Ameren Financials
This page shows Ameren (AEE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Ameren's business engine is a capital-heavy buildout where rising earnings are real, but most cash is absorbed before it becomes surplus.
Operating cash flow reached$3.4B while capital spending stayed above$4.1B , so stronger operations still did not fully fund the asset base expansion. Free cash flow improved from-$1.6B to-$775M , but the company remained dependent on financing rather than internally generated excess cash.
Total assets climbed to
Cash on hand was only
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ameren's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ameren scores 0.97, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($31.3B) relative to total liabilities ($35.1B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ameren passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Ameren generates $2.30 in operating cash flow ($3.4B OCF vs $1.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Ameren earns $2.6 in operating income for every $1 of interest expense ($2.0B vs $776.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Ameren generated $8.8B in revenue in fiscal year 2025. This represents an increase of 15.4% from the prior year.
Ameren's EBITDA was $3.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.7% from the prior year.
Ameren reported $1.5B in net income in fiscal year 2025. This represents an increase of 23.1% from the prior year.
Ameren earned $5.35 per diluted share (EPS) in fiscal year 2025. This represents an increase of 21.0% from the prior year.
Cash & Balance Sheet
Ameren generated -$775.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 50.2% from the prior year.
Ameren held $13.0M in cash against $18.2B in long-term debt as of fiscal year 2025.
Ameren had 276M shares outstanding in fiscal year 2025. This represents an increase of 2.4% from the prior year.
Margins & Returns
Ameren's operating margin was 23.0% in fiscal year 2025, reflecting core business profitability. This is up 3.1 percentage points from the prior year.
Ameren's net profit margin was 16.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.0 percentage points from the prior year.
Ameren's ROE was 10.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.1 percentage points from the prior year.
Capital Allocation
Ameren invested $4.1B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 4.4% from the prior year.
AEE Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2B+22.1% | $1.8B-34.0% | $2.7B+21.5% | $2.2B+5.9% | $2.1B+8.0% | $1.9B-10.7% | $2.2B+28.4% | $1.7B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $532.0M+47.8% | $360.0M-56.4% | $825.0M+100.7% | $411.0M-4.4% | $430.0M+117.2% | $198.0M-66.2% | $586.0M+62.3% | $361.0M |
| Interest Expense | $204.0M-1.0% | $206.0M-1.0% | $208.0M+11.2% | $187.0M+6.9% | $175.0M+2.3% | $171.0M-1.2% | $173.0M+4.8% | $165.0M |
| Income Tax | $60.0M+766.7% | -$9.0M-117.3% | $52.0M+20.9% | $43.0M-14.0% | $50.0M+187.7% | -$57.0M-200.0% | $57.0M+46.2% | $39.0M |
| Net Income | $358.0M+41.5% | $253.0M-60.5% | $641.0M+131.4% | $277.0M-4.5% | $290.0M+39.4% | $208.0M-54.5% | $457.0M+75.8% | $260.0M |
| EPS (Diluted) | $1.28 | N/A | $2.35+132.7% | $1.01-5.6% | $1.07 | N/A | $1.70+75.3% | $0.97 |
AEE Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $49.8B+2.8% | $48.5B+2.2% | $47.4B+1.7% | $46.6B+2.1% | $45.7B+2.4% | $44.6B+3.0% | $43.3B+2.3% | $42.3B |
| Current Assets | $2.6B-0.2% | $2.6B-1.5% | $2.6B+5.5% | $2.5B+0.8% | $2.5B+8.4% | $2.3B+0.3% | $2.3B+1.8% | $2.2B |
| Cash & Equivalents | $13.0M0.0% | $13.0M+44.4% | $9.0M-18.2% | $11.0M-52.2% | $23.0M+228.6% | $7.0M-58.8% | $17.0M-10.5% | $19.0M |
| Inventory | $733.0M-5.3% | $774.0M-3.7% | $804.0M+8.9% | $738.0M+10.3% | $669.0M-12.2% | $762.0M-3.8% | $792.0M+7.0% | $740.0M |
| Accounts Receivable | $703.0M+5.7% | $665.0M-16.2% | $794.0M+40.0% | $567.0M-15.0% | $667.0M+27.0% | $525.0M-19.4% | $651.0M+26.7% | $514.0M |
| Goodwill | $411.0M0.0% | $411.0M0.0% | $411.0M0.0% | $411.0M0.0% | $411.0M0.0% | $411.0M0.0% | $411.0M0.0% | $411.0M |
| Total Liabilities | $36.3B+3.5% | $35.1B+1.3% | $34.6B+0.9% | $34.3B+2.6% | $33.4B+3.0% | $32.5B+3.2% | $31.5B+2.2% | $30.8B |
| Current Liabilities | $4.1B+5.6% | $3.9B+39.3% | $2.8B-9.1% | $3.1B+7.8% | $2.9B-16.1% | $3.4B-4.3% | $3.6B+8.3% | $3.3B |
| Long-Term Debt | $19.0B+4.3% | $18.2B-5.0% | $19.2B+1.9% | $18.8B+2.5% | $18.4B+6.3% | $17.3B+5.1% | $16.4B+0.9% | $16.3B |
| Total Equity | $13.6B+1.2% | $13.4B+4.9% | $12.8B+3.8% | $12.3B+0.8% | $12.2B+0.9% | $12.1B+2.4% | $11.8B+2.5% | $11.5B |
| Retained Earnings | $5.4B+2.8% | $5.3B+1.1% | $5.2B+9.4% | $4.8B+1.7% | $4.7B+2.1% | $4.6B+0.6% | $4.6B+6.4% | $4.3B |
AEE Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $421.0M-56.0% | $956.0M-13.4% | $1.1B+28.1% | $862.0M+100.0% | $431.0M-47.2% | $817.0M-8.9% | $897.0M+61.0% | $557.0M |
| Capital Expenditures | $1.6B+55.8% | $1.0B+2.2% | $988.0M-7.3% | $1.1B+0.2% | $1.1B-17.5% | $1.3B+13.5% | $1.1B+13.5% | $1.0B |
| Free Cash Flow | -$1.2B-2035.2% | -$54.0M-146.6% | $116.0M+156.9% | -$204.0M+67.8% | -$633.0M-33.8% | -$473.0M-97.1% | -$240.0M+46.1% | -$445.0M |
| Investing Cash Flow | -$1.6B-56.2% | -$1.0B-3.2% | -$1.0B+2.2% | -$1.0B+5.8% | -$1.1B+19.5% | -$1.4B-15.0% | -$1.2B-14.4% | -$1.0B |
| Financing Cash Flow | $1.3B+1929.0% | $62.0M+200.0% | -$62.0M-134.4% | $180.0M-74.4% | $704.0M+31.1% | $537.0M+79.0% | $300.0M-27.7% | $415.0M |
| Dividends Paid | $208.0M+8.3% | $192.0M0.0% | $192.0M-0.5% | $193.0M+1.0% | $191.0M+6.7% | $179.0M0.0% | $179.0M+0.6% | $178.0M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AEE Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 24.4%+4.2pp | 20.2%-10.4pp | 30.6%+12.1pp | 18.5%-2.0pp | 20.5%+10.3pp | 10.2%-16.8pp | 27.0%+5.6pp | 21.3% |
| Net Margin | 16.4%+2.3pp | 14.2%-9.6pp | 23.8%+11.3pp | 12.5%-1.4pp | 13.8%+3.1pp | 10.7%-10.3pp | 21.0%+5.7pp | 15.4% |
| Return on Equity | 2.6%+0.8pp | 1.9%-3.1pp | 5.0%+2.8pp | 2.3%-0.1pp | 2.4%+0.6pp | 1.7%-2.1pp | 3.9%+1.6pp | 2.3% |
| Return on Assets | 0.7%+0.2pp | 0.5%-0.8pp | 1.4%+0.8pp | 0.6%-0.1pp | 0.6%+0.2pp | 0.5%-0.6pp | 1.1%+0.4pp | 0.6% |
| Current Ratio | 0.62-0.0 | 0.66-0.3 | 0.93+0.1 | 0.80-0.1 | 0.86+0.2 | 0.66+0.0 | 0.63-0.0 | 0.67 |
| Debt-to-Equity | 1.40+0.0 | 1.36-0.1 | 1.50-0.0 | 1.53+0.0 | 1.50+0.1 | 1.43+0.0 | 1.39-0.0 | 1.41 |
| FCF Margin | -53.0%-50.0pp | -3.0%-7.3pp | 4.3%+13.5pp | -9.2%+21.0pp | -30.2%-5.8pp | -24.4%-13.3pp | -11.0%+15.2pp | -26.3% |
Note: The current ratio is below 1.0 (0.66), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Ameren's annual revenue?
Ameren (AEE) reported $8.8B in total revenue for fiscal year 2025. This represents a 15.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ameren's revenue growing?
Ameren (AEE) revenue grew by 15.4% year-over-year, from $7.6B to $8.8B in fiscal year 2025.
Is Ameren profitable?
Yes, Ameren (AEE) reported a net income of $1.5B in fiscal year 2025, with a net profit margin of 16.6%.
What is Ameren's EBITDA?
Ameren (AEE) had EBITDA of $3.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ameren have?
As of fiscal year 2025, Ameren (AEE) had $13.0M in cash and equivalents against $18.2B in long-term debt.
What is Ameren's operating margin?
Ameren (AEE) had an operating margin of 23.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ameren's net profit margin?
Ameren (AEE) had a net profit margin of 16.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ameren's return on equity (ROE)?
Ameren (AEE) has a return on equity of 10.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ameren's free cash flow?
Ameren (AEE) generated -$775.0M in free cash flow during fiscal year 2025. This represents a 50.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ameren's operating cash flow?
Ameren (AEE) generated $3.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ameren's total assets?
Ameren (AEE) had $48.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ameren's capital expenditures?
Ameren (AEE) invested $4.1B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Ameren's current ratio?
Ameren (AEE) had a current ratio of 0.66 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Ameren's debt-to-equity ratio?
Ameren (AEE) had a debt-to-equity ratio of 1.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ameren's return on assets (ROA)?
Ameren (AEE) had a return on assets of 3.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ameren's Altman Z-Score?
Ameren (AEE) has an Altman Z-Score of 0.97, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ameren's Piotroski F-Score?
Ameren (AEE) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ameren's earnings high quality?
Ameren (AEE) has an earnings quality ratio of 2.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ameren cover its interest payments?
Ameren (AEE) has an interest coverage ratio of 2.6x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ameren?
Ameren (AEE) scores 48 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.