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AES

The AES Corporation

AES

The AES Corporation • NYSE
$14.06 ▲ 1.08% (+0.15)
Market Cap $10.01 B
52w High $15.51
52w Low $9.46
Dividend Yield 0.70%
P/E 9.25
Volume 2.20M
Outstanding Shares 712.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.351B ▲ $181M ▲ $634M ▲ 18.92% ▲ $0.89 ▲ $1.493B ▲
Q2-2025 $2.855B ▼ $49M ▼ $-105M ▼ -3.678% ▼ $-0.15 ▼ $739M ▲
Q1-2025 $2.926B ▼ $77M ▼ $46M ▼ 1.572% ▼ $0.07 ▼ $641M ▼
Q4-2024 $2.962B ▼ $90M ▲ $560M ▲ 18.906% ▲ $0.79 ▲ $959M ▼
Q3-2024 $3.289B $57M $509M 15.476% $0.71 $1.011B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.824B ▲ $50.783B ▲ $40.253B ▼ $3.865B ▲
Q2-2025 $1.35B ▼ $48.542B ▼ $40.859B ▼ $3.369B ▼
Q1-2025 $1.817B ▲ $48.615B ▲ $40.89B ▲ $3.468B ▼
Q4-2024 $1.603B ▼ $47.406B ▼ $39.702B ▼ $3.644B ▲
Q3-2024 $1.981B $50.079B $42.44B $3.29B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $671M ▲ $1.297B ▲ $-1.665B ▼ $720M ▲ $334M ▲ $-511M ▼
Q2-2025 $-105M ▼ $976M ▲ $-506M ▲ $-949M ▼ $-375M ▼ $-356M ▲
Q1-2025 $46M ▼ $545M ▼ $-964M ▲ $999M ▲ $527M ▲ $-709M ▼
Q4-2024 $560M ▲ $1.088B ▲ $-1.148B ▲ $-687M ▼ $-521M ▼ $-639M ▲
Q3-2024 $509M $985M $-1.279B $842M $410M $-847M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Energy Infrastructure
Energy Infrastructure
 $1.62Bn ▲$1.53Bn ▼$1.32Bn ▼$1.31Bn ▼
Renewables
Renewables
 $730.00M ▲$570.00M ▼$620.00M ▲$640.00M ▲
Utilities
Utilities
 $960.00M ▲$880.00M ▼$980.00M ▲$950.00M ▼
New Energy Technologies
New Energy Technologies
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement AES shows steady, moderate growth in revenue over the past few years, but profits have been far more volatile. The company moved from small losses earlier in the period to a very strong profit most recently, with a big jump in earnings that likely reflects a mix of core improvement and one‑time items. Operating performance has generally been stable, but not dramatically improving, suggesting that the headline profit rebound may not yet be fully “proven” across cycles. Overall, the story is of a utility in transition: underlying operations are solid, but reported earnings can swing meaningfully year to year as projects, hedges, and one‑offs flow through the accounts.

Balance Sheet

Balance Sheet AES has grown its asset base significantly, reflecting large investments in new projects and infrastructure. This expansion has been funded mainly with debt, which is now quite high relative to the company’s equity, a common but still notable feature for a capital‑intensive utility. Equity has started to improve in the most recent years, helped by better profitability, but the balance sheet is still heavily leveraged and will likely remain sensitive to interest rates and credit markets. Cash on hand is reasonable but not large versus total obligations, so continued access to financing remains important.

Cash Flow

Cash Flow The company consistently generates solid cash flow from its day‑to‑day operations, which is a key strength. However, AES is spending heavily on capital projects, especially in recent years, resulting in deeply negative free cash flow. In practical terms, this means the business is self‑funding its operations but relies on external capital to finance its growth and transition investments. This pattern is typical for a growth‑oriented utility, but it increases exposure to financing costs, project delays, and shifts in investor appetite for long‑dated infrastructure.

Competitive Edge

Competitive Edge AES operates from a mixed base of regulated utilities and faster‑growing renewables, with a broad international footprint. Its competitive position is often viewed as narrow but defendable: it benefits from scale, diversification across countries and technologies, and a sizable backlog of long‑term contracts, especially with large corporate customers. These long‑term power agreements provide good revenue visibility and create switching costs for clients, but the company still faces regulatory risk, policy changes, and intense competition in renewables. Overall, AES has meaningful advantages, yet operates in markets where rules, subsidies, and rival projects can change the playing field quickly.

Innovation and R&D

Innovation and R&D Innovation is a clear differentiator for AES. The company was an early mover in battery storage and helped create a leading storage platform through its Fluence joint venture, and it is pushing hard into AI‑enabled grid management, robotics for solar construction, and integrated 24/7 clean energy solutions. AES is also exploring emerging areas such as green hydrogen and incubating new technologies through its AES Next platform, often via partnerships with technology and AI specialists. While this forward‑leaning approach could support long‑term growth and better economics, it also carries execution risk, as not all new technologies or projects will deliver the expected returns or scale on schedule.

Summary

AES is a large, highly capital‑intensive utility transitioning toward cleaner, more technology‑driven energy solutions. Financially, it combines steady operational cash generation with volatile reported earnings and very heavy investment spending, funded largely by substantial debt. Its asset base and project pipeline are growing quickly, anchored by long‑term contracts and regulated utility operations, but the balance sheet leverage and dependence on capital markets are key risk points. On the strategic side, AES stands out for its early push into storage, AI, robotics, and green hydrogen, giving it a modern, innovation‑focused profile within the utility sector. The company’s future trajectory will depend on how well it executes this ambitious growth and decarbonization plan while managing regulatory uncertainty, project delivery, and its high financing needs.

NEWS

November 25, 2025 · 4:30 PM UTC

Bright Minds Biosciences to Present at Piper Sandler 37th Annual Healthcare Conference and 2025 AES Annual Meeting

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November 4, 2025 · 4:13 PM UTC

AES Reports Third Quarter 2025 Results

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October 10, 2025 · 5:00 PM UTC

AES Announces Quarterly Dividend

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October 6, 2025 · 5:00 PM UTC

AES Announces Third Quarter 2025 Financial Review Conference Call to be Held on Wednesday, November 5, 2025 at 10:00 a.m. ET

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