For the quarter ending 2025-09-30, AES had $348M increase in cash & cash equivalents over the period. -$511M in free cash flow.
| Cash Flow | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 |
|---|---|---|---|---|
| Net income | 517 | -150 | -73 | 353 |
| Increase (decrease) in income tax payables, net and other tax payables | - | - | - | -134 |
| Depreciation, amortization, and accretion of aros | 365 | 354 | 337 | 338 |
| Emissions allowance expense | 63 | 76 | 102 | 94 |
| Loss (gain) on realized/unrealized derivatives | -22 | 86 | -15 | 51 |
| Sales-type lease, selling profit (loss) | -13 | -208 | - | - |
| Gain (loss) on disposal and sale of business interests | 1 | 70 | -1 | 308 |
| Asset impairment charges | 63 | -144 | 49 | 19 |
| Loss on realized/unrealized foreign currency | 11 | 24 | - | 16 |
| Deferred income tax expense (benefit), net of tax credit transfers allocated to aes | 253 | 139 | 10 | -312 |
| Tax credit transfer proceeds allocated to noncontrolling interests | 356 | 212 | - | 220 |
| Other | -48 | -91 | -129 | -140 |
| (increase) decrease in accounts receivable | 42 | -125 | 99 | -215 |
| (increase) decrease in inventory | -39 | 1 | 28 | -28 |
| (increase) decrease in prepaid expenses and other current assets | 222 | -29 | -169 | -149 |
| (increase) decrease in other assets | 12 | -57 | -18 | 250 |
| Increase (decrease) in accounts payable and other current liabilities | 263 | -119 | 3 | -74 |
| Increase (decrease) in income tax payables, net and other tax payables | -402 | 1 | 431 | - |
| Increase (decrease) in other liabilities | 7 | 58 | 25 | 29 |
| Net cash provided by operating activities | 1,297 | 976 | 545 | 1,088 |
| Capital expenditures | 1,808 | 1,332 | 1,254 | 1,727 |
| Payments to acquire businesses and interest in affiliates | -8 | 108 | 4 | 167 |
| Proceeds from divestiture of businesses and interests in affiliates | 100 | 0 | 5 | 412 |
| Affiliate repayments and returns of capital | - | - | - | 6 |
| Sale of short-term investments | 18 | 19 | 33 | 65 |
| Purchase of short-term investments | 21 | 18 | 18 | 93 |
| Contributions and loans to equity affiliates | 1 | 0 | 1 | 32 |
| Payments to acquire intangible assets | 26 | 195 | 39 | 49 |
| Other investing | 6 | -34 | 4 | 26 |
| Net cash used in investing activities | -1,736 | -1,600 | -1,282 | -1,611 |
| Borrowings under the revolving credit facilities | 583 | 941 | 1,187 | 1,154 |
| Repayments under the revolving credit facilities | 1,553 | 1,947 | 451 | 2,146 |
| Proceeds from (repayments of) commercial paper | 576 | -188 | -356 | - |
| Issuance of recourse debt | 0 | 0 | 800 | 500 |
| Repayments of recourse debt | 124 | 0 | 774 | 200 |
| Issuance of non-recourse debt | 2,065 | 1,039 | 1,293 | 2,037 |
| Repayments of non-recourse debt | 1,033 | 731 | 759 | 995 |
| Payments for financing fees | 52 | 28 | 21 | 50 |
| Purchases under supplier financing arrangements | -670 | -250 | -317 | 2,997 |
| Repayments of obligations under supplier financing arrangements | 246 | 234 | 628 | 382 |
| Distributions to noncontrolling interests | 185 | 254 | 84 | 265 |
| Acquisitions of noncontrolling interests | 143 | - | - | 0 |
| Contributions from noncontrolling interests | 63 | 201 | 73 | 85 |
| Sales to noncontrolling interests | 151 | 893 | 245 | 378 |
| Issuance of preferred shares in subsidiaries | 76 | 452 | - | 0 |
| Dividends paid on aes common stock | 126 | 125 | 125 | 122 |
| Payments for financed capital expenditures | 7 | 14 | 7 | 98 |
| Other financing | 76 | -110 | -4 | -84 |
| Net cash provided by financing activities | 791 | 145 | 1,317 | -224 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | -17 | -4 | -1 | -16 |
| Net cash change of discontinued and held for sale businesses | 13 | 118 | -52 | 243 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents, period increase (decrease), including exchange rate effect | 348 | -365 | 527 | -520 |
| Cash and cash equivalents at beginning of period | 2,039 | - | - | - |
| Cash and cash equivalents at end of period | 2,549 | - | - | - |
AES CORP (AES)
AES CORP (AES)