AES Corp (AES)

The AES Corporation, together with its subsidiaries, operates as a power generation and utility company. It operates through four segments: Renewables, Utilities, Energy Infrastructure, and New Energy Technologies. The company owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market, as well as investments in technologies to support leading-edge greener energy solutions. It uses various fuels and technologies to generate electricity, such as solar, hydro, wind, coal, and gas, as well as renewables comprising energy storage and landfill gas. The company owns and/or operates a generation portfolio of approximately 34,740 megawatts and distributes power to 2.7 million customers. The company operates in the United States, Chile, Dominican Republic, El Salvador, Mexico, Bulgaria, Panama, Colombia, Argentina, Vietnam, Jordan, Puerto Rico, and internationally. The company was formerly known as Applied Energy Services, Inc. and changed its name to The AES Corporation in April 2000. The AES Corporation was incorporated in 1981 and is based in Arlington, Virginia.

Symbol
AES
Exchange
NYSE
Sector
Utilities
Industry
Utilities - Diversified
Market cap
$10.63B
52 week range
13.21 - 17.65

Valuation

Share price
$14.91 (close of 2026-10-02)
P/E (TTM)
5.69x
Price to book
1.09x
Price to free cash flow
-6.18x
Enterprise value
$40.90B
Book value per share
$13.70

Price performance

PeriodChange
1 day-0.07%
5 days+0.27%
1 month+0.74%
3 months+2.26%
6 months+4.27%
Year to date+3.97%
1 year+4.34%
3 years+5.30%
5 years-34.89%
10 years+16.03%
All time+354.57%

Profitability and growth

Return on equity
9.99%
Return on assets
1.76%
Gross margin
18.07%
Net margin
7.44%
EBITDA margin
29.37%
Revenue growth
-0.37%
Net income growth
-45.80%
Free cash flow growth
65.02%

Cash flow and balance sheet

Free cash flow yield (TTM)
-16.18%
Current ratio
0.75x
Net debt to EBITDA
7.93x

Latest reported year

Period end
2025-12-31
Fiscal year
2025
Revenue
$12.23B
Cost of revenue
$10.02B
Gross profit
$2.21B
EBITDA
$3.59B
Net income
$910.00M
Earnings per share
$1.26
Interest expense
$1.41B
Shares outstanding
712.00M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$12.23B$2.21B$910.00M$1.26
2024-12-31$12.28B$2.31B$1.68B$2.38
2023-12-31$12.67B$2.50B$249.00M$0.37
2022-12-31$12.62B$2.55B-$546.00M$-0.82
2021-12-31$11.14B$2.71B-$409.00M$-0.61
2020-12-31$9.66B$2.69B$46.00M$0.07
2019-12-31$10.19B$2.35B$303.00M$0.46
2018-12-31$10.74B$2.57B$1.20B$1.82
2017-12-31$10.53B$2.46B-$1.16B$-1.76
2016-12-31$10.28B$2.38B-$1.13B$-1.72

Margins and returns by year

Period endGross marginNet marginReturn on equity
2025-12-3118.07%7.44%9.99%
2024-12-3118.85%13.67%21.79%
2023-12-3119.77%1.97%4.16%
2022-12-3120.19%-4.33%-12.12%
2021-12-3124.33%-3.67%-8.96%
2020-12-3127.88%0.48%0.97%
2019-12-3123.05%2.97%5.79%
2018-12-3123.97%11.21%21.47%
2017-12-3123.41%-11.03%-23.96%
2016-12-3123.18%-10.99%-19.82%

Cash and debt by year

Period endCash
2025-12-31$1.56B
2024-12-31$1.60B
2023-12-31$1.82B
2022-12-31$2.10B
2021-12-31$1.18B
2020-12-31$1.42B
2019-12-31$1.43B
2018-12-31$1.48B
2017-12-31$1.37B
2016-12-31$1.77B

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31-$1.62B$14.00M
2024-12-31-$4.64B$12.00M
2023-12-31-$4.69B$2.00M
2022-12-31-$1.84B$23.00M
2021-12-31-$214.00M$14.00M
2020-12-31$855.00M$21.00M
2019-12-31$61.00M$22.00M
2018-12-31$222.00M$20.00M
2017-12-31$327.00M$8.00M
2016-12-31$552.00M$10.00M

Dividend history

Most recent payment
2026-07-31
Paid in the last twelve months
$0.70
Payment dateDividend per share
2026-07-31$0.18
2026-05-01$0.18
2026-01-30$0.18
2025-10-31$0.18
2025-08-01$0.18
2025-05-01$0.18
2025-01-31$0.18
2024-11-01$0.17

Investor relations

Next earnings report

Next confirmed report
2026-11-03

Past earnings dates

ReportedFiscal periodEPS estimate
2026-08-06Jun/2026-
2026-05-05Mar/2026$0.50
2026-03-02Dec/2025$0.62
2025-11-04Sep/2025$0.78
2025-07-31Jun/2025$0.39
2025-07-30--
2025-05-01Mar/2025$0.37
2025-04-30--

Filings and sources

Company website
aes.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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