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The AES Corporation (AES) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

UTILITIES · Independent Power Producers & Energy Traders · DATA UPDATED 2026-07-19

The AES Corporation (AES) operates in the Independent Power Producers & Energy Traders industry and is headquartered in Arlington, United States with about 8,336 employees. Its market capitalization is roughly $11 billion. In the fiscal year ended 2025-12-31, AES reported $12.2B in revenue and $949M in net income.

The AES Corporation, together with its subsidiaries, operates as a power generation and utility company. It operates through four segments: Renewables, Utilities, Energy Infrastructure, and New Energy Technologies.

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AES Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$12.5B	$12.2B	$12.3B	$12.7B	$12.6B	$11.1B	$9.7B	$10.2B	$10.7B	$10.5B	$10.2B	$14.1B	$17.1B	$15.9B	$18.1B	$17.3B	$16.6B	$13.9B	$16.1B	$13.6B	$12.3B
Gross Profit	$2.4B	$2.2B	$2.3B	$2.5B	$2.5B	$2.7B	$2.7B	$2.4B	$2.6B	$2.5B	$2.3B	$2.8B	$3.1B	$3.2B	$3.7B	$4.2B	$3.9B	$3.3B	$3.7B	$3.4B	$12.3B
Gross Margin %	19.3%	18.1%	18.9%	19.8%	20.2%	24.3%	27.9%	23.2%	24.0%	23.3%	22.9%	19.9%	17.9%	20.4%	20.5%	24.3%	23.5%	24.0%	23.1%	25.1%	100.0%
Operating Income (EBIT)	$2.1B	$2.0B	$2.0B	$2.3B	$2.3B	$2.5B	$2.5B	$2.2B	$2.4B	$2.2B	$2.1B	$2.6B	$2.9B	$3.0B	$3.4B	$3.8B	$3.5B	$3.0B	$3.3B	$3.0B	$3.1B
Operating Margin %	16.5%	16.1%	16.5%	17.8%	18.6%	22.9%	26.2%	21.3%	22.2%	21.3%	21.0%	18.5%	16.8%	19.0%	18.8%	22.1%	21.1%	21.5%	20.8%	22.3%	25.2%
Net Income	$1.3B	$949M	$1.7B	$242M	($546M)	($413M)	$43M	$302M	$1.0B	($550M)	($11M)	$306M	$825M	$266M	($928M)	($28M)	($55M)	$808M	$1.2B	$566M	$261M
Net Margin %	10.7%	7.8%	13.7%	1.9%	-4.3%	-3.7%	0.4%	3.0%	9.3%	-5.2%	-0.1%	2.2%	4.8%	1.7%	-5.1%	-0.2%	-0.3%	5.8%	7.6%	4.2%	2.1%
EBITDA	$3.8B	$2.9B	$3.7B	$2.5B	$1.9B	$818M	$2.5B	$3.1B	$4.0B	$3.0B	$2.4B	$3.5B	$4.1B	$3.7B	$3.1B	$4.9B	$3.6B	$4.8B	$5.6B	$4.3B	$4.5B
Earnings Per Share (EPS)	$1.87	$1.33	$2.36	$0.34	$-0.82	$-0.62	$0.06	$0.45	$1.51	$-0.83	$-0.02	$0.44	$1.14	$0.36	$-1.23	$-0.04	$-0.07	$1.21	$1.78	$0.83	$0.39
Shares Outstanding (M)	715M	712M	713M	712M	668M	666M	668M	667M	665M	660M	660M	689M	724M	748M	755M	783M	769M	670M	689M	678M	672M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AES Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$3.2B	$3.1B	$3.4B	$2.9B	$2.9B	$3.0B	$3.3B	$2.9B
Gross Profit	$640M	$582M	$735M	$454M	$440M	$420M	$721M	$553M
Gross Margin %	20.1%	18.8%	21.9%	15.9%	15.0%	14.2%	21.9%	18.8%
Operating Income (EBIT)	$585M	$513M	$554M	$405M	$363M	$330M	$664M	$487M
Operating Margin %	18.4%	16.5%	16.5%	14.2%	12.4%	11.1%	20.2%	16.6%
Net Income	$487M	$322M	$634M	($105M)	$46M	$560M	$509M	$282M
Net Margin %	15.3%	10.4%	18.9%	-3.7%	1.6%	18.9%	15.5%	9.6%
EBITDA	$1.0B	$497M	$1.5B	$739M	$641M	$959M	$1.0B	$788M
Earnings Per Share (EPS)	$0.68	$0.45	$0.89	$-0.15	$0.06	$0.79	$0.71	$0.40
Shares Outstanding (M)	715M	714M	714M	712M	713M	713M	713M	713M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AES Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$5.0B	$4.3B	$2.8B	$3.0B	$2.7B	$1.9B	$2.8B	$2.5B	$2.3B	$2.5B	$2.9B	$2.1B	$1.8B	$2.7B	$2.9B	$2.9B	$3.5B	$2.2B	$2.2B	$2.4B	$2.4B
Capital Expenditures (CapEx)	$6.4B	$5.9B	$7.4B	$7.7B	$4.6B	$2.1B	$1.9B	$2.4B	$2.1B	$2.2B	$2.3B	$2.3B	$2.0B	$2.0B	$2.2B	$2.4B	$2.3B	$2.5B	$2.8B	$2.4B	$1.5B
Free Cash Flow (FCF)	($1.5B)	($1.6B)	($4.6B)	($4.7B)	($1.8B)	($214M)	$855M	$61M	$222M	$312M	$539M	($174M)	($225M)	$727M	$665M	$454M	$1.2B	($307M)	($675M)	($68M)	$951M
FCF Margin %	-11.8%	-13.3%	-37.8%	-37.0%	-14.5%	-1.9%	8.8%	0.6%	2.1%	3.0%	5.3%	-1.2%	-1.3%	4.6%	3.7%	2.6%	7.2%	-2.2%	-4.2%	-0.5%	7.7%
Dividends Paid	$501M	$501M	$483M	$444M	$422M	$401M	$381M	$362M	$344M	$317M	$290M	$276M	$144M	$119M	$30M	$5.7B	$2.0B	$846M	$895M	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AES Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$1.2B	$1.5B	$1.3B	$976M	$545M	$1.1B	$985M	$392M
Capital Expenditures (CapEx)	$1.8B	$1.5B	$1.8B	$1.3B	$1.3B	$1.7B	$1.8B	$1.7B
Free Cash Flow (FCF)	($565M)	($47M)	($511M)	($356M)	($709M)	($639M)	($847M)	($1.3B)
FCF Margin %	-17.8%	-1.5%	-15.2%	-12.5%	-24.2%	-21.6%	-25.8%	-44.0%
Dividends Paid	$125M	$125M	$126M	$125M	$125M	$122M	$123M	$122M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AES Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$52.8B	$51.8B	$47.4B	$44.8B	$38.4B	$33.0B	$34.6B	$33.6B	$32.5B	$33.1B	$36.1B	$36.9B	$39.0B	$40.4B	$41.8B	$45.3B	$40.5B	$39.5B	$34.8B	$34.5B	$31.2B
Cash & Cash Equivalents	$1.6B	$2.1B	$1.5B	$1.4B	$1.4B	$943M	$1.1B	$1.0B	$1.2B	$949M	$1.3B	$1.3B	$1.5B	$1.6B	$2.0B	$1.7B	$2.6B	$1.8B	$903M	$2.1B	$2.1B
Total Liabilities	$43.5B	$39.8B	$39.7B	$38.8B	$33.9B	$28.4B	$29.9B	$28.4B	$26.9B	$28.3B	$30.4B	$30.3B	$31.6B	$32.8B	$34.3B	$35.5B	$30.1B	$30.7B	$27.8B	$31.3B	$28.3B
Total Debt (Short + Long-Term)	$31.0B	$29.9B	$29.0B	$26.9B	$23.5B	$18.7B	$19.9B	$20.2B	$19.3B	$20.0B	$20.2B	$20.4B	$20.9B	$21.0B	$21.0B	$22.5B	$19.7B	$19.9B	$18.0B	$18.0B	$16.0B
Total Shareholders' Equity	$4.4B	$6.9B	$3.6B	$2.5B	$2.4B	$2.8B	$2.6B	$3.0B	$3.2B	$2.5B	$2.8B	$3.1B	$4.3B	$4.3B	$4.6B	$9.8B	$6.5B	$4.7B	$3.7B	$3.2B	$3.0B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive AES viewer.

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