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AMEREN CORPAEE

Sector
Energy
Industry
Electric & Other Services Combined
Exchange
NYSE

Stock Price $AEE

Latest filings

You are here#13 of 21 in Utilities by market cap

Filing record · 2016–202610-K1110-Q328-K155

AEE filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 155 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Aug ’19Aug ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $8.80B
YoY changeLargest recent move+24.4%in FY22Latest +15.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All AEE Financial Metrics54 metrics

Income Statement11

Balance Sheet25

Cash Flow13

Per Share5

02—Overview

AMEREN CORP Financial Overview 2021–2025

Updated Aug 15, 2026

Ameren’s projected five-year capital expenditure roadmap reached a massive $33.1 billiona in FY2025, nearly doubling earlier multi-year targets to fund aggressive grid modernization and a clean energy transition. This continuous capital deployment into rate-base infrastructure forms the core of the utility’s investment thesis, converting capital spending directly into reliable earnings growth. The strategy proved highly effective over the observed period, as annual net income grew from $990 million in FY2021 to $1.456 billion in FY2025.

The financial impact of these infrastructure investments crystallized in FY2025, when earnings per share jumped to $5.35b, a substantial increase from $4.42 in FY2024. This growth was heavily supported by a $355 million base rate increase for its Missouri electric retail service that took effect in June 2025, alongside favorable tax adjustments. Ameren also maintained ample financial flexibility to execute this heavy build-out, holding $2.5 billion in available liquidity at year-end. Shareholders benefited directly from this execution, with the annualized dividend climbing to $3.00 per share. At the close of FY2025, the market valued the utility at a $27.6 billion market cap, pricing the stock at $99.86 with an earnings multiple of 18.7x.

Recent Developments (Q1 and Q2 2026)

Ameren grew earnings through 1H 2026, with net income rising 19% year-over-year to $671 millionc, or $2.41 per share. Q1 2026 operating revenues reached $2.176 billion, driven by prior rate adjustments despite warmer weather reducing retail electric sales. Capital deployment totaled $2.7 billion over the half, funding grid modernization and the $0.6 billion acquisition of the Split Rail Solar Project. Management secured financing flexibility by issuing $1.8 billion in long-term debt and expanding its equity distribution capacity by $2.0 billion.

Bulls highlight the continued earnings expansion fueled by asset additions. Bears note the stock trades at 20.5x earnings as of August 3, 2026, requiring the company to win ongoing rate cases to justify this valuation.

What to watch: the outcome of the $343 milliond electric base rate increase request in Missouri; progress on new solar and battery storage generation projects.

03—Filings

Recent SEC Filings

  1. 8-KAMEREN CORP 8-K Report, Corporate Update (Sep 28, 2026)Ameren Missouri, a subsidiary of Ameren Corporation, has filed its non-binding integrated resource plan (IRP) for 2026 with the Missouri Public Service Commission (MoPSC). This plan outlines the company's strategy for meeting projected long-term energy needs through 2045, with anticipated demand growth ranging from 2.9 to 9 GW. The 2026 IRP signifies a significant shift in Ameren Missouri's generation portfolio, proposing substantial investments in natural gas-fired generation, renewable resources (solar and wind), battery energy storage, and new nuclear generation. Key components of the plan include the addition of thousands of megawatts of natural gas, solar, wind, and battery storage capacity by various dates through 2045. The plan also involves extending the operational life of certain coal units and retiring existing natural gas facilities. Notably, Ameren Missouri intends to seek approval for an extension of the operating license for its Callaway nuclear energy center. The filing also details numerous risk factors, including regulatory, operational, market, and environmental challenges that could impact the execution of this ambitious plan and Ameren's ability to recover costs and earn returns.
  2. 8-KAMEREN CORP 8-K Report, Corporate Update (Sep 18, 2026)Ameren Corporation (AEE) has filed an 8-K to report on the successful sale of $900 million in Junior Subordinated Notes due 2057. This offering, which closed on September 18, 2026, generated net proceeds of approximately $891.0 million after accounting for offering expenses. The issuance was made under a previously effective Registration Statement on Form S-3 and a related Prospectus Supplement, providing transparency and regulatory compliance for the transaction. This debt issuance is a significant event for investors as it impacts Ameren's capital structure and future financial obligations. The junior subordinated nature of the notes suggests they are higher risk than senior debt, likely carrying a higher interest rate, which will affect future interest expense. Investors should review the terms of these notes and their potential impact on Ameren's leverage, liquidity, and profitability in the context of the company's overall financial strategy and growth plans.
  3. 8-KAMEREN CORP 8-K Report, Corporate Update (Aug 24, 2026)Ameren Corporation's subsidiary, Ameren Illinois Company, has successfully completed the sale of $400 million in principal amount of 5.50% First Mortgage Bonds due 2036. The offering, which closed on August 24, 2026, generated net proceeds of approximately $397.4 million for Ameren Illinois, before expenses. These funds are expected to support the company's ongoing operations and capital expenditures. This filing serves to report the key documents related to this debt issuance, including the underwriting agreement and various indenture documents. Investors should note that the registration statement for these bonds became effective in early August 2026, indicating a pre-planned financing activity. The issuance represents a standard capital-raising event for a regulated utility, aimed at funding infrastructure and growth initiatives.
  4. 8-KAMEREN CORP 8-K Report, Corporate Update (Aug 4, 2026)Ameren Corporation (AEE) has announced an increase in its equity distribution program, significantly expanding its capacity to raise capital through the sale of common stock. The company delivered a notice to its sales agents and forward purchasers, raising the aggregate gross sales price authorized under the program by $2 billion. This strategic move provides Ameren with substantial financial flexibility to fund its ongoing operations, capital expenditures, and potential strategic initiatives. Following this increase, Ameren now has up to $2,266,700,000 in aggregate gross sales price of common stock available for issuance under the program. It is important for investors to note that Ameren is not obligated to issue or sell any shares and retains the right to suspend offers at any time, maintaining control over its capital raising activities. The filing also includes an opinion from the company's General Counsel regarding the legality of the common stock issuance.
  5. 8-KAMEREN CORP 8-K Report, Financial Results (Jul 30, 2026)Ameren (AEE) reported second quarter 2026 net income attributable to common shareholders of $314 million, or $1.13 per diluted share, up from $275 million, or $1.01 per diluted share, in the second quarter of 2025. For the six months ended June 30, 2026, net income attributable to common shareholders was $671 million, or $2.41 per diluted share, versus $564 million, or $2.08 per diluted share a year earlier. The improvement was driven mainly by earnings on infrastructure investments across the segments and by investments in innovative energy technology, partly offset by higher operations and maintenance expense (reliability-focused tree trimming and energy center maintenance), milder-weather-driven lower electric retail sales for the six-month period, higher interest expense, and a higher share count. Management reaffirmed 2026 diluted EPS guidance of $5.25 to $5.45, assuming normal temperatures for the last six months of the year. The balance sheet and cash flow statements show a capital-intensive profile. Property, plant and equipment, net rose to $41.4 billion from $39.3 billion at year-end 2025, and six-month capital expenditures were $2.65 billion versus $2.13 billion a year earlier. Operating cash flow of $1.19 billion was slightly below the prior year's $1.29 billion, leaving a sizable funding gap that was closed with net new debt and equity. Long-term debt rose to $19.1 billion, and current maturities plus short-term debt reached about $2.7 billion, up from roughly $1.6 billion at year-end. Book value per share increased to $49.45 from $48.48, and common shares outstanding grew to 276.8 million from 276.4 million. From an investor standpoint, the quarter was constructive: earnings growth was steady, guidance was maintained despite a weaker six-month electric sales picture, and the regulatory and transmission segments continued to contribute growth. The key watch items are the pace of rising leverage and refinancing needs to fund the capital plan, the rising interest expense, and pending regulatory proceedings, including Ameren Missouri's electric rate review filed in June 2026 and several Ameren Illinois reconciliation and appeal matters. The filing itself does not mention a dividend change or any other new corporate action.
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04—See also

Related Companies

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