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AES cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$307M in Q3 2026 · −$1.5B over twelve months

Operating cash flow$1.2B
Capital spending−$1.5B
Free cash flow−$307M
Cash / net income2.3×
Cash conversion cycle-5 days

Analysis

In Q3 2026, AES generated $1.2B of operating cash flow and spent $1.5B on capital projects, leaving free cash flow of −$307M. That is $204M more than in Q3 2025 (−$511M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.9B; the largest uses were capital spending ($6.5B), partners ($1.4B), dividends ($501M); besides operations, cash came from other financing ($2.3B), net borrowing (+) / repaid (−) ($1.2B); the cash balance rose by $138M.

Operating cash flow was $1.2B against net income of $527M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization −$413M, payables +$152M, income taxes payable −$132M.

Its cash conversion cycle was -5 days (receivables 45 + inventory 20 − payables 70): suppliers fund its working capital.

Free cash flow

AES: free cash flow by quarterAES: free cash flow by quarter−$639MQ4 2024−$709MQ1 2025−$356MQ2 2025−$511MQ3 2025−$47.0MQ4 2025−$565MQ1 2026−$597MQ2 2026−$307MQ3 2026
Operating cash flow less capital spending.
AES: operating cash flow against capital spendingAES: operating cash flow against capital spendingOperating cash flowCapital spending$1.1B$1.7BQ4 2024$545M$1.3BQ1 2025$976M$1.3BQ2 2025$1.3B$1.8BQ3 2025$1.5B$1.5BQ4 2025$1.2B$1.8BQ1 2026$1.0B$1.6BQ2 2026$1.2B$1.5BQ3 2026
Latest (Q3 2026): Operating cash flow $1.2B, Capital spending $1.5B.

Capital allocation, year by year

AES: where the cash came from (up) and went (down), by fiscal yearAES: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $1.9BFY2021: Net borrowing $380MFY2021: Shares issued $1.0BFY2021: Asset sales $95.0MFY2021: Capital spending −$2.1BFY2021: Acquisitions −$658MFY2021: Dividends −$401M$3.4BFY2021FY2022: Operating cash flow $2.7BFY2022: Net borrowing $715MFY2022: Asset sales $1.0MFY2022: Capital spending −$4.6BFY2022: Acquisitions −$243MFY2022: Dividends −$422M$3.4BFY2022FY2023: Operating cash flow $3.0BFY2023: Net borrowing $813MFY2023: Asset sales $254MFY2023: Capital spending −$7.7BFY2023: Acquisitions −$542MFY2023: Dividends −$444M$4.1BFY2023FY2024: Operating cash flow $2.8BFY2024: Net borrowing $602MFY2024: Asset sales $423MFY2024: Capital spending −$7.4BFY2024: Acquisitions −$246MFY2024: Dividends −$483M$3.8BFY2024FY2025: Operating cash flow $4.3BFY2025: Net borrowing −$1.4BFY2025: Asset sales $108MFY2025: Capital spending −$5.9BFY2025: Acquisitions −$108MFY2025: Dividends −$501M$4.4BFY2025
Over these 5 years operating cash flow totalled $14.7B; the largest uses were capital spending ($27.7B) and dividends ($2.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.0B
Debtnone
Net cash$2.0B

AES's operations bring cash in ($4.9B over twelve months), and it spends more than that on capital projects: a gap of $1.5B funded from its $2.0B of cash and investments and from borrowing. That is a choice to invest, not a cash runway running down.

Where the cash came from and went

AES: sources (+) and uses (−) of cash, Q3 2026AES: sources (+) and uses (−) of cash, Q3 2026Capital spending−$1.5BNet borrowing (+) / repaid (−)$1.2BOperating cash flow$1.2BOther financing−$490MCash drawn (+) / kept (−)−$304MDividends−$125MOther investing$19.0MAcquisitions−$14.0MAsset & business sales$9.0MPartners−$9.0MExchange rates−$3.0M
AES: sources (+) and uses (−) of cash, TTM to Q3 2026AES: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$6.5BOperating cash flow$4.9BOther financing$2.3BPartners−$1.4BNet borrowing (+) / repaid (−)$1.2BDividends−$501MAsset & business sales$245MCash drawn (+) / kept (−)−$138MOther investing−$103MAcquisitions−$39.0MExchange rates−$12.0M

From profit to cash

AES: net income to operating cash flow, Q3 2026AES: net income to operating cash flow, Q3 2026Net income$527MDepreciation & amortization−$413MDeferred taxes$8.0MImpairments$91.0MOther non-cash$39.0MReceivables−$21.0MInventory−$1.0MPayables$152MPrepaid and other assets$88.0MOther liabilities−$5.0MIncome taxes payable−$132MOperating cash flow$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026452070-5
Q2 2026482169-0
Q1 2026472270-0
Q4 20255222731
Q3 2025252264-18
Q2 2025282463-11
Q1 202552226014
Q4 202455226512

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.2B−$1.5B−$14.0M−$125M$1.2B−$304M−$307M
Q2 2026$1.0B−$1.6B−$21.0M−$126M−$146M−$64.0M−$597M
Q1 2026$1.2B−$1.8B—−$125M$911M−$157M−$565M
Q4 2025$1.5B−$1.5B−$4.0M−$125M−$789M$387M−$47.0M
Q3 2025$1.3B−$1.8B$8.0M−$126M−$394M−$348M−$511M
Q2 2025$976M−$1.3B−$108M−$125M−$1.2B$365M−$356M
Q1 2025$545M−$1.3B−$4.0M−$125M$991M−$527M−$709M
Q4 2024$1.1B−$1.7B−$167M−$122M−$1.6B$520M−$639M

AES: income statement and cash flow

AES, Q3 2026: revenue $3.9B (+16% year over year), operating margin 13.4%. The chart follows the revenue to costs, profit and cash.

AES: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.