A

AES CORP

AES · CIK 0000874761

19 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$12.23B0.4%
FY2025
Net income (FY)
$910.0M45.8%
FY2025
Free cash flow (FY)
−$1.62B65.0%
FY2025
Diluted EPS (FY)
$1.2646.6%
FY2025
The story, charted

The shape of the business

FY2009–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$10BFY2009 · Revenue $13.11B · Net income $658.0M · 0001193125-12-078654 · filed 2012-02-27FY09Revenue $13.11BNet income $658.0M0001193125-12-078654 · filed 2012-02-27FY2010 · Revenue $15.44B · Net income $9.0M · 0001193125-13-077580 · filed 2013-02-27FY10Revenue $15.44BNet income $9.0M0001193125-13-077580 · filed 2013-02-27FY2011 · Revenue $16.10B · Net income $58.0M · 0000874761-14-000011 · filed 2014-02-26FY11Revenue $16.10BNet income $58.0M0000874761-14-000011 · filed 2014-02-26FY2012 · Revenue $17.16B · Net income −$912.0M · 0000874761-15-000009 · filed 2015-02-26FY12Revenue $17.16BNet income −$912.0M0000874761-15-000009 · filed 2015-02-26FY2013 · Revenue $15.89B · Net income $114.0M · 0000874761-16-000077 · filed 2016-02-24FY13Revenue $15.89BNet income $114.0M0000874761-16-000077 · filed 2016-02-24FY2014 · Revenue $16.12B · Net income $769.0M · 0000874761-17-000003 · filed 2017-02-27FY14Revenue $16.12BNet income $769.0M0000874761-17-000003 · filed 2017-02-27FY2015 · Revenue $11.26B · Net income $306.0M · 0000874761-18-000014 · filed 2018-02-27FY15Revenue $11.26BNet income $306.0M0000874761-18-000014 · filed 2018-02-27FY2016 · Revenue $10.28B · Net income −$1.13B · 0000874761-19-000012 · filed 2019-02-27FY16Revenue $10.28BNet income −$1.13B0000874761-19-000012 · filed 2019-02-27FY2017 · Revenue $10.53B · Net income −$1.16B · 0000874761-20-000012 · filed 2020-02-28FY17Revenue $10.53BNet income −$1.16B0000874761-20-000012 · filed 2020-02-28FY2018 · Revenue $10.74B · Net income $1.20B · 0000874761-21-000015 · filed 2021-02-25FY18Revenue $10.74BNet income $1.20B0000874761-21-000015 · filed 2021-02-25FY2019 · Revenue $10.19B · Net income $303.0M · 0000874761-22-000022 · filed 2022-02-28FY19Revenue $10.19BNet income $303.0M0000874761-22-000022 · filed 2022-02-28FY2020 · Revenue $9.66B · Net income $46.0M · 0000874761-23-000010 · filed 2023-03-01FY20Revenue $9.66BNet income $46.0M0000874761-23-000010 · filed 2023-03-01FY2021 · Revenue $11.14B · Net income −$409.0M · 0000874761-24-000011 · filed 2024-02-26FY21Revenue $11.14BNet income −$409.0M0000874761-24-000011 · filed 2024-02-26FY2022 · Revenue $12.62B · Net income −$546.0M · 0000874761-25-000013 · filed 2025-03-11FY22Revenue $12.62BNet income −$546.0M0000874761-25-000013 · filed 2025-03-11FY2023 · Revenue $12.67B · Net income $249.0M · 0000874761-26-000063 · filed 2026-03-02FY23Revenue $12.67BNet income $249.0M0000874761-26-000063 · filed 2026-03-02FY2024 · Revenue $12.28B · Net income $1.68B · 0000874761-26-000063 · filed 2026-03-02FY24Revenue $12.28BNet income $1.68B0000874761-26-000063 · filed 2026-03-02FY2025 · Revenue $12.23B · Net income $910.0M · 0000874761-26-000063 · filed 2026-03-02FY25Revenue $12.23BNet income $910.0M0000874761-26-000063 · filed 2026-03-02FY25Revenue $12.23BNet income $910.0M0000874761-26-000063 · filed 2026-03-02FY09FY11FY13FY15FY17FY19FY21FY23FY25

net margin 5.0% → 7.4%

MarginsNet marginFCF margin
-40%-20%0%FY2009 · Net margin 5.0% · FCF margin -2.4%FY09Net margin 5.0%FCF margin -2.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 0.1% · FCF margin 7.5%FY10Net margin 0.1%FCF margin 7.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 0.4% · FCF margin 2.8%FY11Net margin 0.4%FCF margin 2.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin -5.3% · FCF margin 4.6%FY12Net margin -5.3%FCF margin 4.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 0.7% · FCF margin 4.6%FY13Net margin 0.7%FCF margin 4.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 4.8% · FCF margin -1.4%FY14Net margin 4.8%FCF margin -1.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 2.7% · FCF margin -1.5%FY15Net margin 2.7%FCF margin -1.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin -11.0% · FCF margin 5.4%FY16Net margin -11.0%FCF margin 5.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin -11.0% · FCF margin 3.1%FY17Net margin -11.0%FCF margin 3.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 11.2% · FCF margin 2.1%FY18Net margin 11.2%FCF margin 2.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 3.0% · FCF margin 0.6%FY19Net margin 3.0%FCF margin 0.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 0.5% · FCF margin 8.9%FY20Net margin 0.5%FCF margin 8.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin -3.7% · FCF margin -1.9%FY21Net margin -3.7%FCF margin -1.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin -4.3% · FCF margin -14.6%FY22Net margin -4.3%FCF margin -14.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 2.0% · FCF margin -37.0%FY23Net margin 2.0%FCF margin -37.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 13.7% · FCF margin -37.8%FY24Net margin 13.7%FCF margin -37.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 7.4% · FCF margin -13.3%FY25Net margin 7.4%FCF margin -13.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 7.4%FCF margin -13.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 7.4% · free cash flow -13.3% of revenue

Cash engineOperating cash flowFree cash flow
−$5B$0$5BFY2007 · OCF $2.35B · FCF −$71.0M · 0001193125-10-041006 · filed 2010-02-26FY07OCF $2.35BFCF −$71.0M0001193125-10-041006 · filed 2010-02-26FY2008 · OCF $2.16B · FCF −$690.0M · 0001193125-11-047720 · filed 2011-02-28FY08OCF $2.16BFCF −$690.0M0001193125-11-047720 · filed 2011-02-28FY2009 · OCF $2.21B · FCF −$309.0M · 0001193125-12-078654 · filed 2012-02-27FY09OCF $2.21BFCF −$309.0M0001193125-12-078654 · filed 2012-02-27FY2010 · OCF $3.46B · FCF $1.16B · 0001193125-13-077580 · filed 2013-02-27FY10OCF $3.46BFCF $1.16B0001193125-13-077580 · filed 2013-02-27FY2011 · OCF $2.88B · FCF $454.0M · 0000874761-14-000011 · filed 2014-02-26FY11OCF $2.88BFCF $454.0M0000874761-14-000011 · filed 2014-02-26FY2012 · OCF $2.90B · FCF $793.0M · 0000874761-15-000009 · filed 2015-02-26FY12OCF $2.90BFCF $793.0M0000874761-15-000009 · filed 2015-02-26FY2013 · OCF $2.71B · FCF $727.0M · 0000874761-16-000077 · filed 2016-02-24FY13OCF $2.71BFCF $727.0M0000874761-16-000077 · filed 2016-02-24FY2014 · OCF $1.79B · FCF −$225.0M · 0000874761-17-000003 · filed 2017-02-27FY14OCF $1.79BFCF −$225.0M0000874761-17-000003 · filed 2017-02-27FY2015 · OCF $2.13B · FCF −$174.0M · 0000874761-18-000014 · filed 2018-02-27FY15OCF $2.13BFCF −$174.0M0000874761-18-000014 · filed 2018-02-27FY2016 · OCF $2.90B · FCF $552.0M · 0000874761-19-000012 · filed 2019-02-27FY16OCF $2.90BFCF $552.0M0000874761-19-000012 · filed 2019-02-27FY2017 · OCF $2.50B · FCF $327.0M · 0000874761-20-000012 · filed 2020-02-28FY17OCF $2.50BFCF $327.0M0000874761-20-000012 · filed 2020-02-28FY2018 · OCF $2.34B · FCF $222.0M · 0000874761-21-000015 · filed 2021-02-25FY18OCF $2.34BFCF $222.0M0000874761-21-000015 · filed 2021-02-25FY2019 · OCF $2.47B · FCF $61.0M · 0000874761-22-000022 · filed 2022-02-28FY19OCF $2.47BFCF $61.0M0000874761-22-000022 · filed 2022-02-28FY2020 · OCF $2.75B · FCF $855.0M · 0000874761-23-000010 · filed 2023-03-01FY20OCF $2.75BFCF $855.0M0000874761-23-000010 · filed 2023-03-01FY2021 · OCF $1.90B · FCF −$214.0M · 0000874761-24-000011 · filed 2024-02-26FY21OCF $1.90BFCF −$214.0M0000874761-24-000011 · filed 2024-02-26FY2022 · OCF $2.71B · FCF −$1.84B · 0000874761-25-000013 · filed 2025-03-11FY22OCF $2.71BFCF −$1.84B0000874761-25-000013 · filed 2025-03-11FY2023 · OCF $3.03B · FCF −$4.69B · 0000874761-26-000063 · filed 2026-03-02FY23OCF $3.03BFCF −$4.69B0000874761-26-000063 · filed 2026-03-02FY2024 · OCF $2.75B · FCF −$4.64B · 0000874761-26-000063 · filed 2026-03-02FY24OCF $2.75BFCF −$4.64B0000874761-26-000063 · filed 2026-03-02FY2025 · OCF $4.31B · FCF −$1.62B · 0000874761-26-000063 · filed 2026-03-02FY25OCF $4.31BFCF −$1.62B0000874761-26-000063 · filed 2026-03-02FY25OCF $4.31BFCF −$1.62B0000874761-26-000063 · filed 2026-03-02’09’13’17’21’25

FY2025: $4.31B operating cash − $5.93B capex = −$1.62B free cash flow

Returns on capitalReturn on equityReturn on assets
-50%0%50%FY2008 · ROE 33.6% · ROA 3.5%FY08ROE 33.6%ROA 3.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2009 · ROE 14.1% · ROA 1.7%FY09ROE 14.1%ROA 1.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 0.1% · ROA 0.0%FY10ROE 0.1%ROA 0.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 1.0% · ROA 0.1%FY11ROE 1.0%ROA 0.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE -20.0% · ROA -2.2%FY12ROE -20.0%ROA -2.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 2.6% · ROA 0.3%FY13ROE 2.6%ROA 0.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 18.0% · ROA 2.0%FY14ROE 18.0%ROA 2.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 9.7% · ROA 0.8%FY15ROE 9.7%ROA 0.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE -40.4% · ROA -3.1%FY16ROE -40.4%ROA -3.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE -47.1% · ROA -3.5%FY17ROE -47.1%ROA -3.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 37.5% · ROA 3.7%FY18ROE 37.5%ROA 3.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 10.1% · ROA 0.9%FY19ROE 10.1%ROA 0.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 1.7% · ROA 0.1%FY20ROE 1.7%ROA 0.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE -14.6% · ROA -1.2%FY21ROE -14.6%ROA -1.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE -22.4% · ROA -1.4%FY22ROE -22.4%ROA -1.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 10.0% · ROA 0.6%FY23ROE 10.0%ROA 0.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 46.1% · ROA 3.5%FY24ROE 46.1%ROA 3.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 22.4% · ROA 1.8%FY25ROE 22.4%ROA 1.8%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 22.4%ROA 1.8%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 34% (FY2008) → 22% (FY2025) · on assets 1.8%

The receipts