Short answer
AES Corporation (AES) filed its fiscal 2024 10-K annual report with the SEC on Mar 11, 2025. It reported revenue of $12.3B (−3.1% year over year) and net income of $1.7B.
- Top risk flagged: Regulatory risk: Southland Long Beach plant operation approval through 2026 subject to California State Agencies' review
FY2024 key financial metrics · XBRL
- Revenue
- $12.3B
- −3.1% YoY
- Net income
- $1.7B
- +574.3% YoY
- Gross margin
- 18.8%
- −0.9 pp YoY
- EPS (diluted)
- $2.36
- +574.3% YoY
- ROE
- 46.1%
- +36.1 pp YoY
- Operating cash flow
- $2.8B
- −9.3% YoY
Source: XBRL data from the AES Corporation (AES) FY2024 10-K on SEC EDGAR. USD.
AES Corporation FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global power generation and energy services provider focusing on operating margin and EBITDA growth
- Emphasis on Fluence segment with $44 million EBITDA improvement driven by improved margins in 2025
- General and administrative expenses rose $21 million due to higher development costs impacting profitability
- Operating margin increased by $2 million amid no material drivers, highlighting operational stability
- Management highlights ongoing challenges and risk from volatile currencies and commodities that could impact future margins and cash flows
Management Discussion & Analysis
- General and administrative expenses $288M, up 13% from $255M in 2023 due to higher development, people, professional fees, IT costs
- Interest expense $1,485M, up 13% from $1,319M in 2023 driven by new debt and higher rates at Renewables, Utilities, and Corporate
- Interest income $381M, down 31% from $551M in 2023 mainly from lower short-term investments in Argentina and Brazil
- Loss on extinguishment of debt $17M, down from $63M in 2023 due to fewer prepayment losses at AES Andes and AES Hispanola
Risk Factors
- Regulatory risk: Southland Long Beach plant operation approval through 2026 subject to California State Agencies' review
- Geopolitical risk: 10% USD appreciation risks Argentine peso cash distributions, with potential foreign exchange loss under $5 million
- Operational risk: Panama thermal plant dispatch risk from new market entrants could increase spot market purchases versus existing PPAs
- Market disruption: Increasing renewables in Chile may reduce thermal unit reliance, impacting power price volatility and cost to serve PPAs
- Financial risk: Interest rate rise of 100 basis points could increase interest expense by up to $15 million across multi-currency debt portfolio
Generated from the filing text; verify against the original. How to read a 10-K
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