AES
The AES CorporationStock · UtilitiesS&P 500 Equal Weight 0.2% · S&P 500 0.02% · Russell 1000 0.01% · US Stock Market 0.01% · Russell 3000 0.01%$14.83-0.13%
as of market close, Sep 18, 2026
☾ AH — —
AES financial statements
The full income statement, balance sheet, and cash-flow statement for The AES Corporation (AES), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 710.9M2024-09 711.0M2024-12 711.9M2025-03 711.9M2025-06 712.0M2025-09 712.1M2025-12 712.6M2026-03 713.2M2026-06 713.4M+0.4% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofJun 28 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 12.2B-0.4% | 12.3B | — | 12.7B+0.4% | 12.6B+13.2% | 11.1B+15.3% | ||
| Lease income | 325M | — | — | 425M-19.4% | 527M-11.4% | 595M+2.6% | |
| 2.21B-4.5% | 2.31B | — | 2.50B-1.7% | 2.55B-6.0% | 2.71B+0.7% | ||
| Cost of revenue | 10.0B+0.6% | 9.96B | — | 10.2B+0.9% | 10.1B+19.4% | 8.43B+21.0% | |
| Selling, general & administrative | 241M-16.3% | 288M | — | 255M+23.2% | 207M+24.7% | 166M+0.6% | |
| General & administrative | 241M-16.3% | 288M | — | 255M+23.2% | 207M+24.7% | 166M+0.6% | |
| Restructuring | 5.00M | — | — | — | — | — | |
| Amortization of intangibles | 94.0M | — | — | 82.0M+15.5% | 71.0M+2.9% | 69.0M+27.8% | |
| Interest expense | 1.41B-5.3% | 1.49B | — | 1.32B+18.1% | 1.12B+22.6% | 911M-12.2% | |
| Interest & investment income | 287M-24.7% | 381M | — | 551M+41.6% | 389M+30.5% | 298M+11.2% | |
| Equity-method income | -55.0M-111.5% | -26.0M | — | -32.0M+54.9% | -71.0M-195.8% | -24.0M+80.5% | |
| Pre-tax income | 75.0M-91.6% | 894M | — | 104M+8.3% | 96.0M-85.1% | 644M+435.4% | |
| Income tax | -181M-406.8% | 59.0M | — | 261M-1.5% | 265M+299.2% | -133M-161.6% | |
| 910M-45.8% | 1.68B | — | 249M+145.6% | -546M-33.5% | -409M-989.1% | ||
| Income from continuing operations | 949M-43.7% | 1.69B | — | 242M+144.3% | -546M-32.2% | -413M-1060.5% | |
| Net income to non-controlling interest | -748M+14.7% | -877M | — | -431M-1151.2% | 41.0M-92.4% | 542M+0.0% | |
| Net income to common | 900M-46.4% | 1.68B | — | 249M | — | — | |
| $1.26 | — | — | $0.35+142.7% | -$0.82-34.4% | -$0.61-971.4% | ||
| EPS (basic) | $1.26 | — | — | $0.37+145.1% | -$0.82-34.4% | -$0.61-971.4% | |
| Weighted-avg shares (basic) | 712M | — | — | 669M+0.1% | 668M+0.3% | 666M+0.2% | |
| Weighted-avg shares (diluted) | 714M | — | — | 712M+6.6% | 668M+0.3% | 666M-0.3% | |
| Dividends per share | $0.70+3.7% | $0.68 | — | $0.67+4.7% | $0.64+5.0% | $0.61+5.0% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofJun 28 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 6.50B-4.8% | 6.83B | — | 6.65B-13.0% | 7.64B+42.7% | 5.36B-1.1% | ||
| Cash & equivalents | 1.38B-9.3% | 1.52B | — | 1.43B+3.8% | 1.37B+45.7% | 943M-13.4% | |
| Short-term investments | 174M+120.3% | 79.0M | — | 395M-45.9% | 730M+214.7% | 232M-30.7% | |
| Accounts receivable | 1.68B+2.2% | 1.65B | — | 1.42B-21.1% | 1.80B+26.9% | 1.42B+9.1% | |
| Inventory | 612M+3.2% | 593M | — | 712M-32.5% | 1.05B+74.7% | 604M+31.0% | |
| Prepaid expenses | 192M+22.3% | 157M | — | 177M+80.6% | 98.0M-31.0% | 142M+39.2% | |
| Other current assets | 1.72B+12.4% | 1.53B | — | 1.39B-9.5% | 1.53B+70.9% | 897M+23.6% | |
| 51.8B+9.2% | 47.4B | — | 44.8B+16.8% | 38.4B+16.4% | 33.0B-4.7% | ||
| Property, plant & equipment | 37.8B+14.0% | 33.2B | — | 30.0B+30.0% | 23.0B+15.7% | 19.9B-12.8% | |
| Operating lease right-of-use | 369M-0.8% | 372M | — | 380M+6.7% | 356M+28.1% | 278M+1.1% | |
| Goodwill | 342M-0.9% | 345M | — | 348M-3.9% | 362M-69.2% | 1.18B+10.9% | |
| Intangible assets | 2.04B+4.8% | 1.95B | — | 2.24B+21.8% | 1.84B+27.0% | 1.45B+75.3% | |
| Deferred tax assets | 397M+8.8% | 365M | — | 396M+24.1% | 319M-22.0% | 409M+42.0% | |
| Other non-current assets | 2.82B-3.3% | 2.92B | — | 3.26B-19.1% | 4.03B+84.2% | 2.19B+31.8% | |
| 8.49B-0.9% | 8.57B | — | 9.73B+49.9% | 6.49B+37.2% | 4.73B-11.7% | ||
| Accounts payable | 1.98B+19.7% | 1.65B | — | 2.20B+27.1% | 1.73B+50.0% | 1.15B-0.3% | |
| Accrued liabilities | 2.22B+78.4% | 1.25B | — | 1.33B-10.4% | 1.49B+23.6% | 1.21B-1.5% | |
| Deferred revenue | 245M | — | — | — | — | — | |
| Short-term & current debt | 3.11B-13.3% | 3.59B | — | 4.13B+135.0% | 1.76B | — | |
| Current lease liability | 36.0M+38.5% | 26.0M | — | 37.0M+42.3% | 26.0M+30.0% | 20.0M+17.6% | |
| Finance lease liability (current) | 21.0M+16.7% | 18.0M | — | — | 6.00M+0.0% | 6.00M+50.0% | |
| Long-term debt | 26.8B+5.3% | 25.4B | — | 22.7B+4.6% | 21.7B | — | |
| Non-current lease liability | 394M+0.5% | 392M | — | 387M+3.5% | 374M+27.2% | 294M+0.3% | |
| Operating lease liability (total) | 430M+2.9% | 418M | — | 424M+6.0% | 400M+27.4% | 314M+1.3% | |
| Finance lease liability (total) | 735M+28.7% | 571M | — | 270M+54.3% | 175M+30.6% | 134M+65.4% | |
| Finance lease liability | 714M+29.1% | 553M | — | — | 169M+32.0% | 128M+66.2% | |
| Deferred tax liabilities | 1.58B+6.1% | 1.49B | — | 1.25B+9.3% | 1.14B+16.6% | 977M-11.2% | |
| Other non-current liabilities | 2.98B+3.4% | 2.88B | — | 3.11B-1.7% | 3.17B-5.7% | 3.36B+3.6% | |
| Total non-current liabilities | 31.3B+3.8% | 30.2B | — | 27.6B+6.0% | 26.0B+16.2% | 22.4B-5.3% | |
| 4.06B+11.5% | 3.64B | — | 2.49B+2.1% | 2.44B-12.9% | 2.80B+6.2% | ||
| Preferred stock | — | 838M | — | 838M+0.0% | 838M+0.0% | 838M | |
| Common stock | 9.00M+0.0% | 9.00M-48.8% | 17.6M+119.6% | 8.00M+0.0% | 8.00M+0.0% | 8.00M+0.0% | |
| Additional paid-in capital | 5.90B-0.2% | 5.91B | — | 6.36B-5.0% | 6.69B-5.9% | 7.11B-6.0% | |
| Retained earnings | 641M+118.8% | 293M | — | -1.39B+15.2% | -1.64B-50.1% | -1.09B-60.1% | |
| Treasury stock | 1.79B-0.7% | 1.80B | — | 1.81B-0.5% | 1.82B-1.2% | 1.84B-0.7% | |
| Accumulated other comprehensive income | -698M+8.9% | -766M | — | -1.51B+7.7% | -1.64B+26.1% | -2.22B+7.4% | |
| Non-controlling interest | 5.04B+24.2% | 4.06B | — | 3.50B+69.2% | 2.07B+16.8% | 1.77B-15.2% | |
| Total equity incl. non-controlling | 9.11B+18.2% | 7.70B | — | 5.99B+32.9% | 4.50B-1.4% | 4.57B-3.2% | |
| Total liabilities & equity | 51.8B+9.2% | 47.4B | — | 44.8B+16.8% | 38.4B+16.4% | 33.0B-4.7% | |
| Common shares issued | 860M+0.0% | 860M | — | 819M+0.0% | 819M+0.0% | 819M+0.0% | |
| Common shares outstanding | 712M+0.2% | 711M | — | 670M+0.1% | 669M+0.3% | 667M+0.2% | |
| Shares outstanding (cover) | 713M+0.1% | 712M | — | 710M+6.2% | 669M+0.2% | 667M+0.3% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofJun 28 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 4.31B+56.5% | 2.75B | — | 3.03B+11.7% | 2.71B+42.7% | 1.90B-31.0% | ||
| Depreciation & amortization | -1.46B-215.3% | 1.26B | — | -1.15B-7.0% | -1.07B-201.5% | 1.06B-1.1% | |
| Intangible amortization | 94.0M | — | — | 82.0M+15.5% | 71.0M+2.9% | 69.0M+27.8% | |
| Deferred income taxes | 92.0M-17.1% | 111M | — | -54.0M-1450.0% | 4.00M+101.0% | -406M-74.2% | |
| Change in receivables | -130M-136.0% | 361M | — | -161M-130.3% | 532M+212.9% | 170M+454.2% | |
| Change in inventory | -6.00M+93.0% | -86.0M | — | -306M-173.4% | 417M+348.4% | 93.0M+365.0% | |
| Other operating activities | — | — | — | — | 15.0M-80.8% | 78.0M-58.1% | |
| -6.21B+19.4% | -7.70B | — | -8.19B-40.3% | -5.84B-91.3% | -3.05B-32.9% | ||
| Capital expenditure | 5.93B-19.8% | 7.39B | — | 7.72B+69.7% | 4.55B+115.1% | 2.12B+11.4% | |
| Free cash flow | -1.62B+65.0% | -4.64B | — | -4.69B-155.4% | -1.84B-757.9% | -214M-125.0% | |
| Acquisitions | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | |
| Other investing activities | -139M-190.3% | 154M | — | 111M+282.8% | 29.0M-70.1% | 97.0M+142.5% | |
| 1.98B-60.2% | 4.96B | — | 5.41B+43.8% | 3.76B+371.5% | 797M+1121.8% | ||
| Long-term debt issued | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 501M+3.7% | 483M | — | 444M+5.2% | 422M+5.2% | 401M+5.2% | |
| Other financing activities | -59.0M+45.9% | -109M | — | -121M-4133.3% | 3.00M+103.0% | -101M-248.3% | |
| FX effect on cash | -27.0M+57.1% | -63.0M | — | -270M-382.1% | -56.0M-21.7% | -46.0M-91.7% | |
| Net change in cash | 123M+151.0% | 49.0M | — | -97.0M-116.1% | 603M+275.8% | -343M-234.5% | |
| Interest paid | 1.21B-4.6% | 1.27B | — | 1.32B+41.9% | 928M+13.9% | 815M-10.2% | |
| Income taxes paid | 227M-34.2% | 345M | — | 301M+11.1% | 271M-41.0% | 459M+37.8% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofJun 28 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 10.2B+11.5% | 9.16B-26.6% | 12.5B-3.1% | 12.9B-32.9% | 19.2B+18.4% | 16.2B+3.7% | |
| P/E | 11.2×+105.8% | 5.5×-89.1% | 50.1× | — | — | — | |
| P/S | 0.8×+11.9% | 0.7×-24.3% | 1.0×-3.5% | 1.0×-37.6% | 1.6×+12.4% | 1.5×-10.1% | |
| P/B | 2.5×+0.0% | 2.5×-41.6% | 4.3×-21.1% | 5.5×-15.0% | 6.4×+10.7% | 5.8×-2.4% | |
| Earnings yield | 8.9%-51.4% | 18.3%+818.9% | 2.0% | — | — | — | |
| Dividend yield | 4.9%-6.9% | 5.3% | — | 3.5%+56.5% | 2.2%-11.3% | 2.5%+1.6% | |
| Source filing | 10-K | 10-K | 10-K/A | 10-K | 10-K | 10-K |
About this data
Source: AES’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AES filings on SEC EDGAR → Not investment advice.