The AES Corporation Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	1,057	1,679	249	-546	-409	46
Depreciation & Amortization	1,375	1,264	1,147	1,072	1,056	1,068
Loss (Gain) on Sale of Assets	-378	-351	-134	9	1,683	95
Loss (Gain) on Sale of Investments	-	-	-	-	-254	-
Loss (Gain) on Equity Investments	-	-	-	-	-	128
Asset Writedown	184	374	1,079	1,715	1,575	1,066
Change in Accounts Receivable	199	-361	161	-532	-170	48
Change in Inventory	38	86	306	-417	-93	-20
Change in Accounts Payable	73	-40	-132	470	-251	-186
Change in Income Taxes	-104	-134	-109	-51	-271	59
Change in Unearned Revenue	-	-	-	-	-314	431
Change in Other Net Operating Assets	57	357	84	241	-263	-42
Other Operating Activities	795	-342	383	754	-387	62
Operating Cash Flow	3,906	2,752	3,034	2,715	1,902	2,755
Operating Cash Flow Growth	63.50%	-9.29%	11.75%	42.74%	-30.96%	11.72%
Capital Expenditures	-6,121	-7,392	-7,724	-4,551	-2,116	-1,900
Cash Acquisitions	-271	-246	-542	-243	-658	-136
Divestitures	517	423	254	1	95	169
Investment in Securities	-43	-119	208	-526	-10	-200
Other Investing Activities	-311	-366	-384	-517	-362	-228
Investing Cash Flow	-6,229	-7,700	-8,188	-5,836	-3,051	-2,295
Long-Term Debt Issued	-	15,492	13,024	11,412	4,453	10,519
Long-Term Debt Repaid	-	-10,703	-9,280	-7,860	-4,458	-9,981
Net Debt Issued (Repaid)	918	4,789	3,744	3,552	-5	538
Common Dividends Paid	-498	-483	-444	-422	-401	-381
Other Financing Activities	1,609	657	2,105	628	189	-235
Financing Cash Flow	2,029	4,963	5,405	3,758	797	-78
Foreign Exchange Rate Adjustments	-38	-63	-270	-56	-46	-24
Miscellaneous Cash Flow Adjustments	322	97	-78	22	55	-103
Net Cash Flow	-10	49	-97	603	-343	255
Free Cash Flow	-2,215	-4,640	-4,690	-1,836	-214	855
Free Cash Flow Growth	-	-	-	-	-	1301.64%
Free Cash Flow Margin	-18.32%	-37.79%	-37.02%	-14.55%	-1.92%	8.85%
Free Cash Flow Per Share	-3.10	-6.51	-6.59	-2.75	-0.32	1.28
Cash Interest Paid	1,024	1,268	1,317	928	815	908
Cash Income Tax Paid	267	345	301	271	459	333
Levered Free Cash Flow	-3,690	-6,709	-4,731	-3,330	-760.63	645.25
Unlevered Free Cash Flow	-2,814	-5,781	-3,907	-2,632	-191.25	1,294
Change in Working Capital	263	-92	310	-289	-1,362	290

Source: S&P Global Market Intelligence. Utility template. Financial Sources.