Ameren Announces 2025 Results, Affirms Guidance for 2026 Earnings and Issues Long-Term Growth Guidance

ST. LOUIS, Feb. 11, 2026 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced 2025 net income attributable to common shareholders in accordance with generally accepted accounting principles (GAAP) of $1,456 million, or $5.35 per diluted share, compared to 2024 net income attributable to common shareholders of $1,182 million, or $4.42 per diluted share. Excluding certain 2025 tax benefits and 2024 charges discussed below, Ameren recorded 2025 adjusted net income attributable to common shareholders of $1,370 million, or $5.03 per diluted share, compared to 2024 adjusted net income attributable to common shareholders of $1,237 million, or $4.63 per diluted share.

Adjusted earnings results for 2025 reflect strong execution of the company's strategy and solid operating performance. Higher earnings were primarily the result of increased earnings on infrastructure investments, new electric service rates and higher electric retail sales at Ameren Missouri, the latter driven primarily by favorable weather in 2025. These positive factors were partially offset by increased interest expense at Ameren Missouri and Ameren Parent and higher energy center and tree trimming expenditures that drove higher operations and maintenance expenses at Ameren Missouri. Finally, the earnings comparison also reflected higher weighted-average basic common shares outstanding in 2025.

"Our steadfast focus remains on the customers and communities we serve," said Martin J. Lyons Jr., chairman, president and chief executive officer of Ameren Corporation. "Customers depend on us to bring them reliable, resilient energy while keeping their bills as low as possible. A disciplined and strategic approach to investing in our electric and natural gas infrastructure to bolster reliability and facilitate growth in our communities is more important than ever."

Ameren recorded GAAP net income attributable to common shareholders for the three months ended December 31, 2025, of $252 million, or 92 cents per diluted share, compared to GAAP and adjusted net income attributable to common shareholders of $207 million, or 77 cents per diluted share, for the same period in 2024. Excluding certain fourth quarter 2025 tax benefits, Ameren recorded 2025 adjusted net income for the three months ended December 31, 2025, of $214 million, or 78 cents per diluted share.

The year-over-year fourth quarter earnings comparison reflected increased earnings on infrastructure investments, new electric service rates and higher electric retail sales at Ameren Missouri, the latter due to colder winter weather in the fourth quarter of 2025. These positive factors were partially offset by higher interest expense at Ameren Missouri and Ameren Parent and higher operations and maintenance expense at Ameren Missouri. Finally, the earnings comparison also reflected higher weighted-average basic common shares outstanding in the fourth quarter of 2025.

As reflected in the table below, the following items were excluded from 2025 and 2024 adjusted earnings:

Three Months Ended

Dec. 31,

Year Ended

Dec. 31,

2025

2024

2025

2024

GAAP Earnings / EPS

$ 252

$ 0.92

$ 207

$ 0.77

$ 1,456

$ 5.35

$ 1,182

$ 4.42

Charge for additional mitigation relief

related to Rush Island Energy Center

$ —

$ 59

$ 0.22

Less: Federal income tax benefit

—

(14)

(0.05)

Charge, net of tax benefit

$ —

$ 45

$ 0.17

Charge for customer refunds from FERC

order on MISO's allowed base ROE

$ —

$ 12

$ 0.05

Less: Federal income tax benefit

—

(2)

(0.01)

Charge, net of tax benefit

$ —

$ 10

$ 0.04

Tax benefit from FERC and ICC orders on

net operating loss carryforwards

$ (38)

$ (0.14)

$ —

$ (86)

$ (0.32)

$ —

Adjusted Earnings / EPS

$ 214

$ 0.78

$ 207

$ 0.77

$ 1,370

$ 5.03

$ 1,237

$ 4.63

Earnings and Rate Base Guidance

Today, Ameren affirmed its 2026 earnings guidance range of $5.25 to $5.45 per diluted share. Ameren expects EPS to grow at a 6% to 8% compound annual rate from 2026 through 2030, using the 2026 guidance range midpoint of $5.35 per share as the base. Ameren's multi-year earnings growth is expected to be driven by $31.8 billion of infrastructure investments underpinning projected rate base growth of approximately 10.6% compounded annually from 2025 through 2030.

"We remain focused on execution of our strategy, which includes making meaningful investments to expand and strengthen the energy grid safely and affordably. The investments are expected to deliver superior value for our customers, the communities we serve, and our shareholders," Lyons said.

Ameren's earnings guidance for 2026 and multi-year earnings growth expectations assume normal temperatures and are subject to the effects of, among other things: regulatory, judicial and legislative actions; energy center and energy distribution operations; energy, economic, capital and credit market conditions; customer usage; severe storms; market returns on company-owned life insurance investments; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this release.

Ameren Missouri Segment Results

Ameren Missouri 2025 GAAP and adjusted earnings were $747 million, compared to 2024 GAAP and adjusted earnings of $559 million and $604 million, respectively. Adjusted earnings in 2024 excluded the above-described charge related to settlement of the Rush Island Energy Center New Source Review and Clean Air Act proceeding. The year-over-year adjusted earnings increase reflected earnings on increased infrastructure investments, new electric service rates effective June 1, 2025, and higher electric retail sales driven primarily by colder winter and warmer July weather in 2025. These positive factors were partially offset by higher interest expense and higher operations and maintenance expenses in 2025, the latter driven primarily by higher energy center and tree trimming expenditures.

Ameren Transmission Segment Results

Ameren Transmission 2025 GAAP and adjusted earnings were $415 million and $367 million, respectively, compared to 2024 GAAP and adjusted earnings of $323 million and $333 million, respectively. Adjusted earnings in 2025 excluded the above-described tax benefit related to a Federal Energy Regulatory Commission (FERC) order on accounting treatment of net operating loss carryforwards. Adjusted earnings in 2024 excluded the above-described charges for customer refunds from a FERC order on the Midcontinent Independent System Operator's (MISO) allowed base return on equity (ROE). The year-over-year adjusted earnings increase reflected earnings on increased infrastructure investments in 2025.

Ameren Illinois Electric Distribution Segment Results

Ameren Illinois Electric Distribution 2025 GAAP and adjusted earnings were $281 million and $256 million, respectively, compared to 2024 GAAP and adjusted earnings of $234 million. Adjusted earnings in 2025 excluded the above-described tax benefit related to an Illinois Commerce Commission (ICC) order on accounting treatment of net operating loss carryforwards. The year-over-year adjusted earnings increase reflected earnings on increased infrastructure investments in 2025.

Ameren Illinois Natural Gas Segment Results

Ameren Illinois Natural Gas 2025 GAAP and adjusted earnings were $158 million and $145 million, respectively, compared to 2024 GAAP and adjusted earnings of $149 million. Adjusted earnings in 2025 excluded the above-described tax benefit related to an ICC order on accounting treatment of net operating loss carryforwards.

Ameren Parent Results (includes items not reported in a business segment)

Ameren Parent's 2025 GAAP and adjusted loss was $145 million, compared to a 2024 GAAP and adjusted loss of $83 million. The year-over-year comparison primarily reflected higher interest expense in 2025.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Thursday, February 12th to discuss 2025 earnings, 2026 earnings guidance and other matters. Investors, the news media and the public may listen to a live broadcast of the call at AmerenInvestors.com by clicking on "Webcast" under "Q4 2025 Earnings Conference Call," where an accompanying slide presentation will also be available. The conference call will be archived in the "Investors" section of the website under "Quarterly Earnings."

About Ameren

St. Louis-based Ameren Corporation powers the quality of life for 2.5 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution service, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn.com/company/Ameren.

Forward-looking Statements

Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors in Ameren's Annual Report on Form 10-K for the year ended December 31, 2024, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.

AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Operating Revenues:

Electric

$ 1,445

$ 1,620

$ 7,668

$ 6,540

Natural gas

337

321

1,131

1,083

Total operating revenues

1,782

1,941

8,799

7,623

Operating Expenses:

Fuel and purchased power

242

527

2,306

1,681

Natural gas purchased for resale

115

106

348

320

Other operations and maintenance

527

514

1,974

1,969

Depreciation and amortization

400

465

1,568

1,590

Taxes other than income taxes

138

131

577

547

Total operating expenses

1,422

1,743

6,773

6,107

Operating Income

360

198

2,026

1,516

Other Income, Net

124

347

417

Interest Charges

206

171

776

663

Income Before Income Taxes

244

151

1,597

1,270

Income Taxes (Benefit)

(9)

(57)

136

Net Income

253

208

1,461

1,187

Less: Net Income Attributable to Noncontrolling Interests

Net Income Attributable to Ameren Common Shareholders

$ 252

$ 207

$ 1,456

$ 1,182

Earnings per Common Share – Basic

$ 0.93

$ 0.77

$ 5.38

$ 4.43

Earnings per Common Share – Diluted

$ 0.92

$ 0.77

$ 5.35

$ 4.42

Weighted-average Common Shares Outstanding – Basic

271.5

267.4

270.5

266.8

Weighted-average Common Shares Outstanding – Diluted

273.7

268.9

272.2

267.4

AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)

December 31,

2025

December 31,

2024

ASSETS

Current Assets:

Cash and cash equivalents

$ 13

$ 7

Accounts receivable - trade (less allowance for doubtful accounts)

665

525

Unbilled revenue

415

346

Miscellaneous accounts receivable

107

Inventories

774

762

Current regulatory assets

387

366

Other current assets

210

162

Total current assets

2,571

2,264

Property, Plant, and Equipment, Net

39,313

36,304

Investments and Other Assets:

Nuclear decommissioning trust fund

1,526

1,342

Goodwill

411

Regulatory assets

2,524

2,397

Pension and other postretirement benefits

977

757

Other assets

1,154

1,123

Total investments and other assets

6,592

6,030

TOTAL ASSETS

$ 48,476

$ 44,598

LIABILITIES AND EQUITY

Current Liabilities:

Current maturities of long-term debt

$ 973

$ 317

Short-term debt

643

1,143

Accounts and wages payable

1,254

1,059

Interest accrued

229

196

Customer deposits

238

223

Other current liabilities

570

475

Total current liabilities

3,907

3,413

Long-term Debt, Net

18,214

17,262

Deferred Credits and Other Liabilities:

Accumulated deferred income taxes and production and investment tax credits, net

5,181

4,474

Regulatory liabilities

6,255

5,897

Asset retirement obligations

849

822

Other deferred credits and liabilities

540

487

Total deferred credits and other liabilities

12,825

11,680

Shareholders' Equity:

Common stock

Other paid-in capital, principally premium on common stock

8,106

7,513

Retained earnings

5,292

4,604

Accumulated other comprehensive loss

—

(6)

Total shareholders' equity

13,401

12,114

Noncontrolling Interests

129

Total equity

13,530

12,243

TOTAL LIABILITIES AND EQUITY

$ 48,476

$ 44,598

AMEREN CORPORATION (AEE)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)

Year Ended December 31,

2025

2024

Cash Flows From Operating Activities:

Net income

$ 1,461

$ 1,187

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

1,612

1,524

Amortization of nuclear fuel

Amortization of debt issuance costs and premium/discounts

Deferred income taxes and production and investment tax credits, net

253

127

Allowance for equity funds used during construction

(88)

(76)

Stock-based compensation costs

Other

Changes in assets and liabilities

(51)

(214)

Net cash provided by operating activities

3,353

2,763

Cash Flows From Investing Activities:

Capital expenditures

(4,128)

(4,319)

Nuclear fuel expenditures

(46)

(91)

Purchases of securities – nuclear decommissioning trust fund

(440)

(584)

Sales and maturities of securities – nuclear decommissioning trust fund

416

564

Other

(26)

Net cash used in investing activities

(4,145)

(4,456)

Cash Flows From Financing Activities:

Dividends on common stock

(768)

(714)

Dividends paid to noncontrolling interest holders

(5)

Short-term debt, net

(499)

607

Maturities and extinguishment of long-term debt

(341)

(893)

Issuances of long-term debt

1,960

2,535

Issuances of common stock

574

273

Employee payroll taxes related to stock-based compensation

(13)

(8)

Debt issuance costs

(24)

(31)

Other

—

(15)

Net cash provided by financing activities

884

1,749

Net change in cash, cash equivalents, and restricted cash

Cash, cash equivalents, and restricted cash at beginning of year (a)

328

272

Cash, cash equivalents, and restricted cash at end of year (b)

$ 420

$ 328

(a)

Includes $7 million of cash and cash equivalents and $321 million of restricted cash as of December 31, 2024.

(b)

Includes $13 million of cash and cash equivalents and $407 million of restricted cash as of December 31, 2025.

AMEREN CORPORATION (AEE)

OPERATING STATISTICS

Three Months Ended

Twelve Months Ended

December 31,

2025

2024

2025

2024

Electric Sales - kilowatthours (in millions):

Ameren Missouri

Residential

3,105

2,933

13,675

13,041

Commercial

3,294

3,210

13,972

13,620

Industrial

979

997

4,087

4,096

Street lighting and public authority

Ameren Missouri retail load subtotal

7,396

7,158

31,796

30,822

Off-system sales

1,009

648

3,466

4,011

Ameren Missouri total

8,405

7,806

35,262

34,833

Ameren Illinois Electric Distribution

Residential

2,759

2,492

11,516

10,945

Commercial

2,972

2,859

11,755

11,631

Industrial

2,692

2,679

10,485

10,949

Street lighting and public authority

398

386

Ameren Illinois Electric Distribution total

8,522

8,123

34,154

33,911

Ameren total

16,927

15,929

69,416

68,744

Electric Revenues (in millions):

Ameren Missouri

Residential

$ 356

$ 312

$ 1,839

$ 1,638

Commercial

296

265

1,450

1,313

Industrial

342

311

Other, including street lighting and public authority

100

Ameren Missouri retail load subtotal

$ 777

$ 691

$ 3,719

$ 3,362

Off-system sales and capacity

(39)

254

912

485

Ameren Missouri total

$ 738

$ 945

$ 4,631

$ 3,847

Ameren Illinois Electric Distribution

Residential

$ 351

$ 307

$ 1,483

$ 1,254

Commercial

189

168

785

680

Industrial

199

178

Other, including street lighting and public authority

(40)

(1)

(68)

(23)

Ameren Illinois Electric Distribution total

$ 555

$ 522

$ 2,399

$ 2,089

Ameren Transmission

Ameren Illinois Transmission (a)

$ 155

$ 142

$ 637

$ 564

ATXI

226

218

Eliminate affiliate revenues

—

(1)

Ameren Transmission total

$ 204

$ 195

$ 862

$ 781

Other and intersegment eliminations

(52)

(42)

(224)

(177)

Ameren total

$ 1,445

$ 1,620

$ 7,668

$ 6,540

(a)

Includes $37 million, $29 million, $160 million, and $119 million, respectively, of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment.

AMEREN CORPORATION (AEE)

OPERATING STATISTICS

Three Months Ended

Twelve Months Ended

December 31,

2025

2024

2025

2024

Gas Sales - dekatherms (in millions):

Ameren Missouri

Ameren Illinois Natural Gas

171

163

Ameren total

192

181

Gas Revenues (in millions):

Ameren Missouri

$ 55

$ 43

$ 164

$ 146

Ameren Illinois Natural Gas

282

278

968

938

Eliminate affiliate revenues

—

(1)

Ameren total

$ 337

$ 321

$ 1,131

$ 1,083

December 31,

2025

December 31,

2024

Common Stock:

Shares outstanding (in millions)

276.4

269.9

Book value per share

$ 48.48

$ 44.88

SOURCE Ameren Corporation