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Stronger Ameren (NYSE: AEE) Q1 profit supports 2026 EPS guidance

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Ameren Corporation reported stronger first quarter 2026 results. Net income attributable to common shareholders rose to $357 million, with diluted EPS of $1.28, up from $289 million and $1.07 a year earlier. Total operating revenues increased to $2.176 billion from $2.097 billion.

Growth was driven mainly by earnings on higher infrastructure investments across Ameren Missouri, Ameren Illinois and Ameren Transmission, partly offset by lower Missouri electric retail sales due to warmer winter weather and higher interest expense. Ameren Missouri earnings were $76 million versus $42 million, Ameren Transmission $98 million versus $89 million, Illinois Electric Distribution $66 million versus $63 million, and Illinois Natural Gas $122 million versus $108 million.

Ameren generated $421 million in operating cash flow and invested $1.574 billion in capital expenditures in the quarter, funded in part by higher short-term and long-term debt. The company reaffirmed its 2026 earnings guidance of $5.25 to $5.45 per diluted share, assuming normal temperatures for the remainder of the year.

Positive

  • Strong earnings growth: Net income attributable to common shareholders increased to $357 million and diluted EPS rose to $1.28 from $1.07, reflecting improved profitability across key segments.
  • Broad-based segment strength: Ameren Missouri, Ameren Transmission, Ameren Illinois Electric Distribution, and Ameren Illinois Natural Gas all reported higher first quarter earnings versus 2025.
  • Guidance reaffirmed: The company maintained its 2026 earnings guidance range of $5.25 to $5.45 per diluted share, supporting a stable outlook under normal weather assumptions.

Negative

  • None.

Insights

Ameren delivered solid Q1 EPS growth and reaffirmed full-year guidance.

Ameren posted Q1 2026 net income of $357 million and diluted EPS of $1.28, up from $1.07 a year earlier. Revenue increased to $2.176 billion, with higher earnings tied to infrastructure investments across Missouri, Illinois and transmission operations.

Segment results were broadly stronger: Ameren Missouri earnings rose to $76 million, Ameren Transmission to $98 million, Illinois Electric Distribution to $66 million, and Illinois Natural Gas to $122 million. These gains offset weather-driven softness in Missouri electric sales and higher interest expense.

The company generated $421 million of operating cash flow but spent $1.574 billion on capital expenditures, funded partly by increased short-term and long-term debt. Management reaffirmed 2026 EPS guidance of $5.25–$5.45 per share, which anchors expectations for the remaining quarters under the assumption of normal weather.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income attributable to common shareholders $357 million Three months ended March 31, 2026
Diluted EPS $1.28 per share Q1 2026 vs $1.07 in Q1 2025
Total operating revenues $2.176 billion Three months ended March 31, 2026 (vs $2.097 billion in 2025)
Operating cash flow $421 million Net cash provided by operating activities, Q1 2026
Capital expenditures $1.574 billion Net cash used for capital expenditures, Q1 2026
Long-term debt, net $19.003 billion Balance at March 31, 2026
Total assets $49.846 billion Balance sheet at March 31, 2026
2026 EPS guidance range $5.25–$5.45 per diluted share Reaffirmed full-year 2026 earnings guidance
diluted earnings per share financial
"First Quarter Diluted Earnings Per Share (EPS) were $1.28 in 2026 vs. $1.07 in 2025"
Diluted earnings per share is a measure of a company's profit allocated to each share of stock, taking into account all possible shares that could be created through stock options, convertible bonds, or other securities. It shows the lowest possible earnings per share if all these potential shares were issued, helping investors understand the worst-case scenario for their ownership. This figure matters because it provides a more conservative view of a company's profitability per share.
multi-year rate plan (MYRP) regulatory
"related to Illinois Commerce Commission (ICC) orders ... in the multi-year rate plan (MYRP) electric distribution service regulatory rate review"
A multi-year rate plan (MYRP) is a regulatory agreement that sets a utility’s customer prices or allowed revenues for several years at once instead of deciding rates every year. Like agreeing on a fixed budget for a multi-year home renovation, it gives investors clearer visibility into future cash flow and reduces the uncertainty and cost of repeated rate fights, while still allowing regulators to attach performance goals or adjustments that affect returns.
nuclear decommissioning trust fund financial
"Nuclear decommissioning trust fund | 1,478 | | | 1,526"
asset retirement obligations financial
"Asset retirement obligations | 864 | | | 849"
Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.
allowance for equity funds used during construction financial
"Allowance for equity funds used during construction | (31) | | | (16)"
An allowance for equity funds used during construction is an accounting estimate of the owners’ or investors’ cash contributions that will be applied to pay construction costs before a project begins producing revenue. Think of it as the earmarked portion of a renovation budget that investors expect to front so the asset can be built; it matters to investors because it affects how much additional capital will be needed later, the timing of returns, and potential dilution of ownership.
forward-looking statements regulatory
"Statements in this release not based on historical facts are considered “forward-looking”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Total operating revenues $2.176 billion +$79 million vs Q1 2025
Net income attributable to common shareholders $357 million +$68 million vs Q1 2025
Diluted EPS $1.28 +$0.21 vs Q1 2025
Operating income $532 million +$102 million vs Q1 2025
Guidance

Ameren reaffirmed its 2026 earnings guidance range of $5.25 to $5.45 per diluted share, assuming normal temperatures for the last nine months of 2026.

Understanding 8-K Material Events →
0001002910false00010029102026-05-052026-05-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ________________________________________________
FORM 8-K
 ________________________________________________ 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 5, 2026
  ________________________________________________
AMEREN CORPORATION
(Exact name of registrant as specified in its charter)
  ________________________________________________
Missouri1-1475643-1723446
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
1901 Chouteau Avenue, St. Louis, Missouri 63103
(Address of principal executive offices and Zip Code)
Registrant’s telephone number, including area code: (314) 621-3222
 ________________________________________________
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareAEENew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


ITEM 2.02Results of Operations and Financial Condition.

On May 5, 2026, Ameren Corporation (“Ameren”) issued a press release announcing its earnings for the quarterly period ended March 31, 2026. The press release is attached as Exhibit 99.1 and is incorporated herein by reference. The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Ameren under the Securities Act of 1933, as amended, or the Exchange Act.
 
ITEM 8.01Other Events.

In its press release dated May 5, 2026, Ameren disclosed the following unaudited consolidated financial statements: Statement of Income for the three months ended March 31, 2026, and March 31, 2025, Balance Sheet at March 31, 2026, and December 31, 2025, and Statement of Cash Flows for the three months ended March 31, 2026, and March 31, 2025. The foregoing consolidated financial statements are attached as Exhibit 99.2, and Ameren hereby incorporates such consolidated financial statements into this Item 8.01 of this Current Report on Form 8-K.
ITEM 9.01Financial Statements and Exhibits.

(d)Exhibits
Exhibit Number:Title:
99.1*  
Press release regarding earnings for the quarterly period ended March 31, 2026, issued on May 5, 2026, by Ameren.
99.2  
Ameren’s unaudited consolidated Statement of Income for the three months ended March 31, 2026, and March 31, 2025, Balance Sheet at March 31, 2026, and December 31, 2025, and Statement of Cash Flows for the three months ended March 31, 2026, and March 31, 2025.
104Cover Page Interactive Data File (formatted as Inline XBRL)
 
* Exhibit 99.1 is intended to be deemed furnished rather than filed pursuant to General Instruction B.2. of Form 8-K.
2

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, Ameren has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
AMEREN CORPORATION
(Registrant)
 
By: /s/ Leonard P. Singh
 Name: Leonard P. Singh
 Title: Executive Vice President and Chief Financial Officer
Date: May 5, 2026


3
                        
                                             NEWS RELEASE
image2.jpg
1901 Chouteau Avenue: St. Louis, MO 63103: Ameren.com
 
Contacts:
Media Financial Analysts and Institutional Investors
Ameren CommunicationsAndrew Kirk
314.554.2182314.554.3942
communications@ameren.comakirk@ameren.com
For Immediate Release
Ameren Announces First Quarter 2026 Results

•First Quarter Diluted Earnings Per Share (EPS) were $1.28 in 2026 vs. $1.07 in 2025
•Reaffirmed 2026 Earnings Guidance Range of $5.25 to $5.45 per Diluted Share

ST. LOUIS (May 5, 2026) — 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."

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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
Page 2 of 5
                        
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.

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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:
•regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations that may change regulatory recovery mechanisms or our ability to recover costs and earn a return, such as those that may result from appeals filed by Ameren Illinois to the Illinois Appellate Court for the Fifth Judicial District related to Illinois Commerce Commission (ICC) orders issued in December 2023, June 2024, and December 2024 in the multi-year rate plan (MYRP) electric distribution service regulatory rate review, Ameren Illinois' March 2026 appeal of the December 2025 order issued in the 2024 electric distribution service revenue requirement reconciliation adjustment review, Ameren Illinois' 2025 electric distribution service revenue requirement reconciliation adjustment review filed with the ICC in April 2026, Ameren Illinois' January 2026 appeal of the November 2025 ICC order issued in the 2025 natural gas delivery service rate review, Ameren Illinois' 2020 QIP reconciliation hearing, and the January and April 2025 appeals of FERC's October 2024 and March 2025 orders by the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and Ameren Transmission Company of Illinois (ATXI);
•our ability to control costs and make substantial investments in our businesses, including our ability to recover costs and investments, and to earn our allowed return on equity (ROE), within frameworks established by our regulators, while maintaining affordability for our customers;
•the effect and duration of Ameren Illinois’ election to utilize MYRPs for electric distribution service ratemaking effective for rates beginning in 2024, including the effect of the reconciliation cap on the electric distribution revenue requirement;
•the effect on Ameren Missouri of any customer rate caps or limitations on increasing the electric service revenue requirement pursuant to Ameren Missouri’s election to use the plant-in-service accounting regulatory mechanism;
•Ameren Missouri's ability to construct and/or acquire wind, solar, and other renewable energy generation facilities and battery storage, as well as natural gas-fired and nuclear energy centers, extend the operating license for the Callaway Energy Center, reliably operate existing energy centers through their expected retirement dates, retire fossil fuel-fired energy centers, and implement new or existing customer energy-efficiency programs, including any such construction, acquisition, retirement, or implementation in connection with its Smart Energy Plan, preferred resource plan, or emissions reduction goals, and to recover its cost of investment, a related return, and, in the case of customer energy-efficiency programs, any lost electric revenues in a timely manner, each of which is affected by the ability to timely obtain all necessary regulatory and project approvals, including certificates of convenience and necessity (CCNs) from the MoPSC or any other required approvals, including permits to operate the facilities;
•our ability to realize and support forecasted energy demand and capacity from new and potential new customers, including demand growth dependent on the addition of new data centers and other large primary service customers within our service territories, such as the large load customers that signed electric service agreements with Ameren Missouri in 2026;
•the effects on energy prices and demand for our services resulting from customer growth patterns or usage, including demand from data centers, technological advances, including advances in customer energy efficiency, electric vehicles, electrification of various industries, energy storage, and private generation sources, which are becoming increasingly cost-competitive;
•Ameren Missouri’s ability to earn, utilize, or transfer at a reasonable price federal production and investment tax credits related to renewable energy projects and nuclear energy production; the cost of wind, solar, and other renewable generation and battery storage technologies; and our ability to obtain timely interconnection agreements with the MISO or other regional transmission organizations at an acceptable cost for each facility;
•the effect of changes in federal domestic energy policy to support investment in fossil fuel infrastructure and the effect of those changes on Ameren Missouri’s ability to construct and/or acquire renewable energy generation facilities and battery storage;
•the outcome of the MISO long-range transmission planning process, including potential changes to planned projects, the ability to obtain competitively bid or assigned projects and related approvals, including CCNs from the MoPSC and ICC or any other required approvals, and changes in applicable legislative or regulatory frameworks;
•the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments, including as they relate to the construction and acquisition of electric and natural gas utility infrastructure and the ability of counterparties to complete projects, which is dependent upon the availability of necessary materials and equipment, including those obligations that are affected by supply chain disruptions;
•advancements in energy technologies, including carbon capture, utilization, and sequestration, hydrogen fuel for electric production and energy storage, next generation nuclear, and large-scale long-cycle battery storage, and the impact of federal and state energy and economic policies with respect to those technologies;
•the effects of changes in federal, state, or local laws and other domestic or international governmental actions, including monetary, fiscal, foreign trade, and energy policies, foreign trade tariffs, executive orders, geopolitical developments, or extended federal government shutdowns or defunding;
•the effects of changes in federal, state, or local tax laws or rates; additional regulations, interpretations, amendments, or technical corrections to, or in connection with the One Big Beautiful Bill Act (OBBBA) and the Inflation Reduction Act of 2022 (IRA), including the effects of the OBBBA as it relates to construction timelines of solar, wind, and battery storage projects along with the ability to obtain materials for these projects to be eligible for federal production and investment tax credits; and any challenges to the tax positions we have taken, as well as resulting effects on customer rates;
•the cost and availability of fuel, such as low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of natural gas for distribution and the cost and availability of purchased power, including capacity, zero emission credits, renewable energy credits, and emission allowances; and the level and volatility of future market prices for such commodities and credits;
•disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including nuclear fuel assemblies primarily from the one Nuclear Regulatory Commission-licensed supplier of assemblies for Ameren Missouri's Callaway Energy Center;
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•the cost and availability of transmission capacity required for the energy generated by Ameren Missouri's energy centers or as required to satisfy Ameren Missouri's energy sales;
•the effectiveness of our risk management strategies and our use of financial and derivative instruments;
•the ability to obtain sufficient insurance at a reasonable cost, or, in the absence of insurance, the ability to timely recover uninsured losses from our customers;
•the impact of cyberattacks and data security risks on us, our suppliers, or other entities on the grid, including those arising from generative or agentic artificial intelligence, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information;
•acts of sabotage, which have increased in frequency and severity within the utility industry, war, terrorism, or other intentionally disruptive acts;
•business, economic, geopolitical, and capital market conditions, including foreign trade tariffs or trade wars, evolving federal regulatory priorities, and the impact of such conditions on interest rates, inflation, commodity prices, and investments;
•the impact of inflation or a recession on our customers and suppliers and the related impact on our results of operations, financial position, and liquidity;
•disruptions of the capital and credit markets, deterioration in our credit metrics, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity, and our ability to access the capital and credit markets on reasonable terms when needed;
•the actions of credit rating agencies and the effects of such actions;
•the impact of weather conditions and other natural conditions on us and our customers, including the impact of system outages and the level of wind and solar resources;
•the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets;
•the ability to maintain system reliability by Ameren Missouri, the MISO, and the electric utility industry, as well as Ameren Missouri's ability to meet existing or future generation capacity and power obligations;
•the effects of failures of electric generation, electric and natural gas transmission or distribution, or natural gas storage facilities systems and equipment, which could result in unanticipated liabilities or unplanned outages;
•the operation of Ameren Missouri’s Callaway Energy Center, including planned and unplanned outages, as well as the ability to recover costs associated with such outages and the impact of such outages on off-system sales and purchased power, among other things;
•Ameren Missouri’s ability to recover the remaining investment and decommissioning costs associated with the retirement of an energy center, as well as the ability to earn a return on that remaining investment and those decommissioning costs;
•the impact of current environmental laws or their interpretation and new, more stringent, or changing requirements and environmental policies, including those related to NSR provisions of the Clean Air Act, carbon dioxide, nitrogen oxides, sulfur dioxide, and other emissions and discharges, Illinois emission standards, cooling water intake structures, coal combustion residuals, energy efficiency, and wildlife protection, that could limit, terminate or otherwise modify the operation of certain of Ameren Missouri's energy centers, increase our operating costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers’ demand for electricity or natural gas, or otherwise have a negative financial effect;
•the impact of complying with renewable energy standards in Missouri and Illinois and with the zero emission standard in Illinois;
•the effectiveness of Ameren Missouri's customer energy-efficiency programs and the related revenues and performance incentives earned under its Missouri Energy Efficiency Investment Act programs;
•labor disputes, workforce reductions, our ability to attract and retain professional and skilled-craft employees, changes in future wage and employee benefits costs, including those resulting from changes in discount rates, mortality tables, medical cost trend rates, returns on benefit plan assets, and other assumptions;
•the impact of negative opinions of us or our utility services that our customers, investors, legislators, regulators, creditors, rating agencies, or other stakeholders may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or disagreement with those plans, failure to protect sensitive customer information, increases in rates, new data centers entering our service territories, negative media coverage, or concerns about company policies or practices;
•the impact of adopting new accounting and reporting guidance;
•the effects of strategic initiatives, including mergers, acquisitions, divestitures, and reorganizations;
•legal and administrative proceedings;
•pandemics or other significant global health events, and their impacts on our results of operations, financial position, and liquidity; and
•the impacts of global conflicts and related sanctions imposed by the United States and other governments, including potential impacts on the cost and availability of fuel, natural gas, enriched uranium, and other commodities, materials, and services.

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.

# # #


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AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF INCOME
(Unaudited, in millions, except per share amounts)
 
 Three Months Ended March 31,
 20262025
Operating Revenues:
Electric$1,661 $1,622 
Natural gas515 475 
Total operating revenues2,176 2,097 
Operating Expenses:
Fuel and purchased power433 502 
Natural gas purchased for resale171 169 
Other operations and maintenance491 485 
Depreciation and amortization398 367 
Taxes other than income taxes151 144 
Total operating expenses1,644 1,667 
Operating Income532 430 
Other Income, Net90 85 
Interest Charges204 175 
Income Before Income Taxes418 340 
Income Taxes60 50 
Net Income358 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 – Basic276.5 270.0 
Weighted-average Common Shares Outstanding – Diluted278.4 271.4 


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 revenue298 415 
Miscellaneous accounts receivable175 107 
Inventories733 774 
Current regulatory assets434 387 
Other current assets211 210 
Total current assets2,567 2,571 
Property, Plant, and Equipment, Net40,471 39,313 
Investments and Other Assets:
Nuclear decommissioning trust fund1,478 1,526 
Goodwill411 411 
Regulatory assets2,674 2,524 
Pension and other postretirement benefits991 977 
Other assets1,254 1,154 
Total investments and other assets6,808 6,592 
TOTAL ASSETS$49,846 $48,476 
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt$1,123 $973 
Short-term debt1,178 643 
Accounts and wages payable733 1,254 
Interest accrued179 229 
Customer deposits239 238 
Other current liabilities674 570 
Total current liabilities4,126 3,907 
Long-term Debt, Net19,003 18,214 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net5,311 5,181 
Regulatory liabilities6,251 6,255 
Asset retirement obligations864 849 
Other deferred credits and liabilities606 540 
Total deferred credits and other liabilities13,032 12,825 
Shareholders’ Equity:
Common stock3 3 
Other paid-in capital, principally premium on common stock8,114 8,106 
Retained earnings5,441 5,292 
Accumulated other comprehensive loss(2)— 
Total shareholders’ equity13,556 13,401 
Noncontrolling Interests129 129 
Total equity13,685 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,
 20262025
Cash Flows From Operating Activities:
Net income $358 $290 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization417 395 
Amortization of nuclear fuel21 20 
Amortization of debt issuance costs and premium/discounts5 5 
Deferred income taxes and tax credits, net56 116 
Allowance for equity funds used during construction(31)(16)
Stock-based compensation costs8 7 
Other9 7 
Changes in assets and liabilities(422)(393)
Net cash provided by operating activities421 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 fund76 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, net534 108 
Maturities of long-term debt(350)(300)
Issuances of long-term debt1,297 1,099 
Issuances of common stock12 13 
Employee payroll taxes related to stock-based compensation(14)(13)
Debt issuance costs(12)(11)
Net cash provided by financing activities1,258 704 
Net change in cash, cash equivalents, and restricted cash65 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,
 20262025
Electric Sales - kilowatthours (in millions):
Ameren Missouri
Residential3,596 3,864 
Commercial3,366 3,367 
Industrial954 959 
Street lighting and public authority16 17 
Ameren Missouri retail load subtotal7,932 8,207 
Off-system1,099 1,214 
Ameren Missouri total9,031 9,421 
Ameren Illinois Electric Distribution
Residential2,805 2,973 
Commercial2,710 2,820 
Industrial2,406 2,491 
Street lighting and public authority100 103 
Ameren Illinois Electric Distribution total8,021 8,387 
Ameren Total17,052 17,808 
Electric Revenues (in millions):
Ameren Missouri
Residential$399 $376 
Commercial302 273 
Industrial72 66 
Other, including street lighting and public authority36 (2)
Ameren Missouri retail load subtotal$809 $713 
Off-system sales and capacity42 180 
Ameren Missouri total$851 $893 
Ameren Illinois Electric Distribution
Residential$349 $342 
Commercial195 180 
Industrial55 50 
Other, including street lighting and public authority44 — 
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,
 20262025
Gas Sales - dekatherms (in millions):
Ameren Missouri8 9 
Ameren Illinois Natural Gas62 65 
Ameren Total70 74 
Gas Revenues (in millions):
Ameren Missouri$79 $64 
Ameren Illinois Natural Gas436 411 
Ameren Total$515 $475 
March 31,December 31,
 20262025
Common Stock:
Shares outstanding (in millions)276.7 276.4 
Book value per share$48.99 $48.48 


Exhibit 99.2
AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF INCOME
(Unaudited, in millions, except per share amounts)
 
 Three Months Ended March 31,
 20262025
Operating Revenues:
Electric$1,661 $1,622 
Natural gas515 475 
Total operating revenues2,176 2,097 
Operating Expenses:
Fuel and purchased power433 502 
Natural gas purchased for resale171 169 
Other operations and maintenance491 485 
Depreciation and amortization398 367 
Taxes other than income taxes151 144 
Total operating expenses1,644 1,667 
Operating Income532 430 
Other Income, Net90 85 
Interest Charges204 175 
Income Before Income Taxes418 340 
Income Taxes60 50 
Net Income358 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 – Basic276.5 270.0 
Weighted-average Common Shares Outstanding – Diluted278.4 271.4 


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 revenue298 415 
Miscellaneous accounts receivable175 107 
Inventories733 774 
Current regulatory assets434 387 
Other current assets211 210 
Total current assets2,567 2,571 
Property, Plant, and Equipment, Net40,471 39,313 
Investments and Other Assets:
Nuclear decommissioning trust fund1,478 1,526 
Goodwill411 411 
Regulatory assets2,674 2,524 
Pension and other postretirement benefits991 977 
Other assets1,254 1,154 
Total investments and other assets6,808 6,592 
TOTAL ASSETS$49,846 $48,476 
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt$1,123 $973 
Short-term debt1,178 643 
Accounts and wages payable733 1,254 
Interest accrued179 229 
Customer deposits239 238 
Other current liabilities674 570 
Total current liabilities4,126 3,907 
Long-term Debt, Net19,003 18,214 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net5,311 5,181 
Regulatory liabilities6,251 6,255 
Asset retirement obligations864 849 
Other deferred credits and liabilities606 540 
Total deferred credits and other liabilities13,032 12,825 
Shareholders’ Equity:
Common stock3 3 
Other paid-in capital, principally premium on common stock8,114 8,106 
Retained earnings5,441 5,292 
Accumulated other comprehensive loss(2)— 
Total shareholders’ equity13,556 13,401 
Noncontrolling Interests129 129 
Total equity13,685 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,
 20262025
Cash Flows From Operating Activities:
Net income $358 $290 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization417 395 
Amortization of nuclear fuel21 20 
Amortization of debt issuance costs and premium/discounts5 5 
Deferred income taxes and tax credits, net56 116 
Allowance for equity funds used during construction(31)(16)
Stock-based compensation costs8 7 
Other9 7 
Changes in assets and liabilities(422)(393)
Net cash provided by operating activities421 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 fund76 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, net534 108 
Maturities of long-term debt(350)(300)
Issuances of long-term debt1,297 1,099 
Issuances of common stock12 13 
Employee payroll taxes related to stock-based compensation(14)(13)
Debt issuance costs(12)(11)
Net cash provided by financing activities1,258 704 
Net change in cash, cash equivalents, and restricted cash65 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.
(a)Includes $13 million of cash and cash equivalents and $472 million of restricted cash as of March 31, 2026.

Source: View Original Filing on SEC EDGAR

FAQ

How did Ameren (AEE) perform financially in the first quarter of 2026?

Ameren reported stronger first quarter 2026 results, with net income attributable to common shareholders of $357 million and diluted EPS of $1.28. Total operating revenues rose to $2.176 billion, up from $2.097 billion in the first quarter of 2025.

What earnings guidance did Ameren (AEE) provide for full-year 2026?

Ameren reaffirmed its 2026 earnings guidance range of $5.25 to $5.45 per diluted share. This outlook assumes normal temperatures for the remaining nine months of 2026 and reflects regulatory, operating, market, and weather-related risks described in the company’s disclosures.

How did Ameren’s major segments contribute to first quarter 2026 results?

Ameren Missouri earned $76 million, Ameren Transmission $98 million, Ameren Illinois Electric Distribution $66 million, and Ameren Illinois Natural Gas $122 million. Each segment improved earnings versus 2025, mainly from infrastructure investments reflected in updated service rates.

What were Ameren’s first quarter 2026 revenues and expenses?

Total operating revenues were $2.176 billion, including $1.661 billion from electric and $515 million from natural gas. Total operating expenses were $1.644 billion, with key components like fuel and purchased power, natural gas for resale, operations and maintenance, and depreciation and amortization.

How strong were Ameren’s cash flows and capital spending in Q1 2026?

Ameren generated $421 million of net cash from operating activities in the first quarter of 2026. The company invested heavily, with capital expenditures of $1.574 billion, plus additional nuclear fuel and other investing activity, leading to substantial net cash used in investing activities.

How did Ameren’s balance sheet change by March 31, 2026?

Total assets grew to $49.846 billion from $48.476 billion at year-end 2025. Long-term debt, net, increased to $19.003 billion, while total shareholders’ equity rose to $13.556 billion, reflecting retained earnings growth and continued investment in utility infrastructure.

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