Get started

Financials · AES

The AES Corporation (AES) financials

For the twelve months ended Sep 30, 2026, The AES Corporation reported $13.57B of revenue and $1.79B of net income.

Revenue, TTM
$13.57B
Revenue growth, YoY
+12.2%
Net income, TTM
$1.79B
Net income growth, YoY
+69.0%
Net margin
13.2%
Free cash flow, TTM
-$1.52B
EPS, diluted, TTM
$2.49
EPS growth, YoY
+69.4%
Cash
$1.97B
P/E
5.96
P/S
0.78
Market cap
$10.64B
Annual revenue$12.23B
FY2016FY2025
Annual net income$910.00M
FY2016FY2025
Annual free cash flow-$1.62B
FY2016FY2025

AES revenue and earnings growth

AES revenueQ3 2026$3.87B

Quarter YoY
+15.5%
QoQ
+13.2%
FY YoY
-0.4%
5Y CAGR
+4.8%
10Y CAGR
+0.8%

AES revenue was $3.87B in fiscal Q3 2026 (ended Sep 30, 2026), up 15.5% from a year earlier and up 13.2% from the prior quarter. For the full fiscal 2025 it was $12.23B, down 0.4% from fiscal 2024. Compound annual growth was +4.8% over 5 years and +0.8% over 10 years. It rose in 5 of the last 10 fiscal years.

AES net incomeQ3 2026$553.00M

Quarter YoY
-13.5%
QoQ
+29.8%
FY YoY
-45.8%
5Y CAGR
+81.7%
10Y CAGR
+11.5%

AES net income was $553.00M in fiscal Q3 2026 (ended Sep 30, 2026), down 13.5% from a year earlier and up 29.8% from the prior quarter. For the full fiscal 2025 it was $910.00M, down 45.8% from fiscal 2024. Compound annual growth was +81.7% over 5 years and +11.5% over 10 years.

AES EPSQ3 2026$0.76

Quarter YoY
-14.6%
QoQ
+26.7%
FY YoY
-46.6%
5Y CAGR
+78.3%
10Y CAGR
+11.1%

AES diluted EPS was $0.76 in fiscal Q3 2026 (ended Sep 30, 2026), down 14.6% from a year earlier and up 26.7% from the prior quarter. For the full fiscal 2025 it was $1.26, down 46.6% from fiscal 2024. Compound annual growth was +78.3% over 5 years and +11.1% over 10 years.

AES free cash flowQ3 2026-$307.00M

AES free cash flow was -$307.00M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$511.00M a year earlier. For the full fiscal 2025 it was -$1.62B, compared with -$4.64B in fiscal 2024.

Export CSV

Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$12.23B$12.28B$12.67B$12.62B$11.14B$9.66B$10.19B$10.74B$10.53B$10.28B
Cost of revenue$10.02B$9.96B$10.16B$10.07B$8.43B$6.97B$7.84B$8.16B$8.06B$7.90B
Gross profit$2.21B$2.31B$2.50B$2.55B$2.71B$2.69B$2.35B$2.57B$2.46B$2.38B
Selling, general and admin$241.00M$288.00M$255.00M$207.00M$166.00M$165.00M$196.00M$192.00M$215.00M$194.00M
Interest expense$1.41B$1.49B$1.32B$1.12B$911.00M$1.04B$1.05B$1.06B$1.17B$1.13B
Pre-tax income$75.00M$894.00M$104.00M-$169.00M-$1.06B-$192.00M-$277.00M-$509.00M-$521.00M-$354.00M
Income tax-$181.00M$59.00M$261.00M$265.00M-$133.00M$216.00M$352.00M$708.00M$990.00M$32.00M
Net income$910.00M$1.68B$249.00M-$546.00M-$409.00M$46.00M$303.00M$1.20B-$1.16B-$1.13B
EPS, basic$1.26$2.38$0.37-$0.82-$0.61$0.07$0.46$1.82-$1.76-$1.72
EPS, diluted$1.26$2.36$0.35-$0.82-$0.61$0.07$0.45$1.81-$1.76-$1.72
Diluted shares714.0M713.0M712.0M668.0M666.0M668.0M667.0M665.0M660.0M660.0M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$1.38B$2.04B$1.99B$2.09B$1.48B$1.83B$1.57B$2.00B$1.79B$1.96B
Short-term investments$174.00M$79.00M$395.00M$730.00M$232.00M$335.00M$400.00M$313.00M$424.00M$530.00M
Receivables$1.68B$1.65B$1.42B$1.80B$1.42B$1.30B$1.48B$1.59B$1.46B$1.42B
Inventory$612.00M$593.00M$712.00M$1.05B$604.00M$461.00M$487.00M$577.00M$562.00M$622.00M
Current assets$6.50B$6.83B$6.65B$7.64B$5.36B$5.41B$5.23B$5.01B$6.40B$6.42B
Goodwill$342.00M$345.00M$348.00M$362.00M$1.18B$1.06B$1.06B$1.06B$1.06B$1.16B
Total assets$51.77B$47.41B$44.80B$38.36B$32.96B$34.60B$33.65B$32.52B$33.11B$36.12B
Current liabilities$8.49B$8.57B$9.73B$6.49B$4.73B$5.36B$5.10B$4.40B$6.03B$5.28B
Total liabilities$42.66B$39.70B$38.81B$33.86B$28.40B$29.88B$28.42B$26.92B$28.27B$30.42B
Shareholders' equity$4.06B$3.64B$2.49B$2.44B$2.80B$2.63B$3.00B$3.21B$2.46B$5.70B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$4.31B$2.75B$3.03B$2.71B$1.90B$2.75B$2.47B$2.34B$2.50B$2.90B
Capital expenditures$5.93B$7.39B$7.72B$4.55B$2.12B$1.90B$2.40B$2.12B$2.18B$2.35B
Free cash flow-$1.62B-$4.64B-$4.69B-$1.84B-$214.00M$855.00M$61.00M$222.00M$327.00M$552.00M
Investing cash flow-$6.21B-$7.70B-$8.19B-$5.84B-$3.05B-$2.29B-$2.72B-$505.00M-$2.60B-$2.14B
Financing cash flow$1.98B$4.96B$5.41B$3.76B$797.00M-$78.00M-$86.00M-$1.64B$43.00M-$747.00M
Dividends paid$501.00M$483.00M$444.00M$422.00M$401.00M$381.00M$362.00M$344.00M$317.00M$290.00M
Share repurchases-------$0$0$79.00M
Depreciation and amortization-$1.46B-$1.26B-$1.15B-$1.07B$1.06B$1.07B$1.04B$1.00B$1.17B$1.18B

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-0.4%-3.1%0.4%13.2%15.3%-5.2%-5.1%2.0%2.4%-8.7%
Net income growth, YoY-45.8%574.3%----84.8%-74.8%---
EPS growth, YoY-46.6%574.3%----84.4%-75.1%---
Gross margin18.1%18.8%19.8%20.2%24.3%27.9%23.1%24.0%23.4%23.2%
Net margin7.4%13.7%2.0%-4.3%-3.7%0.5%3.0%11.2%-11.0%-11.0%
Free cash flow margin-13.3%-37.8%-37.0%-14.6%-1.9%8.9%0.6%2.1%3.1%5.4%
Return on equity22.4%46.1%10.0%-22.4%-14.6%1.7%10.1%37.5%-47.1%-19.8%
Return on assets1.8%3.5%0.6%-1.4%-1.2%0.1%0.9%3.7%-3.5%-3.1%
Current ratio0.770.800.681.181.131.011.031.141.061.22

Source: XBRL data The AES Corporation files with the SEC, latest filing dated Nov 3, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

AES peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
AES$13.57B+12.2%$1.79B13.2%$10.64B
NEE$27.87B+10.3%$8.18B29.4%$180.93B
SO$30.17B+7.9%$4.34B14.4%$109.03B
CEG$31.27B+26.0%$3.48B11.1%$94.87B
AEP$22.43B+9.3%$3.72B16.6%$69.61B
D$17.52B+17.5%$2.95B16.9%$60.14B
ETR$13.29B+11.4%$1.79B13.4%$53.38B
VST$20.97B+19.8%$2.71B12.9%$44.68B
FTSC$12.17B+5.8%C$1.71B14.1%$30.79B

AES FAQ

9 questions
  • What is AES revenue?
    The AES Corporation (AES) reported $13.57B of revenue for the twelve months ended Sep 30, 2026. That is up 12.2% from the year before. Revenue for fiscal 2025 was $12.23B.
  • Is AES profitable?
    Yes. The AES Corporation earned $1.79B in net income for the twelve months ended Sep 30, 2026, a net margin of 13.2%.
  • How much cash and debt does AES have?
    The AES Corporation reported $1.97B in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is AES revenue growing?
    The AES Corporation's revenue changed -0.4% in fiscal 2025, to $12.23B. Its compound annual growth rate was +4.8% over 5 years and +0.8% over 10 years.
  • What is AES gross margin?
    The AES Corporation's gross profit was $2.90B on $13.57B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 21.3%.
  • What is AES free cash flow?
    The AES Corporation generated -$1.52B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $4.93B less capital expenditures.
  • What is AES earnings per share?
    Diluted earnings per share were $2.49 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did AES last report financial results?
    The latest statements here come from The AES Corporation's 10-Q filed on Nov 3, 2026, covering the period ended Sep 30, 2026.
  • Where does this AES financial data come from?
    Quantisnow builds these statements from the structured XBRL data The AES Corporation files with the SEC. It is provided for information only and is not investment advice.