AES on NYSE

AES Corporation

Logo: AES Corporation, Public domain, via Wikimedia Commons5

American energy company

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.3 From Wikipedia, CC BY-SA 4.0

$14.96 down 0.01 (0.03%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

1981Founded1

Compare with CenterPoint Energy, Edison International or Duke Energy, or pick any stock.

  • TickerAES on NYSE1
  • Industryelectricity generation1
  • HeadquartersArlington County1
  • Websitewww.aes.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address4300 Wilson Boulevard, Arlington, Va 222036
  • Filer categoryLarge accelerated filer6
AES Corporation (52368078840)
Photo: ajay_suresh, CC BY 2.0, via Wikimedia Commons8

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.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

18.1%Gross margin9
7.4%Net margin9
-0.4%Revenue growth, 20259
22.4%Return on equity9
-$1.6BFree cash flow9

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Electricity, Generation brought in 33% of the revenue AES Corporation broke down this way in fiscal 2025.

  1. Electricity, Generation$8.2B933%down 6% from 2024
  2. Non-regulated revenue$8.2B933%down 6% from 2024
  3. Electric Distribution$4.0B917%up 15% from 2024
  4. Regulated Revenue$4.0B917%up 15% from 2024
Products and services by year
Products and services202320242025
Electricity, Generation$9.2B$8.8B$8.2B
Non-regulated revenue$9.2B$8.8B$8.2B
Electric Distribution$3.4B$3.5B$4.0B
Regulated Revenue$3.4B$3.5B$4.0B

Business segments

Energy Infrastructure brought in 40% of the revenue AES Corporation broke down this way in fiscal 2025.

  1. Energy Infrastructure$5.4B940%down 13% from 2024
  2. Utilities$4.1B931%up 14% from 2024
  3. Renewables$2.9B922%up 11% from 2024
  4. AES Andes$900.0M97%
  5. Corporate Other And Other$149.0M91%down 8% from 2024
  6. New Energy Technologies$1.0M90%up 0% from 2024
Business segments by year
Business segments202320242025
Energy Infrastructure$6.8B$6.2B$5.4B
Utilities$3.5B$3.6B$4.1B
Renewables$2.4B$2.6B$2.9B
AES Andes$900.0M
Corporate Other And Other$162.0M$149.0M
New Energy Technologies$76.0M$1.0M$1.0M

Regions

CL brought in 20% of the revenue AES Corporation broke down this way in fiscal 2025.

  1. CL$1.5B920%down 1% from 2024
  2. DO$1.4B918%down 6% from 2024
  3. SV$1.1B914%up 5% from 2024
  4. Mexico$760.0M910%up 65% from 2024
  5. BG$687.0M99%up 44% from 2024
  6. PA$649.0M99%down 3% from 2024
  7. CO$422.0M96%down 38% from 2024
  8. PR$404.0M95%down 5% from 2024
  9. AR$366.0M95%up 15% from 2024
  10. VN$321.0M94%up 3% from 2024
  11. J O$6.0M90%down 79% from 2024
  12. Other Non Us$1.0M90%down 50% from 2024
Regions by year
Regions202320242025
CL$1.9B$1.5B$1.5B
DO$1.4B$1.5B$1.4B
SV$935.0M$1.0B$1.1B
Mexico$536.0M$462.0M$760.0M
BG$528.0M$478.0M$687.0M
PA$644.0M$666.0M$649.0M
CO$706.0M$686.0M$422.0M
PR$269.0M$426.0M$404.0M
AR$407.0M$318.0M$366.0M
VN$344.0M$312.0M$321.0M
J O$97.0M$28.0M$6.0M
Other Non Us$3.0M$2.0M$1.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue80¢$10.0B
  • Interest11¢$1.4B
  • Income tax1¢$181.0M
  • Profit7¢$910.0M

Out of $12.2B in revenue.9

Where each dollar of operating cash went, fiscal 2025

  • Capital spending92¢$5.9B
  • Dividends paid8¢$501.0M

Out of $4.3B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.9

Financial statements

Revenue101112139$12.2B in 2025+20% since 2019
0$5.0B$10.0B$15.0B2019: $10.2B$10.2B20192020: $9.7B$9.7B2020−5%2021: $11.1B$11.1B2021+15%2022: $12.6B$12.6B2022+13%2023: $12.7B$12.7B2023+0%2024: $12.3B$12.3B2024−3%2025: $12.2B$12.2B2025−0%
Gross profit101112139$2.2B in 2025−6% since 2019
0$1.0B$2.0B$3.0B2019: $2.3B$2.3B20192020: $2.7B$2.7B2020+15%2021: $2.7B$2.7B2021+1%2022: $2.5B$2.5B2022−6%2023: $2.5B$2.5B2023−2%2024: $2.3B$2.3B2024−8%2025: $2.2B$2.2B2025−4%
Net income101112139$910.0M in 2025+200% since 2019
-$1.0B0$1.0B$2.0B2019: $303.0M$303.0M20192020: $46.0M$46.0M2020−85%2021: -$409.0M-$409.0M20212022: -$546.0M-$546.0M2022+33%2023: $249.0M$249.0M20232024: $1.7B$1.7B2024+574%2025: $910.0M$910.0M2025−46%

Every line of the income statement in the latest annual report, as filed.9

Period ending2025-12-312024-12-312023-12-31
Revenues$12.2B$12.3B$12.7B
Cost of Product and Service Sold$10.0B$10.0B$10.2B
Operating margin$2.2B$2.3B$2.5B
General and administrative expenses-$241.0M-$288.0M-$255.0M
Interest expense-$1.4B-$1.5B-$1.3B
Interest income$287.0M$381.0M$551.0M
Gain (Loss) on Extinguishment of Debt-$26.0M-$17.0M-$63.0M
Other expense$458.0M$175.0M$99.0M
Other income$67.0M$156.0M$89.0M
Gain on disposal and sale of business interests$58.0M$351.0M$134.0M
Goodwill impairment expense$0$0-$12.0M
Asset impairment expense-$224.0M-$374.0M-$1.1B
Foreign currency transaction gains (losses)-$79.0M$31.0M-$359.0M
Other non-operating expense-$113.0M$0$0
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES$75.0M$894.0M$104.0M
Income tax benefit (expense)$181.0M-$59.0M-$261.0M
Net equity in losses of affiliates-$55.0M-$26.0M-$32.0M
INCOME (LOSS) FROM CONTINUING OPERATIONS$201.0M$809.0M-$189.0M
Gain (loss) from disposal of discontinued businesses, net of income tax benefit (expense) of $0, $(7), and $7, respectively-$39.0M-$7.0M$7.0M
NET INCOME (LOSS)$162.0M$802.0M-$182.0M
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION$910.0M$1.7B$249.0M
Increase in redemption value of redeemable stock of subsidiaries-$10.0M$0$0
Net Income (Loss) Available to Common Stockholders, Basic$900.0M$1.7B$249.0M
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic$939.0M$1.7B$242.0M
Income from continuing operations available to The AES Corporation common stockholders$949.0M$1.7B$242.0M
Income from continuing operations available to The AES Corporation common stockholders$1$2$0
Income (loss) from discontinued operations available to The AES Corporation common stockholders-$0-$0$0
NET INCOME AVAILABLE TO THE AES CORPORATION COMMON STOCKHOLDERS$1.26$2.38$0.37
Income from continuing operations available to The AES Corporation common stockholders$1$2$0
Income (loss) from discontinued operations available to The AES Corporation common stockholders-$0-$0$0
NET INCOME AVAILABLE TO THE AES CORPORATION COMMON STOCKHOLDERS$1.26$2.36$0.35
Net Income (Loss) Attributable to Noncontrolling Interest$748.0M$877.0M$431.0M
Gain (loss) from disposal of discontinued businesses, income tax benefit (expense)$0-$7.0M$7.0M

Compare AES Corporation with another company

The story

Founded by Roger W. Sant in 1981.1

20th century

The company was founded on January 28, 1981, as Applied Energy Services by Roger Sant and Dennis Bakke, two appointees of the Federal Energy Administration under president Richard Nixon. The company was initially a consulting firm; it became AES Corporation, which went public in 1991. Sant was chairman, CEO, and president and Bakke was executive vice president until assuming the position of president in 1987. Bakke later became the company's CEO in 1994, serving for eight years until his resignation in 2002 in the midst of a liquidity crisis that followed the collapse of the energy giant Enron. The company's efforts to modernize the electricity grid in Tbilisi, Georgia, through its acquisition of Telasi, were documented in the feature documentary Power Trip, directed by Paul Devlin.

21st century

Sant remained as executive chairman until 2003 and as a member of the board until 2006. Paul Hanrahan was appointed president and CEO and remained for ten years, overseeing the stabilization of the company. Until the early 2000s, the company followed self-management, delegating much responsibility to ordinary employees. In 2012, Hanrahan resigned his position as president and CEO of the company, and he was succeeded by Andres Gluski. As CEO, Gluski has implemented a strategy of reducing the number of countries in which AES does business, from 28 to 16, for the purpose of consolidating operations and reducing costs. Additionally, he began a program of reducing the company's total carbon emission intensity.

Bakke and Sant oversaw much of AES's initial global expansion, building power plants in 29 countries and expanding its staff from 1,400 to 32,000 employees, and also instilled a system of decentralized management that emphasized social responsibility above profit. In recent years, AES has signaled a commitment to providing its consumers and clients with renewable forms of energy, and its operations construction and provision of solar and wind-based energy storage systems.

AES acquired the assets of Indianapolis Power & Light (also known as IPL or IPALCO) in 2000. In February 2021, Indianapolis Power & Light rebranded as AES Indiana.

AES acquired the Chilean-based subsidiary Gener in 2000 and acquired DPL Inc., then known as Dayton Power & Light, in 2011. Although retaining its name for legal purposes, the company was rebranded as AES Ohio in February 2021.

In fiscal 2015, AES's total revenue was $15 billion.

In 2018, AES acquired the subsidiary sPower.

In December 2021, AES acquired Community Energy Solar (Community Energy) to help deliver 4 GW of renewables in the U.S.

Read the full text

In March 2026, a consortium led by BlackRock subsidiary Global Infrastructure Partners and Swedish private equity firm EQT AB agreed to acquire AES for a total enterprise value of $33.7 billion, including its $22.7bn of debt.

From Wikipedia’s article on AES Corporation, shared under CC BY-SA 4.0.7

Leadership

Who has led AES Corporation, and when. Pick a name to see everywhere that person has worked.

1990200020102020
Board members and other officers (11)

Products and brands

  • electricity

Listed on Wikidata.1

Key Fluence technologies

Fluence is expected to employ three different types of grid technology. WP:Crystal

i):SIESTORAGE: An electrical energy storage system fueled predominantly by wind and solar energy. Siestorage relies upon the closed-loop controls and pulse modulation built into its semiconductors, in order to provide consumers with increased dependability.

ii):Advancion: A storage system that is made up of several small, modular nodes and powered by lithium-ion batteries, which enables the Advancion energy store system to provide consumers with a heightened degree of consistency in performance.

iii): Sunflux Energy: Announced in January 2018, Sunflex was developed for the purpose of expanding upon the possibilities offered by photovoltaic solar energy. This technology is built to capture energy during peak solar hours in order to expand energy delivery.

Read the full text

Projected ventures using Fluence technologies

Presently, the biggest project in Fluence's portfolio is a 100–400 Mwh "power center energy storage project" for Southern California Edison. This system will be housed within AES's power center in Los Alamitos, California.

During January 2018, the subsidiary AES India, working in partnership with Mitsubishi, commenced construction of a 10 MW energy storage solution that will be located in Rohini. This storage solution, which shall operate off Fluence's Advancion technology, is projected to be the first utility-scale system to be in India.

Investment in drone technologies

As part of an effort by AES to protect its employees from industry hazards and to improve workplace safety, the company announced a partnership with drone provider Measure to inspect their various energy infrastructures sites across 17 countries.

Major properties and subsidiaries

Properties and subsidiaries in North America

AES Ohio, branding for DPL Inc. – Dayton Power and Light Company

AES Indiana, formerly IPL – Indianapolis Power & Light Company

Premier Power

AES Energy Storage. AES Energy Storage has provided some of the largest battery storage power station in the world.

AES Puerto Rico

AES Colón power station, Panama

Based in Argentina

TermoAndes: Located in the province of Salta, and acquired by AES in 2000. This hybrid plants utilizes both gasoline and diesel fuels and has a production capacity of 643 MW.

Alicura: Acquired by AES in the year 2000. This hydro powered plant is one of Andes' most important alternative energy assets, boasting 1,000 megawatts of generation capacity.

Guillermo Brown: Located in the province of Buenos Aires, and acquired by AES in 2016. This gas turbine utilizes both natural gas and diesel fuels and has a generation capacity of 576 MW.

Los Caracoles: Owned by AES Argentina, and located in [Buenos Aires]. This hydroelectric plant produces 12 MW. Although AES owns the property, the equity is publicly owned, and operations are carried out through various managerial and Observation and Measurement agreements.

Paraná-GT: Purchased by AES Argentina in 2001, and located in San Nicolás de los Arroyos. This plant uses both gasoline and diesel as fuel sources, and has a total capacity of 845 megawatts.

Carba Corral: Based in the province of [Salta], and owned by AES Argentina, who purchased the property in 1995. This plant has an installed capacity of 102 MW, and runs on hydro power.

Sarmiento Power Plant: Owned by AES Andes, and located in San Juan Province, Argentina. This plant was acquired by AES in 1996, and runs off both gas and diesel fuel. It has an installed capacity of 33 MW, and runs off 3 Electrical gas turbines, all of which measure 11 MW.

Based in Brazil

AES Brazil: Founded in 1997. Ownership is divided between AES and the Brazilian Development Bank.

AES Tietê – Brazil

Based in Chile

AES Andes

Based in United Kingdom

Ballyumford Power Station: Located on the northwestern end of Islandmagee in County Antrim. This property, purchased by AES in 2010, is the largest power station on the Irish mainland, boasting a generating capacity of 1017 megawatts.

Kilroot Power Station: Acquired by AES in 1992 deal that included Belfast Power Station West. The company was named NIGEN and distinguished by the fact that it was the first purchase the company made outside of the United States, this property is located on the north shore of Belfast Lough in, and was acquired by AES in 1992. This station has an installed generating capacity of 560 megawatts, and operates using generators that run off both oil and gas, as well as via turbines that provide it with an additional 142 MW. Belfast Power Station West was a 240 MW coal-fired plant comprising 13 chain grate stoker boilers and 5 Parsons turbo generators 2×30 MW and 3×60 MW

Array: An energy storage system located at the Kilroot Power station, and operating off Fluence's Advancion model. This system is the largest advanced energy storage system in the United Kingdom, providing 10 megawatts of interconnected storage energy.

Based in Bulgaria

Maritsa Iztok: The largest energy complex in Southeast Europe, the Maritsa Iztok Complex is a 690 coal plant located in Galabovo. It was acquired by AES in 2011.

St. Nikola: St. Nikola is a 156 MW wind generator located near the town of Kavarna. Built in 2009, it is considered the largest wind farm in the country. As part of the high efficiency standards maintained throughout the development and construction of this generator, AES Geo Energy was awarded both the 2008 "Sustainable Energy Deal of the Year" Prize from EMEA Finance Magazine as well as the "Investor of 2009" in the Energy Sector by the Bulgarian Investment Agency for Production of Electric Power from RES.).

Based in the Netherlands

Netherlands ES: Located in Vlissingen, this energy storage system was built using AES's Advancion technology. This system, which produces a total of 10 MW, is designed to provide a low-battery based alternative to traditional power plants and hydroelectric storages.

Formerly - Elsta: Located in the Dutch province of Zeeland, near Terneuzen. AES acquired 50% of the interests in this facility in 1998, as part of a transaction that divided ownership between it, DELTA, and Essent. This combined heat and power facility is powered by a trio of natural gas turbines, and can produce up to 630 MW of power. Sold, as of 2024 property of Dow Terneuzen.

Based in Jordan

'The Amman East Power Plant' MW a 380 MW combined cycle gas-fired power plant located Al Manakher. The plant was commissioned in 2009, and is a shared subsidiary of AES and Mitsui & Co. In 2011 Qatar Electricity & Water Corporation announced it will buy a stake in the power plant.

Based in Kazakhstan

Ust-Kamenorgorsk: Active since 1947 and purchased megawatt AES in 1997, CHP is a 1,372 MW coal power plant located in the East Kazakhstan Region.

Sogrinsk CHP: Acquired by AES in 1997 and operated by the power generation company CHP LLP, this coal based plant has a total capacity of 345 MW. It is located in the East Kazakhstan Region.

Formerly - Shulbinsk HPP: Acquired by AES in 1997, Shulbinsk is a 702 MW hydro power plant. It is located in Semey.

Formerly - Ust-Kamenogorsk HPP: Located on the Irtysch River near Ust-Kamenogorsk in the East Kazakhstan Region, and purchased by AES in 1997. This is a hydroelectric plant that operates using 4 individual turbines, with nominal output of 83 MW, total generation capacity of 340 MW.

Based in the Philippines

Masinloc Power Plant: Located in the Zambales Province in Luzon, and purchased for $930 million from Masinloc Power Partners Co. Ltd. in 2009. This project, a 630 MW coal power plant, derives its resources from its proximity to the Pacific Rim, and has a stable infrastructure amendable to further megawatt additions.

Masinloc ES: Located in the Zambales Province in Luzon, and launched by AES subsidiary Masin-AES Pte. Ltd during 2016. This storage generator provides 10 MW to the Luzon grid, and is the first battery based energy system in the country.

Based in Vietnam

Mong Duong 2: Located in Cam Pha, this 1,240 MW coal-fired plant became commercially operational in 2015. This plant, constructed under a Build-Operate Transfer (BOT) agreement between AES and state owned entities Electricity of Vietnam (EVN) and Vinacomin, is the largest power project in the nation's private sector.

Properties and subsidiaries in India

OPGC Plant: Acquired by AES in 1998, this coal power plant has a total capacity of 420 MW. It is located in Odisha.

OPGC II: Currently under construction, this coal powered plant is expected to boast 1,300 MW capacity.

From Wikipedia’s article on AES Corporation, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Subsidiaries

  • AES (United Kingdom)
  • AES Andes
  • AES Ohio
  • AES Indiana since 2000

Also owns

  • Shulbinsk Hydroelectric Power Plant

From Wikidata.1

Acquisitions

  1. 2000Acquired AES Indiana1

Timeline

  1. Sep 30, 2011New chief executive Andrés R. Gluski becomes CEO1
  2. Oct 16, 1996Went public Listed on NYSE1
  3. 1981Founded Founded1

Recent filings

  1. Sep 17, 20268-K
  2. Sep 16, 20268-K
  3. Aug 27, 20268-K
  4. Aug 19, 202611-K/A
  5. Aug 5, 20268-K
  6. Aug 4, 202610-Q
  7. Jul 27, 20268-K
  8. Jun 26, 20268-K
  9. Jun 25, 202611-K
  10. Jun 25, 202611-K
  11. Jun 16, 20268-K
  12. Jun 12, 2026FWP
  13. Jun 12, 2026424B2
  14. Jun 12, 20268-K
  15. Jun 11, 2026424B2

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2