AES CORP

For the period ended Dec 31, 2025. Filed Mar 2, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 2, 2026

AES$14.90+0.2%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Consolidated Balance Sheets

December 31, 2025 and 2024

	2025	2024
(in millions, except share and per share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$1,382	$1,524
Restricted cash	691	437
Short-term investments	174	79
Accounts receivable, net of allowance of $39 and $52, respectively	1,683	1,646
Inventory	612	593
Prepaid expenses	192	157
Other current assets, net of allowance of $2 and $0, respectively	1,723	1,533
Current held-for-sale assets	45	862
Total current assets	6,502	6,831
NONCURRENT ASSETS
Property, plant, and equipment, net of accumulated depreciation of $9,796 and $8,701, respectively	37,818	33,166
Investments in and advances to affiliates	1,004	1,124
Debt service reserves and other deposits	89	78
Goodwill	342	345
Other intangible assets, net of accumulated amortization of $479 and $426, respectively	2,040	1,947
Deferred income taxes	397	365
Loan receivable, net of allowance of $19 and $0, respectively	755	—
Other noncurrent assets, net of allowance of $24 and $20, respectively	2,821	2,917
Noncurrent held-for-sale assets	—	633
Total noncurrent assets	45,266	40,575
TOTAL ASSETS	$51,768	$47,406
LIABILITIES, REDEEMABLE STOCK OF SUBSIDIARIES, AND EQUITY
CURRENT LIABILITIES
Accounts payable	$1,980	$1,654
Accrued interest	268	256
Accrued non-income taxes	294	249
Supplier financing arrangements	616	917
Accrued and other liabilities	2,223	1,246
Recourse debt	879	899
Non-recourse debt	2,232	2,688
Current held-for-sale liabilities	—	662
Total current liabilities	8,492	8,571
NONCURRENT LIABILITIES
Recourse debt	5,105	4,805
Non-recourse debt	21,681	20,626
Deferred income taxes	1,581	1,490
Other noncurrent liabilities	2,980	2,881
Noncurrent held-for-sale liabilities	—	391
Total noncurrent liabilities	31,347	30,193
Commitments and Contingencies (see Notes 13 and 14)
Redeemable stock of subsidiaries	2,824	938
EQUITY
THE AES CORPORATION STOCKHOLDERS’ EQUITY
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 859,836,539 issued and 712,201,777 outstanding at December 31, 2025 and 859,709,987 issued and 711,074,269 outstanding at December 31, 2024)	9	9
Additional paid-in capital	5,904	5,913
Retained earnings	641	293
Accumulated other comprehensive loss	(698)	(766)
Treasury stock, at cost (147,634,762 and 148,635,718 shares, respectively)	(1,793)	(1,805)
Total AES Corporation stockholders’ equity	4,063	3,644
NONCONTROLLING INTERESTS	5,042	4,060
Total equity	9,105	7,704
TOTAL LIABILITIES, REDEEMABLE STOCK OF SUBSIDIARIES, AND EQUITY	$51,768	$47,406

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.