AESAES Corporation

Utilities · Power Producers · NYSE

Item 1. - Business is an outline of our strategy and our businesses by SBU, including key financial drivers. 10-K, Item 1

Employees: 982,000
Headquarters: Arlington, VA

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All key numbers (36, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	2.49	Sales (ttm)	13.6B	Net income (ttm)	1.8B	Sales growth	-0.4%	EPS growth	-46.6%	Sales Q/Q	+15.5%
Free cash flow	-1.5B	Gross margin	21.3%	Oper. margin	-	Net margin	13.2%	FCF margin	-11.2%	ROE	31.3%
ROA	3.2%	R&D / sales	-	Dividend	0.70	Debt/Eq	-	Curr. ratio	0.86	Cash	2.0B
Op. cash flow (ttm)	4.9B	Quick ratio	0.79	Payout ratio	55.9%	Tax rate	-241.3%	Stock pay / sales	0.1%	Shares out.	713.6M
Shares Y/Y	+0.1%	Book / share	8.00	Cash / share	2.76	Sales / share	19.02	Asset turnover	0.24	Inventory turns	16.38
Days sales out.	50	Sales 3Y CAGR	-1.0%	Sales 5Y CAGR	+4.8%	EPS 5Y CAGR	+78.3%	Employees	982,000	Sales / employee	14K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

AES against Utilities peers

Ten years, side by side → · All 31 →

AESPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 31 companies, the better end on the right. Hover a dot for the company.

Sales growth

-0.4%31st of 31 · median +9.7%

Net margin

13.2%18th of 31 · median 13.8%

Return on equity

31.3%2nd of 31 · median 10.3%

Free cash flow margin

-11.2%10th of 24 · median -13.7%

AES and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
AES AES Corporation	$13.6B	-0.4%	21.3%	13.2%	31.3%	-11.2%	-
XEL Xcel Energy	$14.9B	+9.1%	-	17.9%	10.5%	-51.2%	1.59
ES Eversource Energy	$14.0B	+13.8%	-	10.4%	8.9%	2.1%	1.78
SRE Sempra	$13.4B	+3.9%	-	14.6%	6.1%	-43.5%	1.13
ETR Entergy	$13.3B	+9.0%	-	13.4%	10.3%	-21.3%	1.96
PEG Public Service Enterprise Group	$12.5B	+18.3%	-	16.0%	11.6%	2.2%	1.42

FY2023FY2024FY2025

From $12.7B of sales to $249.0M of profit

FY2023, from the 10-K income statement

Swipe sideways for the whole flow →

From $12.3B of sales to $1.7B of profit

FY2024, from the 10-K income statement

Swipe sideways for the whole flow →

From $12.2B of sales to $910.0M of profit

FY2025, from the 10-K income statement

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2023

$80$18

FY2024

$81$14

FY2025

$82$11$7

Cost of revenue
Costs, tax, other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 4

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Net margin below the peer median13.2% vs 13.8%
!
Gross margin down over 5 years27.9% → 18.1%
✓
Return on equity above 15%31.3%
!
A profit in 6 of 10 years

Net margin, FY2016 to FY2025: -11.0% → 7.4%

Cash and shareholders

2 of 4

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Free cash flow positive in 5 of 10 years−$1.6B last year
!
Share count up over 5 years+6.9%
✓
Dividend per share up over 5 years$0.58 → $0.70
✓
Cash from operations above net income$4.3B vs $910.0M

Free cash flow, FY2016 to FY2025: 552.0M → -1.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 12.2B Net income 910.0M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

AES's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue12.2B

Net income910.0M

Free cash flow-1.6B

EPS (diluted)1.26

Dividend per share0.70

Diluted shares714.0M

The segments changed

10-K filed 2026-03-02

Compared with the 10-K of Mar 11, 2025: new segment AES Andes .

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Energy Infrastructure	5.4B	44.2%	-13.0%
Utilities	4.1B	33.7%	+14.2%
Renewables	2.9B	23.8%	+11.3%
AES Andes	900.0M	7.4%	-
Corporate Other And Other	149.0M	1.2%	-8.0%
New Energy Technologies	1.0M	0.0%	0.0%

10-K 0000874761-26-000063, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Electricity, Generation	8.2B	67.0%	-6.4%
Non-regulated revenue	7.6B	62.1%	-3.2%
Electric Distribution	4.0B	33.0%	+14.7%
Regulated Revenue	4.0B	32.8%	+14.6%

10-K 0000874761-26-000063, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
UNITED STATES	5.1B	41.3%	+7.8%
CHILE	1.5B	12.4%	-1.2%
Dominican Republic	1.4B	11.1%	-6.1%
El Salvador	1.1B	8.9%	+4.8%
Mexico	760.0M	6.2%	+64.5%
BULGARIA	687.0M	5.6%	+43.7%
Panama	649.0M	5.3%	-2.6%
Colombia	422.0M	3.4%	-38.5%
Puerto Rico	404.0M	3.3%	-5.2%
ARGENTINA	366.0M	3.0%	+15.1%
VIET NAM	321.0M	2.6%	+2.9%
JORDAN	6.0M	0.0%	-78.6%
Other Non-U.S.	1.0M	0.0%	-50.0%
Brazil	0	0.0%	-100%

10-K 0000874761-26-000063, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10.3B	10.5B	10.7B	10.2B	9.7B	11.1B	12.6B	12.7B	12.3B	12.2B
Cost of revenue	7.9B	8.1B	8.2B	7.8B	7.0B	8.4B	10.1B	10.2B	10.0B	10.0B
Gross profit	2.4B	2.5B	2.6B	2.3B	2.7B	2.7B	2.5B	2.5B	2.3B	2.2B
SG&A	194.0M	215.0M	192.0M	196.0M	165.0M	166.0M	207.0M	255.0M	288.0M	241.0M
Interest expense	1.1B	1.2B	1.1B	1.1B	1.0B	911.0M	1.1B	1.3B	1.5B	1.4B
Pretax income	-354.0M	-521.0M	-509.0M	-277.0M	-192.0M	644.0M	96.0M	104.0M	894.0M	75.0M
Income tax	32.0M	990.0M	708.0M	352.0M	216.0M	-133.0M	265.0M	261.0M	59.0M	-181.0M
Net income	-1.1B	-1.2B	1.2B	303.0M	46.0M	-409.0M	-546.0M	249.0M	1.7B	910.0M
EPS (diluted)	-1.72	-1.76	1.81	0.45	0.07	-0.61	-0.82	0.35	2.36	1.26
Diluted shares	660.0M	660.0M	665.0M	667.0M	668.0M	666.0M	668.0M	712.0M	713.0M	714.0M
Depreciation & amortization	1.2B	1.2B	1.0B	1.0B	1.1B	1.1B	1.1B	1.1B	1.3B	1.5B
Gross margin	23.2%	23.4%	24.0%	23.1%	27.9%	24.3%	20.2%	19.8%	18.8%	18.1%
Net margin	-11.0%	-11.0%	11.2%	3.0%	0.5%	-3.7%	-4.3%	2.0%	13.7%	7.4%
Revenue growth	-	+2.4%	+2.0%	-5.1%	-5.2%	+15.3%	+13.2%	+0.4%	-3.1%	-0.4%
EPS growth	-	-	-	-75.1%	-84.4%	-971%	-	-	+574%	-46.6%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	1.2B	949.0M	1.2B	1.0B	1.1B	943.0M	1.4B	1.4B	1.5B	1.4B
Short-term investments	530.0M	424.0M	313.0M	400.0M	335.0M	232.0M	730.0M	395.0M	79.0M	174.0M
Receivables	1.4B	1.5B	1.6B	1.5B	1.3B	1.4B	1.8B	1.4B	1.6B	1.7B
Inventory	622.0M	562.0M	577.0M	487.0M	461.0M	604.0M	1.1B	712.0M	593.0M	612.0M
Current assets	6.4B	6.4B	5.0B	5.2B	5.4B	5.4B	7.6B	6.6B	6.8B	6.5B
Property & equipment	20.4B	20.3B	21.4B	22.6B	22.8B	19.9B	23.0B	30.0B	33.2B	37.8B
Goodwill	1.2B	1.1B	1.1B	1.1B	1.1B	1.2B	362.0M	348.0M	345.0M	342.0M
Total assets	36.1B	33.1B	32.5B	33.6B	34.6B	33.0B	38.4B	44.8B	47.4B	51.8B
Accounts payable	1.2B	1.4B	1.3B	1.3B	1.2B	1.2B	1.7B	2.2B	1.7B	2.0B
Current liabilities	5.3B	6.0B	4.4B	5.1B	5.4B	4.7B	6.5B	9.7B	8.6B	8.5B
Shareholders' equity	2.8B	2.5B	3.2B	3.0B	2.6B	2.8B	2.4B	2.5B	3.6B	4.1B
Retained earnings	-1.1B	-2.3B	-1.0B	-692.0M	-680.0M	-1.1B	-1.6B	-1.4B	293.0M	641.0M

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	2.9B	2.5B	2.3B	2.5B	2.8B	1.9B	2.7B	3.0B	2.8B	4.3B
Capital spending	2.3B	2.2B	2.1B	2.4B	1.9B	2.1B	4.6B	7.7B	7.4B	5.9B
Free cash flow	552.0M	327.0M	222.0M	61.0M	855.0M	-214.0M	-1.8B	-4.7B	-4.6B	-1.6B
Stock-based pay (added back)	10.0M	8.0M	20.0M	22.0M	21.0M	14.0M	23.0M	2.0M	12.0M	14.0M
Dividends paid	290.0M	317.0M	344.0M	362.0M	381.0M	401.0M	422.0M	444.0M	483.0M	501.0M
Buybacks	79.0M	0	0	-	-	-	-	-	-	-
Investing cash flow	-2.1B	-2.6B	-505.0M	-2.7B	-2.3B	-3.1B	-5.8B	-8.2B	-7.7B	-6.2B
Financing cash flow	-747.0M	43.0M	-1.6B	-86.0M	-78.0M	797.0M	3.8B	5.4B	5.0B	2.0B
Dividend per share	0.45	0.49	0.53	0.55	0.58	0.61	0.64	0.67	0.69	0.70

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	10.0M	8.0M	20.0M	22.0M	21.0M	14.0M	23.0M	2.0M	12.0M	14.0M
Stock-based pay / revenue	0.1%	0.1%	0.2%	0.2%	0.2%	0.1%	0.2%	0.0%	0.1%	0.1%
Operating lease cost	-	-	-	46.0M	36.0M	36.0M	46.0M	52.0M	56.0M	54.0M
Operating lease cash paid	-	-	-	48.0M	41.0M	39.0M	54.0M	54.0M	59.0M	59.0M
Finance lease principal paid	-	-	-	-	2.0M	2.0M	22.0M	5.0M	7.0M	21.0M
Right-of-use assets	-	-	300.0M	248.0M	275.0M	278.0M	356.0M	380.0M	372.0M	369.0M
Operating lease liabilities	-	-	-	277.0M	310.0M	314.0M	400.0M	424.0M	418.0M	430.0M
Finance lease liabilities	-	-	-	70.0M	81.0M	134.0M	175.0M	270.0M	571.0M	735.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on AES in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/AES/export.csv") into a cell.