AES Corporation

Leverage is high and consolidated capex substantially exceeds operating cash flow. As of June 30, 2025 AES reported approximately $30 billion gross debt (about $23.9 billion non-recourse and $5.8 billion recourse). Unrestricted cash was $1.35 billion, but only $9 million at the parent, with $2.3 billion of available parent credit capacity.

TTM consolidated FCF to June 30, 2025 was about negative $2.6 billion (CFO roughly $3.6 billion less capex about $6.1 billion). The company prioritizes Parent FCF to service parent obligations and maintain the dividend, which is manageable under guidance but leaves limited cushion if project timing or FX turns adverse.