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Arphra AIPlain-English read on The AES Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $11.14B | $12.62B | $12.68B | $12.28B | $12.23B | $12.52B | $12.76B | $13.23B |
| Cost of revenue | $8.43B | $10.07B | $10.16B | $9.96B | $10.02B | $10.31B | $10.2B | $10.73B |
| Gross profit | $2.71B | $2.55B | $2.52B | $2.32B | $2.21B | $2.33B | $2.39B | $2.46B |
| Gross margin | +24.35% | +20.19% | +19.84% | +18.86% | +18.07% | +18.62% | +18.73% | +18.56% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $166M | $207M | $255M | $288M | $241M | $260.18M | $266.12M | $276M |
| Total operating expenses | $166M | $207M | $255M | $288M | $241M | $259.07M | $272.8M | $275.21M |
| Operating income | $2.55B | $2.34B | $2.26B | $2.03B | $1.97B | $2.06B | $2.12B | $2.21B |
| Operating margin | +22.86% | +18.55% | +17.83% | +16.52% | +16.10% | +16.43% | +16.65% | +16.69% |
| EBITDA | $818M | $1.94B | $2.53B | $3.68B | $2.94B | $3.16B | $3.05B | $3.29B |
| EBIT | -$238M | $890M | $1.41B | $2.41B | $1.48B | $1.78B | $1.84B | $1.92B |
| Below the line | ||||||||
| Interest expense | $826M | $1.06B | $1.3B | $1.52B | $1.42B | $1.4B | $1.45B | $1.54B |
| Interest income | $298M | $389M | $551M | $381M | $287M | $419.88M | $423.88M | $430.09M |
| Other income / expense | -$3.64B | -$2.58B | -$2.19B | -$1.16B | -$1.95B | — | — | — |
| Pre-tax income | -$1.09B | -$240M | $72M | $868M | $20M | $327.99M | $331.62M | $339.77M |
| Income tax expense | -$133M | $265M | $261M | $59M | -$181M | $22.04M | $22.54M | $22.88M |
| Earnings | ||||||||
| Net income | -$413M | -$546M | $242M | $1.69B | $949M | $993.85M | $986.56M | $1.02B |
| Net income · continuing ops | -$955M | -$505M | -$189M | $809M | $201M | $280.54M | $294.17M | $299.61M |
| Net margin | -3.71% | -4.33% | +1.91% | +13.73% | +7.76% | +7.94% | +7.73% | +7.69% |
| EPS · basic | $-0.61 | $-0.82 | $0.37 | $2.38 | $1.26 | $2.39 | $2.46 | $2.65 |
| EPS · diluted | $-0.61 | $-0.82 | $0.35 | $2.36 | $1.26 | $2.32 | $2.43 | $2.56 |
| EPS · low estimate | — | — | — | — | — | $2.05 | $2.14 | $2.31 |
| EPS · high estimate | — | — | — | — | — | $2.43 | $2.56 | $2.81 |
| Shares · basic | 670.49M | 665.85M | 669M | 705.46M | 712M | 715.71M | 709.16M | 710.79M |
| Shares · diluted | 666M | 668M | 712M | 713M | 712M | 707.8M | 718.64M | 715.55M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 2 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | — | 2 | 7 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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