AES CORP (AES) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Utilities · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 55.9% | The basis that applies. A regulated utility earns an allowed return on its rate base, and the dividend is set against that. |
| Operating cash flow | 11.6% | Closer to meaningful than free cash flow, but still before the capital programme the regulator expects the company to run. |
| Free cash flow | negative | Operating cash flow was $1,623m short of capital spending, so no ratio exists. Normal for a regulated utility funding its rate base. |
Spread between highest and lowest: 44 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $0.70 ÷ diluted EPS $1.26
- Operating cash flow — dividends paid $501.0m ÷ operating cash flow $4,306.0m
- Free cash flow — dividends paid $501.0m ÷ (operating cash flow $4,306.0m − capex $5,929.0m)
Where the figures came from
- 10-K filed 2026-03-02 · accession
0000874761-26-000063
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- ebitda built from net income (no operating income reported)
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.