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AES Corporation cash flow statement

In fiscal 2025, AES Corporation's operations generated $4.31bn of cash; it spent $5.93bn on capital projects, leaving free cash flow of −$1.62bn. It returned $501m in dividends.

Cash flow statement

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations2,2113,4652,8842,9012,7151,7912,1342,8972,5042,3432,4662,7551,9022,7153,0342,7524,3065,032
Depreciation and amortisation9081,0641,2091,3941,2941,2451,1441,1761,1691,0031,0451,0681,056−1,072−1,147−1,264−1,457−1,633
Stock-based pay——————8108202221142321214—
Capital spending2,5202,3102,4302,1081,9882,0162,3082,3452,1772,1212,4051,9002,1164,5517,7247,3925,9296,752
Free cash flow−3091,155454793727−225−17455232722261855−214−1,836−4,690−4,640−1,623−1,720
Free cash flow after stock pay——————−18254231920239834−228−1,859−4,692−4,652−1,637—
Dividends paid—0030119144276290317344362381401422444483501502
Share buybacks0992793013223084827900————————
Shares issued01,56700——————————————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from AES Corporation's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to AES Corporation.