Companies: 10,795·Total market cap: $144.5T
The AES Corporation

The AES Corporation

AESNYSEUtilities● Active
$14.71
+$0.04(+0.27%)
Market Cap$10.5B
P/E Ratio—
52W High$17.65
52W Low$10.02
Free Cash FlowFinancialsRevenue

The AES Corporation (AES) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

AES · free cash flow · updated Jun 8, 2026

Core FCF metrics

Free cash flow was −$1.62B for FY2025 (fiscal year ending 2025-12-31), up 65.0% year-over-year The FCF margin was -13.3%.

FY2025 Free Cash Flow−$1.62B▲ +65.0% YoY
Trailing 12M (TTM)−$1.48Btrailing 4 quarters sum
FCF Margin-13.3%−$1.62B ÷ revenue
3-Year CAGRN/AN/A — contains negative FCF
5-Year CAGRN/AN/A — contains negative FCF
FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0
Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

Positive FCFNegative FCF
Free Cash Flow
YoY Growth %
aes free cash flow history · aes free cash flow chart · aes free cash flow growth rate · aes free cash flow last 10 years

Annual free cash flow data

Fiscal YearFree Cash FlowYoY ChangeFCF Margin
FY2025Latest−$1.62B▲ +65.0%-13.3%
FY2024−$4.64B▲ +1.1%-37.8%
FY2023−$4.69B▼ 155.4%-37.0%
FY2022−$1.84B▼ 757.9%-14.6%
FY2021−$214.0M▼ 125.0%-1.9%
FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP
aes free cash flow 2025 · aes free cash flow 2024 · aes free cash flow 2023 · aes operating cash flow

FCF valuation metrics

The AES Corporation (AES) reported negative free cash flow of −$1.62B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)
N/A
Free Cash Flow ÷ Market Cap
per FMP freeCashFlowYieldTTM definition
FCF per Share (TTM)
N/A
TTM FCF ÷ Shares Outstanding
Price / FCF
N/A
Share Price ÷ FCF per Share
EV / FCF (TTM)
N/A
Enterprise Value basis
!

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31
aes price to free cash flow · aes free cash flow yield · aes free cash flow per share · aes price to cash flow ratio

Cash flow statement summary

For FY2025, The AES Corporation generated $4.31B in operating cash flow and spent 5.93B in capital expenditures, yielding −$1.62B in free cash flow.

Operating Activities
+$4.31B
Cash from core business operations
2025-12-31
Investing Activities
−$3.83B
CapEx, acquisitions & investments
2025-12-31
Financing Activities
−$403.0M
Buybacks, dividends & debt
2025-12-31
FCF FormulaOperating CF ($4.31B) − |CapEx| (5.93B) = FCF (−$1.62B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →
aes cash flow statement · aes cash flow statement 2025 · aes operating cash flow · aes cash flow from operations

Free cash flow vs peers (Utilities)

#CompanyFree Cash FlowYoY
#1
The AES Corporation
The AES CorporationYOU
AES
−$1.62B+65.0%
#2
GE Vernova Inc.
GE Vernova Inc.
GEV
$3.71B+118.3%#3
NextEra Energy, Inc.
NextEra Energy, Inc.
NEE
$3.21B-32.3%#4
Constellation Energy Corporation
Constellation Energy Corporation
CEG
$1.29B+125.6%#5
Duke Energy Corporation
Duke Energy Corporation
DUK
−$1.67B-3583.3%#6
The Southern Company
The Southern Company
SO
−$3.59B-531.0%
Utilities · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

The AES Corporation (AES) reported free cash flow of −$1.62B for FY2025 (fiscal year ending 2025-12-31), up 65.0% year-over-year. The FCF margin was -13.3%.

Based on available data, The AES Corporation has maintained positive free cash flow for at least 8 fiscal year(s). FCF peaked at $855.0M in FY2020.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.
RevenueFinancial statementsNet incomeEarningsForecastPrice historyMarket capCash on handP/E ratio

Frequently asked questions

AES free cash flow · 8 questions

The AES Corporation free cash flow was −$1.62B for FY2025, up 65.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$1.48B.

AES free cash flowAES FCFAES FCF 2025AES free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · The AES Corporation · The AES Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026