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AES Corporation (AES) stock

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NYSE: AES NYSE Independent Power Producers & Energy Traders Next results ~November 4, 2026

AES Corporation is a US-listed company in the independent power producers & energy traders industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

AES Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds338 adding, 354 cuttingOf 72 active managers that changed their stake, 39 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter AES files

Where AES stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $13.1bn, up 8.5% on a year earlier, faster than 3.0% a quarter earlier. Free-cash-flow margin rose to -13.2% from -21.2% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 1 financial-health checks.

Our model value for AES is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

AES Corporation's trailing-twelve-month revenue grew 8.5% year on year, with a free-cash-flow margin of -13.2%.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 32.6% while net income grew 103.0%: a 70pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 5.5 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $1.8bn.

Things to watch

  • Burning cash. Free cash flow was -13.2% of revenue over the last 12 months.
  • Insiders selling. 1 insiders sold $211M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was -92% of net income over the last 12 months.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.44 against an average estimate of $0.47: missed by 6.1%
Revenue
$3.42bn, up 19.9% on a year earlier
Guidance given
adjusted EBITDA $2,650m to $2,850m (2025); adjusted EBITDA with Tax Attributes $3,950m to $4,350m (2025)
Next report
November 4, 2026; average EPS estimate $0.73

AES's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week+0.3%
  • 1 month+1.1%
  • This year+9.0%
  • 1 year+12.7%
  • 5 years-27.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$13.1B
Net margin
14.3%
EPS (TTM, diluted)
$2.62

Growth

Revenue growth
+8.5%
Change in growth rate
+5.5 pts
Share count change
+0.3%

Cash

Free cash flow (TTM)
-$1.7B
FCF margin
-13.2%

Earnings

Last results
November 4, 2025

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Announcement
  4. Leadership
  5. Announcement
  6. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

AES Corporation valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value AES Corporation as an utility or power producer, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$54 ~$45–$68 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$38 ~$37–$46 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$19 ~$16–$24 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$14 ~$11–$18 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$18 ~$15–$22 Included
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: This model is withheld pending its input or assumption review.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare AES Corporation with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$6.28$7.93$7.72$10.73$15.26$18.64$19.74$24.03$16.61$11.56$13.67$14.90
Market value$4.3bn$5.2bn$5.1bn$7.1bn$10.2bn$12.4bn$13.1bn$16.0bn$11.8bn$8.2bn$9.8bn$10.7bn
+ Net debt (− = net cash)−$1.2bn−$1.2bn−$949m−$1.2bn−$1.0bn−$1.1bn−$943m−$1.4bn−$1.4bn−$1.5bn−$1.4bn−$1.8bn
Enterprise value$3.1bn$4.0bn$4.1bn$6.0bn$9.1bn$11.4bn$12.2bn$14.7bn$10.4bn$6.7bn$8.4bn$8.9bn
Multiples
Price / sales 0.4x0.5x0.5x0.7x1.0x1.3x1.2x1.3x0.9x0.7x0.8x0.8x
Price / earnings 14.1x——5.9x33.6xn/m——47.5x4.9x10.7x5.7x
Price / free cash flow —9.5x15.6x32.1x166.8x14.6x——————
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

16 /100

Weak moat

How hard AES's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.1% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 21.7%, moving by 3.2 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Net margin has been a median 0.4%; its worst year was -7.1%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -2.7% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 6.9% over five years.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (21 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $3.4bn and EPS of $0.73 (range $0.53 to $0.93) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.29 −2% $13.6bn +11%
Next $2.38 +4% $13.4bn −1%

Next year's EPS estimate has moved +0.2% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.0% on 90 days ago. In the last 30 days, 0 analysts raised AES Corporation's forecast and 0 cut it.

Consensus EPS forecast AES Corporation, last 90 days
$2.25 $2.30 $2.35 $2.40 90 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.29 Current fiscal year, 30 days ago: $2.30 Current fiscal year, 7 days ago: $2.30 Current fiscal year, Now: $2.29 $2.29 Next fiscal year, 90 days ago: $2.38 Next fiscal year, 60 days ago: $2.38 Next fiscal year, 30 days ago: $2.37 Next fiscal year, 7 days ago: $2.37 Next fiscal year, Now: $2.38 $2.38

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.29$2.38
30 days ago $2.30$2.38
7 days ago $2.30$2.37
Now $2.29$2.37

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.47 $0.44 −6.1%
Mar 2026 $0.37 $0.77 +108.3%
Dec 2025 $0.61 $0.81 +33.0%
Sept 2025 $0.77 $0.75 −2.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, November 4, 2025
  • Adjusted EPS 2025 $2.10 to $2.26 Non-GAAP Maintained
    “The Company is reaffirming its 2025 Adjusted EPS 9 guidance of $2.10 to $2.26.” source
  • annualized growth target for Adjusted EPS through 2025 7% growth to 9% growth Non-GAAP Maintained
    “The Company is reaffirming its annualized growth target for Adjusted EPS 9 of 7% to 9% through 2025, from a base year of 2020.” source
  • annualized growth target for Adjusted EPS through 2027 7% growth to 9% growth Non-GAAP Maintained
    “The Company is also reaffirming its annualized growth target for Adjusted EPS 8 of 7% to 9% through 2027, from a base of its 2023 guidance of $1.65 to $1.75.” source
  • Adjusted EBITDA 2025 $2,650m to $2,850m Non-GAAP Maintained
    “The Company is reaffirming its 2025 guidance for Adjusted EBITDA 4 of $2,650 to $2,850 million.” source
  • Adjusted EBITDA with Tax Attributes 2025 $3,950m to $4,350m Non-GAAP Maintained
    “The Company is reaffirming its expectation that 2025 Adjusted EBITDA with Tax Attributes 7,8 of $3,950 to $4,350 million.” source
  • 2025 capex plan at our US utilities 2025 about $1.4bn
    “We are also on track with our $1.4 billion 2025 capex plan at our US utilities, which will deliver important upgrades to our customers.” source
Show 1 more item
  • annualized growth in Adjusted EBITDA through 2027 5% growth to 7% growth Non-GAAP Maintained
    “The Company is reaffirming its expectation for annualized growth in Adjusted EBITDA 7 of 5% to 7% through 2027, from a base of its 2023 guidance of $2,600 to $2,900 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

9 analysts, Oct 2026
Buy00%
Hold9100%
Sell00%

Monthly trend

  1. Oct 202699
  2. Sep 202699
  3. Aug 20261010
  4. Jul 20261010

Counts of recommendations published by analysts covering AES Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.9%
of tradable shares
Days to cover
2.23
at average volume
Short interest, 1 month
+11%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
0.6%
of shares
Employees
8,336
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +12.7%

$13.22 on October 31, 2025 to $14.90

ThenNowEffect
Revenue (last 12 months) $12.0bn $13.1bn +8.5%
Net margin 7.7% 14.3% +87.1%
P/E multiple 10.2x 5.7x −44.3%
Share count 713m 715m −0.3%

Biggest factor: net margin.

Last 3 years +2.9%

$14.49 on November 3, 2023 to $14.90

ThenNowEffect
Revenue (last 12 months) $13.0bn $13.1bn +0.8%
P/S multiple 0.7x 0.8x +9.2%
Share count 669m 715m −6.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AES+6%+22%−31%−30%+18%+9%
Industry peers (median)————+66%−44%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AES67%50%33%42%75%82%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AES−20%−27%−56%−42%−26%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 63% from December 13, 2022 to April 21, 2025. Getting back needed a 173% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$12.81 – $16.67
From 52-week high
−10.6%
vs 50-day average
+1.3%
vs 200-day average
+3.4%
Volatility (1 year)
26%
Beta vs S&P 500
0.30

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.3%
After a week
7 up, 5 down
typical move ±6.0%
After a month
7 up, 5 down
typical move ±10.5%
Results releasedNext dayS&P 500 next day5 days21 days
November 4, 2025 +4.4% −0.8% +4.8% +2.3%
August 1, 2025 +3.5% −0.1% +1.1% +3.4%
May 1, 2025 +3.6% +2.2% +10.1% +3.6%
February 28, 2025 +7.8% −0.2% +8.4% +19.7%
October 31, 2024 −9.5% −1.5% −16.0% −19.9%
August 1, 2024 −2.8% −3.3% −5.5% −2.8%
May 2, 2024 +2.8% +2.2% +10.0% +14.3%
February 26, 2024 −5.6% −0.2% +0.4% +4.0%
November 2, 2023 +13.1% +2.8% +5.3% +21.1%
August 3, 2023 −6.7% −0.7% −6.8% −15.0%
May 4, 2023 +1.0% +1.1% −1.9% −10.6%
February 27, 2023 −2.5% 0.0% −1.3% −9.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) AES Corporation
$12B $12.5B $13B $13.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $12.8B Revenue (TTM), FY23 Q4: $12.7B Revenue (TTM), FY24 Q1: $12.5B Revenue (TTM), FY24 Q2: $12.4B Revenue (TTM), FY24 Q3: $12.3B Revenue (TTM), FY24 Q4: $12.3B Revenue (TTM), FY25 Q1: $12.1B Revenue (TTM), FY25 Q2: $12B Revenue (TTM), FY25 Q3: $12.1B Revenue (TTM), FY25 Q4: $12.2B Revenue (TTM), FY26 Q1: $12.5B Revenue (TTM), FY26 Q2: $13.1B $13.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $12.8B
FY23 Q4 $12.7B
FY24 Q1 $12.5B
FY24 Q2 $12.4B
FY24 Q3 $12.3B
FY24 Q4 $12.3B
FY25 Q1 $12.1B
FY25 Q2 $12B
FY25 Q3 $12.1B
FY25 Q4 $12.2B
FY26 Q1 $12.5B
FY26 Q2 $13.1B
Revenue growth, TTM YoY AES Corporation
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 3.5% Revenue growth, TTM YoY, FY23 Q4: 0.4% Revenue growth, TTM YoY, FY24 Q1: -3.8% Revenue growth, TTM YoY, FY24 Q2: -4.0% Revenue growth, TTM YoY, FY24 Q3: -3.7% Revenue growth, TTM YoY, FY24 Q4: -3.1% Revenue growth, TTM YoY, FY25 Q1: -3.2% Revenue growth, TTM YoY, FY25 Q2: -3.2% Revenue growth, TTM YoY, FY25 Q3: -1.5% Revenue growth, TTM YoY, FY25 Q4: -0.4% Revenue growth, TTM YoY, FY26 Q1: 3.0% Revenue growth, TTM YoY, FY26 Q2: 8.5% 8.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 3.5%
FY23 Q4 0.4%
FY24 Q1 -3.8%
FY24 Q2 -4.0%
FY24 Q3 -3.7%
FY24 Q4 -3.1%
FY25 Q1 -3.2%
FY25 Q2 -3.2%
FY25 Q3 -1.5%
FY25 Q4 -0.4%
FY26 Q1 3.0%
FY26 Q2 8.5%
FCF margin (TTM) AES Corporation
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -29.5% FCF margin (TTM), FY23 Q4: -37.0% FCF margin (TTM), FY24 Q1: -44.9% FCF margin (TTM), FY24 Q2: -45.3% FCF margin (TTM), FY24 Q3: -46.4% FCF margin (TTM), FY24 Q4: -37.8% FCF margin (TTM), FY25 Q1: -28.8% FCF margin (TTM), FY25 Q2: -21.2% FCF margin (TTM), FY25 Q3: -18.3% FCF margin (TTM), FY25 Q4: -13.3% FCF margin (TTM), FY26 Q1: -11.8% FCF margin (TTM), FY26 Q2: -13.2% -13.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -29.5%
FY23 Q4 -37.0%
FY24 Q1 -44.9%
FY24 Q2 -45.3%
FY24 Q3 -46.4%
FY24 Q4 -37.8%
FY25 Q1 -28.8%
FY25 Q2 -21.2%
FY25 Q3 -18.3%
FY25 Q4 -13.3%
FY26 Q1 -11.8%
FY26 Q2 -13.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 13.1 15.4 16.1 17.2 15.9 16.1 11.3 10.3 10.5 10.7 10.2 9.7 11.1 12.6 12.7 12.3 12.2 13.1
Gross profit 3.4 3.8 4.0 3.6 3.2 3.0 2.7 2.4 2.5 2.6 2.3 2.7 2.7 2.5 2.5 2.3 2.2 2.6
Net income 0.7 0.0 0.1 −0.9 0.1 0.8 0.3 −1.1 −1.2 1.2 0.3 0.0 −0.4 −0.5 0.2 1.7 0.9 1.9
Diluted EPS $0.98 $0.01 $0.07 −$1.21 $0.15 $1.06 $0.44 −$1.72 −$1.76 $1.81 $0.45 $0.07 −$0.61 −$0.82 $0.35 $2.36 $1.26 $2.62
Growth (year on year)
Revenue — +17.8% +4.2% +6.6% −7.4% +1.5% −30.2% −8.7% +2.4% +2.0% −5.1% −5.2% +15.3% +13.2% +0.4% −3.1% −0.4% +8.5%
Net income — −98.6% — — — — −60.2% −469.3% — — −74.8% −84.8% — — — — −45.8% +103.0%
Diluted EPS — −99.0% — — — — −58.5% −490.9% — — −75.1% −84.4% — — — — −46.6% +102.4%
Margins
Gross margin 25.6% 24.7% 25.1% 20.9% 20.4% 18.5% 23.7% 23.2% 23.4% 24.0% 23.1% 27.9% 24.3% 20.2% 19.8% 18.8% 18.1% 20.3%
Net margin 5.0% 0.1% 0.4% −5.3% 0.7% 4.8% 2.7% −11.0% −11.0% 11.2% 3.0% 0.5% −3.7% −4.3% 2.0% 13.7% 7.4% 14.3%
Free-cash-flow margin −2.4% 7.5% 2.8% 4.6% 4.6% −1.4% −1.5% 5.4% 3.1% 2.1% 0.6% 8.9% −1.9% −14.6% −37.0% −37.8% −13.3% −13.2%
Cash flow
Cash from operations 2.2 3.5 2.9 2.9 2.7 1.8 2.1 2.9 2.5 2.3 2.5 2.8 1.9 2.7 3.0 2.8 4.3 5.0
Capital spending 2.5 2.3 2.4 2.1 2.0 2.0 2.3 2.3 2.2 2.1 2.4 1.9 2.1 4.6 7.7 7.4 5.9 6.8
Free cash flow −0.3 1.2 0.5 0.8 0.7 −0.2 −0.2 0.6 0.3 0.2 0.1 0.9 −0.2 −1.8 −4.7 −4.6 −1.6 −1.7
Stock-based pay — — — — — — 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 —
Free cash flow after stock pay — — — — — — −0.2 0.5 0.3 0.2 0.0 0.8 −0.2 −1.9 −4.7 −4.7 −1.6 —
Balance sheet
Cash 1.7 2.4 1.6 1.9 1.6 1.4 1.2 1.2 0.9 1.2 1.0 1.1 0.9 1.4 1.4 1.5 1.4 1.8
Total debt 0.0 0.0 0.0 0.0 — — — 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net debt (negative = net cash) −1.7 −2.4 −1.6 −1.9 −1.6 −1.4 −1.2 −1.2 −0.9 −1.2 −1.0 −1.1 −0.9 −1.4 −1.4 −1.5 −1.4 −1.8
Diluted shares 670m 774m 783m 755m 748m 724m 689m 660m 660m 665m 667m 668m 666m 668m 712m 713m 714m 715m
Returned to shareholders
Dividends — 0.0 0.0 0.0 0.1 0.1 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5
Buybacks 0.0 0.1 0.3 0.3 0.3 0.3 0.5 0.1 0.0 0.0 — — — — — — — —
Total returned 0.0 0.1 0.3 0.3 0.4 0.5 0.8 0.4 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 1 checks passed · June 30, 2026
What it owns · $54.2bn
Short-term assets $6.4bnLonger-term assets $47.8bn
What it owes, and who funded it · $13.5bn
Short-term liabilities $8.6bnShareholders' equity $4.9bn
  • Short-term assets cover short-term liabilities $6.4bn of assets due within a year against $8.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From AES Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$502M
Diluted share count
+0.3%
year over year
Total shareholder yield
4.7%
dividends 4.7% + buybacks 0.0% of market value
Dividend payout ratio
27%
of net income paid out
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in independent power producers & energy traders
Last 12 months unless stated AES NRG TLN TAC KEN HNRG Median
Revenue, last 12 months $13.1bn $33.1bn $3.4bn $1.7bn $872m $452m $2.6bn
Revenue growth, last 12 months 8.5% 12.8% 60.8% −17.1% 16.1% 7.9% 10.6%
Revenue growth, 3-year average 0.3% 2.9% −8.5% — — −8.3% −4.0%
Revenue growth, latest quarter 19.9% 11.0% 18.6% — — −1.3% 14.8%
Gross margin 20.3% 25.9% — 59.0% 16.8% 23.9% 23.9%
Operating margin — 6.1% 2.6% 5.8% 7.2% 3.7% 5.8%
Operating margin, 3-year average — 7.7% 5.5% 1.0% 7.8% −13.1% 5.5%
Net margin 14.3% 2.6% −5.4% −5.7% 7.6% −0.2% 1.2%
Cash from operations / revenue 38.5% 4.7% 23.2% 26.9% 32.5% 6.2% 25.0%
Free-cash-flow margin −13.2% 1.1% 16.5% 16.0% 19.2% −11.2% 8.6%
Free-cash-flow margin, 3-year average −26.6% 3.9% 11.5% 15.0% 21.4% −2.9% 7.7%
Stock pay / revenue — 0.4% 16.5% — 5.0% 1.0% 3.0%
Change in share count 0.3% −0.2% −8.5% −1.7% −1.1% 5.3% −0.7%

Median of all 6 companies we cover in independent power producers & energy traders. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Electricity Generation $8.2B ▼ 6.4%
Nonregulatedrevenue $7.6B ▼ 3.2%
Electric Distribution $4B ▲ 14.7%
Regulated Revenue $4B ▲ 14.6%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue YoY
Total Outside the US $7.2B ▼ 5.4%
United States $5.1B ▲ 7.8%
CL $1.5B ▼ 1.2%
DO $1.4B ▼ 6.1%
SV $1.1B ▲ 4.8%
Mexico $760M ▲ 64.5%
BG $687M ▲ 43.7%
PA $649M ▼ 2.6%
CO $422M ▼ 38.5%
PR $404M ▼ 5.2%
AR $366M ▲ 15.1%
VN $321M ▲ 2.9%
JO $6M ▼ 78.6%
Other Outside the US $1M ▼ 50.0%
Brazil $0 ▼ 100.0%

These categories overlap or exclude eliminations, so shares aren't shown.

From AES Corporation's 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9.4B
Institutions reporting
696
Shares held vs prior quarter
▲ 1.3%
Positions opened / closed
71 / 110

Top buyers and sellers, Q2 2026: 338 institutions bought and 354 sold ; the biggest buyer was Balyasny Asset Management L.P (+23.5M shares) and the biggest seller Ameriprise Financial Inc (−26.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $722M 49.3M 7.7% ▲ 4.5%
Vanguard Capital Management LLC $682M 46.5M 7.3% ▲ 0.5%
State Street Corp $629M 42.9M 6.7% ▼ 0.2%
Vanguard Portfolio Management LLC $519M 35.4M 5.5% ▼ 0.4%
Balyasny Asset Management L.P. $508M 34.6M 5.4% ▲ 209.7%
Geode Capital Management, LLC $368M 25.1M 3.9% ▲ 2.5%
Millennium Management LLC $312M 21.3M 3.3% ▲ 114.6%
Morgan Stanley $308M 21.0M 3.3% ▼ 13.6%
Invesco Ltd. $272M 18.5M 2.9% ▲ 1.6%
Goldman Sachs Group Inc $215M 14.6M 2.3% ▲ 13.8%
Citadel Advisors LLC $201M 13.7M 2.1% ▲ 519.2%
AQR Arbitrage LLC $200M 13.7M 2.1% ▲ 66.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not AES Corporation's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $211M 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $211M net selling
Insider Date Trade Shares Price Value
Aes Corp 10% owner May 15, 2026 Sell 10,066,414 $21.00 $211M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

No trades in AES Corporation disclosed in the last 12 months; 6 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded February 25, 2025, filed March 27, 2025
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded February 12, 2025, filed March 12, 2025
  • Jonathan L. Jackson(D-IL 1):Sale (full), $15,001 - $50,000, traded September 19, 2024, filed October 11, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2026 estimated from the company's past filing pattern, not announced

  • November 4, 2025
  • August 1, 2025
  • May 1, 2025
  • February 28, 2025
  • October 31, 2024
  • August 1, 2024

Recent SEC filings

Data status

When each part of this page on AES Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

AES Corporation in brief

What does AES Corporation do?
AES Corporation is a US-listed company in the independent power producers & energy traders industry. Its financial year ends in December.
What is AES Corporation's stock ticker?
AES Corporation trades under the ticker AES on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is AES Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, AES Corporation reported revenue of $13.1B, 8.5% higher than a year earlier, according to its SEC filings.
What is AES Corporation's free cash flow?
AES Corporation's free-cash-flow margin is -13.2% of revenue over the trailing twelve months.
Who are AES Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is AES Corporation's market cap?
On November 2, 2026, AES Corporation's market capitalisation was about $10.7B, with a price-to-earnings ratio of 5.7 and net debt of -$1.8B. Market figures come from third-party market data and may be delayed.
Does AES Corporation pay a dividend?
Yes: AES Corporation paid $502M in dividends over the trailing twelve months, a dividend yield of 4.72% and a payout ratio of 26.8%.
Who are AES Corporation's competitors?
In our Independent Power Producers & Energy Traders peer group, the companies closest to AES Corporation are NRG Energy, Talen Energy Corp, Transalta Corp, Kenon Holdings Ltd. and Hallador Energy Co. The side-by-side comparison below sets their revenue, margins and growth against AES Corporation's.
Are insiders buying or selling AES Corporation stock?
Over the last 12 months, AES Corporation's directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is AES Corporation's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — AES Corporation announces its own schedule.