The AES Corporation (AES)

The AES Corporation Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	510	162	802	-182	-505	-951
Depreciation & Amortization	1,553	1,457	1,264	1,147	1,072	1,056
Other Adjustments	2,172	2,488	778	1,759	2,437	3,159
Change in Receivables	267	130	-361	161	-532	-170
Changes in Inventories	-4	6	86	306	-417	-93
Changes in Accounts Payable	51	215	-40	-132	470	-291
Changes in Income Taxes Payable	-129	-100	-134	-109	-51	-271
Changes in Unearned Revenue	-	-	-	-	-	-314
Changes in Other Operating Activities	171	-52	357	84	241	-273
Operating Cash Flow	4,962	4,306	2,752	3,034	2,715	1,902
Operating Cash Flow Growth	64.85%	56.47%	-9.29%	11.75%	42.74%	-30.96%
Capital Expenditures	-6,441	-5,929	-7,392	-7,724	-4,551	-2,116
Purchases of Investments	-167	-185	-818	-937	-1,492	-519
Proceeds from Sale of Investments	186	93	796	1,318	1,049	616
Payments for Business Acquisitions	-104	-108	-246	-542	-243	-658
Proceeds from Business Divestments	103	108	423	254	1	95
Other Investing Activities	-304	-189	-463	-557	-600	-469
Investing Cash Flow	-6,727	-6,210	-7,700	-8,188	-5,836	-3,051
Short-Term Debt Issued	3,946	3,944	6,806	7,103	5,424	2,802
Short-Term Debt Repaid	-5,412	-5,330	-6,197	-6,285	-4,687	-2,420
Net Short-Term Debt Issued (Repaid)	-1,466	-1,386	609	818	737	382
Long-Term Debt Issued	5,832	6,666	8,686	5,921	5,988	1,651
Long-Term Debt Repaid	-4,355	-4,715	-4,506	-2,995	-3,173	-2,038
Net Long-Term Debt Issued (Repaid)	1,477	1,951	4,180	2,926	2,815	-387
Issuance of Preferred Stock	1,097	992	-	421	60	1,167
Net Preferred Stock Issued (Repurchased)	1,097	992	-	421	60	1,167
Common Dividends Paid	-501	-501	-483	-444	-422	-401
Other Financing Activities	942	919	657	1,684	568	36
Financing Cash Flow	1,414	1,975	4,963	5,405	3,758	797
Effect of Exchange Rate Changes on Cash and Cash Equivalents	104	52	34	-348	-34	9
Net Cash Flow	-247	123	49	-97	603	-343
Free Cash Flow	-1,479	-1,623	-4,640	-4,690	-1,836	-214
FCF Margin	-11.84%	-13.27%	-37.79%	-37.02%	-14.55%	-1.92%
Free Cash Flow Per Share	-2.07	-2.27	-6.51	-6.59	-2.75	-0.32
Levered Free Cash Flow	-5,152	-2,938	609	-2,435	-230	-2,716
Unlevered Free Cash Flow	-2,732	2,321	-3,967	-9,823	2,776	561.13

Updated May 5, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q