Skip to content
AnalystLens

AMEREN CORP 8-K Report, Financial Results (Feb 11, 2026)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed February 11, 2026
Period End
February 11, 2026
Security
AEE
In the 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. Material agreement8-K · Dec ’16Dec ’16
  2. Material agreement8-K · Aug ’19Aug ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Leadership change8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed February 11, 2026. Cited figures are marked; the original filing is the authoritative source.

Ameren (AEE) reported fourth-quarter and full-year 2025 results on February 11, 2026.

GAAP diluted EPS for 2025 was $5.35a, up from $4.42 in 2024, while adjusted (non-GAAP) EPS was $5.03 versus $4.63. The adjusted figure excludes a $86 million after-tax benefit (about $0.32 per share) from FERC and ICC orders on net operating loss carryforwards, so the GAAP beat is flattered by a one-time item. On an adjusted basis, full-year earnings rose about 8.6%, driven by infrastructure investment returns, new Ameren Missouri electric rates effective June 1, 2025, and higher electric sales from weather.

Partial offsets were higher interest expense and higher operations and maintenance costs at Ameren Missouri. Fourth-quarter GAAP EPS was $0.92b versus $0.77 a year earlier, and adjusted Q4 EPS was $0.78, flat with the prior year's $0.77 on a comparable basis. Management affirmed 2026 EPS guidance of $5.25 to $5.45 per diluted share and issued a 6% to 8% compound annual EPS growth target for 2026 through 2030, using the $5.35 midpoint as the base.

The growth case rests on $31.8 billionc of infrastructure investment supporting projected rate base growth of about 10.6% per year from 2025 through 2030. Guidance assumes normal weather and is subject to regulatory outcomes, including pending appeals of Illinois Commerce Commission and FERC orders, as well as the broader risks listed in the filing. The balance sheet shows the scale of the capital program.

Property, plant and equipment rose to $39.3 billiond from $36.3 billion, and long-term debt rose to $18.2 billion. Shares outstanding grew to 276.4 million from 269.9 million, reflecting $574 million of equity issuance in 2025 to fund growth.

Operating cash flow was $3.35 billion, up from $2.76 billion, while capital expenditures were $4.1 billion, so free cash flow remained negative and external financing stays central to the plan. Dividends paid were $768 million.

02—Key points

Key Highlights

  1. GAAP diluted EPS of $5.35 for 2025 vs. $4.42 in 2024; adjusted EPS of $5.03 vs. $4.63 (+8.6%), excluding an $86M (~$0.32/share) one-time tax benefit from FERC/ICC NOL carryforward orders
  2. Q4 2025 GAAP EPS of $0.92 vs. $0.77; adjusted Q4 EPS of $0.78, essentially flat year over year on an adjusted basis
  3. 2026 EPS guidance of $5.25–$5.45 affirmed; new 6%–8% EPS CAGR target for 2026–2030 using the $5.35 midpoint as base
  4. Rate base growth projected at ~10.6% CAGR (2025–2030), supported by $31.8 billion of planned infrastructure investment
  5. Ameren Missouri adjusted earnings rose to $747M from $604M (GAAP $747M vs. $559M), aided by new electric rates effective June 1, 2025 and weather-driven sales; the 2024 base included a Rush Island charge
  6. Balance sheet expansion: PP&E up to $39.3B from $36.3B, long-term debt up to $18.2B, and shares outstanding up ~2.4% to 276.4M after $574M of 2025 equity issuance
  7. Operating cash flow of $3.35B (up from $2.76B) against $4.1B of capex, leaving a funding gap that is closed by debt and equity issuance

03—Questions

Frequently Asked Questions

  1. Did Ameren's 2025 earnings beat without one-time items?

    Partly. Reported GAAP EPS was $5.35, but that included an $86M after-tax tax benefit from FERC and ICC orders on net operating loss carryforwards (about $0.32 per share). Excluding that benefit, adjusted EPS was $5.03, up from $4.63 in 2024, which is a solid but more modest improvement of roughly 8.6%.

  2. Is the 2026 earnings guidance changing?

    No. Ameren affirmed its 2026 EPS guidance range of $5.25 to $5.45 per diluted share. The company also introduced a longer-term outlook of 6% to 8% annual EPS growth from 2026 through 2030, using the $5.35 midpoint as the base.

  3. What drives Ameren's long-term growth?

    Growth is driven mainly by $31.8 billion of infrastructure investment expected to lift rate base about 10.6% per year from 2025 through 2030. Earnings from these investments depend on regulatory recovery and approval of rates, which is why pending appeals of Illinois and FERC orders matter.

  4. What risks could cause guidance to be missed?

    Guidance assumes normal weather and is exposed to regulatory and judicial outcomes, including Illinois Commerce Commission and FERC appeals; rising interest expense; operations and maintenance cost pressure; storm activity; commodity and capital market conditions; and cybersecurity or sabotage risks, among others listed in the filing.

  5. Is Ameren's equity dilution a concern for investors?

    Dilution is a real consideration. Shares outstanding rose about 2.4% to 276.4 million, and equity issuance of $574 million in 2025 helped fund a capital program that exceeds operating cash flow. Per-share growth depends on earning returns on this investment well above the cost of the new capital.

04—Continue

← View all 8-K filings