The AES Corporation (AES) Cash Flow Statement
Where AES’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.31B +56.5% vs 2024
- Capital expenditures
- $5.93B 48.5% of revenue
- Free cash flow
- −$1.62B −13.3% margin
- Returned to shareholders
- $501.0M
- Change in cash
- $112.0M cash at year-end $2.07B
Cash from operations
$4.31B
Capital expenditures
−$5.93B
Investments (net)
−$92.0M
Acquisitions & other
+$2.19B
Dividends
−$501.0M
Share buybacks (net)
+$992.0M
Net borrowing (repayment)
+$565.0M
Shares issued
+$992.0M
Other financing
−$2.45B
Currency & other
+$41.0M
Change in cash
$112.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AES operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AES cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.88B2016 | $4.31B2025 | +4.6%/yr | |
| Capital expenditures | $2.35B2016 | $5.93B2025 | +10.9%/yr | |
| Free cash flow | $539.0M2016 | −$1.62B2025 | — | |
| Free cash flow margin | 5.3%2016 | −13.3%2025 | −18.6 pts | |
| Operating cash flow / net income | 2.382018 | 4.592025 | +2.21 | |
| Stock-based compensation | $24.0M2016 | $18.0M2023 | −4.0%/yr | |
| Dividends paid | $290.0M2016 | $501.0M2025 | +6.3%/yr | |
| Share buybacks (net) | $79.0M2016 | $02025 | −100.0% | |
| Capex / revenue | 23.1%2016 | 48.5%2025 | +25.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AES cash flow by activity
OperatingInvestingFinancingChange in cash
AES net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AES cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $939.0M | $1.69B | $242.0M | −$505.0M | −$951.0M | $152.0M | $478.0M | $985.0M | −$507.0M | −$20.0M |
| Depreciation & amortization | $1.46B | $1.26B | $1.13B | $1.05B | $1.06B | $1.07B | $1.04B | $1.00B | $1.17B | $1.18B |
| Stock-based compensation | — | — | $18.0M | $39.0M | $3.70B | $1.27B | $666.0M | $31.0M | $25.0M | $24.0M |
| Change in working capital | $199.0M | −$92.0M | $310.0M | −$289.0M | −$1.36B | $290.0M | −$39.0M | −$186.0M | −$66.0M | $553.0M |
| Other non-cash items | $1.71B | −$106.0M | $1.34B | $2.42B | −$540.0M | −$25.0M | $316.0M | $510.0M | $1.87B | $1.15B |
| Cash from operating activities | $4.31B | $2.75B | $3.03B | $2.71B | $1.90B | $2.75B | $2.47B | $2.34B | $2.49B | $2.88B |
| Investing activities | ||||||||||
| Capital expenditures | −$5.93B | −$7.39B | −$7.72B | −$4.55B | −$2.12B | −$1.90B | −$2.40B | −$2.12B | −$2.18B | −$2.35B |
| Investments (net) | −$92.0M | −$7.70B | −$7.68B | −$5.84B | −$330.0M | −$358.0M | −$428.0M | −$254.0M | $141.0M | −$247.0M |
| Acquisitions & other investing | $2.19B | $8.86B | $9.13B | $4.55B | −$605.0M | −$37.0M | $112.0M | $1.91B | −$619.0M | $484.0M |
| Cash from investing activities | −$3.83B | −$6.23B | −$6.28B | −$5.84B | −$3.05B | −$2.29B | −$2.72B | −$462.0M | −$2.65B | −$2.11B |
| Financing activities | ||||||||||
| Dividends paid | −$501.0M | −$483.0M | −$444.0M | −$422.0M | −$401.0M | −$381.0M | −$362.0M | −$344.0M | −$317.0M | −$290.0M |
| Share repurchases & issuance (net) | $992.0M | $0 | $7.94B | $60.0M | −$1.01B | −$422.0M | −$410.0M | −$297.0M | −$351.0M | −$79.0M |
| Net borrowing (repayment) | $565.0M | $4.79B | $3.74B | $617.0M | −$5.0M | −$166.0M | $165.0M | −$412.0M | $314.0M | −$73.0M |
| Shares issued | $992.0M | $0 | $3.0M | $60.0M | $1.17B | $112.0M | $0 | $0 | $0 | $0 |
| Other financing | −$2.45B | −$812.0M | −$7.75B | $3.44B | $1.05B | $779.0M | $521.0M | −$633.0M | $303.0M | −$305.0M |
| Cash from financing activities | −$403.0M | $3.49B | $3.49B | $3.76B | $797.0M | −$78.0M | −$86.0M | −$1.69B | −$51.0M | −$747.0M |
| Summary | ||||||||||
| Net change in cash | $112.0M | $165.0M | −$114.0M | $603.0M | −$343.0M | $255.0M | −$431.0M | $313.0M | −$298.0M | −$31.0M |
| Cash at end of period | $2.07B | $1.96B | $1.80B | $2.09B | $1.48B | $1.83B | $1.57B | $1.54B | $1.22B | $1.52B |
| Free cash flow | −$1.62B | −$4.64B | −$4.69B | −$1.84B | −$214.0M | $855.0M | $61.0M | $222.0M | $312.0M | $539.0M |
| Free cash flow margin | −13.3% | −37.8% | −37.0% | −14.6% | −1.9% | 8.9% | 0.6% | 2.1% | 3.0% | 5.3% |
| Capex / revenue | 48.5% | 60.2% | 60.9% | 36.1% | 19.0% | 19.7% | 23.6% | 19.7% | 20.7% | 23.1% |
| Operating cash flow / net income | 4.59 | 1.63 | 12.54 | — | — | 18.12 | 5.16 | 2.38 | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $387.0M | $487.0M | $327.0M | $671.0M | −$105.0M | $46.0M | $560.0M | $509.0M | $282.0M | $432.0M | −$101.0M | $291.0M |
| Depreciation & amortization | $434.0M | $433.0M | $401.0M | $365.0M | $354.0M | $337.0M | $338.0M | $306.0M | $315.0M | $312.0M | $292.0M | $286.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −$253.0M | $362.0M |
| Change in working capital | −$406.0M | $162.0M | $413.0M | −$369.0M | $150.0M | $5.0M | $477.0M | $9.0M | $28.0M | −$606.0M | $150.0M | $116.0M |
| Other non-cash items | $631.0M | $119.0M | $347.0M | $630.0M | $577.0M | $157.0M | −$287.0M | $161.0M | −$233.0M | $149.0M | $637.0M | $67.0M |
| Cash from operating activities | $1.05B | $1.20B | $1.49B | $1.30B | $976.0M | $545.0M | $1.09B | $985.0M | $392.0M | $287.0M | $725.0M | $1.12B |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.64B | −$1.77B | −$1.53B | −$1.81B | −$1.33B | −$1.25B | −$1.73B | −$1.83B | −$1.69B | −$2.15B | −$2.43B | −$1.90B |
| Investments (net) | $2.0M | $126.0M | −$105.0M | −$1.74B | −$1.60B | −$1.28B | −$1.61B | −$1.86B | −$1.84B | −$2.39B | −$2.52B | −$1.92B |
| Acquisitions & other investing | $177.0M | −$5.0M | $943.0M | $1.88B | $2.43B | $1.57B | $2.19B | $2.42B | $5.76B | $2.30B | $3.92B | −$1.85B |
| Cash from investing activities | −$1.46B | −$1.65B | −$697.0M | −$1.67B | −$506.0M | −$964.0M | −$1.15B | −$1.28B | $2.23B | −$2.23B | −$1.02B | −$5.67B |
| Financing activities | ||||||||||||
| Dividends paid | −$126.0M | −$125.0M | −$125.0M | −$126.0M | −$125.0M | −$125.0M | −$122.0M | −$123.0M | −$122.0M | −$116.0M | −$111.0M | −$111.0M |
| Share repurchases & issuance (net) | — | — | $992.0M | $528.0M | $452.0M | — | $0 | — | — | — | $204.0M | $3.0M |
| Net borrowing (repayment) | $1.19B | $997.0M | −$614.0M | $809.0M | −$1.18B | $1.55B | −$261.0M | $1.26B | — | — | — | $915.0M |
| Shares issued | $169.0M | $113.0M | $464.0M | $76.0M | $444.0M | $8.0M | $0 | $0 | $0 | $0 | $418.0M | $0 |
| Other financing | −$751.0M | −$383.0M | −$1.89B | −$567.0M | −$539.0M | −$435.0M | −$304.0M | −$299.0M | $1.01B | $2.57B | −$337.0M | $404.0M |
| Cash from financing activities | $485.0M | $602.0M | −$1.17B | $720.0M | −$949.0M | $999.0M | −$687.0M | $842.0M | $884.0M | $2.46B | $174.0M | $1.21B |
| Summary | ||||||||||||
| Net change in cash | $64.0M | $126.0M | −$374.0M | $334.0M | −$375.0M | $527.0M | −$521.0M | $410.0M | −$284.0M | $560.0M | −$334.0M | $325.0M |
| Cash at end of period | $2.38B | $2.20B | $2.07B | $2.45B | $2.11B | $2.49B | $1.96B | $2.48B | $2.07B | $2.36B | $1.80B | $2.33B |
| Free cash flow | −$597.0M | −$565.0M | −$47.0M | −$511.0M | −$356.0M | −$709.0M | −$639.0M | −$847.0M | −$1.29B | −$1.86B | −$1.70B | −$777.0M |
| Free cash flow margin | −17.4% | −17.8% | −1.5% | −15.2% | −12.5% | −24.2% | −21.6% | −25.8% | −43.9% | −60.3% | −57.4% | −22.6% |
| Capex / revenue | 48.0% | 55.5% | 49.5% | 54.0% | 46.7% | 42.9% | 58.3% | 55.7% | 57.3% | 69.6% | 81.8% | 55.3% |
| Operating cash flow / net income | 2.70 | 2.47 | 4.55 | 1.93 | — | 11.85 | 1.94 | 1.94 | 1.39 | 0.66 | — | 3.86 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AES cash generation
In fiscal 2025 (ended December 31, 2025), AES generated $4.3 billion of cash from operations (up 56.5%) and spent $5.9 billion on capital expenditures, leaving free cash flow of -$1.6 billion, −13.3% of revenue. It returned $501.0 million to shareholders through dividends ($501.0 million) and net share buybacks ($0). Cash and equivalents rose by $112.0 million over the year.
Related: AES income statement, AES balance sheet, AES dividend history. See the AES stock overview for the latest quote and news.
AES cash flow FAQ
What is AES's free cash flow?
AES's free cash flow was -$1.6 billion in fiscal 2025: $4.3 billion of operating cash flow minus $5.9 billion of capital expenditures It was -$4.6 billion a year earlier..
How much cash does AES generate from operations?
AES generated $4.3 billion of cash from operating activities in fiscal 2025, 4.59 times its net income of $939.0 million.
How much does AES spend on capital expenditures?
AES spent $5.9 billion on capital expenditures in fiscal 2025, 48.5% of revenue, compared with $7.4 billion the year before.
How much does AES pay in dividends?
AES paid $501.0 million in dividends in fiscal 2025.