.1B	28.5B	29.4B	30.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-777M	-777M	1.6B	478M	152M	-951M	-505M	-182M	802M	162M
Depreciation & amortization	1.2B	1.2B	1B	1B	1.1B	1.1B	1.1B	1.1B	1.3B	1.5B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-369M	-520M	-157M	2M	218M	-923M	-198M	381M	-227M	324M
Operating cash flow	800M	1.3B	2.8B	1.7B	1.3B	-1.3B	472M	1.4B	2.4B	4.3B
Capital expenditure	—	—	—	—	—	—	—	—	—	-5.9B
Investing cash flow	209M	-422M	1.6B	-316M	-395M	-935M	-1.3B	-464M	-308M	-6.2B
Dividends paid	-290M	-317M	-344M	-362M	-381M	-401M	-422M	-444M	-483M	-501M
Share repurchases	-79M	0	0	—	—	—	—	—	—	—
Financing cash flow	-747M	43M	-1.6B	-1.8B	-2.6B	-1.6B	-929M	-880M	5.6B	2B
Net change in cash	262M	924M	2.7B	-388M	-1.7B	-3.8B	-1.7B	78M	7.7B	71M
Free cash flow	552M	327M	222M	61M	855M	-214M	-1.8B	-4.7B	-4.6B	-1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	291M	-643M	278M	-39M	18M	353M	-73M	-150M	517M	-132M	275M	387M
Depreciation & amortization	286M	292M	312M	302M	293M	338M	337M	354M	365M	401M	433M	434M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	101M	230M	-318M	71M	72M	-52M	-81M	120M	255M	30M	-129M	-80M
Operating cash flow	722M	-74M	598M	168M	746M	687M	322M	976M	1.3B	1.5B	1.2B	1B
Capital expenditure	—	—	—	—	—	—	—	-1.3B	-1.8B	-1.5B	-1.8B	-1.6B
Investing cash flow	-24M	-86M	-238M	-153M	-33M	116M	-28M	-1.6B	-1.7B	-1.6B	-1.8B	-1.5B
Dividends paid	-111M	-111M	-116M	-122M	-123M	-122M	-125M	-125M	-126M	-125M	-125M	-126M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	2.1B	27.5B	1.1B	98M	2.5B	385M	1.3B	-717M	1.7B	-278M	756M	37M
Net change in cash	2.8B	27.4B	1.4B	113M	3.2B	1.2B	1.6B	-1.3B	1.2B	-382M	158M	-381M
Free cash flow	-777M	-1.7B	-1.9B	-1.3B	-847M	-639M	-709M	-356M	-511M	-47M	-565M	-597M

Date	Ratio
Jun 2, 2000	2:1
Aug 29, 1997	2:1
Mar 4, 1994	103:100
Feb 1, 1994	3:2

The AES Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history