The AES Corporation
NYSE: AES · UTILITIES · UTILITIES - DIVERSIFIED
Updated 2026-06-05
The AES Corporation (AES) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2006 | $12.30B | $261.00M | 100.00% | 25.17% | 2.12% |
| 2007 | $13.59B | $566.00M | 25.09% | 22.30% | 4.17% |
| 2008 | $16.07B | $1.23B | 23.07% | 20.76% | 7.64% |
| 2009 | $13.93B | $808.00M | 24.01% | 21.53% | 5.80% |
| 2010 | $16.57B | $-55.00M | 23.49% | 21.13% | -0.33% |
| 2011 | $17.34B | $-28.00M | 24.35% | 22.09% | -0.16% |
| 2012 | $18.13B | $-928.00M | 20.48% | 18.82% | -5.12% |
| 2013 | $15.88B | $266.00M | 20.42% | 19.03% | 1.67% |
| 2014 | $17.11B | $825.00M | 17.92% | 16.83% | 4.82% |
| 2015 | $14.11B | $306.00M | 19.85% | 18.46% | 2.17% |
| 2016 | $10.17B | $-11.00M | 22.87% | 20.96% | -0.11% |
| 2017 | $10.51B | $-550.00M | 23.33% | 21.29% | -5.24% |
| 2018 | $10.74B | $1.00B | 24.04% | 22.25% | 9.35% |
| 2019 | $10.19B | $302.00M | 23.18% | 21.26% | 2.96% |
| 2020 | $9.66B | $43.00M | 27.89% | 26.18% | 0.45% |
| 2021 | $11.14B | $-413.00M | 24.35% | 22.86% | -3.71% |
| 2022 | $12.62B | $-546.00M | 20.19% | 18.55% | -4.33% |
| 2023 | $12.68B | $242.00M | 19.84% | 17.83% | 1.91% |
| 2024 | $12.28B | $1.69B | 18.86% | 16.52% | 13.73% |
| 2025 | $12.23B | $949.00M | 18.07% | 16.10% | 7.76% |
Frequently asked questions
What is The AES Corporation's revenue?
The AES Corporation's trailing twelve-month revenue is $12.49B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is AES?
In its most recent fiscal year, AES ran a gross margin of 18.07%, an operating margin of 16.10%, and a net margin of 7.76%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does AES generate?
AES produced $-1.62B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is AES's balance sheet healthy?
AES holds $2.07B in cash and equivalents against $26.79B in long-term debt, on $6.89B of shareholder equity. That debt is best read against the cash flow the business throws off each year.