10-KPeriod: FY2025

AMEREN CORP Annual Report, Year Ended Dec 31, 2025

Filed February 18, 2026For Securities:AEE

Summary

Ameren Corporation (AEE) has filed its 10-K for the fiscal year ended December 31, 2025. The company, a public utility holding company, operates through its principal subsidiaries: Ameren Missouri, Ameren Illinois, and ATXI, providing regulated electric and natural gas services. Ameren Missouri and Ameren Illinois continue to invest heavily in rate-regulated energy infrastructure, with projected capital expenditures totaling $30.5 billion to $33.1 billion from 2026 through 2030. This investment is driven by infrastructure upgrades, grid modernization, and the transition to cleaner energy sources, including significant investments in renewable generation and battery storage. The company's financial performance in 2025 showed a notable increase in net income attributable to common shareholders, reaching $1,456 million ($5.35 per diluted share), compared to $1,182 million ($4.42 per diluted share) in 2024. This growth was attributed to higher base rate revenues, particularly at Ameren Missouri following a rate order effective June 1, 2025, and favorable tax adjustments. Ameren also demonstrated strong liquidity, with $2.5 billion in net available liquidity at December 31, 2025. The company announced an increase in its quarterly common stock dividend to 75 cents per share, with an annualized equivalent of $3.00 per share, reflecting confidence in its financial stability and future prospects.

Financial Highlights

49 data points
Beta

Revenue

$8.80B

Net Income

$1.46B

16.5% Net Margin

EPS (Diluted)

$5.35

Total Assets

$48.48B

Cash & Equivalents

$13.00M

Free Cash Flow

-$775.00M

Financial Statements
Beta
Revenue$8.80B
Operating Expenses$6.77B
Operating Income$2.03B
Interest Expense$776.00M
Net Income$1.46B
EPS (Basic)$5.38
EPS (Diluted)$5.35
Shares Outstanding (Basic)270.50M
Shares Outstanding (Diluted)272.20M

Key Highlights

  • 1Ameren's net income attributable to common shareholders increased to $1,456 million ($5.35 per diluted share) in 2025, up from $1,182 million ($4.42 per diluted share) in 2024, driven by higher revenues and favorable tax adjustments.
  • 2The company projects significant capital expenditures between $30.5 billion and $33.1 billion from 2026 through 2030 to invest in infrastructure upgrades, grid modernization, and the transition to cleaner energy.
  • 3Ameren Missouri received a rate increase of $355 million to its annual revenue requirement for electric retail service, effective June 1, 2025, as approved by the MoPSC.
  • 4Ameren Illinois' electric distribution and natural gas businesses are subject to ICC oversight, with ongoing regulatory proceedings and appeals impacting rate base and return on equity (ROE) determinations.
  • 5The company increased its quarterly common stock dividend by 4 cents to 75 cents per share, reflecting confidence in its financial health and commitment to shareholder returns.
  • 6Ameren Missouri is undertaking a significant generation fleet transition, aiming to retire all coal-fired energy centers by 2042 and incorporating substantial investments in natural gas, renewable generation, and battery storage.
  • 7The company maintains strong liquidity, with $2.5 billion in net available liquidity at the end of 2025, supported by credit agreements and commercial paper programs.

Frequently Asked Questions

Ameren's core strategy involves investing in rate-regulated energy infrastructure to maintain and enhance reliability, develop cleaner energy sources, create economic development, and provide customers with more options. This includes significant capital expenditures projected between $30.5 billion and $33.1 billion from 2026 through 2030, focusing on transmission, distribution, grid modernization, and generation, particularly in renewable energy and battery storage.

Ameren experienced significant financial improvement in 2025. Net income attributable to common shareholders rose to $1,456 million ($5.35 per diluted share) from $1,182 million ($4.42 per diluted share) in 2024. This increase was driven by higher base rate revenues, particularly from Ameren Missouri after a rate order effective June 1, 2025, and favorable tax adjustments related to the revaluation of excess deferred income tax regulatory liabilities.

Ameren's operations are heavily influenced by extensive regulation from entities like the MoPSC, ICC, and FERC. Key regulatory matters include rate reviews, the recovery of capital investments, environmental compliance, and changes in energy policies. Ameren Missouri's significant investments are largely recoverable under the PISA, while Ameren Illinois is navigating various appeals and regulatory decisions related to its electric distribution and transmission businesses, including its MYRP proceedings.

Ameren is committed to a net-zero carbon emissions target by 2045. This involves a significant transition in its generation fleet, including retiring all of Ameren Missouri's coal-fired energy centers by 2042 and increasing investments in renewable generation (solar, wind), natural gas-fired generation, and battery storage. The company is also focused on energy efficiency programs and managing its environmental compliance costs.