At a glance
The AES Corporation is worth $10.63B, about 12 times its fiscal 2025 earnings. Revenue fell 0.4% to $12.23B in fiscal 2025, with 7.4% kept as profit; over 5 years it has grown 4.8% a year. It pays a 4.83% dividend yield, raised every year for at least 9 years, and returned $2.25B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +12.8% over the past year with dividends reinvested and −6.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 54.3% in the 2020 crash (S&P 500: 33.7%) and 27.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 2 months after the lows.
The business in plain English
AES is a global power company that develops, owns and operates electricity plants and utilities. Its strategy centers on big corporate buyers. AES describes itself as a leading supplier of renewable energy to data center companies, particularly in the US, and to large mining companies elsewhere. Most of its plants sell power under power purchase agreements (PPAs). These contracts run two years or more, set prices and often pass fuel costs on to the buyer. That shields AES from much of the swing in fuel and power prices.
According to its annual report for fiscal 2025, AES owns or operates 34,740 megawatts of generating capacity. Renewables make up 54% of that capacity. They include solar, wind, hydro, battery storage and landfill gas. Natural gas fuels 29%, coal 15% and oil or pet coke 2%. AES also had a backlog of 12.0 gigawatts (GW) of contracted projects that were not yet running, including 5.7 GW under construction.
Of the $12.2 billion in fiscal 2025 revenue, 67% came from selling generated electricity and 33% from electricity distribution. Its six utilities deliver power to 2.7 million customers: AES Indiana, AES Ohio and four in El Salvador. The US supplied 41% of revenue. Chile came next with 12%, then the Dominican Republic with 11% and El Salvador with 9%.
Price history
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AES +12.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Electricity, Generation | $8.20B | 67% |
| Electric Distribution | $4.04B | 33% |
By geography
| UNITED STATES | $5.06B | 41.3% |
| CHILE | $1.52B | 12.4% |
| DOMINICAN REPUBLIC | $1.36B | 11.1% |
| El Salvador | $1.09B | 8.9% |
| Mexico | $760.0M | 6.2% |
| BULGARIA | $687.0M | 5.6% |
| PANAMA | $649.0M | 5.3% |
| COLOMBIA | $422.0M | 3.4% |
| ARGENTINA | $366.0M | 3% |
| VIET NAM | $321.0M | 2.6% |
| JORDAN | $6.0M | 0% |
| Other Non-U.S. | $1.0M | 0% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.42B, up 19.9% from a year earlier, and net income was $426.0M.
- For fiscal 2025, revenue was $12.23B (-0.4% year over year; +4.8% a year from FY2020 to FY2025) with a 7.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.8% watch |
|---|---|
| Free cash flow margin | -13.3% weak |
| Return on equity (FY2025) | 22.4% good |
| Return on assets (FY2025) | 1.8% weak |
| Cash and investments | $1.85B (debt isn’t tagged in a standard way in the filings, so net cash can’t be shown) |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $9.66B | $46.0M | $855.0M |
| FY2021 | $11.14B | $-409.0M | $-214.0M |
| FY2022 | $12.62B | $-546.0M | $-1.84B |
| FY2023 | $12.67B | $249.0M | $-4.69B |
| FY2024 | $12.28B | $1.68B | $-4.64B |
| FY2025 | $12.23B | $910.0M | $-1.62B |
Valuation snapshot
| Market value | $10.63B |
|---|---|
| P/E ratio | 11.8 |
| Dividend yield | 4.83% |
Rank among 1514 US companies
Market value at each year end
The AES’s market value went from $7.66B at the end of 2016 to $10.63B on Nov 2, 2026, up 39%; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $10.63B | +4.1% |
| 2025 | $10.21B | +11.6% |
| 2024 | $9.15B | -29.0% |
| 2023 | $12.89B | -32.9% |
| 2022 | $19.21B | +18.6% |
| 2021 | $16.20B | +3.7% |
| 2020 | $15.63B | +18.3% |
| 2019 | $13.21B | +38.0% |
| 2018 | $9.58B | +33.9% |
| 2017 | $7.15B | -6.6% |
| 2016 | $7.66B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AES price data to Nov 2, 2026 | +9.1% | +12.8% | +3.8% | -6.2% | +6.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.1% |
| 2025 | +18.4% |
| 2024 | -30.4% |
| 2023 | -30.9% |
| 2022 | +21.7% |
| 2021 | +5.9% |
| 2020 | +22.1% |
| 2019 | +42.3% |
| 2018 | +39.0% |
| 2017 | -2.7% |
| 2016 | +26.3% |
| 2015 | -28.2% |
| 2014 | -3.8% |
| 2013 | +37.3% |
| 2012 | -9.3% |
| 2011 | -2.8% |
| 2010 | -8.5% |
| 2009 | +61.5% |
| 2008 | -61.5% |
| 2007 | -3.0% |
| 2006 | +39.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 76.9% over that stretch · deepest drop along the way 78.2%, back to its old high 128.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.2% over that stretch · deepest drop along the way 54.3%, back to its old high 7.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 1.2% over that stretch · deepest drop along the way 27.3%, back to its old high 2.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (24 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.35% | Mar 31, 2026 |
| STATE STREET CORPORATION | 6.1% | Jun 30, 2025 |
| BlackRock, Inc. | 5.9% | Mar 31, 2025 |
| Ameriprise Financial, Inc. | 4.9% | Dec 31, 2025 |
| Capital International Investors | 4.1% | Dec 31, 2024 |
| FMR LLC | 3.8% | Jun 30, 2025 |
ETFs with the most weight in AES
| WBIY WBI Power Factor High Dividend ETF | 4.34% |
| FXU First Trust Utilities AlphaDEX Fund | 3.93% |
| CNRG SPDR S&P Kensho Clean Power ETF | 3.32% |
| PEY Invesco High Yield Equity Dividend Achievers™ ETF | 2.72% |
| AIEQ Amplify AI Powered Equity ETF | 2.09% |
| VCLN Virtus Duff & Phelps Clean Energy ETF | 1% |
| ROE Astoria US Equal Weight Quality Kings ETF | 0.93% |
| DIVG Invesco S&P 500 High Dividend Growers ETF | 0.78% |
What could go wrong
- Large construction pipeline could run into trouble. AES has 12.0 GW of contracted projects not yet running. Development projects face substantial uncertainties, and delays or cost overruns could hurt returns. Renewable results also depend on finishing projects and earning US tax credits.
- Parent company depends on subsidiaries' cash. The AES Corporation pays its own debt with cash sent up from its operating subsidiaries. Many projects carry their own loans, so trouble at key businesses could squeeze the money reaching the parent.
- Currency swings across many countries. More than half of fiscal 2025 revenue came from outside the US, including Chile, the Dominican Republic, El Salvador and Argentina. Exchange-rate moves can shrink results in dollar terms, despite efforts to match currencies.
- Volatile power prices and imperfect hedges. Plants that sell at short-term market prices see earnings rise and fall with electricity and fuel prices. Hedges against commodity prices and interest rates may not fully protect results.
- Weather, water and natural disasters. Solar, wind and hydro output depends on sunshine, wind and rainfall. Hurricanes, floods, earthquakes and fires can damage plants and power lines. Lithium-ion battery storage sites also carry a rare fire risk.
- Climate rules could hit fossil fuel plants. Coal still fuels 15% of AES's capacity and natural gas 29%. Tighter greenhouse gas regulation could raise costs for those plants. Some older plants also need costly maintenance and hard-to-find parts.
Recent events
- Other company announcement
- Other company announcement
- Executive or board change
- Other company announcement
- Major agreement signed
- Change of auditor
- Shareholder vote results; Investor presentation or announcement; Other company announcement
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Shareholder vote results
For income and retirement investors
AES raised its dividend per share every fiscal year from 2016 through 2025, at least 9 straight increases. It paid about $0.70 per share in fiscal 2025, up from $0.58 in fiscal 2020, roughly 3.9% growth a year. The yield was 4.81% as of October 28, 2026. Dividends took 55% of fiscal 2025 earnings. But free cash flow (operating cash minus capital spending) was negative every year from fiscal 2021 through 2025 as AES spent heavily on new projects, so it did not cover the dividend. AES bought back no shares in those years, and its share count rose about 7% from November 2021 to July 2026.
The stock has fallen hard in market slumps. It dropped 78% in the 2008 financial crisis and took about 128 months to regain its peak. It fell 54% in the 2020 COVID crash and recovered in about seven months. A single stock like AES carries more risk than a diversified fund.
Questions investors ask
How does AES make money?
AES makes money by producing and delivering electricity. In fiscal 2025, 67% of its $12.2 billion in revenue came from its power plants and 33% from electricity distribution. Most plants sell power under multi-year contracts called power purchase agreements, often to large companies such as data center operators and miners. Its six utilities, including AES Indiana and AES Ohio, serve 2.7 million customers. The US provided 41% of revenue, with Chile, the Dominican Republic and El Salvador next.
Does AES raise its dividend every year?
Yes, based on its record. SEC filings show AES raised its dividend per share every fiscal year from 2016 through 2025, at least 9 straight increases. The dividend grew from about $0.58 per share in fiscal 2020 to about $0.70 in fiscal 2025, roughly 3.9% a year. The yield was 4.81% as of October 28, 2026. Dividends used 55% of fiscal 2025 earnings, but free cash flow was negative that year, so it did not cover the payout. Past increases don't guarantee future ones.
Does AES sell electricity to data centers?
Yes. AES describes itself as a leading supplier of renewable energy to data center companies, particularly in the US. In fiscal 2025 it signed or won long-term contracts for 4.0 gigawatts of renewables. That brought its backlog of contracted projects not yet running to 12.0 GW, with 5.7 GW under construction. AES also sees extra data center demand in the parts of Indiana and Ohio its utilities serve, which offer fiber networks, land and water.
Is AES a clean energy stock?
Partly. Renewables, including solar, wind, hydro, battery storage and landfill gas, make up 54% of its 34,740 megawatts of generating capacity, according to its annual report for fiscal 2025. Natural gas fuels another 29%, coal 15% and oil or pet coke 2%. AES says Bloomberg New Energy Finance has consistently rated it one of the two largest sellers of renewable power to corporate buyers worldwide. Clean energy funds such as the SPDR S&P Kensho Clean Power ETF (CNRG) hold it, as do utility and dividend funds.
How has AES stock performed over the long term?
Unevenly. As of October 28, 2026, AES returned 8.9% over one year but lost about 6.4% a year over five years, a 28% total decline. Over ten years it gained about 6.4% a year. The stock fell about 31% in 2023 and again in 2024, then rose about 18% in 2025. On the same date it traded at 11.9 times fiscal 2025 earnings. That measure is called the price-to-earnings ratio.