10-Q · May 7, 2026
Ameren Corporation reported Q1 2026 results with earnings per share hitting $1.28, surpassing estimates of $1.17. While total revenue decreased to $2.18 billion from $2.22 billion in Q4 2025, strategic infrastructure…
Earnings analysis · 10-Q
AEE earnings analysis
Filed August 3, 2026 · Our reading of the company's report
The latest report
Ameren delivered Q2 EPS of $1.13, up 12% year over year and above the supplied $1.06 consensus estimate, despite revenue falling 6% to $2.092 billion. The lower revenue principally reflected a steep Missouri…
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Ameren delivered Q2 EPS of $1.13, up 12% year over year and above the supplied $1.06 consensus estimate, despite revenue falling 6% to $2.092 billion. The lower revenue principally reflected a steep Missouri capacity-price reset, while lower fuel and purchased-power costs supported a 340-basis-point year-over-year operating-margin expansion to 21.9%. Growth investment and regulatory recovery opportunities remain substantial, but operating cash flow of $1.191 billion did not cover $2.706 billion of investing outflows in the first half, reinforcing reliance on debt and planned equity issuance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.13
What stood out
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EPS increased 12% year over year
Q2 diluted EPS rose $0.12 year over year to $1.13 from $1.01, while first-half EPS increased $0.33 to $2.41. EPS was above the supplied $1.06 consensus estimate.
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Revenue declined but margins expanded
Revenue was $2.092 billion, down $129 million, or 6%, from $2.221 billion a year ago and down $88 million, or 4%, from Q1's $2.180 billion. However, gross margin expanded to 73.9% from 62.5% and operating margin improved to 21.9% from 18.5% year over year, although operating margin declined from 24.5% in Q1.
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Illinois and transmission businesses grew
Transmission revenue increased $21 million, or 10%, to $229 million; Illinois Electric Distribution revenue increased $56 million, or 10%, to $629 million; and Illinois Natural Gas revenue increased $18 million, or 11%, to $176 million.
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Missouri revenue decline largely fuel-linked
Ameren Missouri electric revenue fell $221 million, or 17%, to $1.094 billion, but the principal $333 million reduction in off-system, capacity, transmission and FAC revenue was accompanied by a $296 million reduction in Missouri fuel and purchased-power expense.
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Capital program targets load growth
Ameren invested $2.7 billion in regulated businesses during the first six months. The company has electric-service agreements representing 2.8 GW of demand expected to begin materializing in the second half of 2027 and reach full capacity by the end of 2029.
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Large Missouri rate case offers recovery path
Ameren Missouri requested a $343 million annual electric revenue increase based on a 10.25% ROE and $16.7 billion rate base. A MoPSC decision is expected by May 2027, with potential new rates in June 2027.
What to watch
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Capital spending materially exceeds operating cash flow
Cash from operations declined $102 million year over year to $1.191 billion in the first half, while cash used in investing rose $595 million to $2.706 billion. The $2.706 billion investment outflow was 227% of operating cash flow, requiring external financing.
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Equity plan creates dilution risk
Ameren plans approximately $4 billion of equity financing from 2026-2030; 16.0 million forward-sale shares were outstanding at June 30, plus 1.4 million shares under July forward-sale agreements. Management expects to settle 6.4 million shares in 2026.
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MISO capacity-price reset pressured revenue
Ameren Missouri's spring capacity prices declined to $70 per MW-day in 2026 from $720 per MW-day in 2025, driving a $333 million quarterly decline in off-system sales, capacity, transmission and FAC revenues.
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O&M cost inflation offsets rate-base benefits
Other operations and maintenance expense increased $61 million year over year in Q2, including a $44 million increase at Ameren Missouri. Higher reliability measures, vegetation management, Callaway costs, and claims were key drivers.
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FERC incentive policy could reduce earnings
The potential loss of the 50-basis-point FERC RTO incentive adder would reduce estimated annual net income by $19 million for Ameren and $14 million for Ameren Illinois, based on projected 2026 rate base.
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No formal risk-factor update; funding remains key
No revised risk factors were presented in Item 1A; the filing instead refers readers to the Form 10-K. Liquidity remains dependent on market access despite $1.929 billion of net available liquidity at June 30, 2026.
Management's outlook
The 10-Q does not provide quantitative EPS or consolidated revenue guidance. Management disclosed up to $33.1 billion of 2026-2030 capital expenditures and an approximately $4 billion 2026-2030 equity-financing plan; Ameren Missouri's $343 million electric-rate request has a MoPSC decision expected by May 2027 and rates potentially effective June 2027.
Earlier filings 4
10-K · February 18, 2026
Ameren’s 10-K shows a stronger 2025 operating performance with consolidated revenue rising to approximately $8.80 billion (sum of quarterly revenues) and annual EPS of about $5.35, driven by a very strong Q3 2025…
10-Q · November 6, 2025
Ameren reported Q3 2025 consolidated revenue of $2,699 million, up $526 million (+24.2%) versus Q3 2024 and above consensus. Operating income expanded to $825 million (30.6% operating margin) and diluted EPS rose to…
10-Q · August 5, 2024
Ameren reported Q2 2024 revenue of $1,693 million (down $123 million, -6.8% vs. Q1 2024 and down $67 million, -3.8% vs. Q2 2023) and diluted EPS of $0.97 (beat consensus and up $0.07, +7.8% vs. Q2 2023). Gross margin…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.