Ameren Announces First Quarter 2026 Results
ST. LOUIS, May 5, 2026 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced first quarter 2026 net income attributable to common shareholders of $357 million, or $1.28 per diluted share, compared to first quarter 2025 net income of $289 million, or $1.07 per diluted share.
First quarter 2026 results reflected earnings on infrastructure investments to improve system reliability, resilience, and service quality for our Ameren Missouri and Illinois electric and natural gas customers. These positive contributions were partially offset by lower Ameren Missouri electric retail sales, primarily driven by warmer-than-normal winter temperatures in the current period compared to colder-than-normal temperatures in the prior-year period, along with higher interest expense at Ameren Missouri. Finally, the earnings per diluted share comparison reflected higher weighted-average basic common shares outstanding in the first quarter of 2026.
"Customers depend on us every day for safe, reliable, and affordable energy—and demand is growing," said Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation. "Meeting these needs requires disciplined ongoing infrastructure investment. Our strategic plan calls for prudent investments across each of our operating segments to optimize service for our customers and communities today while preparing for the future."
Earnings Guidance
Today, Ameren reaffirmed its 2026 earnings guidance range of $5.25 to $5.45 per share. Earnings guidance for 2026 assumes normal temperatures for the last nine months of the year and is subject to the effects of, among other things: regulatory, judicial and legislative actions; energy center and energy transmission and 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 press release.
Ameren Missouri Segment Results
Ameren Missouri first quarter 2026 earnings were $76 million, compared to first quarter 2025 earnings of $42 million. The year-over-year increase reflected earnings on increased infrastructure investments, including infrastructure reflected in electric and natural gas service rates that became effective June 1, 2025, and September 1, 2025, respectively. These positive factors were partially offset by lower electric retail sales, primarily driven by warmer-than-normal winter temperatures in the current period compared to colder-than-normal temperatures in the prior-year period, along with higher interest expense.
Ameren Transmission Segment Results
Ameren Transmission first quarter 2026 earnings were $98 million, compared to first quarter 2025 earnings of $89 million. The year-over-year increase reflected earnings on increased infrastructure investments.
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution first quarter 2026 earnings were $66 million, compared to first quarter 2025 earnings of $63 million.
Ameren Illinois Natural Gas Segment Results
Ameren Illinois Natural Gas first quarter 2026 earnings were $122 million, compared to first quarter 2025 earnings of $108 million. The year-over-year increase reflected infrastructure investments included in natural gas service rates that became effective December 2, 2025.
Ameren Parent Results (includes items not reported in a business segment)
Ameren Parent first quarter 2026 loss was $5 million, compared to a first quarter 2025 loss of $13 million.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Wednesday, May 6, 2026, to discuss first quarter 2026 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 "Latest Quarterly Results," where an accompanying slide presentation will also be available. The conference call and presentation 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 within Risk Factors in Ameren's Annual Report on Form 10-K for the year ended December 31, 2025, 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 us to predict all of such factors, nor can we 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
March 31,
2026
2025
Operating Revenues:
Electric
$ 1,661
$ 1,622
Natural gas
515
475
Total operating revenues
2,176
2,097
Operating Expenses:
Fuel and purchased power
433
502
Natural gas purchased for resale
171
169
Other operations and maintenance
491
485
Depreciation and amortization
398
367
Taxes other than income taxes
151
144
Total operating expenses
1,644
1,667
Operating Income
532
430
Other Income, Net
90
85
Interest Charges
204
175
Income Before Income Taxes
418
340
Income Taxes
60
50
Net Income
358
290
Less: Net Income Attributable to Noncontrolling Interests
1
1
Net Income Attributable to Ameren Common Shareholders
$ 357
$ 289
Earnings per Common Share - Basic
$ 1.29
$ 1.07
Earnings per Common Share – Diluted
$ 1.28
$ 1.07
Weighted-average Common Shares Outstanding – Basic
276.5
270.0
Weighted-average Common Shares Outstanding – Diluted
278.4
271.4
AMEREN CORPORATION (AEE)
CONSOLIDATED BALANCE SHEET
(Unaudited, in millions)
March 31,
2026
December 31,
2025
ASSETS
Current Assets:
Cash and cash equivalents
$ 13
$ 13
Accounts receivable - trade (less allowance for doubtful accounts)
703
665
Unbilled revenue
298
415
Miscellaneous accounts receivable
175
107
Inventories
733
774
Current regulatory assets
434
387
Other current assets
211
210
Total current assets
2,567
2,571
Property, Plant, and Equipment, Net
40,471
39,313
Investments and Other Assets:
Nuclear decommissioning trust fund
1,478
1,526
Goodwill
411
411
Regulatory assets
2,674
2,524
Pension and other postretirement benefits
991
977
Other assets
1,254
1,154
Total investments and other assets
6,808
6,592
TOTAL ASSETS
$ 49,846
$ 48,476
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt
$ 1,123
$ 973
Short-term debt
1,178
643
Accounts and wages payable
733
1,254
Interest accrued
179
229
Customer deposits
239
238
Other current liabilities
674
570
Total current liabilities
4,126
3,907
Long-term Debt, Net
19,003
18,214
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net
5,311
5,181
Regulatory liabilities
6,251
6,255
Asset retirement obligations
864
849
Other deferred credits and liabilities
606
540
Total deferred credits and other liabilities
13,032
12,825
Shareholders' Equity:
Common stock
3
3
Other paid-in capital, principally premium on common stock
8,114
8,106
Retained earnings
5,441
5,292
Accumulated other comprehensive loss
(2)
—
Total shareholders' equity
13,556
13,401
Noncontrolling Interests
129
129
Total equity
13,685
13,530
TOTAL LIABILITIES AND EQUITY
$ 49,846
$ 48,476
AMEREN CORPORATION (AEE)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions)
Three Months Ended
March 31,
2026
2025
Cash Flows From Operating Activities:
Net income
$ 358
$ 290
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
417
395
Amortization of nuclear fuel
21
20
Amortization of debt issuance costs and premium/discounts
5
5
Deferred income taxes and tax credits, net
56
116
Allowance for equity funds used during construction
(31)
(16)
Stock-based compensation costs
8
7
Other
9
7
Changes in assets and liabilities
(422)
(393)
Net cash provided by operating activities
421
431
Cash Flows From Investing Activities:
Capital expenditures
(1,574)
(1,064)
Nuclear fuel expenditures
(22)
(18)
Purchases of securities – nuclear decommissioning trust fund
(87)
(107)
Sales and maturities of securities – nuclear decommissioning trust fund
76
93
Other
(7)
9
Net cash used in investing activities
(1,614)
(1,087)
Cash Flows From Financing Activities:
Dividends on common stock
(208)
(191)
Dividends paid to noncontrolling interest holders
(1)
(1)
Short-term debt, net
534
108
Maturities of long-term debt
(350)
(300)
Issuances of long-term debt
1,297
1,099
Issuances of common stock
12
13
Employee payroll taxes related to stock-based compensation
(14)
(13)
Debt issuance costs
(12)
(11)
Net cash provided by financing activities
1,258
704
Net change in cash, cash equivalents, and restricted cash
65
48
Cash, cash equivalents, and restricted cash at beginning of year (a)
420
328
Cash, cash equivalents, and restricted cash at end of period (b)
$ 485
$ 376
(a)
Includes $13 million of cash and cash equivalents and $407 million of restricted cash as of December 31, 2025.
(b)
Includes $13 million of cash and cash equivalents and $472 million of restricted cash as of March 31, 2026.
AMEREN CORPORATION (AEE)
OPERATING STATISTICS
Three Months Ended
March 31,
2026
2025
Electric Sales - kilowatthours (in millions):
Ameren Missouri
Residential
3,596
3,864
Commercial
3,366
3,367
Industrial
954
959
Street lighting and public authority
16
17
Ameren Missouri retail load subtotal
7,932
8,207
Off-system
1,099
1,214
Ameren Missouri total
9,031
9,421
Ameren Illinois Electric Distribution
Residential
2,805
2,973
Commercial
2,710
2,820
Industrial
2,406
2,491
Street lighting and public authority
100
103
Ameren Illinois Electric Distribution total
8,021
8,387
Ameren Total
17,052
17,808
Electric Revenues (in millions):
Ameren Missouri
Residential
$ 399
$ 376
Commercial
302
273
Industrial
72
66
Other, including street lighting and public authority
36
(2)
Ameren Missouri retail load subtotal
$ 809
$ 713
Off-system sales and capacity
42
180
Ameren Missouri total
$ 851
$ 893
Ameren Illinois Electric Distribution
Residential
$ 349
$ 342
Commercial
195
180
Industrial
55
50
Other, including street lighting and public authority
44
—
Ameren Illinois Electric Distribution total
$ 643
$ 572
Ameren Transmission
Ameren Illinois Transmission (a)
$ 164
$ 154
ATXI
63
57
Eliminate affiliate revenues
—
(1)
Ameren Transmission total
$ 227
$ 210
Other and intersegment eliminations (a)
(60)
(53)
Ameren Total
$ 1,661
$ 1,622
(a)
Includes $44 million and $37 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
March 31,
2026
2025
Gas Sales - dekatherms (in millions):
Ameren Missouri
8
9
Ameren Illinois Natural Gas
62
65
Ameren Total
70
74
Gas Revenues (in millions):
Ameren Missouri
$ 79
$ 64
Ameren Illinois Natural Gas
436
411
Ameren Total
$ 515
$ 475
March 31,
December 31,
2026
2025
Common Stock:
Shares outstanding (in millions)
276.7
276.4
Book value per share
$ 48.99
$ 48.48
SOURCE Ameren Corporation