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Ameren Corporation

AEE

Ameren Corporation • NYSE
$106.35 ▲ 0.31% (+0.33)
Market Cap $28.77 B
52w High $106.73
52w Low $86.40
Dividend Yield 2.80%
P/E 20.45
Volume 516.79K
Outstanding Shares 270.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.699B ▲ $164M ▼ $640M ▲ 23.712% ▲ $2.37 ▲ $1.316B ▲
Q2-2025 $2.221B ▲ $517M ▲ $275M ▼ 12.382% ▼ $1.02 ▼ $905M ▼
Q1-2025 $2.097B ▲ $511M ▼ $289M ▲ 13.782% ▲ $1.07 ▲ $930M ▲
Q4-2024 $1.941B ▼ $596M ▲ $207M ▼ 10.665% ▼ $0.77 ▼ $787M ▼
Q3-2024 $2.173B $538M $456M 20.985% $1.71 $1.09B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $9M ▼ $47.416B ▲ $34.507B ▲ $12.78B ▲
Q2-2025 $11M ▼ $46.625B ▲ $34.182B ▲ $12.314B ▲
Q1-2025 $23M ▲ $45.665B ▲ $33.317B ▲ $12.219B ▲
Q4-2024 $7M ▼ $44.598B ▲ $32.355B ▲ $12.114B ▲
Q3-2024 $17M $43.298B $31.336B $11.833B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $641M ▲ $1.104B ▲ $-1.001B ▲ $-62M ▼ $41M ▲ $135M ▲
Q2-2025 $277M ▼ $862M ▲ $-1.024B ▲ $180M ▼ $18M ▼ $-205M ▲
Q1-2025 $290M ▲ $431M ▼ $-1.087B ▲ $704M ▲ $48M ▲ $-651M ▼
Q4-2024 $208M ▼ $817M ▼ $-1.35B ▼ $537M ▲ $4M ▼ $-507M ▼
Q3-2024 $457M $897M $-1.174B $300M $23M $-260M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Electricity
Electricity
 $1.62Bn ▲$1.62Bn ▲$2.04Bn ▲$2.56Bn ▲
Natural Gas
Natural Gas
 $320.00M ▲$470.00M ▲$180.00M ▼$140.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Ameren’s profit engine looks steady and gradually improving. Revenue has generally trended higher over the past five years, with only minor bumps, and operating profits have held up well even as the company invests heavily. Earnings per share have climbed at a measured, consistent pace, which is what you’d expect from a mature regulated utility rather than a fast-growth company. Overall, the income statement shows stable, predictable performance with incremental growth and no obvious signs of margin stress so far.

Balance Sheet

Balance Sheet The balance sheet shows a classic capital‑intensive utility profile: very large asset base, funded by a mix of rising debt and growing shareholder equity. Total assets have expanded meaningfully as Ameren builds out its grid and generation projects. Debt levels have also moved up steadily, which increases sensitivity to interest rates and refinancing conditions, but equity has grown alongside, indicating retained earnings and ongoing capital support. Cash on hand is minimal, which is typical for regulated utilities that rely on revolving credit and steady cash inflows, but it does mean the company depends on continued smooth access to capital markets.

Cash Flow

Cash Flow Operating cash flow has strengthened over time, which supports the view of a solid, dependable underlying business. However, Ameren is spending heavily on capital projects, so free cash flow has been consistently negative. In practice, that means the company must regularly raise debt or equity to fund its investment plans. This is normal for a regulated utility pursuing large grid and generation upgrades, but it does create ongoing financing needs and makes regulatory support and capital market access especially important.

Competitive Edge

Competitive Edge Ameren benefits from the structural advantages of a regulated monopoly in its core territories, which provides predictable demand and regulated returns. Its extensive transmission and distribution network, built over many years, would be very costly for a new entrant to replicate, reinforcing its moat. Strong relationships with regulators and ongoing investment in reliability and clean energy further support its position, though the company remains exposed to regulatory decisions on allowed returns, cost recovery, and environmental rules. Competition is less about rival utilities and more about policy changes, customer expectations, and evolving energy technologies.

Innovation and R&D

Innovation and R&D Ameren is unusually active on the innovation front for a traditional utility. It is modernizing its grid with smart meters, sensors, automation, and data analytics to improve reliability and reduce outages. The company is experimenting with microgrids, distributed energy resources, and battery storage, and is pursuing a structured clean energy transition plan that includes more renewables and potentially new forms of generation. The Ameren Innovation Center and its startup accelerator give it early access to emerging technologies and help keep operations and customer offerings modern. The key risk is execution: large, complex projects and new technologies must be delivered on time, on budget, and with regulatory support to fully pay off.

Summary

Ameren looks like a stable, steadily growing regulated utility that is also leaning into modernization and the energy transition. Its earnings trend is smooth, supported by rising operating cash flow, while the balance sheet reflects heavy use of debt to fund a large and ongoing investment program. Negative free cash flow is a feature of its capital‑intensive strategy rather than a sign of immediate stress, but it does heighten dependence on regulators and capital markets. Strategically, Ameren’s regulated monopoly status, large grid footprint, and active innovation agenda in smart infrastructure and clean energy form a strong foundation. The main watch points are regulatory outcomes, project execution, and the impact of interest rates and financing conditions on its sizeable investment pipeline.

NEWS

November 24, 2025 · 5:28 PM UTC

State regulators approve Ameren Missouri's plan to reliably serve new large businesses, boosting state's economy while safeguarding consumers

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November 5, 2025 · 4:30 PM UTC

Ameren Announces Third Quarter 2025 Results

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November 4, 2025 · 11:06 AM UTC

Ameren Corporation names new general counsel

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October 15, 2025 · 7:00 AM UTC

Ameren Corporation Third Quarter 2025 Earnings Webcast Nov. 6, 2025

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October 14, 2025 · 6:55 AM UTC

Ameren Corporation announces leadership changes

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