The AES Corporation

AES · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Valuation
Market cap	$10,212	$9,151	$12,890	$19,210	$16,201	$15,668	$13,268	$9,641	$7,221	$7,747	$6,380	$9,896	$10,781	$8,078	$9,212	$9,366	$8,878	$5,513	$14,289	$14,568	$10,353	$8,726	$5,470	$1,433	$8,603	$25,015	$14,204	$8,420	$7,701	$3,461	$1,805	$1,426	$1,614	$1,193	$1,388	$726
Enterprise value	$44,025	$40,626	$41,444	$42,671	$35,494	$36,211	$34,245	$29,853	$28,193	$28,333	$27,796	$31,581	$32,841	$29,152	$32,035	$28,016	$29,227	$24,335	$32,140	$32,362	$27,770	$27,511	$24,176	$21,573	$30,452	$44,308	$26,717	$15,865	$13,655	$5,695	$3,081	$2,560	–	–	–	–
P/E (TTM) at period end	11.35×	5.45×	51.77×	–	–	340.60×	43.79×	8.01×	–	–	20.85×	12.87×	94.57×	–	158.82×	1040.71×	13.49×	4.47×	–	58.98×	18.72×	41.75×	26.17×	–	31.51×	31.47×	62.30×	27.07×	41.63×	27.69×	16.87×	14.26×	22.64×	21.38×	32.59×	46.86×
P/S (TTM) at period end	0.83×	0.75×	1.02×	1.52×	1.45×	1.62×	1.30×	0.90×	0.69×	0.75×	0.57×	0.61×	0.68×	0.47×	0.57×	0.61×	0.64×	0.34×	1.05×	1.26×	1.01×	0.93×	0.58×	0.19×	1.37×	4.03×	4.37×	3.51×	5.46×	4.15×	2.66×	2.68×	3.11×	2.98×	4.16×	3.82×
P/B at period end	2.51×	2.51×	5.18×	7.88×	5.79×	5.95×	4.43×	3.01×	2.93×	2.77×	2.03×	2.32×	2.49×	1.77×	1.55×	1.45×	1.90×	1.50×	4.52×	4.80×	6.28×	5.30×	8.48×	–	1.55×	5.20×	5.39×	4.69×	5.20×	4.80×	3.29×	3.56×	–	–	–	–
EV / EBITDA (TTM)	12.85×	12.34×	12.16×	12.50×	9.85×	10.07×	10.66×	8.80×	8.28×	8.57×	7.41×	7.66×	7.61×	6.07×	6.29×	5.99×	7.22×	5.61×	8.09×	7.94×	7.90×	8.12×	7.14×	10.61×	11.68×	19.16×	22.21×	16.70×	28.75×	6.33×	–	–	–	–	–	–
EV / Sales (TTM)	3.60×	3.31×	3.27×	3.38×	3.19×	3.75×	3.36×	2.78×	2.68×	2.76×	2.47×	1.96×	2.07×	1.70×	1.99×	1.81×	2.10×	1.51×	2.37×	2.80×	2.71×	2.93×	2.57×	2.92×	4.83×	7.14×	8.21×	6.62×	9.68×	6.82×	4.54×	4.80×	–	–	–	–
Returns
Return on equity	22.2%	46.1%	10.0%	(22.4%)	(14.6%)	1.7%	10.1%	37.5%	(47.1%)	(40.4%)	9.7%	18.0%	2.6%	(20.0%)	1.0%	0.1%	14.1%	33.6%	(3.0%)	8.1%	33.5%	12.7%	32.4%	–	4.9%	16.5%	8.6%	17.3%	12.5%	17.3%	19.5%	24.9%	–	–	–	–
Return on invested capital	5.2%	5.4%	–	8.8%	10.0%	6.0%	5.8%	6.5%	–	7.4%	6.1%	8.0%	7.5%	–	9.0%	8.9%	8.5%	10.0%	7.3%	9.2%	8.2%	7.1%	10.2%	6.0%	3.6%	4.6%	4.2%	5.5%	3.7%	19.1%	9.0%	10.4%	–	–	–	–
Dividend yield	4.9%	5.3%	3.4%	2.2%	2.5%	2.4%	2.7%	3.6%	4.4%	3.7%	4.3%	1.5%	1.1%	0.4%	–	–	9.5%	10.8%	–	–	–	–	–	–	0.2%	0.2%	–	–	–	–	–	0.0%	–	–	–	–
Financial health
Current ratio	0.77×	0.80×	0.68×	1.18×	1.13×	1.01×	1.03×	1.14×	1.06×	1.22×	0.99×	1.12×	1.01×	1.02×	1.09×	1.17×	1.33×	1.41×	1.52×	1.31×	0.97×	1.02×	0.75×	0.67×	0.92×	1.14×	1.01×	0.63×	0.99×	1.31×	1.86×	4.05×	–	–	–	–
Debt / equity	7.58×	8.29×	11.32×	9.74×	6.75×	7.62×	6.80×	6.07×	8.19×	7.04×	6.45×	–	4.92×	4.60×	3.76×	2.94×	4.18×	4.82×	5.69×	5.28×	10.29×	11.30×	30.45×	(58.95×)	3.83×	3.91×	4.56×	3.71×	3.50×	3.06×	2.47×	3.00×	–	–	–	–
Effective tax rate	(241.3%)	6.6%	251.0%	(156.8%)	12.5%	44.3%	35.2%	35.1%	128.4%	17.1%	41.7%	25.7%	32.7%	297.8%	29.0%	31.4%	24.5%	28.4%	46.4%	39.3%	40.9%	44.2%	24.6%	(21.7%)	43.3%	31.3%	31.2%	32.1%	23.0%	32.4%	34.8%	31.0%	–	–	–	–
Share count
Diluted shares outstanding	714	713	712	668	666	668	667	665	660	660	689	724	748	755	783	774	670	689	678	672	665	648	587	475	539	470	393	368	336	312	302	292	285	266	251	221

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Revenue and gross profit
Revenue	$13,054	$12,233	$12,278	$12,668	$12,617	$11,141	$9,660	$10,189	$10,736	$10,530	$10,281	$11,260	$16,124	$15,891	$17,164	$16,098	$15,443	$13,931	$16,070	$13,588	$11,576	$10,247	$9,392	$9,392	$7,380	$6,299	$6,206	$3,253	$2,398	$1,411	$835	$679	$533	$519	$401	$334	$190
Cost of revenue	($10,405)	($10,022)	($9,964)	($10,164)	($10,069)	($8,430)	($6,967)	($7,840)	($8,163)	($8,065)	($7,898)	($8,597)	($13,144)	($12,644)	($13,581)	($12,058)	($11,623)	($10,586)	($12,363)	($10,179)	($8,131)	($7,377)	($6,601)	–	–	($7,025)	($4,409)	($1,971)	($1,391)	($867)	($437)	($339)	($226)	–	–	–	–
Gross profit	$2,649	$2,211	$2,314	$2,504	$2,548	$2,711	$2,693	$2,349	$2,573	$2,465	$2,383	$2,663	$2,980	$3,247	$3,583	$4,040	$3,820	$3,345	$3,707	$3,409	$3,445	$2,870	$2,791	–	–	($726)	$1,797	$1,282	$1,007	$544	$398	$340	$307	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($232)	($241)	($288)	($255)	($207)	($166)	($165)	($196)	($192)	($215)	($194)	($196)	($187)	($220)	($274)	($346)	($391)	($339)	($369)	($378)	($301)	($221)	($181)	($181)	($112)	($120)	($82)	($71)	($56)	($45)	($35)	($32)	($32)	–	–	–	–
Total operating expenses	($367)	($241)	($286)	($244)	($207)	($164)	($164)	($183)	($183)	($229)	($251)	($58)	($101)	($224)	($171)	($208)	($320)	($345)	($371)	($379)	($301)	($221)	($181)	–	–	$2,475	($182)	($357)	($253)	($183)	$437	($87)	($75)	–	–	–	–
Total costs and expenses	($10,772)	($10,263)	($10,250)	($10,408)	($10,276)	($8,594)	($7,131)	($8,023)	($8,346)	($8,294)	($8,149)	($8,655)	($13,245)	($12,868)	($13,752)	($12,266)	($11,943)	($10,931)	($12,734)	($10,558)	($8,432)	($7,598)	($6,782)	($6,782)	($6,183)	($4,550)	($4,591)	($2,328)	($1,644)	($1,050)	–	($426)	($301)	–	–	–	–
Operating income	$2,282	$1,970	$2,028	$2,260	$2,341	$2,547	$2,529	$2,166	$2,390	$2,236	$2,132	$2,605	$2,879	$3,023	$3,412	$3,832	$3,500	$3,000	$3,336	$3,030	$3,144	$2,649	$2,610	$2,610	$1,197	$1,749	$1,615	$925	$754	$361	$835	$253	$232	$519	$401	$334	$190
Earnings
EBITDA	$3,915	$3,427	$3,292	$3,407	$3,413	$3,603	$3,597	$3,211	$3,393	$3,405	$3,308	$3,749	$4,124	$4,317	$4,806	$5,094	$4,678	$4,049	$4,337	$3,972	$4,077	$3,513	$3,387	$3,387	$2,034	$2,608	$2,312	$1,203	$950	$475	$900	–	–	–	–	–	–
Interest income	$278	$287	$381	$551	$389	$298	$268	$318	$310	$244	$245	$256	$320	$275	$348	$398	$407	$344	$515	$489	$434	$381	$283	$283	–	–	$245	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,434)	($1,407)	($1,485)	($1,319)	($1,117)	($911)	($1,038)	($1,050)	($1,056)	($1,170)	($1,134)	($1,145)	($1,451)	($1,482)	($1,544)	($1,530)	($1,449)	($1,406)	($1,746)	($1,755)	($1,769)	($1,828)	($1,920)	($1,920)	–	–	($1,299)	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$749	$75	$894	$104	($169)	($1,064)	$488	$1,001	$2,018	$771	$187	$989	$1,443	$1,048	$230	$2,260	$1,890	$2,260	$2,533	$1,457	$914	$1,157	$859	$859	($1,353)	$716	$1,174	$356	$452	$244	$185	$164	$142	–	–	–	–
Income tax expense	$378	$181	($59)	($261)	($265)	$133	($216)	($352)	($708)	($990)	($32)	($412)	($371)	($343)	($685)	($656)	($593)	($553)	($719)	($676)	($359)	($473)	($380)	($211)	($293)	($310)	($368)	($111)	($145)	($56)	($60)	($57)	($44)	–	–	–	–
Net income	$1,872	$910	$1,679	$249	($546)	($409)	$46	$303	$1,203	($1,161)	($1,130)	$306	$769	$114	($912)	$58	$9	$658	$1,234	($95)	$247	$553	$209	$209	($3,559)	$273	$795	$228	$311	$185	$125	$107	$100	$71	$56	$43	$16
Per share
Diluted EPS (GAAP)	$2.63	$1.26	$2.36	$0.35	($0.82)	($0.61)	$0.07	$0.45	$1.81	($1.76)	($1.72)	$0.44	$1.06	$0.15	($1.21)	$0.07	$0.01	$0.98	$1.82	($0.14)	$0.37	$0.83	$0.46	$0.36	($7.50)	$0.36	$1.69	$0.58	$0.85	$0.55	$0.40	$0.71	$0.66	$0.25	$0.21	$0.17	$0.07
Basic EPS (GAAP)	$2.63	$1.26	$2.38	$0.37	($0.82)	($0.61)	$0.07	$0.46	$1.82	($1.76)	($1.72)	$0.45	$1.07	$0.15	($1.21)	$0.07	$0.01	$0.99	$1.84	($0.14)	$0.37	$0.84	$0.47	$0.36	($7.50)	$0.36	$1.76	$0.60	$0.88	$0.56	$0.42	$0.71	$0.66	$0.25	$0.21	$0.17	$0.07
Basic shares outstanding	713	712	706	669	668	666	665	664	662	660	660	687	720	743	755	778	769	667	669	668	661	654	638	579	475	526	452	380	355	330	298	302	292	285	266	251	221
Margins
Gross margin	20.3%	18.1%	18.8%	19.8%	20.2%	24.3%	27.9%	23.1%	24.0%	23.4%	23.2%	23.7%	18.5%	20.4%	20.9%	25.1%	24.7%	24.0%	23.1%	25.1%	29.8%	28.0%	29.7%	–	–	(11.5%)	29.0%	39.4%	42.0%	38.6%	47.7%	50.1%	57.6%	–	–	–	–
Operating margin	17.5%	16.1%	16.5%	17.8%	18.6%	22.9%	26.2%	21.3%	22.3%	21.2%	20.7%	23.1%	17.9%	19.0%	19.9%	23.8%	22.7%	21.5%	20.8%	22.3%	27.2%	25.9%	27.8%	27.8%	16.2%	27.8%	26.0%	28.4%	31.4%	25.6%	100.0%	37.3%	43.5%	100.0%	100.0%	100.0%	100.0%
Net margin	14.3%	7.4%	13.7%	2.0%	(4.3%)	(3.7%)	0.5%	3.0%	11.2%	(11.0%)	(11.0%)	2.7%	4.8%	0.7%	(5.3%)	0.4%	0.1%	4.7%	7.7%	(0.7%)	2.1%	5.4%	2.2%	2.2%	(48.2%)	4.3%	12.8%	7.0%	13.0%	13.1%	15.0%	15.8%	18.8%	13.7%	13.9%	12.8%	8.1%

Analyst consensus

Hold21 analysts

Bearish · 0 · Hold · 12 · Bullish · 9

Earnings history

	EPS	Estimate
Q3 2024	$0.71	$0.64	Beat
Q4 2024	$0.54	$0.35	Beat
Q1 2025	$0.27	$0.37	Miss
Q2 2025	$0.51	$0.39	Beat
Q3 2025	$0.75	$0.71	Beat
Q4 2025	$0.81	$0.62	Beat
Q1 2026	$0.67	$0.50	Beat
Q2 2026	$0.44	$0.45	Miss

Peers

Company overview

IPO dateJun 26, 1991

CEOAndres Ricardo Gluski Weilert

Employees8,336

SectorUtilities

IndustryDiversified Utilities

CountryUS

ExchangeNew York Stock Exchange

Websitewww.aes.com

The AES Corporation operates as an international enterprise primarily focused on electricity generation and distribution. Its activities involve both the ownership and management of power plants, producing and supplying electricity to a diverse clientele that includes other utility companies, large industrial consumers, and various intermediate purchasers. Beyond generation, AES also functions as a utility provider, managing infrastructure to either produce or acquire, then transmit, distribute, and ultimately sell power directly to end-users across residential, commercial, industrial, and governmental sectors. The company is also an active participant in the wholesale electricity market. For power production, AES utilizes a broad spectrum of energy sources and advanced technologies. This includes conventional fuels like coal and natural gas, as well as a significant commitment to renewables such as hydroelectric, wind, solar, and biomass. Its renewable portfolio further incorporates energy storage solutions and landfill gas. With an operational generation capacity of approximately 31,459 megawatts, the company maintains a substantial global presence, conducting business in the United States, Puerto Rico, various nations across Central and South America (including El Salvador, Chile, Colombia, Argentina, Brazil, Mexico), the Caribbean, Europe, and Asia. Founded in 1981, the company was initially named Applied Energy Services, Inc., before officially rebranding to The AES Corporation in April 2000. Its corporate headquarters are located in Arlington, Virginia.

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