MARKETS / NYSE / AES

NYSE · COGENERATION SERVICES & SMALL POWER PRODUCERS · LARGE CAP

AES Corp. AES

19 fiscal years on record · USD · FY2025 reported · SEC filings only

13 YEARS OF DIVIDEND GROWTH

Revenue

$12.2B

▼ 0.4% YoY

Net income

$910.0M

▼ 45.8% YoY

Free cash flow

$-1.6B

In brief

What this company does

AES develops, operates, and owns electric generation facilities and utilities. The company currently owns and/or operates a generation portfolio of 34,740 MW, including generation from its integrated utility, AES Indiana. 54% of the capacity of its generation plants is fueled by renewables, including solar, hydro, wind, energy storage, and landfill gas, 29% is fueled by natural gas, and 15% is coal-fired. AES' six utility businesses distribute power to 2.7 million customers. As of December 31, 2025, the company and its subsidiaries had 8,336 full time/permanent employees. The company is organized into four technology-oriented strategic business units: Renewables, Utilities, Energy Infrastructure, and New Energy Technologies. It has two lines of business: generation, in which it owns and/or operates power plants to generate and sell power to customers such as utilities and industrial users, and utilities, in which it owns and/or operates utilities to generate or purchase, transmit, distribute, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors. AES was incorporated in 1981.

Written from the business description in AES CORP's annual report to the U.S. Securities and Exchange Commission, filed 2 March 2026. Every sentence was checked against that document before publication.

Growth

USD 12.2B

Revenue, FY2025 · full 19-year series below

Revenue $B Net income $B

FY2025 · Revenue 12.2 · Net income 0.9

Compound annual growth

Revenue

−1.0%

+4.8%

+0.8%

−1.5%

Net income

+81.7%

+11.5%

+36.0%

EPS, diluted

+78.3%

+11.1%

+38.0%

Dividend / share

+3.2%

+3.9%

+5.6%

Returned to shareholders

+5.9%

+5.6%

−4.1%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +4.8% a year over five years — but profit grew faster: net income at +81.7%, earnings per share at +78.3%.

The share count rose from 0.67B to 0.71B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

1 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating — · Net 1.3%

ROE

FY2025 · ROE 23.6%

Gross margin18.1%

Operating margin—

Net margin1.3%

Return on assets0.3%

EBITDA—

Each USD of equity produced 24 cents of profit this year.

Cash & shareholders

USD 501.0M

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF -1.6

Net buybacks $B Dividends $B

FY2025 · Dividends 0.5 · Net buybacks —

Dividends paidUSD 501.0M

Net buybacks—

Share of profit55.1%

Consecutive raises13 years

USD 501.0M in dividends — 55% of the year's profit went back to shareholders.

Total assetsUSD 51.8B

EquityUSD 4.1B

CashUSD 1.4B

Current ratio0.77×

Equity funds 8% of total assets.

The 19-year record

19 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	12.2	12.3	12.7	12.6	11.1	9.7	10.2	10.7	10.5	10.3	11.3	16.1	15.9	17.2	16.1	15.4	13.1	·	·
Operating income $B	·	·	·	0.1	0.6	−0.2	−0.3	−0.5	−0.5	−0.4	0.5	0.6	·	·	·	·	·	·	·
EBITDA $B	·	·	·	−1.0	1.6	0.8	0.7	0.5	0.5	0.6	1.5	1.7	·	·	·	·	·	·	·
Income tax $B	−0.2	0.1	0.3	0.3	−0.1	0.2	0.4	0.7	1.0	0.0	0.4	0.4	0.3	0.7	0.7	0.6	0.6	0.8	0.7
Net income $B	0.9	1.7	0.2	−0.5	−0.4	0.0	0.3	1.2	−1.2	−1.1	0.3	0.8	0.1	−0.9	0.1	0.0	0.7	1.2	−0.1
Free cash flow $B	−1.6	−4.6	−4.7	−1.8	−0.2	0.9	0.1	0.2	0.3	0.6	−0.2	−0.2	0.7	0.8	0.5	1.2	−0.3	−0.7	−0.1
EPS, diluted $	1.26	2.36	0.35	−0.82	−0.61	0.07	0.45	1.81	−1.76	−1.72	0.44	1.06	0.15	−1.21	0.07	0.01	0.98	1.82	−0.14
Dividend / sh $	0.70	0.69	0.67	0.64	0.61	0.58	0.55	0.53	0.49	0.45	0.41	0.25	0.17	0.08	0.00	0.00	·	·	·
Payout %	55	29	178	−77	−98	828	119	29	−27	−26	90	19	104	−3	0	0	·	·	·
ROE %	23.6	54.8	10.1	−20.9	−15.1	1.6	9.8	42.4	−44.2	−38.0	8.2	17.9	2.6	−17.3	0.9	0.2	15.8	33.6	·
Shares out B	0.71	0.71	0.67	0.67	0.67	0.67	0.66	0.66	0.66	0.66	0.67	0.70	0.72	0.74	0.77	0.79	0.67	0.66	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

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Provenance

Company facts, as filed

How we verify · 0 failures in 83 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityCogeneration Services & Small Power Producers

Listed onNYSE

Incorporated inDelaware

Fiscal year endsDecember 31

Data on record since2007