AES CORP
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
AES$14.92+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
8 | The AES Corporation
Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| (in millions) | ||
| OPERATING ACTIVITIES: | ||
| Net income | $1,189 | $294 |
| Adjustments to net income: | ||
| Depreciation, amortization, and accretion of AROs | 1,280 | 1,056 |
| Emissions allowance expense | 94 | 241 |
| Loss on realized/unrealized derivatives | 31 | 49 |
| Loss on commencement of sales-type leases | 44 | 221 |
| Gain on disposal and sale of business interests | (212) | (70) |
| Impairment expense (reversals) | 133 | (32) |
| Loss (gain) on realized/unrealized foreign currency | (1) | 35 |
| Deferred income tax expense, net of tax credit transfers allocated to AES | 34 | 402 |
| Tax credit transfers allocated to noncontrolling interests | 496 | 568 |
| Other | 140 | 268 |
| Changes in operating assets and liabilities: | ||
| (Increase) decrease in accounts receivable | (227) | (16) |
| (Increase) decrease in inventory | (37) | 10 |
| (Increase) decrease in prepaid expenses and other current assets | 666 | (24) |
| (Increase) decrease in other assets | 114 | 63 |
| Increase (decrease) in accounts payable and other current liabilities | 118 | 147 |
| Increase (decrease) in income tax payables, net, and other tax payables | (396) | (484) |
| Increase (decrease) in other liabilities | (19) | 90 |
| Net cash provided by operating activities | 3,447 | 2,818 |
| INVESTING ACTIVITIES: | ||
| Capital expenditures | (4,916) | (4,394) |
| Acquisitions of business interests, net of cash and restricted cash acquired | (35) | (104) |
| Proceeds from the sale of business interests, net of cash and restricted cash sold | 242 | 105 |
| Sale of short-term investments | 130 | 70 |
| Purchase of short-term investments | (3) | (57) |
| Purchase of emissions allowances | (224) | (260) |
| Other investing | 50 | 22 |
| Net cash used in investing activities | (4,756) | (4,618) |
| FINANCING ACTIVITIES: | ||
| Borrowings under the revolving credit facilities | 4,481 | 2,711 |
| Repayments under the revolving credit facilities | (2,413) | (3,951) |
| Commercial paper borrowings (repayments), net | (79) | 643 |
| Issuance of recourse debt | 1,800 | 800 |
| Repayments of recourse debt | (1,600) | (898) |
| Issuance of non-recourse debt | 4,050 | 4,397 |
| Repayments of non-recourse debt | (3,237) | (2,523) |
| Payments for financing fees | (100) | (101) |
| Purchases under supplier financing arrangements | 870 | 1,237 |
| Repayments of obligations under supplier financing arrangements | (1,014) | (1,108) |
| Distributions to noncontrolling interests | (1,444) | (523) |
| Acquisitions of noncontrolling interests | (30) | (143) |
| Contributions from noncontrolling interests | 325 | 337 |
| Sales to noncontrolling interests | 428 | 1,289 |
| Issuance of preferred shares in subsidiaries | 282 | 528 |
| Dividends paid on AES common stock | (376) | (376) |
| Payments for financed capital expenditures | (60) | (28) |
| Other financing | (42) | (38) |
| Net cash provided by financing activities | 1,841 | 2,253 |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (7) | (22) |
| Decrease in cash, cash equivalents, and restricted cash of held-for-sale businesses | — | 79 |
| Total increase in cash, cash equivalents, and restricted cash | 525 | 510 |
| Cash, cash equivalents and restricted cash, beginning | 2,162 | 2,039 |
| Cash, cash equivalents and restricted cash, ending | $2,687 | $2,549 |
9 | The AES Corporation
Condensed Consolidated Statements of Cash Flows(continued)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| (in millions) | ||
| SUPPLEMENTAL DISCLOSURES: | ||
| Cash payments for interest, net of amounts capitalized | $874 | $859 |
| Cash payments for income taxes, net of refunds | 268 | 192 |
| SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
| Accruals for capital expenditures | 792 | 900 |
| Noncash contributions from noncontrolling interests related to tax credit transfers | 496 | 568 |
| Noncash recognition of new operating and financing leases (see Note 10) | 153 | 155 |
| Initial recognition of contingent consideration for acquisitions | 34 | 19 |
| Noncash distributions to noncontrolling interests | — | 193 |
| Noncash contributions from noncontrolling interests | — | 42 |
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