AES The AES Corporation Common Stock

NYSE · Utilities · View on SEC EDGAR ↗
$14.75
Price · Aug 19, 2026
Fundamentals as of Aug 4, 2026

About The AES Corporation Common Stock Company overview from Wikipedia

The AES Corporation is an American utility and power generation company. It owns and operates power plants, which it uses to generate and sell electricity to end users and intermediaries like utilities and industrial facilities. AES, headquartered in Arlington, Virginia, is one of the world's leading power companies, generating and distributing electric power in 15 countries and employing 10,500 people worldwide. AES Corporation is a global Fortune 500 power company.

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The AES Corporation is an American utility and power generation company. It owns and operates power plants, which it uses to generate and sell electricity to end users and intermediaries like utilities and industrial facilities. AES, headquartered in Arlington, Virginia, is one of the world's leading power companies, generating and distributing electric power in 15 countries and employing 10,500 people worldwide. AES Corporation is a global Fortune 500 power company.

History

20th century

The company was founded on January 28, 1981, as Applied Energy Services by Roger Sant and Dennis Bakke, two appointees of the Federal Energy Administration under president Richard Nixon. The company was initially a consulting firm; it became AES Corporation, which went public in 1991. Sant was chairman, CEO, and president and Bakke was executive vice president until assuming the position of president in 1987. Bakke later became the company's CEO in 1994, serving for eight years until his resignation in 2002 in the midst of a liquidity crisis that followed the collapse of the energy giant Enron. The company's efforts to modernize the electricity grid in Tbilisi, Georgia, through its acquisition of Telasi, were documented in the feature documentary Power Trip, directed by Paul Devlin.

21st century

Sant remained as executive chairman until 2003 and as a member of the board until 2006. Paul Hanrahan was appointed president and CEO and remained for ten years, overseeing the stabilization of the company. Until the early 2000s, the company followed self-management, delegating much responsibility to ordinary employees. In 2012, Hanrahan resigned his position as president and CEO of the company, and he was succeeded by Andres Gluski. As CEO, Gluski has implemented a strategy of reducing the number of countries in which AES does business, from 28 to 16, for the purpose of consolidating operations and reducing costs. Additionally, he began a program of reducing the company's total carbon emission intensity.

Bakke and Sant oversaw much of AES's initial global expansion, building power plants in 29 countries and expanding its staff from 1,400 to 32,000 employees, and also instilled a system of decentralized management that emphasized social responsibility above profit. In recent years, AES has signaled a commitment to providing its consumers and clients with renewable forms of energy, and its operations construction and provision of solar and wind-based energy storage systems.

AES acquired the assets of Indianapolis Power & Light (also known as IPL or IPALCO) in 2000. In February 2021, Indianapolis Power & Light rebranded as AES Indiana.

AES acquired the Chilean-based subsidiary Gener in 2000 and acquired DPL Inc., then known as Dayton Power & Light, in 2011. Although retaining its name for legal purposes, the company was rebranded as AES Ohio in February 2021.

In fiscal 2015, AES's total revenue was $15 billion.

In 2018, AES acquired the subsidiary sPower.

In December 2021, AES acquired Community Energy Solar (Community Energy) to help deliver 4 GW of renewables in the U.S.

In March 2026, a consortium led by BlackRock subsidiary Global Infrastructure Partners and Swedish private equity firm EQT AB agreed to acquire AES for a total enterprise value of $33.7 billion, including its $22.7bn of debt.

Major projects

Fluence

Launched during January 2018, Fluence is a joint venture between AES Energy Storage and Siemens that is focused on the development of, and expansion of energy storage technologies and services. Chaired by former AES vice-president for energy storage platforms Stephen Coughlin, and headquartered in Washington D.C., Fluence aims to implement AES's extensive research into the potential of lithium-ion powered energy sources by relying upon Siemens' expansive global presence in the industrial sector; for the purpose of addressing the rapidly rising demand for clean energy technologies. Fluence has been deployed in 16 countries, with major projects including the following:

The creation of a new 40-megawatt storage facility on behalf of San Diego Gas & Electric's new 40 MW storage facility.

Three solar powered projects throughout Arizona and two 10 MW projects in the Dominican Republic.

The installation of six storage projects across Germany that will provide grid stabilization.

The construction of a hybrid microgrid on the Mediterranean Island of Ventotene. Said microgrid will be developed as per an agreement between Fluence and the Italian energy utility Enel, and will combine diesel generators with renewables in order to aid in the efforts to reduce carbon costs and emissions. The key technology platforms developed by Fluence include the following.

Key Fluence technologies

Fluence is expected to employ three different types of grid technology. WP:Crystal

i):SIESTORAGE: An electrical energy storage system fueled predominantly by wind and solar energy. Siestorage relies upon the closed-loop controls and pulse modulation built into its semiconductors, in order to provide consumers with increased dependability.

ii):Advancion: A storage system that is made up of several small, modular nodes and powered by lithium-ion batteries, which enables the Advancion energy store system to provide consumers with a heightened degree of consistency in performance.

iii): Sunflux Energy: Announced in January 2018, Sunflex was developed for the purpose of expanding upon the possibilities offered by photovoltaic solar energy. This technology is built to capture energy during peak solar hours in order to expand energy delivery.

Projected ventures using Fluence technologies

Presently, the biggest project in Fluence's portfolio is a 100–400 Mwh "power center energy storage project" for Southern California Edison. This system will be housed within AES's power center in Los Alamitos, California.

During January 2018, the subsidiary AES India, working in partnership with Mitsubishi, commenced construction of a 10 MW energy storage solution that will be located in Rohini. This storage solution, which shall operate off Fluence's Advancion technology, is projected to be the first utility-scale system to be in India.

sPower

Headquartered in Salt Lake City and acquired from Fir Tree Partners Inc in a purchase during 2017 as part of a joint acquisition with Alberta Investment Management Corporation, sPower is a large developer of utility-scale solar in the United States, operating across 11 states, and with particular focus on the states of California and North Carolina. Its current operating portfolio includes 1.3 GW worth of solar and wind based properties, in addition to over 10,000 MW worth of projects that are in the developmental stage.

Investment in drone technologies

As part of an effort by AES to protect its employees from industry hazards and to improve workplace safety, the company announced a partnership with drone provider Measure to inspect their various energy infrastructures sites across 17 countries.

Major properties and subsidiaries

Properties and subsidiaries in North America

AES Ohio, branding for DPL Inc. – Dayton Power and Light Company

AES Indiana, formerly IPL – Indianapolis Power & Light Company

Premier Power

AES Energy Storage. AES Energy Storage has provided some of the largest battery storage power station in the world.

AES Puerto Rico

AES Colón power station, Panama

Properties in South America

Based in Argentina

TermoAndes: Located in the province of Salta, and acquired by AES in 2000. This hybrid plants utilizes both gasoline and diesel fuels and has a production capacity of 643 MW.

Alicura: Acquired by AES in the year 2000. This hydro powered plant is one of Andes' most important alternative energy assets, boasting 1,000 megawatts of generation capacity.

Guillermo Brown: Located in the province of Buenos Aires, and acquired by AES in 2016. This gas turbine utilizes both natural gas and diesel fuels and has a generation capacity of 576 MW.

Los Caracoles: Owned by AES Argentina, and located in [Buenos Aires]. This hydroelectric plant produces 12 MW. Although AES owns the property, the equity is publicly owned, and operations are carried out through various managerial and Observation and Measurement agreements.

Paraná-GT: Purchased by AES Argentina in 2001, and located in San Nicolás de los Arroyos. This plant uses both gasoline and diesel as fuel sources, and has a total capacity of 845 megawatts.

Carba Corral: Based in the province of [Salta], and owned by AES Argentina, who purchased the property in 1995. This plant has an installed capacity of 102 MW, and runs on hydro power.

Sarmiento Power Plant: Owned by AES Andes, and located in San Juan Province, Argentina. This plant was acquired by AES in 1996, and runs off both gas and diesel fuel. It has an installed capacity of 33 MW, and runs off 3 Electrical gas turbines, all of which measure 11 MW.

Based in Brazil

AES Brazil: Founded in 1997. Ownership is divided between AES and the Brazilian Development Bank.

AES Tietê – Brazil

Based in Chile

AES Andes

Properties and subsidiaries in Europe

Based in United Kingdom

Ballyumford Power Station: Located on the northwestern end of Islandmagee in County Antrim. This property, purchased by AES in 2010, is the largest power station on the Irish mainland, boasting a generating capacity of 1017 megawatts.

Kilroot Power Station: Acquired by AES in 1992 deal that included Belfast Power Station West. The company was named NIGEN and distinguished by the fact that it was the first purchase the company made outside of the United States, this property is located on the north shore of Belfast Lough in, and was acquired by AES in 1992. This station has an installed generating capacity of 560 megawatts, and operates using generators that run off both oil and gas, as well as via turbines that provide it with an additional 142 MW. Belfast Power Station West was a 240 MW coal-fired plant comprising 13 chain grate stoker boilers and 5 Parsons turbo generators 2×30 MW and 3×60 MW

Array: An energy storage system located at the Kilroot Power station, and operating off Fluence's Advancion model. This system is the largest advanced energy storage system in the United Kingdom, providing 10 megawatts of interconnected storage energy.

Based in Bulgaria

Maritsa Iztok: The largest energy complex in Southeast Europe, the Maritsa Iztok Complex is a 690 coal plant located in Galabovo. It was acquired by AES in 2011.

St. Nikola: St. Nikola is a 156 MW wind generator located near the town of Kavarna. Built in 2009, it is considered the largest wind farm in the country. As part of the high efficiency standards maintained throughout the development and construction of this generator, AES Geo Energy was awarded both the 2008 "Sustainable Energy Deal of the Year" Prize from EMEA Finance Magazine as well as the "Investor of 2009" in the Energy Sector by the Bulgarian Investment Agency for Production of Electric Power from RES.).

Based in the Netherlands

Netherlands ES: Located in Vlissingen, this energy storage system was built using AES's Advancion technology. This system, which produces a total of 10 MW, is designed to provide a low-battery based alternative to traditional power plants and hydroelectric storages.

Formerly - Elsta: Located in the Dutch province of Zeeland, near Terneuzen. AES acquired 50% of the interests in this facility in 1998, as part of a transaction that divided ownership between it, DELTA, and Essent. This combined heat and power facility is powered by a trio of natural gas turbines, and can produce up to 630 MW of power. Sold, as of 2024 property of Dow Terneuzen.

Properties and subsidiaries in Asia

Properties and subsidiaries in the Middle East

Based in Jordan

'The Amman East Power Plant' MW a 380 MW combined cycle gas-fired power plant located Al Manakher. The plant was commissioned in 2009, and is a shared subsidiary of AES and Mitsui & Co. In 2011 Qatar Electricity & Water Corporation announced it will buy a stake in the power plant.

Properties and subsidiaries in Central Asia

Based in Kazakhstan

Ust-Kamenorgorsk: Active since 1947 and purchased megawatt AES in 1997, CHP is a 1,372 MW coal power plant located in the East Kazakhstan Region.

Sogrinsk CHP: Acquired by AES in 1997 and operated by the power generation company CHP LLP, this coal based plant has a total capacity of 345 MW. It is located in the East Kazakhstan Region.

Formerly - Shulbinsk HPP: Acquired by AES in 1997, Shulbinsk is a 702 MW hydro power plant. It is located in Semey.

Formerly - Ust-Kamenogorsk HPP: Located on the Irtysch River near Ust-Kamenogorsk in the East Kazakhstan Region, and purchased by AES in 1997. This is a hydroelectric plant that operates using 4 individual turbines, with nominal output of 83 MW, total generation capacity of 340 MW.

Properties and subsidiaries in Southeast Asia

Based in the Philippines

Masinloc Power Plant: Located in the Zambales Province in Luzon, and purchased for $930 million from Masinloc Power Partners Co. Ltd. in 2009. This project, a 630 MW coal power plant, derives its resources from its proximity to the Pacific Rim, and has a stable infrastructure amendable to further megawatt additions.

Masinloc ES: Located in the Zambales Province in Luzon, and launched by AES subsidiary Masin-AES Pte. Ltd during 2016. This storage generator provides 10 MW to the Luzon grid, and is the first battery based energy system in the country.

Based in Vietnam

Mong Duong 2: Located in Cam Pha, this 1,240 MW coal-fired plant became commercially operational in 2015. This plant, constructed under a Build-Operate Transfer (BOT) agreement between AES and state owned entities Electricity of Vietnam (EVN) and Vinacomin, is the largest power project in the nation's private sector.

Properties and subsidiaries in India

OPGC Plant: Acquired by AES in 1998, this coal power plant has a total capacity of 420 MW. It is located in Odisha.

OPGC II: Currently under construction, this coal powered plant is expected to boast 1,300 MW capacity.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

AES Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$14.74
Market Cap
$10.50B
P/E (TTM)
11.7
EPS (TTM)
$1.26
Revenue (TTM)
$12.23B
Div Yield
4.8%
ROE
23.6%
Debt/Equity
52W Range
$12 – $18

AES Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $12.23B
8-point trend, +13.9%
2018-12-31 2025-12-31
EPS $1.26
8-point trend, -30.4%
2018-12-31 2025-12-31
Free Cash Flow $-1.62B
7-point trend, -831.1%
2018-12-31 2025-12-31
Margins 7.4%
7-point trend, -24.6%
2018-12-31 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
AES
Peer Median
P/E (TTM)
5-point trend, +128.6%
11.7
30.8
P/S (TTM)
5-point trend, -48.4%
0.9
2.4
P/B
5-point trend, -57.7%
2.6
8.0
Price / FCF
5-point trend, -134.4%
-6.5

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
AES
Peer Median
Gross Margin
5-point trend, -35.2%
18.1%
29.9%
Net Profit Margin
5-point trend, +1450.0%
7.4%
5.2%
ROA
5-point trend, +1315.4%
1.8%
2.5%
ROE
5-point trend, +1348.5%
23.6%
16.6%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
AES
Peer Median
Current Ratio
5-point trend, -24.2%
0.8
0.8
Quick Ratio
5-point trend, -24.9%
0.4

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
AES
Peer Median
Revenue YoY
5-point trend, +9.8%
-0.37%
Revenue CAGR 3Y
5-point trend, +9.8%
-1.0%
Revenue CAGR 5Y
5-point trend, +9.8%
4.8%
EPS YoY
5-point trend, +306.6%
-46.6%
Net Income YoY
5-point trend, +322.5%
-45.8%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
AES
Peer Median
EPS (Diluted)
5-point trend, +306.6%
$1.26

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
AES
Peer Median
Payout Ratio
5-point trend, -93.4%
55.0%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
4.8%
Payout Ratio
55.0%
5Y Div CAGR
Ex-dateAmount
July 31, 2026$0.1760
May 1, 2026$0.1760
Jan. 30, 2026$0.1760
Oct. 31, 2025$0.1760
Aug. 1, 2025$0.1760
May 1, 2025$0.1760
Jan. 31, 2025$0.1760
Nov. 1, 2024$0.1730
Aug. 1, 2024$0.1730
April 30, 2024$0.1730
Jan. 31, 2024$0.1730
Oct. 31, 2023$0.1660
July 31, 2023$0.1660
April 28, 2023$0.1660
Jan. 31, 2023$0.1660
Oct. 31, 2022$0.1580
July 29, 2022$0.1580
April 28, 2022$0.1580
Jan. 31, 2022$0.1580
Nov. 1, 2021$0.1510

AES Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

HOLD 18 analysts
  • Strong Buy 0 0.0%
  • Buy 0 0.0%
  • Hold 13 72.2%
  • Sell 4 22.2%
  • Strong Sell 1 5.6%

12-Month Price Target

8 analysts · 2026-08-13
Median target $15.00 +1.7%
Mean target $15.00 +1.7%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.07%
Period EPS Actual EPS Est Surprise
June 30, 2026 $0.44 $0.52 -0.08%
March 31, 2026 $0.67 $0.37 0.30%
Sept. 30, 2025 $0.75 $0.76 -0.01%
June 30, 2025 $0.51 $0.40 0.11%
March 31, 2025 $0.27 $0.35 -0.08%
Dec. 31, 2024 $0.54 $0.35 0.19%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
AES $10.21B 11.4 -0.37% 7.4% 23.6% 18.1%
VST $54.54B 74.0 3.0% 5.3% 17.7%
TLN $17.13B -78.3 22.0% -8.5% -17.7%
HNRG $834M 19.8 16.2% 8.9% 29.7%
FISN -234.2%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 14
Annual Income Statement data for AES
Metric Trend 20252024202320222021202020192018201720162015
Revenue 10-point trend, +8.6% $12.23B $12.28B $12.67B $12.62B $11.14B $9.66B · $10.74B $10.53B $10.28B $11.26B
Cost of Revenue 9-point trend, +26.9% $10.02B $9.96B $10.16B $10.07B $8.43B $6.97B · $8.16B $8.06B $7.90B ·
Gross Profit 10-point trend, -17.0% $2.21B $2.31B $2.50B $2.55B $2.71B $2.69B · $2.57B $2.46B $2.38B $2.66B
SG&A Expense 10-point trend, +23.0% $241M $288M $255M $207M $166M $165M · $192M $215M $194M $196M
Interest Expense 10-point trend, +22.9% $1.41B $1.49B $1.32B $1.12B $911M $1.04B · $1.06B $1.17B $1.13B $1.15B
Interest Income 10-point trend, +12.1% $287M $381M $551M $389M $298M $268M · $310M $244M $245M $256M
Pretax Income 10-point trend, -85.4% $75M $894M $104M $-169M $-1.06B $-192M · $-509M $-521M $-354M $513M
Income Tax 10-point trend, -143.9% $-181M $59M $261M $265M $-133M $216M · $708M $990M $32M $412M
Net Income 10-point trend, +197.4% $910M $1.68B $249M $-546M $-409M $46M · $1.20B $-1.16B $-1.13B $306M
EPS (Basic) 10-point trend, +180.0% $1.26 $2.38 $0.37 $-0.82 $-0.61 $0.07 · $1.82 $-1.76 $-1.72 $0.45
EPS (Diluted) 10-point trend, +186.4% $1.26 $2.36 $0.35 $-0.82 $-0.61 $0.07 · $1.81 $-1.76 $-1.72 $0.44
Shares (Basic) 10-point trend, +3.6% 712,000,000 706,000,000 669,000,000 668,000,000 666,000,000 665,000,000 · 662,000,000 660,000,000 660,000,000 687,000,000
Shares (Diluted) 10-point trend, +3.6% 714,000,000 713,000,000 712,000,000 668,000,000 666,000,000 668,000,000 · 665,000,000 660,000,000 660,000,000 689,000,000
EBITDA $-1.46B · · · · · · · · · ·
Balance Sheet 27
Annual Balance Sheet data for AES
Metric Trend 20252024202320222021202020192018201720162015
Cash & Equivalents 10-point trend, +13.5% $1.38B $1.52B $1.43B $1.37B $943M $1.09B · $1.17B $949M $1.24B $1.22B
Short-term Investments 10-point trend, -62.9% $174M $79M $395M $730M $232M $335M · $313M $424M $530M $469M
Receivables 11-point trend, -26.9% $1.68B $1.65B $1.42B $1.80B $1.42B $1.30B $1.48B $1.59B $1.46B $1.42B $2.30B
Inventory 10-point trend, -8.8% $612M $593M $712M $1.05B $604M $461M · $577M $562M $622M $671M
Prepaid Expense 10-point trend, +81.1% $192M $157M $177M $98M $142M $102M · $130M $62M $72M $106M
Other Current Assets 11-point trend, +30.7% $1.72B $1.53B $1.39B $1.53B $897M $726M $800M $807M $630M $657M $1.32B
Current Assets 10-point trend, -5.0% $6.50B $6.83B $6.65B $7.64B $5.36B $5.41B · $5.01B $6.40B $6.42B $6.84B
PP&E (Net) 10-point trend, +71.7% $37.82B $33.17B $29.96B $23.04B $19.91B $22.83B · $21.40B $20.30B $20.41B $22.02B
Accum. Depreciation 10-point trend, +9.6% $9.80B $8.70B $8.60B $8.65B $8.49B $8.47B · $8.23B $7.94B $7.92B $8.94B
Goodwill 10-point trend, -70.4% $342M $345M $348M $362M $1.18B $1.06B · $1.06B $1.06B $1.16B $1.16B
Intangibles 10-point trend, +500.0% $2.04B $1.95B $2.24B $1.84B $1.45B $827M · $436M $366M $287M $340M
Other Non-current Assets 11-point trend, +33.8% $2.82B $2.92B $3.26B $4.03B $2.19B $1.66B $1.60B $1.51B $1.74B $1.77B $2.11B
Total Assets 10-point trend, +41.7% $51.77B $47.41B $44.80B $38.36B $32.96B $34.60B · $32.52B $33.11B $36.12B $36.55B
Accounts Payable 10-point trend, +26.0% $1.98B $1.65B $2.20B $1.73B $1.15B $1.16B · $1.33B $1.37B $1.24B $1.57B
Accrued Liabilities 10-point trend, -2.8% $2.22B $1.25B $1.33B $1.49B $1.21B $1.22B · $962M $980M $1.12B $2.29B
Current Liabilities 10-point trend, +22.6% $8.49B $8.57B $9.73B $6.49B $4.73B $5.36B · $4.40B $6.03B $5.28B $6.93B
Capital Leases 6-point trend, +34.5% $394M $392M $387M $374M $294M $293M · · · · ·
Deferred Tax 10-point trend, +45.0% $1.58B $1.49B $1.25B $1.14B $977M $1.10B · $1.28B $1.01B $804M $1.09B
Other Non-current Liabilities 10-point trend, +6.7% $2.98B $2.88B $3.11B $3.17B $3.36B $3.24B · $2.72B $2.60B $2.33B $2.79B
Common Stock 10-point trend, +12.5% $9M $9M $8M $8M $8M $8M · $8M $8M $8M $8M
Paid-in Capital 10-point trend, -32.3% $5.90B $5.91B $6.36B $6.69B $7.11B $7.56B · $8.15B $8.50B $8.59B $8.72B
Retained Earnings 11-point trend, +348.3% $641M $293M $-1.39B $-1.64B $-1.09B $-680M $-731M $-1.00B $-2.28B $-1.15B $143M
Treasury Stock 10-point trend, -2.4% $1.79B $1.80B $1.81B $1.82B $1.84B $1.86B · $1.88B $1.89B $1.90B $1.84B
AOCI 10-point trend, +82.0% $-698M $-766M $-1.51B $-1.64B $-2.22B $-2.40B · $-2.07B $-1.88B $-2.76B $-3.88B
Stockholders' Equity 10-point trend, -34.2% $4.06B $3.64B $2.49B $2.44B $2.80B $2.63B · $3.21B $2.46B $2.79B $6.17B
Liabilities + Equity 10-point trend, +41.9% $51.77B $47.41B $44.80B $38.36B $32.96B $34.60B · $32.52B $33.11B $36.12B $36.47B
Shares Outstanding 10-point trend, +6.8% 712,201,777 711,074,269 669,693,234 668,743,464 666,793,625 665,370,128 · 662,298,096 660,388,128 659,182,232 666,808,790
Cash Flow 16
Annual Cash Flow data for AES
Metric Trend 20252024202320222021202020192018201720162015
D&A 10-point trend, -227.4% $-1.46B $-1.26B $-1.15B $-1.07B $1.06B $1.07B · $1.00B $1.17B $1.18B $1.14B
Deferred Tax 10-point trend, +284.0% $92M $111M $-54M $4M $-406M $-233M · $313M $672M $-793M $-50M
Amort. of Intangibles 10-point trend, +100.0% $94M $88M $82M $71M $69M $54M · $47M $34M $37M $47M
Restructuring $5M · · · · · · · · · ·
Other Non-cash $4.76B · · · · · · · · · ·
Operating Cash Flow 10-point trend, +101.8% $4.31B $2.75B $3.03B $2.71B $1.90B $2.75B · $2.34B $2.50B $2.90B $2.13B
CapEx 10-point trend, +156.9% $5.93B $7.39B $7.72B $4.55B $2.12B $1.90B · $2.12B $2.18B $2.35B $2.31B
Investing Cash Flow 10-point trend, -162.5% $-6.21B $-7.70B $-8.19B $-5.84B $-3.05B $-2.29B · $-505M $-2.60B $-2.14B $-2.37B
Stock Repurchased 4-point trend, -100.0% · · · · · · · $0 $0 $79M $482M
Net Stock Activity 4-point trend, +100.0% · · · · · · · $0 $0 $-79M $-482M
Dividends Paid 10-point trend, +81.5% $501M $483M $444M $422M $401M $381M · $344M $317M $290M $276M
Financing Cash Flow 10-point trend, +6953.6% $1.98B $4.96B $5.41B $3.76B $797M $-78M · $-1.64B $43M $-747M $28M
Net Change in Cash 10-point trend, +153.2% $123M $49M $-97M $603M $-343M $255M · $215M $-172M $9M $-231M
Taxes Paid 10-point trend, -41.5% $227M $345M $301M $271M $459M $333M · $370M $377M $487M $388M
Free Cash Flow 9-point trend, -832.8% $-1.62B · $-4.69B $-1.84B $-214M $855M · $222M $312M $539M $-174M
Levered FCF 9-point trend, -533.1% $-6.43B · $-2.70B $130M $-937M $-1.35B · $-2.30B $-3.08B $-1.75B $-1.01B
Profitability 6
Annual Profitability data for AES
Metric Trend 20252024202320222021202020192018201720162015
Gross Margin 9-point trend, -5.6% 18.1% · 19.8% 20.2% 24.3% 27.9% · 24.0% 23.4% 17.9% 19.1%
Net Margin 9-point trend, +262.9% 7.4% · 2.0% -4.3% -3.7% 0.48% · 11.2% -11.0% -8.3% 2.1%
Pretax Margin 9-point trend, -91.9% 0.61% · 0.82% 0.76% -5.8% -2.0% · -4.7% -5.0% 2.3% 7.5%
EBITDA Margin -11.9% · · · · · · · · · ·
ROA 9-point trend, +127.2% 1.8% · 0.60% -1.5% -1.2% 0.13% · 3.7% -3.4% -3.1% 0.81%
ROE 9-point trend, +186.2% 23.6% · 10.1% -20.9% -15.1% 1.6% · 42.4% -44.1% -19.0% 8.2%
Liquidity & Solvency 2
Annual Liquidity & Solvency data for AES
Metric Trend 20252024202320222021202020192018201720162015
Current Ratio 9-point trend, -22.5% 0.8 · 0.7 1.2 1.1 1.0 · 1.1 1.1 1.2 1.0
Quick Ratio 9-point trend, -37.2% 0.4 · 0.3 0.6 0.5 0.5 · 0.7 0.5 0.8 0.6
Efficiency 3
Annual Efficiency data for AES
Metric Trend 20252024202320222021202020192018201720162015
Asset Turnover 9-point trend, -37.8% 0.2 · 0.3 0.4 0.3 0.3 · 0.3 0.3 0.4 0.4
Inventory Turnover 6-point trend, +16.0% 16.6 · 11.5 12.1 15.8 14.7 · 14.3 · · ·
Receivables Turnover 9-point trend, +150.1% 14.4 · 7.9 7.8 8.2 7.0 · 7.0 7.3 6.1 5.8
Per Share 7
Annual Per Share data for AES
Metric Trend 20252024202320222021202020192018201720162015
Book Value / Share 9-point trend, +20.8% $5.70 · $3.72 $3.64 $4.20 $3.96 · $4.84 $3.73 $8.65 $4.72
Revenue / Share 9-point trend, -21.1% $17.13 · $17.79 $18.89 $16.73 $14.46 · $16.14 $15.95 $20.52 $21.72
Cash Flow / Share 9-point trend, +94.7% $6.03 · $4.26 $4.06 $2.86 $4.12 · $3.52 $3.77 $4.36 $3.10
Cash / Share 9-point trend, +2.5% $1.94 · $2.13 $2.05 $1.41 $1.64 · $1.76 $1.44 $1.98 $1.89
Dividend / Share 10-point trend, +71.7% $1 $1 $1 $1 $1 $1 · $1 $0 $0 $0
Dividend Paid / Share · · · · · · · · · · $0
EPS (TTM) 10-point trend, +186.4% $1.26 $2.36 $0.35 $-0.82 $-0.61 $0.07 · $1.81 $-1.76 $-1.72 $0.44
Growth Rates 10
Annual Growth Rates data for AES
Metric Trend 20252024202320222021202020192018201720162015
Revenue YoY 5-point trend, -102.4% -0.37% -3.1% 0.40% 13.2% 15.3% · · · · · ·
Revenue CAGR 3Y 3-point trend, -110.8% -1.0% 3.3% 9.5% · · · · · · · ·
Revenue CAGR 5Y 4.8% · · · · · · · · · ·
EPS YoY 2-point trend, -108.1% -46.6% 574.3% · · · · · · · · ·
EPS CAGR 3Y · · 71.0% · · · · · · · ·
EPS CAGR 5Y 78.3% · · · · · · · · · ·
Net Income YoY 2-point trend, -108.0% -45.8% 574.3% · · · · · · · · ·
Net Income CAGR 3Y · · 75.6% · · · · · · · ·
Net Income CAGR 5Y 81.7% · · · · · · · · · ·
Dividend CAGR 5Y 5.6% · · · · · · · · · ·
Valuation (TTM) 13
Annual Valuation (TTM) data for AES
Metric Trend 20252024202320222021202020192018201720162015
Revenue TTM 10-point trend, +8.6% $12.23B $12.28B $12.67B $12.62B $11.14B $9.66B · $10.74B $10.53B $10.28B $11.26B
Net Income TTM 10-point trend, +197.4% $910M $1.68B $249M $-546M $-409M $46M · $1.20B $-1.16B $-1.13B $306M
Market Cap 9-point trend, +60.0% $10.21B · $12.89B $19.23B $16.20B $15.64B · $9.58B $7.15B $7.66B $6.38B
P/E 10-point trend, -47.7% 11.4 5.5 55.0 -35.1 -39.8 335.7 · 8.0 -6.2 -6.8 21.8
P/S 9-point trend, +47.3% 0.8 · 1.0 1.5 1.5 1.6 · 0.9 0.7 0.7 0.6
P/B 9-point trend, +24.0% 2.5 · 5.2 7.9 5.8 5.9 · 3.0 2.9 1.3 2.0
P / Tangible Book 5-point trend, -71.0% 6.1 6.8 · 82.2 94.8 21.0 · · · · ·
P / Cash Flow 9-point trend, -20.7% 2.4 · 4.2 7.1 8.5 5.7 · 4.1 2.9 2.7 3.0
P / FCF 9-point trend, +82.8% -6.3 · -2.7 -10.5 -75.7 18.3 · 43.1 22.9 14.2 -36.7
Dividend Yield 9-point trend, +13.4% 4.9% · 3.4% 2.2% 2.5% 2.4% · 3.6% 4.4% 3.8% 4.3%
Earnings Yield 10-point trend, +91.1% 8.8% 18.3% 1.8% -2.9% -2.5% 0.30% · 12.5% -16.2% -14.8% 4.6%
Payout Ratio 9-point trend, -39.0% 55.0% · 178.3% -77.3% -98.0% 828.3% · 28.6% -27.3% -25.7% 90.2%
Annual Payout 10-point trend, +81.5% $501M $483M $444M $422M $401M $381M · $344M $317M $290M $276M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312024-09-302024-06-302023-12-31
Revenue $12.23B$12.28B$12.67B
Gross Margin % 18.1%19.8%
Net Income $910M$1.68B$249M
Diluted EPS $1.26$2.36$0.35
Balance Sheet
2025-12-312024-12-312024-09-302024-06-302023-12-31
Current Ratio 0.80.7
Quick Ratio 0.40.3
Cash Flow
2025-12-312024-12-312024-09-302024-06-302023-12-31
Free Cash Flow $-1.62B$-4.69B

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Institutional owners (13F) 801 filers · $7.9B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
87 (-63 vs prior Q) 109 (-2 vs prior Q) 260 (+22 vs prior Q) 236 (-38 vs prior Q) +118.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD GROUP INC $1,182,054,876 82,430,605 15.05% Shares
VANGUARD CAPITAL MANAGEMENT LLC $681,763,110 46,504,987 8.68% Shares
STATE STREET CORP $628,795,796 42,891,937 8.01% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $518,596,005 35,374,898 6.60% Shares
Balyasny Asset Management L.P. $507,726,978 34,633,491 6.46% Shares
GEODE CAPITAL MANAGEMENT, LLC $332,978,645 22,747,004 4.24% Shares
MILLENNIUM MANAGEMENT LLC $312,324,938 21,304,566 3.98% Shares
AQR Arbitrage LLC $200,299,337 13,686,323 2.55% Shares
CITADEL ADVISORS LLC $187,740,226 12,806,291 2.39% Shares
HBK INVESTMENTS L P $162,298,500 11,070,839 2.07% Shares
Qube Research & Technologies Ltd $160,320,250 10,935,897 2.04% Shares
DIMENSIONAL FUND ADVISORS LP $107,895,899 7,359,884 1.37% Shares
Kryger Capital LLC $100,282,243 6,840,535 1.28% Shares
GOLDMAN SACHS GROUP INC $87,392,458 5,961,286 1.11% Shares
GABELLI FUNDS LLC $74,898,673 5,109,050 0.95% Shares
AMERIPRISE FINANCIAL INC $70,695,599 4,822,351 0.90% Shares
Fort Baker Capital Management LP $70,178,636 4,787,083 0.89% Shares
Verition Fund Management LLC $66,283,211 4,521,365 0.84% Shares
VANGUARD FIDUCIARY TRUST CO $58,661,931 4,001,496 0.75% Shares
FIRST TRUST ADVISORS LP $57,509,033 3,922,854 0.73% Shares
ALLIANCEBERNSTEIN L.P. $56,521,950 4,011,494 0.72% Shares
Capital International Investors $52,411,044 3,575,108 0.67% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $51,964,261 3,544,629 0.66% Shares
Calamos Advisors LLC $50,403,103 3,438,138 0.64% Shares
SONA ASSET MANAGEMENT (US) LLC $48,656,613 3,319,005 0.62% Shares
Capula Management Ltd $44,454,280 3,032,352 0.57% Shares
Amundi $42,194,163 2,878,183 0.54% Shares
NATIXIS $38,314,408 2,613,534 0.49% Shares
Allianz Asset Management GmbH $34,552,374 2,356,915 0.44% Shares
Grantham, Mayo, Van Otterloo & Co. LLC $34,468,387 2,351,186 0.44% Shares
BlackRock, Inc. $31,516,273 2,149,814 0.40% Shares
Melqart Asset Management (UK) Ltd $30,832,208 2,103,152 0.39% Shares
ALPINE ASSOCIATES MANAGEMENT INC. $30,308,729 2,067,444 0.39% Shares
Squarepoint Ops LLC $29,384,709 2,004,414 0.37% Shares
Man Group plc $29,213,759 1,992,753 0.37% Shares
Woodline Partners LP $28,653,615 1,954,544 0.36% Shares
BANK OF AMERICA CORP /DE/ $27,949,099 1,906,487 0.36% Shares
Sand Grove Capital Management LLP $27,450,469 1,872,474 0.35% Shares
WINTON GROUP Ltd $26,798,964 1,828,033 0.34% Shares
Energy Income Partners, LLC $26,318,189 1,795,238 0.34% Shares
Gotham Asset Management, LLC $25,764,305 1,757,456 0.33% Shares
JANE STREET GROUP, LLC $25,732,698 1,755,300 0.33% Put option
BANK OF NOVA SCOTIA $25,664,837 1,750,671 0.33% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $25,429,031 1,734,586 0.32% Shares
NORTH STAR ASSET MANAGEMENT INC $24,867,554 1,764,908 0.32% Shares
Douglas Lane & Associates, LLC $24,684,976 1,683,832 0.31% Shares
BNP PARIBAS FINANCIAL MARKETS $24,085,896 1,642,967 0.31% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $22,218,975 1,515,619 0.28% Shares
Vanguard Global Advisers, LLC $21,571,648 1,471,463 0.27% Shares
Swiss National Bank $20,975,528 1,430,800 0.27% Shares
TIG Advisors, LLC $19,838,469 1,353,238 0.25% Shares
GAMCO INVESTORS, INC. ET AL $19,634,138 1,339,300 0.25% Shares
Governors Lane LP $19,526,885 1,331,984 0.25% Shares
Yaupon Capital Management LP $19,399,241 1,323,277 0.25% Shares
TUDOR INVESTMENT CORP ET AL $19,093,770 1,302,440 0.24% Shares
RHUMBLINE ADVISERS $18,389,169 1,254,383 0.23% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $18,114,072 1,235,612 0.23% Shares
NORTH STAR ASSET MANAGEMENT INC $17,990,884 1,227,209 0.23% Shares
California Public Employees Retirement System $17,785,659 1,213,210 0.23% Shares
Foundry Partners, LLC $16,756,046 1,349,118 0.21% Shares
NORDEA INVESTMENT MANAGEMENT AB $16,573,420 1,132,451 0.21% Shares
GABELLI & Co INVESTMENT ADVISERS, INC. $16,472,709 1,123,650 0.21% Shares
Polar Asset Management Partners Inc. $16,374,634 1,116,960 0.21% Shares
STATE OF WISCONSIN INVESTMENT BOARD $16,288,066 1,111,055 0.21% Shares
Focus Partners Wealth $16,271,743 1,109,941 0.21% Shares
JANE STREET GROUP, LLC $15,484,346 1,056,231 0.20% Shares
Centiva Capital, LP $14,646,909 999,107 0.19% Shares
BARCLAYS PLC $14,280,365 974,104 0.18% Shares
MARSHALL WACE, LLP $14,232,734 970,855 0.18% Shares
STANSBERRY ASSET MANAGEMENT, LLC $14,107,694 962,326 0.18% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $13,364,628 911,639 0.17% Shares
Westchester Capital Management, LLC $13,166,395 898,117 0.17% Shares
AMERICAN CENTURY COMPANIES INC $12,953,048 883,564 0.16% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $11,767,137 835,141 0.15% Shares
Rock Point Advisors, LLC $11,748,949 801,429 0.15% Shares
SummitTX Capital, L.P. $10,892,131 742,983 0.14% Shares
Trexquant Investment LP $10,741,177 732,686 0.14% Shares
Cerity Partners LLC $10,703,029 730,084 0.14% Shares
WELLS FARGO & COMPANY/MN $10,682,229 728,665 0.14% Shares
PINEBRIDGE INVESTMENTS LLC $10,378,005 707,913 0.13% Shares
Madison Investment Advisors, LLC $10,205,910 793,000 0.13% Shares
Quantinno Capital Management LP $10,110,034 689,633 0.13% Shares
PRELUDE CAPITAL MANAGEMENT, LLC $9,688,105 660,853 0.12% Shares
Susquehanna Portfolio Strategies, LLC $9,390,023 640,520 0.12% Shares
Lighthouse Investment Partners, LLC $9,142,988 623,669 0.12% Shares
New York Life Investment Management LLC $9,099,697 620,716 0.12% Shares
Kapitalo Investimentos Ltda $9,069,013 618,623 0.12% Shares
UBS Group AG $8,848,673 603,593 0.11% Shares
VANGUARD ASSET MANAGEMENT, Ltd $8,552,102 583,363 0.11% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $8,352,711 569,762 0.11% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $8,233,936 561,660 0.10% Shares
CHURCHILL MANAGEMENT Corp $8,100,660 770,025 0.10% Shares
FRANKLIN RESOURCES INC $8,017,305 546,883 0.10% Shares
CastleKnight Management LP $7,836,210 534,530 0.10% Shares
BOOTHBAY FUND MANAGEMENT, LLC $7,663,808 522,770 0.10% Shares
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main $7,509,731 512,260 0.10% Shares
Cubist Systematic Strategies, LLC $7,506,464 570,400 0.10% Put option
Pentwater Capital Management LP $7,330,000 500,000 0.09% Shares
LMCG INVESTMENTS, LLC $7,216,191 492,237 0.09% Shares
Brandywine Global Investment Management, LLC $7,181,429 500,797 0.09% Shares

Company insiders 69 insiders · 43 officers · 27 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Andres Gluski President and CEO Feb. 24, 2026 F 2,078,523 0 0 $0
Paul T Hanrahan President and CEO July 7, 2011 M 317,281 0 0 $0
Stephen Coughlin EVP and CFO April 23, 2026 A 265,494 0 0 $0
Gustavo Pimenta EVP and CFO Feb. 23, 2021 F 74,509 0 0 $0
Thomas M. O'Flynn EVP and CFO April 23, 2018 F 308,845 0 0 $0
Victoria D Harker CFO & Pres Global Business Svs Feb. 17, 2012 A 92,042 0 0 $0
Barry J Sharp Executive VP and CFO Dec. 20, 2005 M 152,648 0 0 $0
Haresh R Jaisinghani President, Asia Region Feb. 23, 2007 A 14,297 0 0 $0
Juan Ignacio Rubiolo EVP, COO, Pres., Energy Infra. April 23, 2026 A 275,911 0 0 $0
Ricardo Manuel Falu EVP, COO, Pres. New Enrgy Tech Feb. 24, 2026 F 235,589 0 0 $0
Andrew Vesey EVP and COO Nov. 3, 2014 M 148,361 0 0 $0
Iii Edward C Hall, COO Generation Feb. 17, 2012 A 82,962 0 0 $0
Joseph C Brandt Executive VP and COO April 13, 2005 D 14,837 0 0 $0
Paul L Freedman EVP, GC and Corp. Secretary April 23, 2026 A 223,154 0 0 $0
Tish Mendoza EVP & Chief HR Officer April 23, 2026 A 334,972 0 0 $0
Sherry Kohan SVP & Chief Accounting Officer Feb. 24, 2026 F 71,424 0 0 $0
Bernerd Da Santos EVP and President, US & RENs. Feb. 24, 2026 F 405,117 0 0 $0
Julian Nebreda EVP, Pres. US&Glob. Bus. Lines March 3, 2022 F 89,681 0 0 $0
Lisa Krueger EVP, US SBU President Feb. 22, 2021 F 21,324 0 0 $0
Leonardo Moreno SVP, Corporate Strategy March 19, 2020 P 28,326 0 0 $0
Dubuc Manuel Perez SVP, New Energy Solutions Feb. 24, 2020 F 59,399 0 0 $0
Sarah Blake Vice President & Controller Feb. 24, 2019 F 17,979 0 0 $0
Margaret Tigre SVP Finance Feb. 24, 2018 F 76,385 0 0 $0
Vineet Mohan Sr. VP Global Engr & Const Feb. 24, 2018 F 52,484 0 0 $0
Brian A Miller EVP, General Counsel and Secy Feb. 20, 2018 F 222,502 0 0 $0
Fabian Souza VP and Controller Feb. 24, 2017 A 13,074 0 0 $0
Elizabeth Hackenson Sr. VP and CIO Feb. 24, 2017 A 99,056 0 0 $0
Michael Chilton Sr. VP Global Engr & Const Feb. 21, 2017 F 59,995 0 0 $0
Sharon Virag VP, Controller May 13, 2015 F 28,293 0 0 $0
Mary E Wood VP & Controller Feb. 15, 2013 A 17,104 0 0 $0
Gardner Walkup Vice President, Strategy July 17, 2012 P 7,500 0 0 $0
Rita Trehan Vice President Human Resources May 9, 2012 P 31,722 0 0 $0
Richard Santoroski EVP Global Commercial Support Feb. 1, 2012 I 28,070 0 0 $0
Mark Woodruff Executive Vice President Dec. 21, 2010 S 0 0 0 $0
John Mclaren Executive VP Feb. 20, 2009 A 11,383 0 0 $0
Roger Naill Senior Vice President Dec. 31, 2008 M 135,042 0 0 $0
Jay L Kloosterboer Executive VP Dec. 31, 2008 M 15,286 0 0 $0
Robert F Hemphill JR Executive VP Feb. 29, 2008 A 402,408 0 0 $0
David Gee EVP & Regional Pres N.A. Feb. 22, 2008 A 6,254 0 0 $0
William R Luraschi Executive Vice President Feb. 22, 2008 A 48,521 0 0 $0
Catherine Freeman Vice President and Controller Feb. 23, 2007 A 4,789 0 0 $0
Shahzad Qasim Executive Vice President Jan. 22, 2007 D 0 0 0 $0
John R Ruggirello Executive VP Feb. 27, 2006 A 95,493 0 0 $0
Inderpal S Bhandari Director April 29, 2026 A 0 0 $0
Julia M. Laulis Director April 29, 2026 A 1,500 0 0 $0
Moises Naim Director April 29, 2026 A 0 0 $0
Teresa Mosley Sebastian Director April 29, 2026 A 0 0 $0
Alain Monie Director April 29, 2026 A 28,725 0 0 $0
Janet Davidson Director April 29, 2026 A 0 0 $0
Holly K Koeppel Director April 29, 2026 A 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 9 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
China Investment Corporation, Terrific Investment Corporation ×4 filings May 19, 2015 Initial filing Capital structure SEC
Terrific Investment Corporation, China Investment Corporation March 19, 2010 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person March 19, 2002 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person Dec. 10, 2001 Initial filing Passive investment SEC
Undisclosed reporting person, Undisclosed reporting person Nov. 23, 2001 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Nov. 8, 2001 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person Oct. 18, 2001 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Aug. 31, 2001 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person July 3, 2001 Initial filing Passive investment SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 135 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
FXU · First Trust Exchange-Traded AlphaDE… 3.41% 2,116,079 NS April 30, 2026 N-PORT
RSPU · Invesco Exchange-Traded Fund Trust 3.30% 1,182,125 SH Aug. 8, 2026 Daily
MNA · New York Life Investments ETF Trust 3.03% 522,995 NS April 30, 2026 N-PORT
ARB · AltShares Trust 2.78% 195,520 NS May 31, 2026 N-PORT
PEY · Invesco Exchange-Traded Fund Trust 1.79% 1,403,423 SH Aug. 8, 2026 Daily
BOBP · EXCHANGE TRADED CONCEPTS TRUST 1.31% 1,627 NS April 30, 2026 N-PORT
RFDA · ALPS ETF Trust 0.96% 57,188 NS May 31, 2026 N-PORT
FDVV · FIDELITY COVINGTON TRUST 0.92% 5,812,252 NS April 30, 2026 N-PORT
FPWR · First Trust Exchange-Traded Fund IV 0.88% 16,339 NS April 30, 2026 N-PORT
EIPI · First Trust Exchange-Traded Fund VI… 0.77% 554,525 NS May 31, 2026 N-PORT
VPU · VANGUARD WORLD FUND 0.67% 4,881,725 SH Aug. 8, 2026 Daily
IDU · iShares Trust 0.66% 606,393 SH Aug. 8, 2026 Daily
FUTY · FIDELITY COVINGTON TRUST 0.64% 1,091,066 NS April 30, 2026 N-PORT
UPW · ProShares Trust 0.56% 7,405 NS May 31, 2026 N-PORT
RPV · Invesco Exchange-Traded Fund Trust 0.56% 636,044 SH Aug. 8, 2026 Daily
VRP · Invesco Exchange-Traded Fund Trust … 0.51% 15,215,000 Aug. 8, 2026 Daily
AUSF · Global X Funds 0.50% 291,728 NS May 31, 2026 N-PORT
JXI · iShares Trust 0.47% 98,574 SH Aug. 8, 2026 Daily
PGHY · Invesco Exchange-Traded Fund Trust … 0.45% 1,024,854.12 Aug. 8, 2026 Daily
QDEF · FlexShares Trust 0.44% 163,095 NS April 30, 2026 N-PORT
UTSL · Direxion Shares ETF Trust 0.44% 13,217 NS April 30, 2026 N-PORT
BRNY · EA Series Trust 0.42% 161,155 NS April 30, 2026 N-PORT
EMLP · First Trust Exchange-Traded Fund IV 0.41% 1,166,753 NS April 30, 2026 N-PORT
GEW · EA Series Trust 0.41% 39,849 NS May 29, 2026 N-PORT
POWR · iShares, Inc. 0.41% 125,773 SH Aug. 8, 2026 Daily
ESSC · Strategy Shares 0.40% 7,209 NS April 30, 2026 N-PORT
AIPO · Tidal Trust II 0.32% 164,115 NS May 31, 2026 N-PORT
ISCV · iShares Trust 0.32% 150,424 SH Aug. 8, 2026 Daily
CSM · ProShares Trust 0.29% 101,872 NS May 31, 2026 N-PORT
BKMC · BNY Mellon ETF Trust 0.27% 116,411 NS April 30, 2026 N-PORT
QDF · FlexShares Trust 0.26% 388,080 NS April 30, 2026 N-PORT
BFOR · ALPS ETF Trust 0.24% 34,864 NS May 31, 2026 N-PORT
SMLF · iShares Trust 0.24% 687,595 SH Aug. 8, 2026 Daily
VBR · VANGUARD INDEX FUNDS 0.22% 10,382,053 SH Aug. 8, 2026 Daily
BSCS · Invesco Exchange-Traded Self-Indexe… 0.21% 7,448,000 Aug. 8, 2026 Daily
BBMC · J.P. Morgan Exchange-Traded Fund Tr… 0.20% 287,701 NS April 30, 2026 N-PORT
DFVE · DoubleLine ETF Trust 0.20% 3,909 NS March 31, 2026 N-PORT
EQAL · Invesco Exchange-Traded Fund Trust … 0.20% 111,366 SH Aug. 8, 2026 Daily
SCHM · SCHWAB STRATEGIC TRUST 0.19% 1,923,575 NS May 31, 2026 N-PORT
RSP · Invesco Exchange-Traded Fund Trust 0.19% 12,677,523 SH Aug. 8, 2026 Daily
FDRR · FIDELITY COVINGTON TRUST 0.17% 81,094 NS April 30, 2026 N-PORT
PFIG · Invesco Exchange-Traded Fund Trust … 0.17% 210,000 Aug. 8, 2026 Daily
IQRA · New York Life Investments Active ET… 0.16% 773 NS April 30, 2026 N-PORT
DFAS · Dimensional ETF Trust 0.16% 1,545,112 NS April 30, 2026 N-PORT
FDMO · FIDELITY COVINGTON TRUST 0.16% 90,885 NS April 30, 2026 N-PORT
ISCB · iShares Trust 0.16% 30,507 SH Aug. 8, 2026 Daily
SPXD · DBX ETF Trust 0.15% 688 NS May 31, 2026 N-PORT
BSCT · Invesco Exchange-Traded Self-Indexe… 0.14% 4,120,000 Aug. 8, 2026 Daily
SMMD · iShares Trust 0.14% 354,391 SH Aug. 8, 2026 Daily
LGDX · Tidal Trust III 0.14% 13,039 NS April 30, 2026 N-PORT