The AES Corporation (AES) quarterly cash flow statement — complete operating, investing & financing history
The AES Corporation (AES) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|
| Cash from Operations | 1.2B | 1.05B | 1.2B | 1.49B | 1.3B | 976M | 545M | 1.09B | 985M | 392M | 287M | 725M | 1.12B | 562M | 625M | 1.07B | 784M | 408M | 457M | 523M |
| Operating CF Growth % | -7.48% | 7.17% | 120.37% | 36.76% | 31.68% | 148.98% | 89.9% | 50.07% | -12.21% | -30.25% | -54.08% | -31.99% | 43.11% | 37.75% | 36.76% | 103.82% | 1.16% | 16.24% | 80.63% | -21.71% |
| Operating CF / Revenue % | 30.99% | 30.57% | 37.77% | 47.98% | 38.7% | 34.19% | 18.63% | 36.73% | 29.95% | 13.32% | 9.3% | 24.43% | 32.67% | 18.52% | 19.3% | 34.84% | 21.62% | 13.26% | 16.02% | 18.88% |
| Net Income | 527M | 387M | 487M | 327M | 671M | -105M | 46M | 560M | 509M | 282M | 432M | -101M | 231M | -39M | 151M | -903M | 421M | -179M | 115M | -632M |
| Depreciation & Amortization | 413M | 434M | 433M | 401M | 365M | 354M | 337M | 338M | 306M | 315M | 312M | 292M | 286M | 277M | 273M | 253M | 266M | 264M | 270M | 261M |
| Deferred Taxes | 8M | 35M | -9M | -310M | 253M | 139M | 10M | -312M | 242M | 36M | 222M | 48M | 17M | -108M | -11M | 4M | 43M | -36M | -7M | -329M |
| Other Non-Cash Items | 138M | 596M | 128M | 657M | 377M | 438M | 147M | 25M | -81M | -269M | -73M | 336M | 472M | 397M | 203M | 1.4B | 169M | 662M | 267M | 1.37B |
| Working Capital Changes | 114M | -406M | 162M | 413M | -369M | 150M | 5M | 477M | 9M | 28M | -606M | 150M | 116M | 35M | 9M | 317M | -115M | -303M | -188M | -148M |
| Capital Expenditures | -1.51B | -1.64B | -1.77B | -1.53B | -1.81B | -1.33B | -1.25B | -1.73B | -1.83B | -1.69B | -2.15B | -2.43B | -1.9B | -1.84B | -1.55B | -1.84B | -1.05B | -893M | -1.63B | -1.43B |
| CapEx / Revenue % | 38.92% | 48.01% | 60.53% | 41.12% | 54.73% | 53.49% | 44.19% | 53% | 57.71% | 60.37% | 69.63% | 81.84% | 55.3% | 60.79% | 47.89% | 60.13% | 29% | 29.01% | 57.2% | 51.48% |
| CapEx / D&A | 3.65x | 3.79x | 4.45x | 3.18x | 5.02x | 4.31x | 3.84x | 4.64x | 6.20x | 5.64x | 6.88x | 8.32x | 6.64x | 6.66x | 5.68x | 7.27x | 3.95x | 3.38x | 6.04x | 5.46x |
| CapEx Coverage (OCF/CapEx) | 0.80x | 0.64x | 0.62x | 1.17x | 0.71x | 0.64x | 0.42x | 0.69x | 0.52x | 0.22x | 0.13x | 0.30x | 0.59x | 0.30x | 0.40x | 0.58x | 0.75x | 0.46x | 0.28x | 0.37x |
| Cash from Investing | -1.49B | -1.46B | -1.65B | -697M | -1.67B | -506M | -964M | -1.15B | -1.28B | 2.23B | -2.23B | -1.02B | -1.71B | -1.94B | -1.61B | -1.79B | -1.04B | -1.23B | -1.63B | -1.43B |
| Acquisitions | -14M | -21M | 154M | 894M | 179M | 986M | 319M | 708M | 580M | 253M | 105M | 1.42B | 195M | -102M | 116M | 94M | 193M | 90M | -479M | -664M |
| Purchase of Investments | -2M | -1M | 0 | -145M | -22M | -18M | -19M | -125M | -142M | -489M | -165M | -204M | -179M | -294M | -438M | -431M | -430M | -425M | -438M | -253M |
| Sale of Investments | 1M | 3M | 126M | 23M | 18M | 19M | 33M | 65M | 197M | 393M | 141M | 316M | 296M | 350M | 356M | 324M | 380M | 148M | 197M | -104M |
| Other Investing | 29M | 198M | 0 | -194M | -6M | 34M | -4M | -226M | -16M | 3.85B | -168M | -123M | -120M | -47M | -89M | 65M | -133M | -154M | -146M | 177M |
| Cash from Financing | 600M | 485M | 602M | -1.17B | 720M | -949M | 999M | -687M | 842M | 884M | 2.46B | 174M | 995M | 1.32B | 998M | 672M | 739M | 910M | 1.3B | 379M |
| Dividends Paid | -125M | -126M | -125M | -125M | -126M | -125M | -125M | -122M | -123M | -122M | -116M | -111M | -111M | -111M | -111M | -106M | -105M | -106M | -105M | -100M |
| Dividend Payout Ratio % | 22.6% | 27.1% | 25.67% | 38.82% | 19.87% | - | 271.74% | 21.79% | 24.16% | 43.26% | 26.85% | - | 48.05% | - | 73.51% | - | 24.94% | - | 91.3% | - |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Stock Issued | 0 | 434M | 113M | 464M | 76M | 452M | 0 | 0 | 0 | 0 | 0 | 418M | 0 | 0 | 3M | 0 | 0 | 0 | 60M | 2M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -308M | -340M | -579M | -435M | -116M | -378M | -95M | -447M | -85M | -127M | -7M | -235M | -52M | -109M | -58M | 15M | -17M | -62M | 2M | 345M |
| Net Change in Cash | 304M | 64M | 126M | -374M | 334M | -375M | 527M | -521M | 410M | -284M | 560M | -334M | 291M | -58M | -13M | 43M | 380M | 97M | 143M | -414M |
| Exchange Rate Effect | -3M | -3M | -32M | 8M | -18M | 104M | -53M | 226M | -138M | -3.79B | 53M | -209M | -119M | -7M | -30M | 93M | -101M | 13M | 21M | 110M |
| Cash at Beginning | 2.38B | 2.32B | 2.07B | 2.45B | 2.11B | 2.49B | 1.96B | 2.48B | 2.07B | 2.36B | 1.8B | 2.13B | 1.84B | 1.9B | 1.91B | 1.87B | 1.49B | 1.39B | 1.25B | 1.66B |
| Cash at End | 2.69B | 2.38B | 2.2B | 2.07B | 2.45B | 2.11B | 2.49B | 1.96B | 2.48B | 2.07B | 2.36B | 1.8B | 2.13B | 1.84B | 1.9B | 1.91B | 1.87B | 1.49B | 1.39B | 1.25B |
| Free Cash Flow | -307M | -597M | -565M | -47M | -511M | -356M | -709M | -639M | -847M | -1.29B | -1.86B | -1.7B | -777M | -1.28B | -926M | -774M | -268M | -485M | -1.18B | -903M |
| FCF Growth % | 39.92% | -67.7% | 20.31% | 92.64% | 39.67% | 72.47% | 61.9% | 62.5% | -9.01% | -0.78% | -100.97% | -120.15% | -189.93% | -164.54% | 21.19% | 14.29% | -211.67% | -124.54% | -556.42% | -731.47% |
| FCF Margin % | -7.93% | -17.45% | -17.77% | -1.52% | -15.25% | -12.47% | -24.23% | -21.57% | -25.75% | -43.95% | -60.32% | -57.41% | -22.63% | -42.27% | -28.59% | -25.29% | -7.39% | -15.76% | -41.18% | -32.6% |
| FCF / Net Income % | -55.52% | -128.39% | -116.02% | -14.6% | -80.6% | 339.05% | -1541.3% | -114.11% | -166.4% | -458.51% | -430.79% | 1687.13% | -336.36% | 3289.74% | -613.25% | 85.71% | -63.66% | 270.95% | -1021.74% | 142.88% |