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USD millions

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

FY2018

FY2017

FY2016

FY2015

FY2014

Revenue

12,233

12,278

12,668

12,617

11,141

9,660

10,189

10,736

10,530

10,281

11,260

16,124

Net income

910

1,679

249

(546)

(409)

303

1,203

(1,161)

(1,130)

306

769

Diluted EPS

1.26

2.36

0.35

(0.82)

(0.61)

0.07

0.45

1.81

(1.76)

(1.72)

0.44

1.06

Diluted shares

714

713

712

668

666

668

667

665

660

689

724

Operating cash flow

4,306

2,752

3,034

2,715

1,902

2,755

2,466

2,343

2,504

2,897

2,134

1,791

Capital expenditures

5,929

7,392

7,724

4,551

2,116

1,900

2,405

2,121

2,177

2,345

2,308

2,016

Free cash flow

(1,623)

(4,640)

(4,690)

(1,836)

(214)

855

222

327

552

(174)

(225)

Cash & equivalents

1,382

1,524

1,426

1,374

943

1,089

1,029

1,166

949

1,244

1,257

1,539

Total assets

51,768

47,406

44,799

38,363

32,963

34,603

33,648

32,521

33,112

36,124

36,470

38,966

Shareholders' equity

4,063

3,644

2,488

2,437

2,798

2,634

2,996

3,208

2,465

2,794

3,149

4,272

THE AES CORPORATION

AESCIK 000087476119 fiscal years

RevenueFY2025

$12.23B0.4%

Net incomeFY2025

$910.0M45.8%

Free cash flowFY2025

−$1.62B65.0%

Diluted EPSFY2025

$1.2646.6%

Trends

FY2009–FY2025 · hover a year for its filing

Revenue & net incomeRevenueNet income

net margin 5.0% → 7.4%

MarginsNet marginFCF margin

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

Cash flowOperating cash flowFree cash flow

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

Returns on capitalReturn on equityReturn on assets

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

Financial statements

Annual Quarterly

USD millions, except per-share values; share counts in millions. Hover a value for its XBRL tag and filing accession.

USD millions	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
Revenue	12,233	12,278	12,668	12,617	11,141	9,660	10,189	10,736	10,530	10,281	11,260	16,124
Net income	910	1,679	249	(546)	(409)	46	303	1,203	(1,161)	(1,130)	306	769
Diluted EPS	1.26	2.36	0.35	(0.82)	(0.61)	0.07	0.45	1.81	(1.76)	(1.72)	0.44	1.06
Diluted shares	714	713	712	668	666	668	667	665	660	660	689	724
Operating cash flow	4,306	2,752	3,034	2,715	1,902	2,755	2,466	2,343	2,504	2,897	2,134	1,791
Capital expenditures	5,929	7,392	7,724	4,551	2,116	1,900	2,405	2,121	2,177	2,345	2,308	2,016
Free cash flow	(1,623)	(4,640)	(4,690)	(1,836)	(214)	855	61	222	327	552	(174)	(225)
Cash & equivalents	1,382	1,524	1,426	1,374	943	1,089	1,029	1,166	949	1,244	1,257	1,539
Total assets	51,768	47,406	44,799	38,363	32,963	34,603	33,648	32,521	33,112	36,124	36,470	38,966
Shareholders' equity	4,063	3,644	2,488	2,437	2,798	2,634	2,996	3,208	2,465	2,794	3,149	4,272

As reported in SEC filings; a missing tag shows “—”, never zero. Free cash flow is operating cash flow − capex. Methodology