AES CORP

Listed Company

AESCIK 0000874761NYSELarge AcceleratedCogeneration Services & Small Power ProducersDelawareFY ends Dec 31

Period

FY 2025

Revenue

$12.23B

Net Income

$910.00M

Total Assets

$51.77B

Equity

$4.06B

Shares Out

713.16M

Op. Cash Flow

$4.31B

AES$14.77+11.89% · past yearDBEQ Basic

Daily closing prices

Business

AES Corp is a global energy company that develops, owns, and operates electric generation facilities and regulated utility businesses across multiple countries. The company generates electricity through renewable (solar, wind, hydro, energy storage) and conventional (natural gas, coal, LNG, oil) generation assets, and distributes electricity through regulated utilities in the U.S. and El Salvador. AES serves corporate customers, utilities, industrial users, and end-use customers under long-term power purchase agreements, short-term contracts, and regulated tariffs.

Summary from 10-K filed 2026-03-02

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	12,233	12,278	12,668	12,617	11,141
Cost of Product and Service Sold	10,022	9,964	10,164	10,069	8,430
Operating margin	2,211	2,314	2,504	2,548	2,711
General and administrative expenses	−241	−288	−255	−207	−166
Interest expense	−1,407	−1,485	−1,319	−1,117	−911
Interest income	287	381	551	389	298
Gain (Loss) on Extinguishment of Debt	−26	−17	−63	−15	−78
Other expense	458	175	99	68	60
Other income	67	156	89	102	410
Gain on disposal and sale of business interests	58	351	134	−9	−1,683
Goodwill impairment expense	0	0	−12	−777	0
Asset impairment expense	−224	−374	−1,067	−763	−1,575
Foreign currency transaction gains (losses)	−79	31	−359	−77	−10
Other non-operating expense	−113	0	0	−175	0
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES	75	894	104	−169	−1,064
Income tax benefit (expense)	181	−59	−261	−265	133
Net equity in losses of affiliates	−55	−26	−32	−71	−24
INCOME (LOSS) FROM CONTINUING OPERATIONS	201	809	−189	−505	−955
Gain (loss) from disposal of discontinued businesses, net of income tax benefit (expense) of $0, $(7), and $7, respectively	−39	−7	7	0	4
NET INCOME (LOSS)	162	802	−182	−505	−951
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION	910	1,679	249	−546	−409
Increase in redemption value of redeemable stock of subsidiaries	−10	0	0	—	—
Net Income (Loss) Available to Common Stockholders, Basic	900	1,679	249	—	—
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic	939	1,686	242	—	—
Income from continuing operations available to The AES Corporation common stockholders	949	1,686	242	−546	−413
Income from continuing operations available to The AES Corporation common stockholders	1.31	2.39	0.36	−0.82	−0.62
Income (loss) from discontinued operations available to The AES Corporation common stockholders	−0.05	−0.01	0.01	0	0.01
NET INCOME AVAILABLE TO THE AES CORPORATION COMMON STOCKHOLDERS (per share)	1.26	2.38	0.37	−0.82	−0.61
Income from continuing operations available to The AES Corporation common stockholders	1.31	2.37	0.34	−0.82	−0.62
Income (loss) from discontinued operations available to The AES Corporation common stockholders	−0.05	−0.01	0.01	0	0.01
NET INCOME AVAILABLE TO THE AES CORPORATION COMMON STOCKHOLDERS (per share)	1.26	2.36	0.35	−0.82	−0.61
Net Income (Loss) Attributable to Noncontrolling Interest	748	877	431	−41	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-06-30	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2024 2024-06-30
Cash and cash equivalents	1,382	—	1,524	1,919	1,773
Restricted cash	691	—	437	563	299
Short-term investments	174	—	79	62	61
Accounts receivable, net of allowance of $39 and $52, respectively	1,683	11	1,646	1,868	1,507
Inventory	612	—	593	646	661
Prepaid expenses	192	—	157	134	141
Other current assets, net of allowance of $2 and $0, respectively	1,723	—	1,533	1,460	1,458
Current held-for-sale assets	45	—	862	4,060	3,832
Total current assets	6,502	—	6,831	10,712	9,732
Electric generation, distribution assets and other	39,077	—	32,823	—	—
Accumulated depreciation	−9,796	—	−8,701	−8,505	−8,270
Property, Plant and Equipment, Net, Total	37,818	—	33,166	32,354	30,732
Investments in and advances to affiliates	1,004	—	1,124	1,162	1,156
Debt service reserves and other deposits	89	—	78	77	76
Goodwill	342	—	345	348	348
Other intangible assets, net of accumulated amortization of $479 and $426, respectively	2,040	—	1,947	1,928	1,879
Deferred Tax Assets, Tax Deferred Expense	397	—	365	421	435
Loan receivable, net of allowance of $19 and $0, respectively	755	—	0	—	—
Other noncurrent assets, net of allowance of $24 and $20, respectively	2,821	—	2,917	2,593	2,845
Noncurrent held-for-sale assets	0	—	633	670	712
Total noncurrent assets	45,266	—	40,575	39,553	38,183
TOTAL ASSETS	51,768	—	47,406	50,265	47,915
Accounts payable	1,980	—	1,654	1,965	1,869
Accrued interest	268	—	256	328	242
Accrued non-income taxes	294	—	249	257	229
Supplier financing arrangements	616	—	917	698	553
Accrued and other liabilities	2,223	—	1,246	1,182	1,043
Non-recourse debt	2,232	—	2,688	3,237	2,176
Current held-for-sale liabilities	0	—	662	2,999	2,821
Total current liabilities	8,492	—	8,571	12,375	9,823
Recourse debt	5,105	—	4,805	4,840	5,256
Non-recourse debt	21,681	—	20,626	19,666	20,232
Deferred income taxes	1,581	—	1,490	1,696	1,588
Other noncurrent liabilities	2,980	—	2,881	2,501	2,452
Noncurrent held-for-sale liabilities	0	—	391	457	457
Total noncurrent liabilities	31,347	—	30,193	29,160	29,985
Commitments and Contingencies (see Notes 13 and 14)	—	—	—	—	—
Redeemable stock of subsidiaries	2,824	—	938	905	901
Preferred stock (without par value, 0 shares authorized; 0 issued and outstanding at December 31, 2023)	—	—	838	—	—
Additional paid-in capital	5,904	—	5,913	6,949	7,067
Retained earnings	641	—	293	−174	−678
Accumulated other comprehensive loss	−698	—	−766	−1,600	−1,416
Treasury stock, at cost (147,634,762 and 148,635,718 shares, respectively)	−1,793	—	−1,805	−1,806	−1,807
Total AES Corporation stockholders equity	4,063	—	3,644	3,378	3,175
NONCONTROLLING INTERESTS	5,042	—	4,060	4,447	4,031
Total equity	9,105	—	7,704	7,825	7,206
Liabilities and Equity, Total	51,768	—	47,406	50,265	47,915

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, amortization, and accretion of AROs	1,457	1,264	1,147	1,072	1,056
Emissions allowance expense	361	238	264	425	337
Loss (gain) on realized/unrealized derivatives	48	−143	143	127	−1
Sales-type Lease, Selling Profit (Loss)	231	67	20	—	—
Impairment expense	337	374	1,079	1,715	1,575
Loss on realized/unrealized foreign currency	54	108	331	58	23
Deferred income tax expense (benefit), net of tax credit transfers allocated to AES	92	111	−54	4	−406
Other	395	154	110	99	202
(Increase) decrease in accounts receivable	130	−361	161	−532	−170
(Increase) decrease in inventory	6	86	306	−417	−93
(Increase) decrease in prepaid expenses and other current assets	−25	269	38	−40	−168
(Increase) decrease in other assets	5	−73	5	433	−285
Increase (decrease) in accounts payable and other current liabilities	215	−40	−132	470	−251
Increase (decrease) in income tax payables, net, and other tax payables	−100	−134	−109	−51	−271
Increase (decrease) in other liabilities	−32	161	41	−152	190
Net cash provided by operating activities	4,306	2,752	3,034	2,715	1,902
Capital expenditures	−5,929	−7,392	−7,724	−4,551	−2,116
Acquisitions of business interests, net of cash and restricted cash acquired	−108	−246	−542	−243	−658
Proceeds from the sale of business interests, net of cash and restricted cash sold	108	423	254	1	95
Sale of short-term investments	93	796	1,318	1,049	616
Purchase of short-term investments	−185	−818	−937	−1,492	−519
Contributions and loans to equity affiliates	−19	−103	−178	−232	−427
Purchase of emissions allowances	309	206	268	488	265
Other investing	139	−154	−111	−29	−97
Net cash used in investing activities	−6,210	−7,700	−8,188	−5,836	−3,051
Borrowings under the revolving credit facilities	3,865	6,806	7,103	5,424	2,802
Repayments under the revolving credit facilities	−5,330	−6,197	−6,285	−4,687	−2,420
Issuance of recourse debt	800	1,450	1,400	200	7
Repayments of recourse debt	−898	−200	−500	−29	−26
Issuance of non-recourse debt	5,866	7,236	4,521	5,788	1,644
Repayments of non-recourse debt	−3,817	−4,306	−2,495	−3,144	−2,012
Payments for financing fees	−134	−138	−142	−120	−32
Purchases under supplier financing arrangements	1,380	−1,786	−1,858	−1,042	−91
Repayments of obligations under supplier financing arrangements	1,681	1,794	1,491	432	35
Distributions to noncontrolling interests	−912	−430	−323	−265	−284
Acquisitions of noncontrolling interests	143	0	127	602	117
Contributions from noncontrolling interests	437	222	102	233	365
Sales to noncontrolling interests	2,084	1,247	1,938	742	173
Issuance of preferred shares in subsidiaries	992	0	421	60	153
Dividends paid on AES common stock	−501	−483	−444	−422	−401
Payments for financed capital expenditures	−53	−127	−10	−33	−24
Other financing	−59	−109	−121	3	−101
Net cash provided by financing activities	1,975	4,963	5,405	3,758	797
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	−27	−63	−270	−56	−46
(Increase) decrease in cash, cash equivalents, and restricted cash of held-for-sale businesses	79	97	−78	22	55
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	123	49	−97	603	−343
Noncash or Part Noncash Divestiture, Amount of Consideration Received	40	76	239	24	9
Lease Obligation Incurred	204	456	225	134	56
Non-cash contributions from noncontrolling interests	473	68	60	0	0
Noncash contributions to equity affiliates from transfers of tax credits	0	0	52	0	0
Noncash distributions to noncontrolling interests	423	0	0	—	—
Cash payments for interest, net of amounts capitalized	1,210	1,268	1,317	928	815
Cash payments for income taxes, net of refunds (see Note 24)	227	345	301	271	459
Noncash contributions from noncontrolling interest related to tax credit transfers	1,028	220	0	—	—
Conversion of Stock, Amount Converted	0	838	0	0	—
Tax credit transfer proceeds allocated to noncontrolling interests	1,028	220	0	0	—
Proceeds from (Repayments of) Commercial Paper	79	0	0	—	—

Filings

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Frequently asked questions

What is AES CORP's CIK number?

AES CORP's SEC CIK number is 0000874761 (874761). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find AES CORP's SEC filings?

All of AES CORP's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did AES CORP last report earnings?

AES CORP (AES) most recently filed an earnings 8-K with the SEC on Nov 4, 2025, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0000874761-25-000086). This is AES CORP's most recent earnings filing of record — not a forecast of its next earnings date.

What is AES CORP's most recent earnings 8-K?

AES CORP's latest earnings 8-K (Item 2.02) was filed Nov 4, 2025 under accession 0000874761-25-000086. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View AES CORP's latest earnings 8-K →
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