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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $12.2B | $2.9B | $910M | $-1.6B | 22.4% | -0.4% | -45.8% |
| 2024 | $12.3B | $3.6B | $1.7B | $-4.6B | 46.1% | -3.1% | 574.3% |
| 2023 | $12.7B | $2.6B | $249M | $-4.7B | 15.1% | 0.4% | -145.6% |
| 2022 | $12.6B | $2.0B | $-546M | $-1.8B | -34.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 12,617 | 12,668 | 12,278 | 12,233 |
| Operating Revenue | - | 12,617 | 12,668 | 12,278 | 12,233 |
| Cost Of Revenue | - | 10,069 | 10,164 | 9,964 | 10,022 |
| Gross Profit | - | 2,548 | 2,504 | 2,314 | 2,211 |
| Operating Expense | - | 207 | 255 | 288 | 241 |
| Selling General And Administration | - | 207 | 255 | 288 | 241 |
| Total Expenses | - | 10,276 | 10,419 | 10,252 | 10,263 |
| Operating Income | - | 2,341 | 2,249 | 2,026 | 1,970 |
| EBITDA | - | 2,020 | 2,570 | 3,643 | 2,939 |
| Normalized EBITDA | - | 3,636 | 3,923 | 3,614 | 3,357 |
| EBIT | - | 948 | 1,423 | 2,379 | 1,482 |
| Interest Income | - | 389 | 551 | 381 | 287 |
| Interest Expense | - | 1,117 | 1,319 | 1,485 | 1,407 |
| Net Interest Income | - | -728 | -768 | -1,104 | -1,120 |
| Other Non Operating Income Expenses | - | -166 | -24 | -57 | -357 |
| Other Income Expense | - | -1,782 | -1,377 | -28 | -775 |
| Interest Income Non Operating | - | 389 | 551 | 381 | 287 |
| Interest Expense Non Operating | - | 1,117 | 1,319 | 1,485 | 1,407 |
| Net Non Operating Interest Income Expense | - | -728 | -768 | -1,104 | -1,120 |
| Pretax Income | - | -169 | 104 | 894 | 75 |
| Tax Provision | - | 265 | 261 | 59 | -181 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -339.36 | -284.13 | 2.03 | -87.78 |
| Net Income Continuous Operations | - | -505 | -189 | 809 | 201 |
| Net Income From Continuing And Discontinued Operation | - | -546 | 249 | 1,679 | 910 |
| Net Income From Continuing Operation Net Minority Interest | - | -546 | 242 | 1,686 | 949 |
| Net Income | - | -546 | 249 | 1,679 | 910 |
| Net Income Common Stockholders | - | -546 | 249 | 1,679 | 900 |
| Net Income Including Noncontrolling Interests | - | -505 | -182 | 802 | 162 |
| Normalized Income | - | 730.64 | 1,310.87 | 1,659.03 | 1,279.22 |
| Diluted NI Availto Com Stockholders | - | -546 | 249 | 1,679 | 900 |
| Basic Average Shares | - | 665.85 | 669 | 705.46 | 712 |
| Diluted Average Shares | - | 665.85 | 712 | 711.44 | 714 |
| Reconciled Depreciation | - | 1,072 | 1,147 | 1,264 | 1,457 |
| Reconciled Cost Of Revenue | - | 10,069 | 10,164 | 9,964 | 10,022 |
| Total Unusual Items | - | -1,616 | -1,353 | 29 | -418 |
| Total Unusual Items Excluding Goodwill | - | -1,616 | -1,353 | 29 | -418 |
| Minority Interests | - | -41 | 431 | 877 | 748 |
| Net Income Discontinuous Operations | - | 0 | 7 | -7 | -39 |
| Earnings From Equity Interest Net Of Tax | - | -71 | -32 | -26 | -55 |
| Special Income Charges | - | -1,564 | -1,000 | -6 | -344 |
| Gain On Sale Of Business | - | -24 | 134 | 351 | 58 |
| Other Special Charges | - | -5 | 41 | 10 | 27 |
| Write Off | - | 763 | 1,067 | 362 | 272 |
| Impairment Of Capital Assets | - | 777 | 12 | 0 | 0 |
| Restructuring And Mergern Acquisition | - | -8 | -16 | -24 | 89 |
| Gain On Sale Of Security | - | -52 | -353 | 35 | -74 |
| General And Administrative Expense | - | 207 | 255 | 288 | 241 |
| Other Gand A | - | 207 | 255 | 288 | 241 |
| Salaries And Wages | -11 | 0 | 12 | - | - |
| Gain On Sale Of Ppe | - | -13 | -30 | -9 | -14 |
| Otherunder Preferred Stock Dividend | - | - | 0 | 0 | 10 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The AES Corporationthis co. | AES | $10.5B | 11.54↓ discount | 2.59 | 22.4% | 13.28 |
| FirstEnergy Corp. | FE | $26.4B | 25.88 | 2.11 | 8.2% | 12.43 |
| Eversource Energy | ES | $26.3B | 15.53 | 1.62 | 10.4% | 10.25 |
| American Water Works Company, Inc. | AWK | $23.9B | 21.49 | 2.20 | 10.3% | 13.54 |
| NiSource Inc. | NI | $22.0B | 23.65 |
| - |
| - |
| - |
| - |
| - |
| 2.33 |
| 9.8% |
| 12.50 |
| CMS Energy Corporation | CMS | $21.7B | 20.29 | 2.44 | 12.0% | 11.97 |
| Evergy, Inc. | EVRG | $18.9B | 22.06 | 1.85 | 8.4% | 12.50 |
| Alliant Energy Corporation | LNT | $18.4B | 22.76 | 2.51 | 11.0% | 15.05 |
| Pinnacle West Capital Corporation | PNW | $12.2B | 19.75 | 1.73 | 8.7% | 12.43 |
| Peer Median | - | 21.78 | 2.16 | 10.0% | 12.46 | |