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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
$12.2B
▼ 0.4% YoY
$910.0M
▼ 45.8% YoY
$-1.6B

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

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
10B20B
2007201020132016201920222025
Compound annual growth
−1.0%
+4.8%
+0.8%
−1.5%
+81.7%
+11.5%
+36.0%
+78.3%
+11.1%
+38.0%
+3.2%
+3.9%
+5.6%
+5.9%
+5.6%
−4.1%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +4.8% a year over the five years to FY2025 — 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%
5%10%-5%
200720162025
ROE
FY2025 · ROE 23.6%
20%40%-20%-40%
200720162025
Three returns, three denominators.
Return on capital employedNot available: we don't have a clean operating profit figure for this period.
Gross margin18.1%
Operating margin·
Net margin1.3%
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
0.5B1.0B-2.0B-4.0B
200720162025
Net buybacks $B Dividends $B
FY2025 · Dividends 0.5 · Net buybacks ·
0.3B0.6B-1.0B-2.0BDividendsNet buybacks
2007201020132016201920222025
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—not applicable◌not available in our data
AES, 19-year financial record
Metric 2025202420232022202120202019201820172016201520142013201220112010200920082007
Revenue $B12.212.312.712.611.19.710.210.710.510.311.316.115.917.216.115.413.1◌◌
Operating income $B◌◌◌0.10.6−0.2−0.3−0.5−0.5−0.40.50.6◌◌◌◌◌◌◌
EBITDA $B◌◌◌−1.01.60.80.70.50.50.61.51.7◌◌◌◌◌◌◌
Income tax $B−0.20.10.30.3−0.10.20.40.71.00.00.40.40.30.70.70.60.60.80.7
Net income $B0.91.70.2−0.5−0.40.00.31.2−1.2−1.10.30.80.1−0.90.10.00.71.2−0.1
Free cash flow $B−1.6−4.6−4.7−1.8−0.20.90.10.20.30.6−0.2−0.20.70.80.51.2−0.3−0.7−0.1
EPS, diluted $1.262.360.35−0.82−0.610.070.451.81−1.76−1.720.441.060.15−1.210.070.010.981.82−0.14
Dividend / sh $0.700.690.670.640.610.580.550.530.490.450.410.250.170.080.000.00◌◌◌
Payout %5529178−77−9882811929−27−269019104−300———
ROE %23.654.810.1−20.9−15.11.69.842.4−44.2−38.08.217.92.6−17.30.90.215.833.6◌
Shares out B0.710.710.670.670.670.670.660.660.660.660.670.700.720.740.770.790.670.66◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

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Provenance

Company facts, as filed

How we verify · 0 failures in 83 reconciliationsAUDITED

Reconciled in 19 of the 19 fiscal years we could check. Nine checks were skipped: cost of revenue is not tagged before 2016. Two checks were skipped: the balance sheet is not tagged before 2008. One check was skipped: the share count is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityCogeneration Services & Small Power Producers
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2007

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