$AES

AES CORP

CIK:0000874761|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total Revenue	$ 3,422	$ 2,855	$ 6,602	$ 5,781
Cost of Product and Service Sold	(2,730)	(2,402)	(5,270)	(4,887)
Operating margin	692	453	1,332	894
General and administrative expenses	(62)	(49)	(117)	(126)
Interest expense	(368)	(352)	(721)	(694)
Interest income	65	70	130	139
Loss on extinguishment of debt	(6)	(5)	(14)	(13)
Other expense	(27)	(295)	(85)	(347)
Other income	28	31	40	38
Gain on disposal and sale of business interests	209	70	209	69
Foreign currency transaction gains (losses)	(52)	(28)	(41)	(38)
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES	449	39	691	17
Income tax benefit (expense)	(28)	(167)	13	(184)
Net equity in losses of affiliates	(34)	(22)	(42)	(56)
NET INCOME (LOSS)	387	(150)	662	(223)
Less: Net loss attributable to noncontrolling interests and redeemable stock of subsidiaries	39	55	251	174
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION	$ 426	$ (95)	$ 913	$ (49)
Income (loss) from continuing operations available to The AES Corporation common stockholders	$ 0.60	$ (0.13)	$ 1.28	$ (0.07)
NET INCOME (LOSS) AVAILABLE TO THE AES CORPORATION COMMON STOCKHOLDERS	0.60	(0.15)	1.28	(0.08)
NET INCOME (LOSS) AVAILABLE TO THE AES CORPORATION COMMON STOCKHOLDERS	$ 0.60	$ (0.15)	$ 1.28	$ (0.08)
Weighted Average Number of Shares Outstanding, Diluted, Total	715	712	715	712
Increase in redemption value of redeemable stock of subsidiaries	$ 0	$ (10)	$ 0	$ (10)
Net Income (Loss) Available to Common Stockholders, Basic	426	(105)	913	(59)
Other non-operating expense	0	(10)	0	(10)
Asset impairment reversals (expense)	$ 30	$ (154)	$ 42	$ (105)
BASIC EARNINGS PER SHARE:
NET INCOME (LOSS) AVAILABLE TO THE AES CORPORATION COMMON STOCKHOLDERS	$ 0.60	$ (0.15)	$ 1.28	$ (0.08)
DILUTED EARNINGS PER SHARE:
NET INCOME (LOSS) AVAILABLE TO THE AES CORPORATION COMMON STOCKHOLDERS	$ 0.60	$ (0.15)	$ 1.28	$ (0.08)
Weighted Average Number of Shares Outstanding, Diluted, Total	715	712	715	712
Electric Transmission [Member]
Total Revenue	$ 995	$ 933	$ 2,109	$ 1,918
Cost of Product and Service Sold	(834)	(795)	(1,715)	(1,619)
Electricity, Generation [Member]
Total Revenue	2,427	1,922	4,493	3,863
Cost of Product and Service Sold	$ (1,896)	$ (1,607)	$ (3,555)	$ (3,268)

Condensed Consolidated Statements of Cash Flows	6 Months Ended
Condensed Consolidated Statements of Cash Flows	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
OPERATING ACTIVITIES:
Net income (loss)	$ 662,000,000	$ (223,000,000)
Adjustments to net income (loss):
Depreciation, amortization, and accretion of AROs	867,000,000	691,000,000
Deferred Income Tax Expense (Benefit)	26,000,000	149,000,000
Emissions Allowance Expense	94,000,000	178,000,000
Loss on realized/unrealized foreign currency	(4,000,000)	24,000,000
Other	101,000,000	220,000,000
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(206,000,000)	26,000,000
(Increase) decrease in inventory	(36,000,000)	(29,000,000)
(Increase) decrease in prepaid expenses and other current assets	578,000,000	198,000,000
(Increase) decrease in other assets	81,000,000	75,000,000
Increase (decrease) in accounts payable and other current liabilities	(34,000,000)	(116,000,000)
Increase (decrease) in income tax payables, net, and other tax payables	(264,000,000)	(82,000,000)
Increase (decrease) in other liabilities	(14,000,000)	83,000,000
Net cash provided by operating activities	2,247,000,000	1,521,000,000
INVESTING ACTIVITIES:
Capital expenditures	(3,409,000,000)	(2,586,000,000)
Payments to Acquire Businesses and Interest in Affiliates	21,000,000	112,000,000
Proceeds from Divestiture of Businesses and Interests in Affiliates	233,000,000	5,000,000
Sale of short-term investments	129,000,000	52,000,000
Purchase of short-term investments	(1,000,000)	(36,000,000)
Payments to Acquire Intangible Assets	(223,000,000)	(234,000,000)
Other investing	29,000,000	29,000,000
Net cash used in investing activities	(3,263,000,000)	(2,882,000,000)
FINANCING ACTIVITIES:
Borrowings under the revolving credit facilities	2,826,000,000	2,128,000,000
Repayments under the revolving credit facilities	(1,982,000,000)	(2,398,000,000)
Proceeds from (Repayments of) Commercial Paper	(79,000,000)	67,000,000
Issuance of recourse debt	1,800,000,000	800,000,000
Repayments of recourse debt	(1,300,000,000)	(774,000,000)
Issuance of non-recourse debt	1,424,000,000	2,332,000,000
Repayments of non-recourse debt	(720,000,000)	(1,490,000,000)
Payments for financing fees	(65,000,000)	(49,000,000)
Purchases under supplier financing arrangements	(669,000,000)	(567,000,000)
Repayments of obligations under supplier financing arrangements	448,000,000	862,000,000
Distributions to noncontrolling interests	(1,238,000,000)	(338,000,000)
Contributions from noncontrolling interests	128,000,000	274,000,000
Sales to Noncontrolling Interests	306,000,000	1,138,000,000
Issuance of Preferred Shares in Subsidiaries	282,000,000	452,000,000
Dividends paid on AES common stock	(251,000,000)	(250,000,000)
Payments for financed capital expenditures	(58,000,000)	(21,000,000)
Other financing	(53,000,000)	(114,000,000)
Net cash provided by financing activities	1,241,000,000	1,462,000,000
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(4,000,000)	(5,000,000)
Net Cash Change Of Discontinued And Held For Sale Businesses	0	66,000,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	221,000,000	162,000,000
Cash, cash equivalents and restricted cash, beginning	2,162,000,000	2,039,000,000
Cash, cash equivalents and restricted cash, ending	2,383,000,000	2,201,000,000
SUPPLEMENTAL DISCLOSURES:
Cash payments for interest, net of amounts capitalized	620,000,000	598,000,000
Cash payments for income taxes, net of refunds	200,000,000	134,000,000
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Noncash or Part Noncash Divestiture, Amount of Consideration Received	16,000,000	11,000,000
Receivable for proceeds from sale of Dominican Republic Renewables	0	100,000,000
Lease Obligation Incurred	120,000,000	78,000,000
Liability derecognized due to sale of assets	0
Capital Expenditures Incurred but Not yet Paid	761,000,000	611,000,000
Noncash contributions from noncontrolling interest related to tax credit transfers	496,000,000	212,000,000
Noncash distributions to noncontrolling interests	69,000,000	45,000,000
Non-cash contributions from noncontrolling interests	0	42,000,000
Other current assets, net of allowance of $2 and $2, respectively	1,351,000,000
Loss (gain) on realized/unrealized derivatives	23,000,000	71,000,000
Sales-type Lease, Selling Profit (Loss)	44,000,000	208,000,000
Gain on disposal and sale of business interests	(209,000,000)	(69,000,000)
Asset, Impairment Loss	$ 42,000,000	$ (95,000,000)

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 1,800	$ 1,382
Restricted cash	530	691
Short-term investments	53	174
Accounts receivable, net of allowance of $37 and $39, respectively	1,934	1,683
Inventory	618	612
Prepaid expenses	101	192
Other current assets, net of allowance of $2 and $2, respectively	1,351	1,723
Current held-for-sale assets	16	45
Total current assets	6,403	6,502
Property, Plant and Equipment:
Property, plant, and equipment, net of accumulated depreciation of $9,508 and $9,796, respectively	40,657	37,818
Other Assets:
Investments in and advances to affiliates	885	1,004
Debt service reserves and other deposits	53	89
Goodwill	342	342
Other intangible assets, net of accumulated amortization of $508 and $479, respectively	2,033	2,040
Deferred income taxes	356	397
Loans Receivable, Fair Value Disclosure	710	755
Other noncurrent assets, net of allowance of $26 and $24, respectively	2,799	2,821
Total noncurrent assets	47,835	45,266
TOTAL ASSETS	54,238	51,768
CURRENT LIABILITIES
Accounts payable	2,170	1,980
Accrued interest	286	268
Accrued non-income taxes	305	294
Supplier Finance Program, Obligation	826	616
Accrued and other liabilities	1,523	2,223
Current held-for-sale liabilities	6	0
Total current liabilities	8,578	8,492
NONCURRENT LIABILITIES
Deferred income taxes	1,604	1,581
Other noncurrent liabilities	2,577	2,980
Total noncurrent liabilities	32,836	31,347
Redeemable Noncontrolling Interest, Equity, Carrying Amount	3,052	2,824
THE AES CORPORATION STOCKHOLDERS’ EQUITY
Common Stock, Value, Issued	9	9
Additional paid-in capital	5,888	5,904
Retained earnings	1,429	641
Accumulated other comprehensive loss	(603)	(698)
Treasury Stock, Value	(1,781)	(1,793)
Total AES Corporation stockholders’ equity	4,942	4,063
NONCONTROLLING INTERESTS	4,830	5,042
Total equity	9,772	9,105
TOTAL LIABILITIES, REDEEMABLE STOCK OF SUBSIDIARIES, AND EQUITY	$ 54,238	$ 51,768
Common stock, shares authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares outstanding (in shares)	713,157,713	712,201,777
Common stock, shares issued (in shares)	859,837,679	859,836,539
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Treasury Stock, Common, Shares	146,679,966	147,634,762
Recourse
CURRENT LIABILITIES
Short-Term Debt	$ 300	$ 879
NONCURRENT LIABILITIES
Long-Term Debt	5,800	5,105
Nonrecourse [Member]
CURRENT LIABILITIES
Short-Term Debt	3,162	2,232
NONCURRENT LIABILITIES
Long-Term Debt	$ 22,855	$ 21,681