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AES Corporation

AES Clue Score45
United States Fiscal year ends December CIK 0000874761
$14.94 +0.07% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $14.94 −37.75% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue10.28Net income−1.13EPS, diluted−1.72Fiscal year 2017Revenue10.53 +2.4%Net income−1.16EPS, diluted−1.76Fiscal year 2018Revenue10.74 +2.0%Net income1.20EPS, diluted1.81Fiscal year 2019Revenue10.19 −5.1%Net income0.30 −74.8%EPS, diluted0.45 −75.1%Fiscal year 2020Revenue9.66 −5.2%Net income0.05 −84.8%EPS, diluted0.07 −84.4%Fiscal year 2021Revenue11.14 +15.3%Net income−0.41 −989.1%EPS, diluted−0.61 −971.4%Fiscal year 2022Revenue12.62 +13.2%Net income−0.55EPS, diluted−0.82Fiscal year 2023Revenue12.67 +0.4%Net income0.25EPS, diluted0.35Fiscal year 2024Revenue12.28 −3.1%Net income1.68 +574.3%EPS, diluted2.36 +574.3%Fiscal year 2025Revenue12.23 −0.4%Net income0.91 −45.8%EPS, diluted1.26 −46.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 10.28 10.53 10.74 10.19 9.66 11.14 12.62 12.67 12.28 12.23
Growth +2.4% +2.0% −5.1% −5.2% +15.3% +13.2% +0.4% −3.1% −0.4%
Net income −1.13 −1.16 1.20 0.30 0.05 −0.41 −0.55 0.25 1.68 0.91
Growth −74.8% −84.8% −989.1% +574.3% −45.8%
EPS, diluted −1.72 −1.76 1.81 0.45 0.07 −0.61 −0.82 0.35 2.36 1.26
Growth −75.1% −84.4% −971.4% +574.3% −46.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginNet margin
Fiscal year 2016Gross margin23.2%Net margin−11.0%Free cash flow margin5.4%Fiscal year 2017Gross margin23.4%Net margin−11.0%Free cash flow margin3.1%Fiscal year 2018Gross margin24.0%Net margin11.2%Free cash flow margin2.1%Fiscal year 2019Gross margin23.1%Net margin3.0%Free cash flow margin0.6%Fiscal year 2020Gross margin27.9%Net margin0.5%Free cash flow margin8.9%Fiscal year 2021Gross margin24.3%Net margin−3.7%Free cash flow margin−1.9%Fiscal year 2022Gross margin20.2%Net margin−4.3%Free cash flow margin−14.6%Fiscal year 2023Gross margin19.8%Net margin2.0%Free cash flow margin−37.0%Fiscal year 2024Gross margin18.8%Net margin13.7%Free cash flow margin−37.8%Fiscal year 2025Gross margin18.1%Net margin7.4%Free cash flow margin−13.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 23.2% 23.4% 24.0% 23.1% 27.9% 24.3% 20.2% 19.8% 18.8% 18.1%
Net margin −11.0% −11.0% 11.2% 3.0% 0.5% −3.7% −4.3% 2.0% 13.7% 7.4%
Free cash flow margin 5.4% 3.1% 2.1% 0.6% 8.9% −1.9% −14.6% −37.0% −37.8% −13.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow2.90Capital expenditure−2.35Free cash flow0.55Buybacks−0.08Dividends paid−0.29Fiscal year 2017Operating cash flow2.50Capital expenditure−2.18Free cash flow0.33 −40.8%Buybacks0.00Dividends paid−0.32Fiscal year 2018Operating cash flow2.34Capital expenditure−2.12Free cash flow0.22 −32.1%Buybacks0.00Dividends paid−0.34Fiscal year 2019Operating cash flow2.47Capital expenditure−2.41Free cash flow0.06 −72.5%Dividends paid−0.36Fiscal year 2020Operating cash flow2.76Capital expenditure−1.90Free cash flow0.86 +1,301.6%Dividends paid−0.38Fiscal year 2021Operating cash flow1.90Capital expenditure−2.12Free cash flow−0.21 −125.0%Dividends paid−0.40Fiscal year 2022Operating cash flow2.72Capital expenditure−4.55Free cash flow−1.84Dividends paid−0.42Fiscal year 2023Operating cash flow3.03Capital expenditure−7.72Free cash flow−4.69Dividends paid−0.44Fiscal year 2024Operating cash flow2.75Capital expenditure−7.39Free cash flow−4.64Dividends paid−0.48Fiscal year 2025Operating cash flow4.31Capital expenditure−5.93Free cash flow−1.62Dividends paid−0.50
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.90 2.50 2.34 2.47 2.76 1.90 2.72 3.03 2.75 4.31
Capital expenditure −2.35 −2.18 −2.12 −2.41 −1.90 −2.12 −4.55 −7.72 −7.39 −5.93
Free cash flow 0.55 0.33 0.22 0.06 0.86 −0.21 −1.84 −4.69 −4.64 −1.62
Growth −40.8% −32.1% −72.5% +1,301.6% −125.0%
Buybacks −0.08 0.00 0.00 n/a n/a n/a n/a n/a n/a n/a
Dividends paid −0.29 −0.32 −0.34 −0.36 −0.38 −0.40 −0.42 −0.44 −0.48 −0.50

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash1.24Shareholders’ equity2.79Fiscal year 2017Cash0.95Shareholders’ equity2.47Fiscal year 2018Cash1.17Shareholders’ equity3.21Fiscal year 2019Cash1.03Shareholders’ equity3.00Fiscal year 2020Cash1.09Shareholders’ equity2.63Fiscal year 2021Cash0.94Shareholders’ equity2.80Fiscal year 2022Cash1.37Shareholders’ equity2.44Fiscal year 2023Cash1.43Shareholders’ equity2.49Fiscal year 2024Cash1.52Shareholders’ equity3.64Fiscal year 2025Cash1.38Shareholders’ equity4.06
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.24 0.95 1.17 1.03 1.09 0.94 1.37 1.43 1.52 1.38
Shareholders’ equity 2.79 2.47 3.21 3.00 2.63 2.80 2.44 2.49 3.64 4.06

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
10.28 10.53 10.74 10.19 9.66 11.14 12.62 12.67 12.28 12.23
Growth +2.4% +2.0% −5.1% −5.2% +15.3% +13.2% +0.4% −3.1% −0.4%
7.90 8.07 8.16 7.84 6.97 8.43 10.07 10.16 9.96 10.02
2.38 2.47 2.57 2.35 2.69 2.71 2.55 2.50 2.31 2.21
Growth +3.4% +4.4% −8.7% +14.6% +0.7% −6.0% −1.7% −7.6% −4.5%
0.19 0.22 0.19 0.20 0.17 0.17 0.21 0.26 0.29 0.24
−0.35 −0.52 −0.51 −0.28 −0.19 0.64 0.10 0.10 0.89 0.08
0.03 0.99 0.71 0.35 0.22 −0.13 0.27 0.26 0.06 −0.18
−1.13 −1.16 1.20 0.30 0.05 −0.41 −0.55 0.25 1.68 0.91
Growth −74.8% −84.8% −989.1% +574.3% −45.8%
Per share
−1.72 −1.76 1.82 0.46 0.07 −0.61 −0.82 0.37 2.38 1.26
−1.72 −1.76 1.81 0.45 0.07 −0.61 −0.82 0.35 2.36 1.26
Growth −75.1% −84.4% −971.4% +574.3% −46.6%
660.0 660.0 662.0 664.0 665.0 666.0 668.0 669.0 706.0 712.0
660.0 660.0 665.0 667.0 668.0 666.0 668.0 712.0 713.0 714.0
Growth +0.0% +0.8% +0.3% +0.1% −0.3% +0.3% +6.6% +0.1% +0.1%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 4.8% a year over five years, and earnings per share grew 78.3% a year.
  • The diluted share count rose 6.9% in five years, which is dilution.
  • Gross margin is down 9.8 points on five years ago, at 18.1%.
  • A net loss in 4 of 10 years on file.