For the year ending 2025-12-31, AES had $123M increase in cash & cash equivalents over the period. -$1,623M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income (loss) | 162 | 802 | -182 | -505 |
| Reversals of contingencies | - | - | - | 1 |
| Loss on extinguishment of debt | - | - | - | 15 |
| Gain on remeasurement to acquisition date fair value | - | - | 0 | -5 |
| Loss of affiliates, net of dividends | - | - | - | -111 |
| Depreciation, amortization, and accretion of aros | 1,457 | 1,264 | 1,128 | 1,053 |
| Emissions allowance expense | 361 | 238 | 264 | 425 |
| Loss (gain) on realized/unrealized derivatives | 48 | -143 | 143 | - |
| Sales-type lease, selling profit (loss) | -231 | - | - | - |
| Gain on disposal and sale of business interests | 58 | 351 | 134 | -9 |
| Impairment expense | 337 | 374 | 1,079 | 1,715 |
| Loss on realized/unrealized foreign currency | 54 | 108 | 331 | - |
| Deferred income tax expense (benefit), net of tax credit transfers allocated to aes | 92 | 111 | -54 | 4 |
| Tax credit transfer proceeds allocated to noncontrolling interests | 1,028 | 220 | - | - |
| Other | -395 | -221 | -149 | -183 |
| (increase) decrease in accounts receivable | -130 | 361 | -161 | 532 |
| (increase) decrease in inventory | -6 | -86 | -306 | 417 |
| (increase) decrease in prepaid expenses and other current assets | 25 | -269 | -38 | 40 |
| (increase) decrease in other assets | -5 | 73 | -5 | -433 |
| Increase (decrease) in accounts payable and other current liabilities | 215 | -40 | -132 | 470 |
| Increase (decrease) in income tax payables, net, and other tax payables | -100 | -134 | -109 | -51 |
| Increase (decrease) in deferred income | - | - | -2 | 33 |
| Increase (decrease) in other liabilities | -32 | 161 | 43 | -185 |
| Net cash provided by operating activities | 4,306 | 2,752 | 3,034 | 2,715 |
| Capital expenditures | 5,929 | 7,392 | 7,724 | 4,551 |
| Acquisitions of business interests, net of cash and restricted cash acquired | 108 | 246 | 542 | 243 |
| Proceeds from the sale of business interests, net of cash and restricted cash sold | 108 | 423 | 254 | 1 |
| Sale of short-term investments | 93 | 796 | 1,318 | 1,049 |
| Purchase of short-term investments | 185 | 818 | 937 | 1,492 |
| Contributions and loans to equity affiliates | 19 | 103 | 178 | 232 |
| Affiliate repayments and returns of capital | - | 6 | 5 | 149 |
| Purchase of emissions allowances | 309 | 206 | 268 | 488 |
| Other investing | -139 | 160 | 116 | 29 |
| Net cash used in investing activities | -6,210 | -7,700 | -8,188 | -5,836 |
| Borrowings under the revolving credit facilities | 3,865 | 6,806 | 7,103 | 5,424 |
| Repayments under the revolving credit facilities | 5,330 | 6,197 | 6,285 | 4,687 |
| Proceeds from (repayments of) commercial paper | 79 | - | - | - |
| Issuance of recourse debt | 800 | 1,450 | 1,400 | 200 |
| Repayments of recourse debt | 898 | 200 | 500 | 29 |
| Issuance of non-recourse debt | 5,866 | 7,236 | 4,521 | 5,788 |
| Repayments of non-recourse debt | 3,817 | 4,306 | 2,495 | 3,144 |
| Payments for financing fees | 134 | 138 | 142 | 120 |
| Purchases under supplier financing arrangements | 1,380 | 1,786 | 1,858 | -1,042 |
| Repayments of obligations under supplier financing arrangements | 1,681 | 1,794 | 1,491 | 432 |
| Distributions to noncontrolling interests | 912 | 430 | 323 | 265 |
| Acquisitions of noncontrolling interests | 143 | 0 | 127 | 602 |
| Contributions from noncontrolling interests | 437 | 222 | 102 | 233 |
| Sales to noncontrolling interests | 2,084 | 1,247 | 1,938 | 742 |
| Issuance of preferred shares in subsidiaries | 992 | 0 | 421 | 60 |
| Issuance of preferred stock | - | - | 0 | 0 |
| Dividends paid on aes common stock | 501 | 483 | 444 | 422 |
| Payments for financed capital expenditures | 53 | 127 | 10 | 33 |
| Other financing | -59 | -109 | -121 | 3 |
| Net cash provided by financing activities | 1,975 | 4,963 | 5,405 | 3,758 |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | -27 | -63 | -270 | -56 |
| (increase) decrease in cash, cash equivalents, and restricted cash of held-for-sale businesses | 79 | 97 | -78 | 22 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, period increase (decrease), including exchange rate effect, total | 123 | 49 | -97 | 603 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning | 2,039 | 1,990 | 2,087 | 1,484 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents, ending | 2,162 | 2,039 | 1,990 | 2,087 |
AES CORP (AES)
AES CORP (AES)