The AES Corporation
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $910.0M | $1.68B | $249.0M | $-546.0M | $-409.0M | $46.0M | $303.0M | $1.20B |
| Depreciation & Amortization | $-1.46B | $-1.26B | $-1.15B | $-1.07B | $1.06B | $1.07B | $1.05B | $1.00B |
| Depreciation | $1.33B | $1.15B | $1.05B | $982.0M | $972.0M | $1.00B | $977.0M | $960.0M |
| Amortization | $94.0M | $88.0M | $82.0M | $71.0M | $69.0M | $54.0M | $45.0M | $47.0M |
| Stock-Based Compensation | — | — | — | — | — | — | — | — |
| Net Cash from Operating Activities | $4.31B | $2.75B | $3.03B | $2.72B | $1.90B | $2.76B | $2.47B | $2.34B |
| Investing Activities | ||||||||
| Capital Expenditures | $5.93B | $7.39B | $7.72B | $4.55B | $2.12B | $1.90B | $2.41B | $2.12B |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-6.21B | $-7.70B | $-8.19B | $-5.84B | $-3.05B | $-2.30B | $-2.72B | $-505.0M |
| Financing Activities | ||||||||
| Dividends Paid | $501.0M | $483.0M | $444.0M | $422.0M | $401.0M | $381.0M | $362.0M | $344.0M |
| Stock Repurchases | — | — | — | — | — | — | — | $0 |
| Net Cash from Financing Activities | $1.98B | $4.96B | $5.41B | $3.76B | $797.0M | $-78.0M | $-86.0M | $-1.64B |
| Net Change in Cash | $123.0M | $49.0M | $-97.0M | $603.0M | $-343.0M | $255.0M | $-431.0M | $215.0M |
| Free Cash Flow | $-1.62B | $-4.64B | $-4.69B | $-1.84B | $-214.0M | $855.0M | $61.0M | $222.0M |