AES FY2024: revenue down 3.1%, adjusted EPS beats, flat 2025 guide
AES closed 2024 with $12.28 billion of revenue, down 3.1%, but adjusted EPS of $2.14 beat the $1.87 to $1.97 guidance given a year earlier. The catch is what comes next: 2025 adjusted EPS guidance of $2.10 to $2.26 straddles that result, and none of the quarters shown produced positive free cash flow. Our view is Neutral — the backlog is real, the cash conversion is not there yet.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $2.36 versus $0.35 in 2023, and adjusted EPS was $2.14 versus $1.76. The GAAP number was lifted by a $444 million gain on disposal and sale of business interests and dragged by $571 million of asset impairment expense; adjusted EPS removes both. For judging the operating business, $2.14 is the cleaner figure.
Revenue slipped to $12.28 billion from $12.67 billion, with the Energy Infrastructure SBU falling to $6.24 billion from $6.84 billion, a decline of 8.7%. Renewables grew to $2.51 billion from $2.34 billion, up 7.3%, but that gain was far smaller than the drop elsewhere. The fourth quarter was soft: $2.96 billion of revenue and a 14.2% gross margin.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-18
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