financial statements

The full income statement, balance sheet, and cash-flow statement for The AES Corporation (AES), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	12.2B YoY-0.4%	12.3B YoY-3.1%	12.7B YoY+0.4%	12.6B YoY+13.2%	11.1B YoY+15.3%
	2.21B YoY-4.5%	2.31B YoY-7.6%	2.50B YoY-1.7%	2.55B YoY-6.0%	2.71B YoY+0.7%
Cost of revenue	10.0B YoY+0.6%	9.96B YoY-2.0%	10.2B YoY+0.9%	10.1B YoY+19.4%	8.43B YoY+21.0%
Selling, general & administrative	241M YoY-16.3%	288M YoY+12.9%	255M YoY+23.2%	207M YoY+24.7%	166M YoY+0.6%
General & administrative	241M YoY-16.3%	288M YoY+12.9%	255M YoY+23.2%	207M YoY+24.7%	166M YoY+0.6%
Restructuring	5.00M	—	—	—	—
Amortization of intangibles	94.0M YoY+6.8%	88.0M YoY+7.3%	82.0M YoY+15.5%	71.0M YoY+2.9%	69.0M YoY+27.8%
Interest expense	1.41B YoY-5.3%	1.49B YoY+12.6%	1.32B YoY+18.1%	1.12B YoY+22.6%	911M YoY-12.2%
Interest & investment income	287M YoY-24.7%	381M YoY-30.9%	551M YoY+41.6%	389M YoY+30.5%	298M YoY+11.2%
Equity-method income	-55.0M YoY-111.5%	-26.0M YoY+18.8%	-32.0M YoY+54.9%	-71.0M YoY-195.8%	-24.0M YoY+80.5%
Pre-tax income	75.0M YoY-91.6%	894M YoY+759.6%	104M YoY+8.3%	96.0M YoY-85.1%	644M YoY+435.4%
Income tax	-181M YoY-406.8%	59.0M YoY-77.4%	261M YoY-1.5%	265M YoY+299.2%	-133M YoY-161.6%
	910M YoY-45.8%	1.68B YoY+574.3%	249M YoY+145.6%	-546M YoY-33.5%	-409M YoY-989.1%
Income from continuing operations	949M YoY-43.7%	1.69B YoY+596.7%	242M YoY+144.3%	-546M YoY-32.2%	-413M YoY-1060.5%
Net income to non-controlling interest	-748M YoY+14.7%	-877M YoY-103.5%	-431M YoY-1151.2%	41.0M YoY-92.4%	542M YoY+0.0%
Net income to common	900M YoY-46.4%	1.68B YoY+574.3%	249M	—	—
	$1.26 YoY-46.6%	$2.36 YoY+574.3%	$0.35 YoY+142.7%	-$0.82 YoY-34.4%	-$0.61 YoY-971.4%
EPS (basic)	$1.26 YoY-47.1%	$2.38 YoY+543.2%	$0.37 YoY+145.1%	-$0.82 YoY-34.4%	-$0.61 YoY-971.4%
Weighted-avg shares (basic)	712M YoY+0.8%	706M YoY+5.5%	669M YoY+0.1%	668M YoY+0.3%	666M YoY+0.2%
Weighted-avg shares (diluted)	714M YoY+0.1%	713M YoY+0.1%	712M YoY+6.6%	668M YoY+0.3%	666M YoY-0.3%
Dividends per share	$0.70 YoY+1.5%	$0.69 YoY+3.5%	$0.67 YoY+4.7%	$0.64 YoY+5.0%	$0.61 YoY+5.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	6.50B YoY-4.8%	6.83B YoY+2.7%	6.65B YoY-13.0%	7.64B YoY+42.7%	5.36B YoY-1.1%
Cash & equivalents	1.38B YoY-9.3%	1.52B YoY+6.9%	1.43B YoY+3.8%	1.37B YoY+45.7%	943M YoY-13.4%
Short-term investments	174M YoY+120.3%	79.0M YoY-80.0%	395M YoY-45.9%	730M YoY+214.7%	232M YoY-30.7%
Accounts receivable	1.68B YoY+2.2%	1.65B YoY+15.9%	1.42B YoY-21.1%	1.80B YoY+26.9%	1.42B YoY+9.1%
Inventory	612M YoY+3.2%	593M YoY-16.7%	712M YoY-32.5%	1.05B YoY+74.7%	604M YoY+31.0%
Prepaid expenses	192M YoY+22.3%	157M YoY-11.3%	177M YoY+80.6%	98.0M YoY-31.0%	142M YoY+39.2%
Other current assets	1.72B YoY+12.4%	1.53B YoY+10.5%	1.39B YoY-9.5%	1.53B YoY+70.9%	897M YoY+23.6%
	51.8B YoY+9.2%	47.4B YoY+5.8%	44.8B YoY+16.8%	38.4B YoY+16.4%	33.0B YoY-4.7%
Property, plant & equipment	37.8B YoY+14.0%	33.2B YoY+10.7%	30.0B YoY+30.0%	23.0B YoY+15.7%	19.9B YoY-12.8%
Operating lease right-of-use	369M YoY-0.8%	372M YoY-2.1%	380M YoY+6.7%	356M YoY+28.1%	278M YoY+1.1%
Goodwill	342M YoY-0.9%	345M YoY-0.9%	348M YoY-3.9%	362M YoY-69.2%	1.18B YoY+10.9%
Intangible assets	2.04B YoY+4.8%	1.95B YoY-13.2%	2.24B YoY+21.8%	1.84B YoY+27.0%	1.45B YoY+75.3%
Deferred tax assets	397M YoY+8.8%	365M YoY-7.8%	396M YoY+24.1%	319M YoY-22.0%	409M YoY+42.0%
Other non-current assets	2.82B YoY-3.3%	2.92B YoY-10.5%	3.26B YoY-19.1%	4.03B YoY+84.2%	2.19B YoY+31.8%
	8.49B YoY-0.9%	8.57B YoY-11.9%	9.73B YoY+49.9%	6.49B YoY+37.2%	4.73B YoY-11.7%
Accounts payable	1.98B YoY+19.7%	1.65B YoY-24.8%	2.20B YoY+27.1%	1.73B YoY+50.0%	1.15B YoY-0.3%
Accrued liabilities	2.22B YoY+78.4%	1.25B YoY-6.6%	1.33B YoY-10.4%	1.49B YoY+23.6%	1.21B YoY-1.5%
Deferred revenue	245M	—	—	—	—
Current lease liability	36.0M YoY+38.5%	26.0M YoY-29.7%	37.0M YoY+42.3%	26.0M YoY+30.0%	20.0M YoY+17.6%
Non-current lease liability	394M YoY+0.5%	392M YoY+1.3%	387M YoY+3.5%	374M YoY+27.2%	294M YoY+0.3%
Deferred tax liabilities	1.58B YoY+6.1%	1.49B YoY+19.7%	1.25B YoY+9.3%	1.14B YoY+16.6%	977M YoY-11.2%
Other non-current liabilities	2.98B YoY+3.4%	2.88B YoY-7.5%	3.11B YoY-1.7%	3.17B YoY-5.7%	3.36B YoY+3.6%
Total non-current liabilities	31.3B YoY+3.8%	30.2B YoY+9.3%	27.6B YoY+6.0%	26.0B YoY+16.2%	22.4B YoY-5.3%
	4.06B YoY+11.5%	3.64B YoY+46.5%	2.49B YoY+2.1%	2.44B YoY-12.9%	2.80B YoY+6.2%
Preferred stock	838M YoY+0.0%	838M YoY+0.0%	838M YoY+0.0%	838M YoY+0.0%	838M
Common stock	9.00M YoY+0.0%	9.00M YoY+12.5%	8.00M YoY+0.0%	8.00M YoY+0.0%	8.00M YoY+0.0%
Additional paid-in capital	5.90B YoY-0.2%	5.91B YoY-7.0%	6.36B YoY-5.0%	6.69B YoY-5.9%	7.11B YoY-6.0%
Retained earnings	641M YoY+118.8%	293M YoY+121.1%	-1.39B YoY+15.2%	-1.64B YoY-50.1%	-1.09B YoY-60.1%
Treasury stock	1.79B YoY-0.7%	1.80B YoY-0.4%	1.81B YoY-0.5%	1.82B YoY-1.2%	1.84B YoY-0.7%
Accumulated other comprehensive income	-698M YoY+8.9%	-766M YoY+49.4%	-1.51B YoY+7.7%	-1.64B YoY+26.1%	-2.22B YoY+7.4%
Non-controlling interest	5.04B YoY+24.2%	4.06B YoY+16.1%	3.50B YoY+69.2%	2.07B YoY+16.8%	1.77B YoY-15.2%
Total equity incl. non-controlling	9.11B YoY+18.2%	7.70B YoY+28.7%	5.99B YoY+32.9%	4.50B YoY-1.4%	4.57B YoY-3.2%
Total liabilities & equity	51.8B YoY+9.2%	47.4B YoY+5.8%	44.8B YoY+16.8%	38.4B YoY+16.4%	33.0B YoY-4.7%
Common shares issued	860M YoY+0.0%	860M YoY+5.0%	819M YoY+0.0%	819M YoY+0.0%	819M YoY+0.0%
Common shares outstanding	712M YoY+0.2%	711M YoY+6.2%	670M YoY+0.1%	669M YoY+0.3%	667M YoY+0.2%
Shares outstanding (cover)	712M YoY+0.2%	711M YoY+6.2%	670M YoY+0.3%	668M YoY+0.2%	667M YoY+0.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.31B YoY+56.5%	2.75B YoY-9.3%	3.03B YoY+11.7%	2.71B YoY+42.7%	1.90B YoY-31.0%
Depreciation & amortization	-1.46B YoY-15.3%	-1.26B YoY-10.2%	-1.15B YoY-208.9%	1.05B YoY-0.3%	1.06B YoY-1.1%
Deferred income taxes	92.0M YoY-17.1%	111M YoY+305.6%	-54.0M YoY-1450.0%	4.00M YoY+101.0%	-406M YoY-74.2%
Change in receivables	-130M YoY-136.0%	361M YoY+324.2%	-161M YoY-130.3%	532M YoY+212.9%	170M YoY+454.2%
Change in inventory	-6.00M YoY+93.0%	-86.0M YoY+71.9%	-306M YoY-173.4%	417M YoY+348.4%	93.0M YoY+365.0%
Other operating activities	—	—	—	15.0M YoY-80.8%	78.0M YoY-58.1%
	-6.21B YoY+19.4%	-7.70B YoY+6.0%	-8.19B YoY-40.3%	-5.84B YoY-91.3%	-3.05B YoY-32.9%
Capital expenditure	5.93B YoY-19.8%	7.39B YoY-4.3%	7.72B YoY+69.7%	4.55B YoY+115.1%	2.12B YoY+11.4%
Other investing activities	-139M YoY-190.3%	154M YoY+38.7%	111M YoY+282.8%	29.0M YoY-70.1%	97.0M YoY+142.5%
	1.98B YoY-60.2%	4.96B YoY-8.2%	5.41B YoY+43.8%	3.76B YoY+371.5%	797M YoY+1121.8%
Dividends paid	501M YoY+3.7%	483M YoY+8.8%	444M YoY+5.2%	422M YoY+5.2%	401M YoY+5.2%
Other financing activities	-59.0M YoY+45.9%	-109M YoY+9.9%	-121M YoY-4133.3%	3.00M YoY+103.0%	-101M YoY-248.3%
FX effect on cash	-27.0M YoY+57.1%	-63.0M YoY+76.7%	-270M YoY-382.1%	-56.0M YoY-21.7%	-46.0M YoY-91.7%
Net change in cash	123M YoY+151.0%	49.0M YoY+150.5%	-97.0M YoY-116.1%	603M YoY+275.8%	-343M YoY-234.5%
Interest paid	1.21B YoY-4.6%	1.27B YoY-3.7%	1.32B YoY+41.9%	928M YoY+13.9%	815M YoY-10.2%
Income taxes paid	227M YoY-34.2%	345M YoY+14.6%	301M YoY+11.1%	271M YoY-41.0%	459M YoY+37.8%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	10.2B YoY+11.6%	9.15B YoY-29.0%	12.9B YoY-32.9%	19.2B YoY+18.6%	16.2B YoY+3.7%
P/E	11.2× YoY+105.9%	5.5×	—	—	—
P/S	0.8× YoY+12.0%	0.7× YoY-26.2%	1.0× YoY-35.2%	1.6× YoY+7.2%	1.5× YoY-10.1%
P/B	2.5× YoY+0.1%	2.5× YoY-45.9%	4.6× YoY-17.7%	5.6× YoY-2.7%	5.8× YoY-2.4%
Earnings yield	8.9% YoY-51.4%	18.3%	—	—	—
Dividend yield	4.9% YoY-8.9%	5.4% YoY+54.8%	3.5% YoY+56.5%	2.2% YoY-11.3%	2.5% YoY+1.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: AES's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AES filings on SEC EDGAR → Not investment advice.

AES▼ financial statements

About this data

financial statements