Aes Corp Financials

AES

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Aes Corp (AES) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 26/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Aes Corp's revenue declined 3.1% year-over-year, from $12.7B to $12.3B. This contraction results in a growth score of 20/100.

Leverage

Aes Corp has elevated debt relative to equity (D/E of 12.01), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Aes Corp's current ratio of 0.80 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 12/100, which could limit financial flexibility.

Cash Flow

While Aes Corp generated $2.8B in operating cash flow, capex of $7.4B consumed most of it, leaving -$4.6B in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

100

Aes Corp earns a strong 46.1% return on equity (ROE), meaning it generates $46 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 10.0% the prior year.

Piotroski F-Score Neutral

5/9

Aes Corp passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.64x

For every $1 of reported earnings, Aes Corp generates $1.64 in operating cash flow ($2.8B OCF vs $1.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$12.3B

YoY-3.1%

5Y CAGR+3.8%

10Y CAGR-2.7%

Aes Corp generated $12.3B in revenue in fiscal year 2024. This represents a decrease of 3.1% from the prior year.

EBITDA

N/A

Free Cash Flow

-$4.6B

YoY+1.1%

Aes Corp generated -$4.6B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 1.1% from the prior year.

Net Income

$1.7B

YoY+574.3%

5Y CAGR+40.8%

10Y CAGR+8.1%

Aes Corp reported $1.7B in net income in fiscal year 2024. This represents an increase of 574.3% from the prior year.

EPS (Diluted)

$2.36

YoY+574.3%

5Y CAGR+39.3%

10Y CAGR+8.3%

Aes Corp earned $2.36 per diluted share (EPS) in fiscal year 2024. This represents an increase of 574.3% from the prior year.

Cash & Debt

$1.5B

YoY+6.9%

5Y CAGR+8.2%

10Y CAGR+0.0%

Aes Corp held $1.5B in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.69

YoY+3.5%

5Y CAGR+4.6%

10Y CAGR+10.7%

Aes Corp paid $0.69 per share in dividends in fiscal year 2024. This represents an increase of 3.5% from the prior year.

Shares Outstanding

711M

YoY+6.2%

5Y CAGR+1.4%

10Y CAGR+0.1%

Aes Corp had 711M shares outstanding in fiscal year 2024. This represents an increase of 6.2% from the prior year.

Gross Margin

18.9%

YoY-0.9pp

5Y CAGR-4.2pp

10Y CAGR+0.4pp

Aes Corp's gross margin was 18.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.9 percentage points from the prior year.

Operating Margin

N/A

Net Margin

13.7%

YoY+11.7pp

5Y CAGR+10.7pp

10Y CAGR+8.9pp

Aes Corp's net profit margin was 13.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 11.7 percentage points from the prior year.

Return on Equity

46.1%

YoY+36.1pp

5Y CAGR+36.0pp

10Y CAGR+28.1pp

Aes Corp's ROE was 46.1% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 36.1 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$7.4B

YoY-4.3%

5Y CAGR+25.2%

10Y CAGR+13.9%

Aes Corp invested $7.4B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 4.3% from the prior year.

AES Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$12.3B-3.1%	$12.7B+0.4%	$12.6B+13.2%	$11.1B+15.3%	$9.7B-5.2%	$10.2B
Cost of Revenue	$10.0B-2.0%	$10.2B+0.9%	$10.1B+19.4%	$8.4B+21.0%	$7.0B-11.1%	$7.8B
Gross Profit	$2.3B-7.6%	$2.5B-1.7%	$2.5B-6.0%	$2.7B+0.7%	$2.7B+14.6%	$2.3B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$288.0M+12.9%	$255.0M+23.2%	$207.0M+24.7%	$166.0M+0.6%	$165.0M-15.8%	$196.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.5B+12.6%	$1.3B+18.1%	$1.1B+22.6%	$911.0M-12.2%	$1.0B-1.1%	$1.1B
Income Tax	$59.0M-77.4%	$261.0M-1.5%	$265.0M+299.2%	-$133.0M-161.6%	$216.0M-38.6%	$352.0M
Net Income	$1.7B+574.3%	$249.0M+145.6%	-$546.0M-33.5%	-$409.0M-989.1%	$46.0M-84.8%	$303.0M
EPS (Diluted)	$2.36+574.3%	$0.35+142.7%	$-0.82-34.4%	$-0.61-971.4%	$0.07-84.4%	$0.45

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$3.4B+17.4%	$2.9B-2.4%	$2.9B-1.2%	$3.0B+0.7%	$2.9B-4.6%	$3.1B+3.9%	$3.0B-13.6%	$3.4B
Cost of Revenue	$2.6B+8.9%	$2.4B-3.3%	$2.5B-2.2%	$2.5B+6.4%	$2.4B-3.1%	$2.5B-0.3%	$2.5B-1.7%	$2.5B
Gross Profit	$735.0M+62.3%	$453.0M+2.7%	$441.0M+5.0%	$420.0M-24.1%	$553.0M-10.7%	$619.0M+25.3%	$494.0M-46.2%	$918.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$46.0M-6.1%	$49.0M-36.4%	$77.0M-14.4%	$90.0M+36.4%	$66.0M-12.0%	$75.0M+17.2%	$64.0M0.0%	$64.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$348.0M-1.1%	$352.0M+2.9%	$342.0M-5.0%	$360.0M-7.5%	$389.0M+9.0%	$357.0M+1.1%	$353.0M+8.3%	$326.0M
Income Tax	-$226.0M-235.3%	$167.0M+882.4%	$17.0M+142.9%	$7.0M+120.0%	-$35.0M-118.8%	-$16.0M-119.5%	$82.0M-24.8%	$109.0M
Net Income	$639.0M+772.6%	-$95.0M-306.5%	$46.0M-90.1%	$467.0M+69.2%	$276.0M-36.1%	$432.0M+559.6%	-$94.0M-140.7%	$231.0M
EPS (Diluted)	$0.89+693.3%	$-0.15-314.3%	$0.07-89.4%	$0.66+69.2%	$0.39-35.0%	$0.60+600.0%	$-0.12-137.5%	$0.32

AES Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$47.4B+5.8%	$44.8B+16.8%	$38.4B+16.4%	$33.0B-4.7%	$34.6B+2.8%	$33.6B
Current Assets	$6.8B+2.7%	$6.6B-13.0%	$7.6B+42.7%	$5.4B-1.1%	$5.4B+3.5%	$5.2B
Cash & Equivalents	$1.5B+6.9%	$1.4B+3.8%	$1.4B+45.7%	$943.0M-13.4%	$1.1B+5.8%	$1.0B
Inventory	$593.0M-16.7%	$712.0M-32.5%	$1.1B+74.7%	$604.0M+31.0%	$461.0M-5.3%	$487.0M
Accounts Receivable	$1.6B+15.9%	$1.4B-21.1%	$1.8B+26.9%	$1.4B+9.1%	$1.3B-12.1%	$1.5B
Goodwill	$345.0M-0.9%	$348.0M-3.9%	$362.0M-69.2%	$1.2B+10.9%	$1.1B+0.2%	$1.1B
Total Liabilities	$43.8B+3.4%	$42.3B+17.8%	$35.9B+19.1%	$30.2B-5.6%	$32.0B+4.3%	$30.7B
Current Liabilities	$8.6B-11.9%	$9.7B+49.9%	$6.5B+37.2%	$4.7B-11.7%	$5.4B+5.2%	$5.1B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$3.6B+46.5%	$2.5B+2.1%	$2.4B-12.9%	$2.8B+6.2%	$2.6B-12.1%	$3.0B
Retained Earnings	$293.0M+121.1%	-$1.4B+15.2%	-$1.6B-50.1%	-$1.1B-60.1%	-$680.0M+1.7%	-$692.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$50.8B+4.6%	$48.5B-0.2%	$48.6B+2.6%	$47.4B-1.1%	$47.9B+1.8%	$47.0B+5.0%	$44.8B+3.8%	$43.2B
Current Assets	$6.8B+7.9%	$6.3B-19.8%	$7.9B+15.3%	$6.8B-29.8%	$9.7B+35.7%	$7.2B+7.8%	$6.6B-9.1%	$7.3B
Cash & Equivalents	$1.8B+30.2%	$1.4B-23.0%	$1.8B+15.0%	$1.5B-14.0%	$1.8B-11.1%	$2.0B+39.8%	$1.4B-19.2%	$1.8B
Inventory	$607.0M-6.2%	$647.0M+3.7%	$624.0M+5.2%	$593.0M-10.3%	$661.0M+3.4%	$639.0M-10.3%	$712.0M-10.8%	$798.0M
Accounts Receivable	$1.8B-4.0%	$1.9B+8.5%	$1.7B+4.4%	$1.6B+9.2%	$1.5B-7.2%	$1.6B+14.4%	$1.4B-17.7%	$1.7B
Goodwill	$345.0M0.0%	$345.0M0.0%	$345.0M0.0%	$345.0M-0.9%	$348.0M0.0%	$348.0M0.0%	$348.0M-3.9%	$362.0M
Total Liabilities	$46.9B+3.9%	$45.2B+0.1%	$45.1B+3.2%	$43.8B-2.2%	$44.7B+1.3%	$44.1B+4.3%	$42.3B+4.8%	$40.4B
Current Liabilities	$9.4B+22.9%	$7.7B-17.8%	$9.3B+9.0%	$8.6B-12.7%	$9.8B+6.6%	$9.2B-5.3%	$9.7B+10.3%	$8.8B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$3.9B+14.7%	$3.4B-2.9%	$3.5B-4.8%	$3.6B+14.8%	$3.2B+9.5%	$2.9B+16.6%	$2.5B-10.5%	$2.8B
Retained Earnings	$555.0M+802.5%	-$79.0M-136.9%	$214.0M-27.0%	$293.0M+143.2%	-$678.0M+28.9%	-$954.0M+31.2%	-$1.4B-7.3%	-$1.3B

AES Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$2.8B-9.3%	$3.0B+11.7%	$2.7B+42.7%	$1.9B-31.0%	$2.8B+11.7%	$2.5B
Capital Expenditures	$7.4B-4.3%	$7.7B+69.7%	$4.6B+115.1%	$2.1B+11.4%	$1.9B-21.0%	$2.4B
Free Cash Flow	-$4.6B+1.1%	-$4.7B-155.4%	-$1.8B-757.9%	-$214.0M-125.0%	$855.0M+1301.6%	$61.0M
Investing Cash Flow	-$7.7B+6.0%	-$8.2B-40.3%	-$5.8B-91.3%	-$3.1B-32.9%	-$2.3B+15.7%	-$2.7B
Financing Cash Flow	$5.0B-8.2%	$5.4B+43.8%	$3.8B+371.5%	$797.0M+1121.8%	-$78.0M+9.3%	-$86.0M
Dividends Paid	$483.0M+8.8%	$444.0M+5.2%	$422.0M+5.2%	$401.0M+5.2%	$381.0M+5.2%	$362.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$1.3B+32.9%	$976.0M+79.1%	$545.0M-49.9%	$1.1B+177.6%	$392.0M+36.6%	$287.0M-60.4%	$725.0M-35.4%	$1.1B
Capital Expenditures	$1.8B+35.7%	$1.3B+6.2%	$1.3B-27.4%	$1.7B+2.5%	$1.7B-21.6%	$2.1B-11.6%	$2.4B+27.9%	$1.9B
Free Cash Flow	-$511.0M-43.5%	-$356.0M+49.8%	-$709.0M-11.0%	-$639.0M+50.6%	-$1.3B+30.5%	-$1.9B-9.2%	-$1.7B-119.3%	-$777.0M
Investing Cash Flow	-$1.7B-8.5%	-$1.6B-24.8%	-$1.3B+20.4%	-$1.6B+12.4%	-$1.8B+23.0%	-$2.4B+5.1%	-$2.5B-30.8%	-$1.9B
Financing Cash Flow	$791.0M+445.5%	$145.0M-89.0%	$1.3B+687.9%	-$224.0M-119.4%	$1.2B-55.8%	$2.6B+56.5%	$1.7B+37.5%	$1.2B
Dividends Paid	$126.0M+0.8%	$125.0M0.0%	$125.0M+2.5%	$122.0M0.0%	$122.0M+5.2%	$116.0M+4.5%	$111.0M0.0%	$111.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AES Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	18.9%-0.9pp	19.8%-0.4pp	20.2%-4.1pp	24.3%-3.6pp	27.9%+4.8pp	23.1%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	13.7%+11.7pp	2.0%+6.3pp	-4.3%-0.7pp	-3.7%-4.2pp	0.5%-2.5pp	3.0%
Return on Equity	46.1%+36.1pp	10.0%	N/A	N/A	1.8%-8.4pp	10.1%
Return on Assets	3.5%+3.0pp	0.6%+2.0pp	-1.4%-0.2pp	-1.2%-1.4pp	0.1%-0.8pp	0.9%
Current Ratio	0.80+0.1	0.68-0.5	1.18+0.0	1.13+0.1	1.01-0.0	1.03
Debt-to-Equity	12.01-5.0	17.01+2.3	14.74+4.0	10.78-1.4	12.14+1.9	10.23
FCF Margin	-37.8%-0.8pp	-37.0%-22.5pp	-14.5%-12.6pp	-1.9%-10.8pp	8.8%+8.2pp	0.6%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	21.9%+6.1pp	15.9%+0.8pp	15.1%+0.9pp	14.2%-4.6pp	18.8%-1.3pp	20.1%+3.4pp	16.6%-10.1pp	26.7%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	19.1%+22.4pp	-3.3%-4.9pp	1.6%-14.2pp	15.8%+6.4pp	9.4%-4.6pp	14.0%+17.2pp	-3.2%-9.9pp	6.7%
Return on Equity	16.5%	N/A	1.3%-11.5pp	12.8%+4.1pp	8.7%-6.2pp	14.9%	N/A	8.3%
Return on Assets	1.3%+1.5pp	-0.2%-0.3pp	0.1%-0.9pp	1.0%+0.4pp	0.6%-0.3pp	0.9%+1.1pp	-0.2%-0.8pp	0.5%
Current Ratio	0.72-0.1	0.82-0.0	0.84+0.0	0.80-0.2	0.99+0.2	0.78+0.1	0.68-0.1	0.83
Debt-to-Equity	12.14-1.3	13.41+0.4	13.02+1.0	12.01-2.1	14.09-1.1	15.22-1.8	17.01+2.5	14.53
FCF Margin	-15.3%-2.8pp	-12.5%+11.8pp	-24.2%-2.7pp	-21.6%+22.4pp	-44.0%+16.4pp	-60.3%-2.9pp	-57.4%-34.8pp	-22.6%

Note: The current ratio is below 1.0 (0.80), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Aes Corp's annual revenue?

Aes Corp (AES) reported $12.3B in total revenue for fiscal year 2024. This represents a -3.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Aes Corp's revenue growing?

Aes Corp (AES) revenue declined by 3.1% year-over-year, from $12.7B to $12.3B in fiscal year 2024.

Is Aes Corp profitable?

Yes, Aes Corp (AES) reported a net income of $1.7B in fiscal year 2024, with a net profit margin of 13.7%.

What is Aes Corp's earnings per share (EPS)?

Aes Corp (AES) reported diluted earnings per share of $2.36 for fiscal year 2024. This represents a 574.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Aes Corp's gross margin?

Aes Corp (AES) had a gross margin of 18.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Aes Corp's net profit margin?

Aes Corp (AES) had a net profit margin of 13.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Aes Corp pay dividends?

Yes, Aes Corp (AES) paid $0.69 per share in dividends during fiscal year 2024.

What is Aes Corp's return on equity (ROE)?

Aes Corp (AES) has a return on equity of 46.1% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Aes Corp's free cash flow?

Aes Corp (AES) generated -$4.6B in free cash flow during fiscal year 2024. This represents a 1.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Aes Corp's operating cash flow?

Aes Corp (AES) generated $2.8B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Aes Corp's total assets?

Aes Corp (AES) had $47.4B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Aes Corp's capital expenditures?

Aes Corp (AES) invested $7.4B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Aes Corp have outstanding?

Aes Corp (AES) had 711M shares outstanding as of fiscal year 2024.

What is Aes Corp's current ratio?

Aes Corp (AES) had a current ratio of 0.80 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Aes Corp's debt-to-equity ratio?

Aes Corp (AES) had a debt-to-equity ratio of 12.01 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Aes Corp's return on assets (ROA)?

Aes Corp (AES) had a return on assets of 3.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Aes Corp's Piotroski F-Score?

Aes Corp (AES) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Aes Corp's earnings high quality?

Aes Corp (AES) has an earnings quality ratio of 1.64x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Aes Corp?

Aes Corp (AES) scores 26 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.