NYSE : AEE
Ameren Corporation — Financial statements
Utilities · Utilities - Regulated Electric · United States
Last price 110.54 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 30.60B
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Financial statements
Ameren Corporation (AEE) reported revenue of 8.41B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 8.41B | 8.47B | 7.32B | 7.21B | 7.66B | 6.12B |
| Fuel & Purchased Power | 1.95B | 2.31B | 1.68B | 1.81B | 2.02B | 1.19B |
| Operations & Maintenance | 2.04B | 1.97B | 1.91B | 1.87B | 1.94B | 1.77B |
| Depreciation & Amortization | 1.63B | 1.57B | 1.59B | 1.39B | 1.29B | 1.15B |
| Other Operating Expenses | 394.00M | 349.00M | 264.00M | 295.00M | 717.00M | 543.00M |
| Total Operating Expenses | 6.02B | 6.20B | 5.45B | 5.36B | 5.96B | 4.65B |
| Operating Income | 2.39B | 2.27B | 1.88B | 1.85B | 1.70B | 1.47B |
| Interest Expense | -827.00M | -776.00M | -663.00M | -566.00M | -486.00M | -383.00M |
| Interest Income | 36.00M | 41.00M | 41.00M | 33.00M | 35.00M | 27.00M |
| Net Interest Expense | -791.00M | -735.00M | -622.00M | -533.00M | -451.00M | -356.00M |
| Income (Loss) on Equity Investments | 15.00M | -19.00M | -4.00M | 1.00M | 2.00M | 12.00M |
| Allowance for Equity Funds for Construction | 118.00M | 88.00M | 76.00M | 54.00M | 43.00M | 43.00M |
| Other Non-Operating Income (Expenses) | -16.00M | -18.00M | -16.00M | -35.00M | -38.00M | -16.00M |
| EBT Excluding Unusual Items | 1.72B | 1.59B | 1.31B | 1.34B | 1.25B | 1.15B |
| Legal Settlements | -59.00M | |||||
| Other Unusual Items | 4.00M | 8.00M | 16.00M | |||
| Pretax Income | 1.72B | 1.60B | 1.27B | 1.34B | 1.25B | 1.15B |
| Income Tax Expense | 155.00M | 136.00M | 83.00M | 183.00M | 176.00M | 157.00M |
| Earnings From Continuing Ops. | 1.57B | 1.46B | 1.19B | 1.16B | 1.08B | 995.00M |
| Net Income to Company | 1.57B | 1.46B | 1.19B | 1.16B | 1.08B | 995.00M |
| Minority Interest in Earnings | -5.00M | -5.00M | -5.00M | -5.00M | -5.00M | -5.00M |
| Net Income | 1.56B | 1.46B | 1.18B | 1.15B | 1.07B | 990.00M |
| Net Income to Common | 1.56B | 1.46B | 1.18B | 1.15B | 1.07B | 990.00M |
| Shares Outstanding (Basic) | 273.75M | 270.50M | 266.80M | 262.80M | 258.40M | 256.30M |
| Shares Outstanding (Diluted) | 275.75M | 272.20M | 267.40M | 263.40M | 259.50M | 257.60M |
| EPS (Basic) | 5.71 | 5.38 | 4.43 | 4.38 | 4.16 | 3.86 |
| EPS (Diluted) | 5.67 | 5.35 | 4.42 | 4.38 | 4.14 | 3.84 |
| Free Cash Flow | -1.45B | -821.00M | -1.65B | -1.21B | -1.12B | -1.86B |
| Free Cash Flow Per Share | -5.26 | -3.02 | -6.16 | -4.58 | -4.30 | -7.23 |
| Dividend Per Share | 2.92 | 2.84 | 2.68 | 2.52 | 2.36 | 2.20 |
| Profit Margin | 18.58% | 17.19% | 16.14% | 15.97% | 14.02% | 16.18% |
| Free Cash Flow Margin | -17.24% | -9.69% | -22.49% | -16.73% | -14.58% | -30.43% |
| EBITDA | 3.91B | 3.72B | 3.26B | 3.14B | 2.98B | 2.62B |
| EBITDA Margin | 46.49% | 43.91% | 44.51% | 43.55% | 38.87% | 42.83% |
| D&A For EBITDA | 1.52B | 1.45B | 1.38B | 1.29B | 1.28B | 1.15B |
| EBIT | 2.39B | 2.27B | 1.88B | 1.85B | 1.70B | 1.47B |
| EBIT Margin | 28.45% | 26.84% | 25.66% | 25.69% | 22.17% | 24.01% |
| Effective Tax Rate | 9.00% | 8.52% | 6.54% | 13.66% | 14.02% | 13.63% |
| Revenue as Reported | 8.75B | 8.80B | 7.62B | 7.50B | 7.96B | 6.39B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 12.00M | 13.00M | 7.00M | 25.00M | 10.00M | 8.00M |
| Short-Term Investments | 240.00M | 8.00M | ||||
| Accounts Receivable | 1.08B | 1.08B | 871.00M | 813.00M | 1.05B | 735.00M |
| Other Receivables | 199.00M | 107.00M | 96.00M | 106.00M | 54.00M | 85.00M |
| Inventory | 800.00M | 774.00M | 762.00M | 733.00M | 667.00M | 592.00M |
| Restricted Cash | 45.00M | 63.00M | 15.00M | 13.00M | 13.00M | 16.00M |
| Other Current Assets | 510.00M | 534.00M | 513.00M | 491.00M | 638.00M | 524.00M |
| Total Current Assets | 2.64B | 2.57B | 2.26B | 2.18B | 2.67B | 1.97B |
| Property, Plant & Equipment | 41.37B | 39.39B | 36.38B | 33.78B | 31.26B | 29.26B |
| Regulatory Assets | 2.89B | 2.52B | 2.40B | 1.81B | 1.43B | 1.29B |
| Goodwill | 411.00M | 411.00M | 411.00M | 411.00M | 411.00M | 411.00M |
| Long-Term Investments | 82.00M | 64.00M | 74.00M | 73.00M | 68.00M | 304.00M |
| Other Long-Term Assets | 3.82B | 3.52B | 3.08B | 2.58B | 2.07B | 2.50B |
| Total Assets | 51.22B | 48.48B | 44.60B | 40.83B | 37.90B | 35.73B |
| Accounts Payable | 998.00M | 1.25B | 1.06B | 1.14B | 1.16B | 1.09B |
| Accrued Expenses | 246.00M | 231.00M | 198.00M | 149.00M | 3.00M | 2.00M |
| Short-Term Debt | 1.22B | 643.00M | 1.14B | 536.00M | 1.07B | 545.00M |
| Current Portion of Long-Term Debt | 1.52B | 973.00M | 317.00M | 849.00M | 340.00M | 505.00M |
| Current Portion of Leases | 3.00M | 5.00M | ||||
| Other Current Liabilities | 990.00M | 803.00M | 691.00M | 675.00M | 794.00M | 679.00M |
| Total Current Liabilities | 4.98B | 3.91B | 3.41B | 3.35B | 3.37B | 2.83B |
| Long-Term Debt | 19.06B | 18.21B | 17.26B | 15.12B | 13.69B | 12.56B |
| Long-Term Leases | 73.00M | 67.00M | ||||
| Pension & Post-Retirement Benefits | 21.00M | 21.00M | 28.00M | 31.00M | 37.00M | |
| Long-Term Deferred Tax Liabilities | 5.38B | 5.18B | 4.47B | 4.18B | 3.80B | 3.50B |
| Other Long-Term Liabilities | 7.98B | 7.55B | 7.12B | 6.68B | 6.38B | 6.98B |
| Total Liabilities | 37.40B | 34.95B | 32.35B | 29.35B | 27.27B | 25.91B |
| Common Stock | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M |
| Additional Paid-In Capital | 8.13B | 8.11B | 7.51B | 7.22B | 6.86B | 6.50B |
| Retained Earnings | 5.55B | 5.29B | 4.60B | 4.14B | 3.65B | 3.18B |
| Comprehensive Income & Other | 3.00M | -6.00M | -6.00M | -1.00M | 13.00M | |
| Total Common Equity | 13.69B | 13.40B | 12.11B | 11.35B | 10.51B | 9.70B |
| Minority Interest | 129.00M | 129.00M | 129.00M | 129.00M | 129.00M | 129.00M |
| Shareholders' Equity | 13.82B | 13.53B | 12.24B | 11.48B | 10.64B | 9.83B |
| Total Liabilities & Equity | 51.22B | 48.48B | 44.60B | 40.83B | 37.90B | 35.73B |
| Total Debt | 21.81B | 19.91B | 18.79B | 16.51B | 15.10B | 13.61B |
| Net Cash (Debt) | -21.80B | -19.89B | -18.79B | -16.48B | -14.85B | -13.60B |
| Net Cash Per Share | -79.04 | -73.08 | -70.26 | -62.57 | -57.21 | -52.78 |
| Filing Date Shares Outstanding | 276.84M | 276.42M | 269.91M | 266.29M | 262.03M | 257.72M |
| Total Common Shares Outstanding | 276.80M | 276.40M | 269.90M | 266.30M | 262.00M | 257.72M |
| Working Capital | -2.33B | -1.34B | -1.15B | -1.16B | -698.00M | -858.00M |
| Book Value Per Share | 49.45 | 48.48 | 44.88 | 42.62 | 40.11 | 37.64 |
| Tangible Book Value | 13.28B | 12.99B | 11.70B | 10.94B | 10.10B | 9.29B |
| Tangible Book Value Per Share | 47.96 | 47.00 | 43.36 | 41.07 | 38.54 | 36.04 |
| Machinery | 49.29B | 46.33B | 38.73B | 36.35B | 35.00B | |
| Construction In Progress | 3.01B | 2.01B | 1.49B | 1.31B | 1.27B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.56B | 1.46B | 1.18B | 1.15B | 1.07B | 990.00M |
| Depreciation & Amortization | 1.52B | 1.45B | 1.38B | 1.29B | 1.28B | 1.15B |
| Other Amortization | 241.00M | 241.00M | 243.00M | 228.00M | 180.00M | 148.00M |
| Stock-Based Compensation | 30.00M | 28.00M | 28.00M | 26.00M | 24.00M | 22.00M |
| Change in Accounts Receivable | -156.00M | -272.00M | -91.00M | 144.00M | -317.00M | -74.00M |
| Change in Inventory | -60.00M | -12.00M | -31.00M | -67.00M | -77.00M | -71.00M |
| Change in Accounts Payable | -10.00M | 42.00M | 4.00M | -104.00M | 136.00M | 28.00M |
| Change in Income Taxes | 35.00M | 190.00M | 34.00M | -4.00M | -13.00M | 1.00M |
| Change in Other Net Operating Assets | -44.00M | 1.00M | -130.00M | -295.00M | -223.00M | -672.00M |
| Other Operating Activities | 135.00M | 233.00M | 143.00M | 196.00M | 200.00M | 137.00M |
| Operating Cash Flow | 3.25B | 3.35B | 2.76B | 2.56B | 2.26B | 1.66B |
| Capital Expenditures | -4.65B | -4.13B | -4.32B | -3.60B | -3.35B | -3.48B |
| Nuclear Fuel Expenditures | -50.00M | -46.00M | -91.00M | -174.00M | -29.00M | -44.00M |
| Contributions to Nuclear Demissioning Trust | -364.00M | -440.00M | -584.00M | -266.00M | -229.00M | -452.00M |
| Other Investing Activities | 325.00M | 469.00M | 538.00M | 239.00M | 239.00M | 447.00M |
| Investing Cash Flow | -4.74B | -4.14B | -4.46B | -3.80B | -3.37B | -3.53B |
| Short-Term Debt Issued | 607.00M | 522.00M | 55.00M | |||
| Long-Term Debt Issued | 1.96B | 2.54B | 2.29B | 1.47B | 2.00B | |
| Total Debt Issued | 2.73B | 1.96B | 3.14B | 2.29B | 1.99B | 2.05B |
| Short-Term Debt Repaid | -499.00M | -533.00M | ||||
| Long-Term Debt Repaid | -341.00M | -893.00M | -100.00M | -505.00M | -8.00M | |
| Total Debt Repaid | -892.00M | -840.00M | -893.00M | -633.00M | -505.00M | -8.00M |
| Net Debt Issued (Repaid) | 1.84B | 1.12B | 2.25B | 1.66B | 1.48B | 2.04B |
| Issuance of Common Stock | 571.00M | 574.00M | 273.00M | 346.00M | 333.00M | 308.00M |
| Repurchase of Common Stock | -14.00M | -13.00M | -8.00M | -20.00M | -16.00M | -17.00M |
| Common Dividends Paid | -798.00M | -768.00M | -714.00M | -662.00M | -610.00M | -565.00M |
| Other Financing Activities | -34.00M | -29.00M | -51.00M | -36.00M | -23.00M | -49.00M |
| Financing Cash Flow | 1.56B | 884.00M | 1.75B | 1.29B | 1.17B | 1.72B |
| Net Cash Flow | 76.00M | 92.00M | 56.00M | 56.00M | 61.00M | -146.00M |
| Free Cash Flow | -1.45B | -821.00M | -1.65B | -1.21B | -1.12B | -1.86B |
| Free Cash Flow Margin | -17.24% | -9.69% | -22.49% | -16.73% | -14.58% | -30.43% |
| Free Cash Flow Per Share | -5.26 | -3.02 | -6.16 | -4.58 | -4.30 | -7.23 |
| Levered Free Cash Flow | -1.79B | -1.48B | -2.11B | -1.16B | -1.42B | -1.87B |
| Unlevered Free Cash Flow | -1.29B | -1.02B | -1.72B | -820.88M | -1.14B | -1.65B |
| Cash Interest Paid | 755.00M | 755.00M | 611.00M | 546.00M | 476.00M | 426.00M |
| Cash Income Tax Paid | -312.00M | -92.00M | -24.00M | -8.00M | -1.00M | |
| Change in Working Capital | -235.00M | -51.00M | -214.00M | -326.00M | -494.00M | -788.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 30.85B | 27.01B | 23.79B | 19.02B | 22.99B | 22.93B |
| Enterprise Value | 52.64B | 47.24B | 42.20B | 35.16B | 38.06B | 36.11B |
| PE Ratio | 19.66 | 18.55 | 20.13 | 16.51 | 21.40 | 23.16 |
| PS Ratio | 3.67 | 3.19 | 3.25 | 2.64 | 3.00 | 3.75 |
| PB Ratio | 2.25 | 2.00 | 1.94 | 1.66 | 2.16 | 2.33 |
| P/OCF Ratio | 9.49 | 8.06 | 8.61 | 7.42 | 10.16 | 13.80 |
| EV/Sales Ratio | 6.26 | 5.58 | 5.76 | 4.88 | 4.97 | 5.90 |
| EV/EBITDA Ratio | 13.46 | 12.70 | 12.95 | 11.19 | 12.78 | 13.78 |
| EV/EBIT Ratio | 22.00 | 20.78 | 22.46 | 18.98 | 22.40 | 24.58 |
| Debt / Equity Ratio | 1.58 | 1.47 | 1.53 | 1.44 | 1.42 | 1.39 |
| Debt / EBITDA Ratio | 5.58 | 5.35 | 5.77 | 5.26 | 5.07 | 5.19 |
| Net Debt / Equity Ratio | 1.58 | 1.47 | 1.53 | 1.44 | 1.40 | 1.38 |
| Net Debt / EBITDA Ratio | 5.57 | 5.35 | 5.76 | 5.25 | 4.99 | 5.19 |
| Net Debt / FCF Ratio | -15.03 | -24.23 | -11.41 | -13.65 | -13.29 | -7.30 |
| Quick Ratio | 0.26 | 0.31 | 0.28 | 0.28 | 0.40 | 0.30 |
| Current Ratio | 0.53 | 0.66 | 0.66 | 0.65 | 0.79 | 0.70 |
| Asset Turnover | 0.17 | 0.18 | 0.17 | 0.18 | 0.21 | 0.18 |
| Return on Equity (ROE) | 11.94% | 11.34% | 10.01% | 10.46% | 10.54% | 10.52% |
| Return on Assets (ROA) | 3.06% | 3.05% | 2.75% | 2.94% | 2.88% | 2.71% |
| Return on Capital Employed (ROCE) | 5.20% | 5.10% | 4.60% | 4.90% | 4.90% | 4.50% |
| Earnings Yield | 5.09% | 5.39% | 4.97% | 6.06% | 4.67% | 4.32% |
| FCF Yield | -4.70% | -3.04% | -6.92% | -6.35% | -4.86% | -8.12% |
| Dividend Yield | 2.69% | 2.91% | 3.04% | 3.53% | 2.69% | 2.47% |
| Payout Ratio | 52.93% | 52.75% | 60.41% | 57.46% | 56.80% | 57.07% |
| Buyback Yield / Dilution | -2.22% | -1.80% | -1.52% | -1.50% | -0.74% | -3.58% |
| Total Shareholder Return | 0.47% | 1.11% | 1.52% | 2.02% | 1.95% | -1.11% |