AES develops, operates and owns electric generation and utilities, according to its 10-K for 2025. It owns and/or operates a generation portfolio of 34,740 MW, its six utility businesses distribute power to 2.7 million customers, and it reports four segments: Renewables, Utilities, Energy Infrastructure and New Energy Technologies.

Is AES being acquired?

Yes, under a merger agreement of March 1, 2026 with Horizon Parent, L.P., controlled by investment vehicles affiliated with funds managed or advised by Global Infrastructure Management, LLC (GIP, part of BlackRock) and the EQT Infrastructure VI fund, stockholders would receive $15.00 in cash per share. Stockholders approved it on June 26, 2026, and CFIUS (August 27, 2026) and the Ohio commission (September 17, 2026) have approved it; AES said other regulatory approvals and conditions remain (Forms 8-K).

Which AES segment is the largest?

By 2025 revenue, Energy Infrastructure, with $5,402 million, against $6,207 million in 2024. Utilities had $4,122 million, Renewables $2,913 million and New Energy Technologies $1 million. By segment Adjusted EBITDA, a non-GAAP measure, Energy Infrastructure also led with $1,130 million, followed by Renewables at $932 million and Utilities at $863 million (10-K).

Does AES pay a dividend?

Yes. It paid $0.17595 per share in each quarter of 2025 and $501 million of dividends on its common stock that year (10-K). The March 2, 2026 merger announcement said dividends were expected to continue in the ordinary course until closing.

Andrés Gluski is Chairman of the Board and Chief Executive Officer and Stephen Coughlin is Executive Vice President and Chief Financial Officer; both certified the 10-Q for the quarter ended June 30, 2026. Ricardo Falú became President and Juan Ignacio Rubiolo Executive Vice President and Chief Operating Officer effective March 2, 2026 (Form 8-K).

DalsnaFinance Account

AES Corporation $AES

Utilities · Independent Power Producers & Energy Traders · NYSE/NASDAQ

Profile updated Oct 14, 2026

S&P 500 Russell 1000 Virginia

Create a scorecard

$14.97

+0.01 (+0.07%)

As of Oct 20, 2026, 6:42 PM EDT · cached

Price history

Loading chart…

Key facts

52-week range (closes): $13.44 – $17.28 Lowest close Nov 4, 2025, highest Feb 27, 2026; 251 daily closes to Oct 13, 2026 from Dalsna Finance's price archive
Fiscal year ends: December Fiscal 2025 ended Dec 31, 2025, from SEC filings
In the S&P 500 since: Oct 2, 1998 · All S&P 500 changes

AES Corporation (AES) is trading up at $14.97 (+0.07%) on NYSE/NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Utilities sector.

AES Corporation revenue & net income history (FY2016–FY2025)

RevenueNet incomeNet margin (right axis, %)

AES Corporation annual financial statements
	FY2016Dec 2016	FY2017Dec 2017	FY2018Dec 2018	FY2019Dec 2019	FY2020Dec 2020	FY2021Dec 2021	FY2022Dec 2022	FY2023Dec 2023	FY2024Dec 2024	FY2025Dec 2025
Income statement
Revenue	$10.3B	$10.5B	$10.7B	$10.2B	$9.66B	$11.1B	$12.6B	$12.7B	$12.3B	$12.2B
Growth (year over year)	−8.7%	+2.4%	+2.0%	−5.1%	−5.2%	+15.3%	+13.2%	+0.4%	−3.1%	−0.4%
Gross profit	$2.38B	$2.46B	$2.57B	$2.35B	$2.69B	$2.71B	$2.55B	$2.50B	$2.31B	$2.21B
Gross margin	23.2%	23.4%	24.0%	23.1%	27.9%	24.3%	20.2%	19.8%	18.8%	18.1%
Net income	−$1.13B	−$1.16B	$1.20B	$303.0M	$46.0M	−$409.0M	−$546.0M	$249.0M	$1.68B	$910.0M
Net margin	−11.0%	−11.0%	11.2%	3.0%	0.5%	−3.7%	−4.3%	2.0%	13.7%	7.4%
EPS (diluted)	−$2.58	−$2.64	$2.71	$0.68	$0.10	−$0.92	−$0.82	$0.35	$2.36	$1.26
Balance sheet
Cash and equivalents	$1.24B	$949.0M	$1.17B	$1.03B	$1.09B	$943.0M	$1.37B	$1.43B	$1.52B	$1.38B
Total assets	$36.1B	$33.1B	$32.5B	$33.6B	$34.6B	$33.0B	$38.4B	$44.8B	$47.4B	$51.8B
Total liabilities	$30.4B	$28.3B	$26.9B	$28.4B	$29.9B	$28.4B	$33.9B	$38.8B	$39.7B	$42.7B
Shareholders' equity	$2.79B	$2.46B	$3.21B	$3.00B	$2.63B	$2.80B	$2.44B	$2.49B	$3.64B	$4.06B
Cash flow
Operating cash flow	$2.90B	$2.50B	$2.34B	$2.47B	$2.75B	$1.90B	$2.71B	$3.03B	$2.75B	$4.31B
Capital expenditure	$2.35B	$2.18B	$2.12B	$2.40B	$1.90B	$2.12B	$4.55B	$7.72B	$7.39B	$5.93B
Free cash flow	$552.0M	$327.0M	$222.0M	$61.0M	$855.0M	−$214.0M	−$1.84B	−$4.69B	−$4.64B	−$1.62B
Dividends paid	$290.0M	$317.0M	$344.0M	$362.0M	$381.0M	$401.0M	$422.0M	$444.0M	$483.0M	$501.0M
Share buybacks	$79.0M	$0	$0	—	—	—	—	—	—	—

RevenueNet incomeNet margin (right axis, %)

AES Corporation quarterly financial statements
	Q3 FY24Sep 2024	Q4 FY24^†Dec 2024	Q1 FY25Mar 2025	Q2 FY25Jun 2025	Q3 FY25Sep 2025	Q4 FY25^†Dec 2025	Q1 FY26Mar 2026	Q2 FY26Jun 2026
Income statement
Revenue	$3.29B	$2.96B	$2.93B	$2.85B	$3.35B	$3.10B	$3.18B	$3.42B
Growth (year over year)	−4.2%	−0.2%	−5.2%	−3.0%	+1.9%	+4.7%	+8.7%	+19.9%
Gross profit	$722.0M	$420.0M	$441.0M	$453.0M	$735.0M	$582.0M	$640.0M	$692.0M
Gross margin	22.0%	14.2%	15.1%	15.9%	21.9%	18.8%	20.1%	20.2%
Net income	$504.0M	$467.0M	$46.0M	−$95.0M	$639.0M	$320.0M	$487.0M	$426.0M
Net margin	15.3%	15.8%	1.6%	−3.3%	19.1%	10.3%	15.3%	12.4%
EPS (diluted)	$0.71	$0.66	$0.07	−$0.15	$0.89	$0.45	$0.68	$0.60
Balance sheet
Cash and equivalents	$1.92B	$1.52B	$1.75B	$1.35B	$1.76B	$1.38B	$1.60B	$1.80B
Total assets	$50.3B	$47.4B	$48.6B	$48.5B	$50.8B	$51.8B	$52.8B	$54.2B
Total liabilities	$42.4B	$39.7B	$40.9B	$40.9B	$42.4B	$42.7B	$43.5B	$44.5B
Shareholders' equity	$3.38B	$3.64B	$3.47B	$3.37B	$3.87B	$4.06B	$4.42B	$4.94B
Cash flow
Operating cash flow	$985.0M	$1.09B	$545.0M	$976.0M	$1.30B	$1.49B	$1.20B	$1.05B
Capital expenditure	$1.83B	$1.73B	$1.25B	$1.33B	$1.81B	$1.53B	$1.77B	$1.64B
Free cash flow	−$847.0M	−$639.0M	−$709.0M	−$356.0M	−$511.0M	−$47.0M	−$565.0M	−$597.0M
Dividends paid	$123.0M	$122.0M	$125.0M	$125.0M	$126.0M	$125.0M	$125.0M	$126.0M

From AES Corporation's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →

AES Corporation vs the Utilities sector and the S&P 500

AES Corporation's latest reported figures next to the median of the other 30 S&P 500 Utilities companies and of the other 502 S&P 500 companies; each median is taken over the companies with a comparable figure (counts in the footnote). A median is the middle value, not an average, so one very large company does not move it.

AES Corporation compared with the median Utilities company and the median S&P 500 company
Measure	AES Corporation	Utilities (30 other S&P 500 companies)	S&P 500 (502 other companies)
Revenue growth, latest fiscal year	−0.4%	+9.7%	+7.0%
Net margin, latest fiscal year	7.4%	13.7%	13.0%
Dividend per share, latest fiscal year	$0.70	$2.55	$2.40
Share price change, 1 year	+4.0%	−6.3%	+7.5%

AES Corporation: fiscal year ended December 2025, from its 10-K and 10-Q filings with the SEC. Medians computed October 20, 2026 from each company's latest annual filing (fiscal years ending between July 2025 and September 2026) and our price archive. Prices for every company, AES Corporation included, are the last regular-session prices of October 20, 2026; the 1-year change compares that price with each company's last close on or before October 20, 2025. Net margin and price change are our calculations from reported figures. Each median counts only the companies with a comparable figure (sector / S&P 500): revenue growth 30/496, net margin 30/496, dividend per share 28/349, 1-year price change 30/488; the reasons below can overlap. 14 are left out of the price figure because our archive holds no comparable close for them; dividend medians are among the 28 sector and 349 S&P 500 companies reporting a per-share dividend. The S&P 500 price figure is the middle company's change, not the index's return.

About AES Corporation

The AES Corporation is an American utility and power generation company. It owns and operates power plants, which it uses to generate and sell electricity to end users and intermediaries like utilities and industrial facilities. AES, headquartered in Arlington, Virginia, is one of the world's leading power companies, generating and distributing electric power in 15 countries and employing 10,500 people worldwide. AES Corporation is a global Fortune 500 power company.

Source: Wikipedia — AES Corporation

Headquarters: Arlington, Virginia From SEC filings, Oct 2026

Company profile

The AES Corporation, a Delaware corporation with its principal executive offices at 4300 Wilson Boulevard in Arlington, Virginia, describes itself in its annual report for fiscal 2025 (Form 10-K) as a next-generation energy company with over four decades of experience developing, operating and owning electric generation and utilities. It says it currently owns and/or operates a generation portfolio of 34,740 MW and that its six utility businesses distribute power to 2.7 million customers. Its fiscal year ends December 31 and its common stock trades on the New York Stock Exchange as AES (10-K).

AES is organized into four technology-oriented strategic business units (SBUs), which are its four reportable segments: Renewables (solar, wind, energy storage and hydro generation facilities), Utilities (AES Indiana, AES Ohio and AES El Salvador regulated utilities and their generation facilities), Energy Infrastructure (natural gas, LNG, coal, pet coke, diesel and oil generation facilities) and New Energy Technologies (investments in Fluence, Maximo and other new and innovative energy technology businesses). The 10-K says 59% of its 2025 revenue was generated outside the U.S.

For 2025 the consolidated statements of operations report revenues of $12,233 million, against $12,278 million in 2024 and $12,668 million in 2023. Net income was $162 million, against $802 million in 2024, and net income attributable to The AES Corporation was $910 million, and diluted earnings per share (net income available to The AES Corporation common stockholders) were $1.26, against $1,679 million and $2.36 in 2024. Asset impairment expense was $224 million, against $374 million in 2024. Net cash provided by operating activities was $4,306 million and capital expenditures were $5,929 million (10-K).

On March 1, 2026 AES agreed to be acquired by Horizon Parent, L.P., controlled by investment vehicles affiliated with funds managed or advised by Global Infrastructure Management, LLC and the EQT Infrastructure VI fund, for $15.00 in cash per share (10-K, Subsequent Events note). The March 2, 2026 announcement put the total equity value at $10.7 billion and the enterprise value at approximately $33.4 billion, and said the deal was expected to close in late 2026 or early 2027. Stockholders approved the merger at a special meeting on June 26, 2026, the HSR Act waiting period expired on June 22, 2026, CFIUS Approval was received on August 27, 2026 and the Public Utilities Commission of Ohio approved the merger on September 17, 2026; AES said completion remained subject to other regulatory approvals and customary closing conditions (Forms 8-K).

According to its 10-Q for the quarter ended June 30, 2026 (unaudited), total revenue was $3,422 million for the second quarter, against $2,855 million a year earlier, and net income attributable to The AES Corporation was $426 million, or $0.60 per diluted share, against a loss of $95 million, or $(0.15). Andrés Gluski is Chairman of the Board and Chief Executive Officer and Stephen Coughlin is Executive Vice President and Chief Financial Officer (10-Q, Exhibits 31.1 and 31.2); Ricardo Falú became President effective March 2, 2026 (Form 8-K).

Summary sources:¹²³⁴⁵⁶⁷⁸⁹¹⁰¹¹¹²¹³¹⁴

$12,233 million⁴

Revenues, 2025 (year ended December 31, 2025)

$2,211 million⁴

Operating margin, 2025

$162 million⁴

Net income, 2025

$910 million⁴

Net income attributable to The AES Corporation, 2025

$1.26⁴

Diluted earnings per share, net income available to The AES Corporation common stockholders, 2025

$224 million⁴

Asset impairment expense, 2025

$2,890 million¹⁵

Total Adjusted EBITDA, 2025 (non-GAAP, as filed in the segment note)

$4,306 million⁵

Net cash provided by operating activities, 2025

$5,929 million⁵

Capital expenditures, 2025

$501 million⁵

Dividends paid on AES common stock, 2025

$0.17595¹⁶

Cash dividend paid per share, each quarter of 2025

34,740 MW¹

Generation portfolio owned and/or operated (as stated in the 10-K for 2025)

2.7 million¹

Utility customers (as stated in the 10-K for 2025)

$3,422 million¹²

Total revenue, quarter ended June 30, 2026 (unaudited)

$6,602 million¹²

Total revenue, six months ended June 30, 2026 (unaudited)

$426 million¹²

Net income attributable to The AES Corporation, quarter ended June 30, 2026 (unaudited)

$0.60¹²

Diluted earnings per share, quarter ended June 30, 2026 (unaudited)

$54,238 million¹⁷

Total assets, June 30, 2026 (unaudited)

$51,768 million¹⁷

Total assets, December 31, 2025

$22,855 million¹⁷

Non-recourse debt, noncurrent, June 30, 2026 (unaudited)

$5,800 million¹⁷

Recourse debt, noncurrent, June 30, 2026 (unaudited)

$9,772 million¹⁷

Total equity, June 30, 2026 (unaudited)

$15.00 in cash⁶

Merger consideration per share (agreement of March 1, 2026)

approximately $33.4 billion⁷

Enterprise value of the merger (as stated by AES, March 2, 2026)

Revenue by fiscal year, as reported in 10-K

Fiscal year	Revenue (as reported in 10-K)	Reported as	Filed
2021	$11,141 million¹⁸	Form 10-K for fiscal year 2021 (year ended December 31, 2021), revenues, in millions as filed	Feb 28, 2022
2022	$12,617 million¹⁹	Form 10-K for fiscal year 2022 (year ended December 31, 2022), revenues, in millions as filed	Mar 1, 2023
2023	$12,668 million²⁰	Form 10-K for fiscal year 2023 (year ended December 31, 2023), revenues, in millions as filed	Feb 26, 2024
2024	$12,278 million²¹	Form 10-K for fiscal year 2024 (year ended December 31, 2024), revenues, in millions as filed	Mar 11, 2025
2025	$12,233 million⁴	Form 10-K for fiscal year 2025 (year ended December 31, 2025), revenues, in millions as filed	Mar 2, 2026

Segments and products

Renewables SBU: Solar, wind, energy storage and hydro generation facilities (10-K). Revenue as filed: $2,913 million in 2025, $2,617 million in 2024 and $2,416 million in 2023. Segment Adjusted EBITDA, the non-GAAP measure AES uses for its segments: $932 million, $612 million and $697 million (10-K, segment details).¹⁵
Utilities SBU: The AES Indiana, AES Ohio and AES El Salvador regulated utilities and their generation facilities (10-K). Revenue as filed: $4,122 million in 2025, $3,608 million in 2024 and $3,495 million in 2023. Segment Adjusted EBITDA: $863 million, $792 million and $678 million (10-K, segment details).¹⁵
Energy Infrastructure SBU: Natural gas, LNG, coal, pet coke, diesel and oil generation facilities (10-K). Revenue as filed: $5,402 million in 2025, $6,207 million in 2024 and $6,805 million in 2023. Segment Adjusted EBITDA: $1,130 million, $1,306 million and $1,495 million (10-K, segment details).¹⁵
New Energy Technologies SBU: Investments in Fluence, Maximo and other new and innovative energy technology businesses (10-K). Revenue as filed: $1 million in 2025, $1 million in 2024 and $76 million in 2023. Segment Adjusted EBITDA: $(35) million, $(38) million and $(62) million (10-K, segment details).¹⁵
Corporate and other, and eliminations: Outside the four SBUs, the 2025 segment note shows Corporate and other revenue of $149 million and eliminations of $(354) million, reconciling to total revenue of $12,233 million. AES said it was evaluating whether management changes announced in March 2026 would affect its segment reporting; no change is reflected in the 2025 financial statements (10-K, segment note).²

Risks

Pending acquisition: The merger agreement of March 1, 2026 requires regulatory approvals including from the PUCO, the New York Public Service Commission, the FERC and CFIUS, plus HSR Act clearance and certain foreign approvals, and either party may terminate it if the merger is not completed by June 1, 2027, extendable twice by three months if only regulatory conditions remain. Depending on the circumstances, Parent may owe AES $100 million or approximately $588 million, and AES may owe Parent approximately $321 million (10-K, Subsequent Events note).⁶
International operations and currencies: The 10-K says 59% of 2025 revenue was generated outside the U.S. and that a significant portion of its international operations is in developing countries, where macroeconomic conditions are typically more volatile; it lists risks such as political instability, commodity price volatility and expropriation or nationalization. It says moves of the U.S. dollar against the Argentine, Chilean, Colombian, Dominican and Mexican pesos and the euro could cause significant fluctuations in earnings and cash flows (10-K, Risks and Uncertainties note).³
Credit ratings and the energy transition: AES holds investment grade ratings of BBB- from Standard & Poor's and Fitch and Baa3 from Moody's, and says a downgrade could affect its ability to finance projects at competitive rates. It also says market conditions and the shift away from fossil fuels expose it to the risk of decreased earnings and cash flows, and that the estimated useful lives of thermal plants could change (10-K, Risks and Uncertainties note).³
Impairments: Asset impairment expense was $224 million in 2025, against $374 million in 2024 and $1,067 million in 2023, and the 2023 statement also shows goodwill impairment expense of $12 million (10-K, consolidated statements of operations).⁴
Legal proceedings and guarantees: AES is involved in certain claims, suits and legal proceedings in the normal course of business. It had recognized liabilities for claims of approximately $22 million at December 31, 2025, against $5 million a year earlier, and estimated reasonably possible losses not accrued at between $177 million and $250 million. Parent Company guarantees, commitments and letters of credit had a maximum exposure of $4,161 million (10-K, Contingencies note).²²
Cybersecurity: The Board of Directors oversees AES's cybersecurity risk exposures, and its Vice President Cybersecurity, who acts as Chief Information Security Officer and reports to the Chief Digital Officer, briefs the board typically on a semi-annual basis. AES says it has from time to time experienced threats to and breaches of its data and systems, and that cybersecurity risks have not materially affected it to date (10-K, Item 1C).²³

Frequently asked questions

What does AES do?: AES develops, operates and owns electric generation and utilities, according to its 10-K for 2025. It owns and/or operates a generation portfolio of 34,740 MW, its six utility businesses distribute power to 2.7 million customers, and it reports four segments: Renewables, Utilities, Energy Infrastructure and New Energy Technologies.
Is AES being acquired?: Yes, under a merger agreement of March 1, 2026 with Horizon Parent, L.P., controlled by investment vehicles affiliated with funds managed or advised by Global Infrastructure Management, LLC (GIP, part of BlackRock) and the EQT Infrastructure VI fund, stockholders would receive $15.00 in cash per share. Stockholders approved it on June 26, 2026, and CFIUS (August 27, 2026) and the Ohio commission (September 17, 2026) have approved it; AES said other regulatory approvals and conditions remain (Forms 8-K).
How much revenue did AES make in 2025?: Revenues were $12,233 million in 2025, against $12,278 million in 2024 and $12,668 million in 2023, according to its 10-K. Net income attributable to The AES Corporation was $910 million, and diluted earnings per share (net income available to The AES Corporation common stockholders) were $1.26, against $1,679 million and $2.36 in 2024.
Which AES segment is the largest?: By 2025 revenue, Energy Infrastructure, with $5,402 million, against $6,207 million in 2024. Utilities had $4,122 million, Renewables $2,913 million and New Energy Technologies $1 million. By segment Adjusted EBITDA, a non-GAAP measure, Energy Infrastructure also led with $1,130 million, followed by Renewables at $932 million and Utilities at $863 million (10-K).
What were AES's latest quarterly results?: For the quarter ended June 30, 2026, its 10-Q (unaudited) reports total revenue of $3,422 million, against $2,855 million a year earlier, and net income attributable to The AES Corporation of $426 million, or $0.60 per diluted share, against a loss of $95 million, or $(0.15).
Does AES pay a dividend?: Yes. It paid $0.17595 per share in each quarter of 2025 and $501 million of dividends on its common stock that year (10-K). The March 2, 2026 merger announcement said dividends were expected to continue in the ordinary course until closing.
Who runs AES?: Andrés Gluski is Chairman of the Board and Chief Executive Officer and Stephen Coughlin is Executive Vice President and Chief Financial Officer; both certified the 10-Q for the quarter ended June 30, 2026. Ricardo Falú became President and Juan Ignacio Rubiolo Executive Vice President and Chief Operating Officer effective March 2, 2026 (Form 8-K).