10-QPeriod: Q1 FY2026

AMEREN CORP Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 8, 2026For Securities:AEE

Summary

Ameren Corporation (AEE) reported strong financial results for the first quarter of 2026, demonstrating significant year-over-year growth. Net income attributable to common shareholders surged by 23.5% to $357 million, or $1.28 per diluted share, compared to $289 million, or $1.07 per diluted share, in the prior year period. This growth was primarily driven by increased infrastructure investments across all segments, favorable rate adjustments in both Missouri and Illinois, and the successful integration of newly acquired assets. The company continues to execute its strategic plan, focusing on disciplined capital allocation and operational efficiency to deliver value to shareholders. Despite a slight decrease in retail electric sales volumes at Ameren Missouri due to warmer weather, the company's diversified revenue streams and robust regulatory frameworks supported overall performance. Significant capital expenditures were made, totaling $1.6 billion, primarily focused on grid modernization and infrastructure upgrades. Ameren also successfully managed its liquidity, maintaining a strong credit position and sufficient borrowing capacity. The company's outlook remains positive, supported by ongoing investments in rate-regulated energy infrastructure and favorable regulatory developments, positioning Ameren for continued growth and operational excellence.

Financial Highlights

50 data points
Beta

Revenue

$2.18B

Net Income

$357.00M

16.4% Net Margin

EPS (Diluted)

$1.28

Total Assets

$49.85B

Cash & Equivalents

$13.00M

Free Cash Flow

-$1.15B

Financial Statements
Beta
Revenue$2.18B
Operating Expenses$1.64B
Operating Income$532.00M
Interest Expense$204.00M
Net Income$357.00M
EPS (Basic)$1.29
EPS (Diluted)$1.28
Shares Outstanding (Basic)276.50M
Shares Outstanding (Diluted)278.40M

Key Highlights

  • 1Net income attributable to Ameren common shareholders increased by 23.5% to $357 million ($1.28 per diluted share) in Q1 2026, up from $289 million ($1.07 per diluted share) in Q1 2025.
  • 2Total operating revenues grew to $2.176 billion in Q1 2026, an increase from $2.097 billion in Q1 2025, driven by rate increases and infrastructure investments.
  • 3Capital expenditures for the quarter were $1.574 billion, a significant increase from $1.064 billion in the prior year, reflecting ongoing investment in rate-regulated infrastructure.
  • 4Ameren Missouri acquired the Split Rail Solar Project for approximately $0.6 billion and took over construction management, with expected completion in Q2 2026.
  • 5Ameren Missouri's electric revenues decreased by $42 million due to lower off-system sales and warmer weather, partially offset by higher base rates.
  • 6Ameren Illinois Electric Distribution revenues increased by $71 million, driven by cost recovery mechanisms and base rate adjustments.
  • 7The company maintained strong liquidity, with net available liquidity of $2.005 billion as of March 31, 2026.

Frequently Asked Questions

The primary drivers for the increase in net income were increased infrastructure investments across all segments, favorable rate adjustments effective in Missouri and Illinois, and the successful integration of newly acquired assets. These factors, combined with disciplined cost management, contributed to a 23.5% year-over-year increase in net income attributable to common shareholders.

Capital expenditures significantly increased to $1.574 billion in the first quarter of 2026, up from $1.064 billion in the same period of 2025. These investments are primarily focused on rate-regulated energy infrastructure, including grid modernization, system reliability, and renewable energy projects, as Ameren continues to execute its long-term strategic plan.

Ameren's outlook is positive, supported by ongoing investments in rate-regulated energy infrastructure and favorable regulatory developments. Ameren Missouri is advancing significant projects, including the Split Rail Solar Project and planned natural gas and battery storage facilities. Ameren Illinois is also benefiting from rate adjustments and investments in electric and natural gas infrastructure. The company anticipates continued regulatory support for its infrastructure investments, which are crucial for meeting growing demand and achieving its environmental goals.

A minor negative factor was a decrease in retail electric sales volumes at Ameren Missouri, primarily attributed to warmer winter temperatures in 2026. This was partially offset by increased base rate revenues and other operational efficiencies. Despite this, the overall financial performance remained strong due to diversified revenue streams and effective cost management.