AES Corporation (AES): financials, SEC filings and peers
AES Corporation (AES) is an independent power producers & energy traders company in the Utilities sector of the S&P 500, headquartered in Arlington, Virginia.
It was founded in 1981 and joined the S&P 500 on October 2, 1998.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Cogeneration Services & Small Power Producers”.
AES Corporation at a glance
- Revenue (12 months)
- $13.6B
- Revenue growth
- +12.2%
- Operating margin
- 17.5%
- Net income (12 months)
- $1.8B
- Free cash flow (12 months)
- −$1.5B
- Cash
- $2.0B
- Debt
- —
- Diluted EPS (12 months)
- $2.49
Twelve months to September 30, 2026, from the 10-Q filed November 3, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, AES Corporation reported revenue of $13.6 billion, up 12.2% from a year earlier.
Its operating margin was 17.5%, up 1.7 percentage points from a year earlier: for every $100 of sales, about $17 was left as operating profit.
Net income was $1.8 billion (13.2% of revenue), 69.0% higher than a year earlier.
Operating cash flow was $4.9 billion and capital spending $6.5 billion, leaving free cash flow of −$1.5 billion (-11.2% of revenue). Capital spending equal to 48% of revenue is high; the company is investing heavily.
At the end of the period it held $2.0 billion in cash and not reported in debt, a net cash position of $2.0 billion.
Five-year trend
- Revenue went from $9.7 billion in fiscal 2020 to $12.2 billion in fiscal 2025, about 4.8% a year.
- Free cash flow was negative in 5 of the last 6 fiscal years.
- AES Corporation reported a net loss in 2 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $11.1B | $12.6B | $12.7B | $12.3B | $12.2B |
| Revenue growth | 15.3% | 13.2% | 0.4% | -3.1% | -0.4% |
| Operating margin | — | — | — | — | — |
| Net income | −$409M | −$546M | $249M | $1.7B | $910M |
| Free cash flow | −$214M | −$1.8B | −$4.7B | −$4.6B | −$1.6B |
| Diluted EPS | $-0.61 | $-0.82 | $0.35 | $2.36 | $1.26 |
Fiscal years as reported in AES Corporation’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 10-Q filed November 3, 2026 — quarterly report
- 8-K filed October 28, 2026 — Other event
- 8-K filed October 19, 2026 — Other event
- 8-K filed September 17, 2026 — Other event
- 8-K filed September 16, 2026 — Executive or director change
- 8-K filed August 27, 2026 — Other event
- 8-K filed August 5, 2026 — Material agreement
- 10-Q filed August 4, 2026 — quarterly report
Companies like AES Corporation
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Questions about AES Corporation
Is AES Corporation's revenue growing?
Yes. Revenue for the twelve months to September 30, 2026 was $13.6 billion, up 12.2% from a year earlier, according to its SEC filings.
Is AES Corporation profitable?
Yes. It earned $1.8 billion in net income over the twelve months to September 30, 2026, a net margin of 13.2%.
When did AES Corporation last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on November 3, 2026.
Which companies are similar to AES Corporation?
In the S&P 500, AES Corporation is grouped in Independent Power Producers & Energy Traders within the Utilities sector. NRG Energy (NRG) are in the same group.
Understand the numbers
Source: AES Corporation’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.