AES Corp. (AES) financials — revenue, cash, debt and margins

Key figures

Trailing twelve months where a flow is involved, latest reported balance where it is not.

Valuation

Market cap: $10.6B
P/E (TTM): 5.67
Price / sales: 0.81
EV / EBITDA: —
Price / book: 2.15

Cash flow

FCF yield: -16.2%
SBC-adjusted FCF yield: -15.4%
SBC impact: —
Stock compensation (TTM): $14M

Margins & growth

Profit margin: 14.3%
Operating margin: —
Quarterly revenue (year on year): 19.9%
Quarterly earnings (year on year): —

Balance sheet

Cash & investments: $1.9B
Debt: $1.2B
Net cash / (debt): $688M

Where the revenue comes from

Electricity Generation is 67% of revenue.

By product or service

Year to Dec 31, 2025 · $12.2B

Electricity Generation67%
$8.2B-6.4% vs. a year earlier
Electric Distribution33%
$4B+14.7% vs. a year earlier

By business segment

Year to Dec 31, 2025 · $13.5B

Energy Infrastructure40%
$5.4B-13.0% vs. a year earlier
Utilities31%
$4.1B+14.2% vs. a year earlier
Renewables22%
$2.9B+11.3% vs. a year earlier
AES Andes7%
$900M
Corporate Other and Other1%
$149M-8.0% vs. a year earlier
New Energy Technologies0.01%
$1M0.0% vs. a year earlier

These lines account for 110% of revenue. Each breakdown reconciles to the total by its own route, so they need not agree with one another.

By region

Year to Dec 31, 2025 · $12.2B

United States41%
$5.1B+7.8% vs. a year earlier
Chile12%
$1.5B-1.2% vs. a year earlier
Dominican Republic11%
$1.4B-6.1% vs. a year earlier
El Salvador9%
$1.1B+4.8% vs. a year earlier
Mexico6%
$760M+64.5% vs. a year earlier
Bulgaria6%
$687M+43.7% vs. a year earlier
Panama5%
$649M-2.6% vs. a year earlier
Colombia3%
$422M-38.5% vs. a year earlier
Argentina3%
$366M+15.1% vs. a year earlier
Vietnam3%
$321M+2.9% vs. a year earlier
Jordan0.05%
$6M-78.6% vs. a year earlier

What it owns and what it owes

Both on one scale, because both are money — the bar that is taller is the one that matters.

Cash and debt

Cash & InvestmentsTotal Debt

Cash counts short-term investments, not just the bank balance — technology companies park most of it in marketable securities, and leaving those out understates it several times over. Debt includes lease obligations.

Where the money goes

Cost of RevenueR&D ExpenseSG&A Expense

Only the three costs filers report consistently. Anything a company does not break out sits outside these bands, so the stack is not the whole cost base.

The rest of the series

Not on the overview because five charts is as much as one decision needs — but here in full, on one period switch. Each bar sums the four quarters ending there — a full year, brought up to today.

Total Revenue

$13.05BQ2 2026+4.5%

1Y: +8.49%2Y: +5.03%5Y: +25.04%

Everything the company sold, before any costs. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit

$1.87BQ2 2026+38.6%14.3% of revenue

1Y: +103.04%2Y: +121.54%5Y: +1,486.67%

What was left after every cost, including tax. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit margin

14.3%Q2 2026+32.5%

How much of every dollar of sales the company keeps as profit. A grocer keeps a few cents; a software company can keep half. Each point covers the four quarters ending there — a full year, brought up to today.

Free Cash Flow

-$1.72BQ2 2026-16.3%

1Y: +32.58%2Y: +69.48%5Y: -385.71%

Cash left over after running and maintaining the business. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit per share

$2.62Q2 2026+40.1%

1Y: +103.10%2Y: +122.03%5Y: +1,347.62%

The same profit, split across every share. If this lags the profit chart above, the company is issuing shares and your slice is getting smaller. Restated onto today’s share count, so stock splits do not show as jumps. Each bar sums the four quarters ending there — a full year, brought up to today.

Shares outstanding

714.5MQ2 2026+0.1%

How many shares the profit is divided across. Rising is dilution; falling is the company buying itself back. Restated onto today’s basis, so splits do not show as jumps. Each point covers the four quarters ending there — a full year, brought up to today.

Price to earnings

7.7xQ2 2026-28.7%

7.7x today · median 15.3x and range 4.9x–47.8x across the points shown, Q1 2019 to Q2 2026 The breaks in the line cover 12 periods with no meaningful multiple — a loss, or earnings so small the ratio says more about the denominator than the price.

Paid per unit of yearly profit. Periods with a loss, or profits too small for the ratio to mean anything, are left out — the line breaks rather than drawing through them. Each point covers the four quarters ending there — a full year, brought up to today.

Dividends paid

$502MQ2 2026+0.2%

1Y: +1.41%2Y: +9.13%5Y: +28.39%

Cash handed to shareholders. A flat line at zero means the company pays none. Each bar sums the four quarters ending there — a full year, brought up to today.

About AES Corp.

Ticker: AES
SEC classification: Cogeneration Services & Small Power Producers (4991)
Listed on: NYSE
Incorporated in: DE
Financial year ends: December 31
Filer size: Large accelerated filer

About this data

Everything above comes from AES Corp.’s own filings with the SEC, as reported. No estimates, no analyst figures, nothing adjusted.

Not reported by this filer: R&D Expense, Total Operating Expenses, Operating Income, Interest Income, Net Interest Income, Non-interest Income, Non-interest Expense, Provision for Credit Losses, Deposits, Total Liabilities, Long-term Debt (noncurrent), Long-term Debt (current), Short-term Borrowings, and Borrowings (total). Companies choose which XBRL tags to use, and anything untagged cannot be recovered — so these are blank rather than guessed.