For the quarter ending 2026-03-31, AES had $157M increase in cash & cash equivalents over the period. -$565M in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income (loss) | 275 | -132 | 517 | -150 |
| Depreciation, amortization, and accretion of aros | 433 | 401 | 365 | 354 |
| Emissions allowance expense | 71 | 120 | 63 | 76 |
| Loss (gain) on realized/unrealized derivatives | -6 | -1 | -22 | 86 |
| Sales-type lease, selling profit (loss) | - | -10 | -13 | -208 |
| Gain on disposal and sale of business interests | - | -12 | 1 | 70 |
| Impairment expense | 12 | 369 | 63 | -144 |
| Loss on realized/unrealized foreign currency | -20 | 19 | 11 | 24 |
| Deferred income tax expense (benefit), net of tax credit transfers allocated to aes | -9 | -310 | 253 | 139 |
| Tax credit transfer proceeds allocated to noncontrolling interests | - | 460 | 356 | 212 |
| Noncash contributions from noncontrolling interest related to tax credit transfers | 190 | - | - | - |
| Other | -93 | -127 | -48 | -91 |
| (increase) decrease in accounts receivable | -38 | -146 | 42 | -125 |
| (increase) decrease in inventory | 38 | 4 | -39 | 1 |
| (increase) decrease in prepaid expenses and other current assets | -403 | 1 | 222 | -29 |
| (increase) decrease in other assets | -19 | 58 | 12 | -57 |
| Increase (decrease) in accounts payable and other current liabilities | -161 | 68 | 263 | -119 |
| Increase (decrease) in income tax payables, net, and other tax payables | -112 | 384 | -402 | 1 |
| Increase (decrease) in other liabilities | 13 | -122 | 7 | 58 |
| Net cash provided by operating activities | 1,201 | 1,488 | 1,297 | 976 |
| Capital expenditures | 1,766 | 1,535 | 1,808 | 1,332 |
| Payments to acquire businesses and interest in affiliates | 0 | 4 | -8 | 108 |
| Proceeds from divestiture of businesses and interests in affiliates | 0 | 3 | 100 | 0 |
| Sale of short-term investments | 126 | 23 | 18 | 19 |
| Purchase of short-term investments | 0 | 128 | 21 | 18 |
| Contributions and loans to equity affiliates | - | 17 | 1 | 0 |
| Payments to acquire intangible assets | 159 | 49 | 26 | 195 |
| Other investing | 0 | -115 | 6 | -34 |
| Net cash used in investing activities | -1,799 | -1,592 | -1,736 | -1,600 |
| Borrowings under the revolving credit facilities | 1,403 | 1,154 | 583 | 941 |
| Repayments under the revolving credit facilities | 533 | 1,379 | 1,553 | 1,947 |
| Proceeds from (repayments of) commercial paper | 41 | -564 | 497 | -217 |
| Issuance of recourse debt | 800 | 0 | 0 | 0 |
| Repayments of recourse debt | 800 | 0 | 124 | 0 |
| Issuance of non-recourse debt | 459 | 1,469 | 2,065 | 1,039 |
| Repayments of non-recourse debt | 373 | 1,294 | 1,033 | 731 |
| Payments for financing fees | 5 | 33 | 52 | 28 |
| Purchases under supplier financing arrangements | -468 | 2,617 | -670 | -250 |
| Repayments of obligations under supplier financing arrangements | 267 | 573 | 246 | 234 |
| Distributions to noncontrolling interests | 488 | 389 | 185 | 254 |
| Acquisitions of noncontrolling interests | - | 0 | 143 | - |
| Contributions from noncontrolling interests | 37 | 100 | 63 | 201 |
| Sales to noncontrolling interests | 117 | 795 | 151 | 893 |
| Issuance of preferred shares in subsidiaries | 113 | 464 | 76 | 452 |
| Dividends paid on aes common stock | 125 | 125 | 126 | 125 |
| Payments for financed capital expenditures | 44 | 25 | 7 | 14 |
| Other financing | -47 | -21 | 76 | -110 |
| Net cash provided by financing activities | 756 | -278 | 791 | 145 |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | -1 | -5 | -17 | -4 |
| Net cash change of discontinued and held for sale businesses | 0 | 0 | 13 | 118 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents, period increase (decrease), including exchange rate effect | 157 | -387 | 348 | -365 |
| Cash, cash equivalents and restricted cash, beginning | 2,162 | -510 | -162 | -527 |
| Cash, cash equivalents and restricted cash, ending | 2,319 | -387 | 348 | -365 |
AES CORP (AES)
AES CORP (AES)