Ameren Announces Third Quarter 2026 Results
AMEREN CORP (AEE) filed an SEC Form 8-K — Results of Operations and Financial Condition. NEWS RELEASE 1901 Chouteau Avenue: St. Louis, MO 63103: Ameren.com Contacts: Media Financial Analysts and Institutional Investors Ameren Communications Ameren Investor Relations 314.554.2182 314.554.3942 communications@ameren.com InvestorRelations@ameren.com For Immediate Release
How this was made
The 30-second read
Why it matters
The raised guidance signals stronger earnings momentum, likely prompting short‑term buying interest.
Market read
First‑report earnings and guidance update for a mid‑cap utility, offering a clear trading catalyst.
What to watch
Potential regulatory or weather‑related risks could affect future earnings.
Ameren reported third quarter 2026 GAAP and adjusted diluted EPS of $2.42, raised its 2026 earnings guidance range to $5.35 to $5.55 per diluted share, and established 2027 guidance of $5.70 to $5.90 per diluted share.
Third quarter GAAP net income attributable to common shareholders rose to $676 million from $640 million, while adjusted diluted EPS was $2.42 versus $2.17. Infrastructure investment earnings and warmer-weather-driven Ameren Missouri retail sales supported results, and the company raised 2026 EPS guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third quarter total operating revenuesGAAP | $2.88B | – | – |
| Third quarter electric operating revenuesGAAP | $2.72B | – | – |
| Third quarter natural gas operating revenuesGAAP | $160M | – | – |
| Third quarter fuel and purchased power expenseGAAP | $809M | – | – |
| Third quarter natural gas purchased for resaleGAAP | $28M | – | – |
| Third quarter other operations and maintenance expenseGAAP | $535M | – | – |
| Third quarter depreciation and amortizationGAAP | $436M | – | – |
| Third quarter taxes other than income taxesGAAP | $174M | – | – |
| Third quarter total operating expensesGAAP | $1.98B | – | – |
| Third quarter operating incomeGAAP | $900M | – | – |
| Third quarter other income, netGAAP | $112M | – | – |
| Third quarter interest chargesGAAP | $216M | – | – |
| Third quarter income before income taxesGAAP | $796M | – | – |
| Third quarter income taxesGAAP | $119M | – | – |
| Third quarter net incomeGAAP | $677M | – | – |
| Third quarter net income attributable to Ameren common shareholdersGAAP | $676M | – | – |
| Third quarter diluted EPSGAAP | $2.42 | – | – |
| Third quarter basic EPSGAAP | $2.44 | – | – |
| Third quarter adjusted net income attributable to common shareholdersnon-GAAP | $676M | – | – |
| Third quarter adjusted diluted EPSnon-GAAP | $2.42 | – | – |
| Nine months total operating revenuesGAAP | $7.15B | – | – |
| Nine months total operating expensesGAAP | $5.26B | – | – |
| Nine months operating incomeGAAP | $1.89B | – | – |
| Nine months interest chargesGAAP | $629M | – | – |
| Nine months net income attributable to Ameren common shareholdersGAAP | $1.35B | – | – |
| Nine months diluted EPSGAAP | $4.83 | – | – |
| Nine months adjusted net income attributable to common shareholdersnon-GAAP | $1.35B | – | – |
| Nine months adjusted diluted EPSnon-GAAP | $4.83 | – | – |
| Third quarter Ameren Missouri earningsGAAP | $582M | – | – |
| Third quarter Ameren Transmission earningsGAAP | $110M | – | – |
| Third quarter Ameren Transmission adjusted earningsnon-GAAP | $110M | – | – |
| Third quarter Ameren Illinois Electric Distribution earningsGAAP | $72M | – | – |
| Third quarter Ameren Illinois Natural Gas lossGAAP | $7M | – | – |
| Third quarter Ameren Parent lossGAAP | $81M | – | – |
| Third quarter Ameren Total electric salesother | 19,586 million kilowatthours | – | – |
| Third quarter Ameren Missouri retail loadother | 9,328 million kilowatthours | – | – |
| Third quarter Ameren Illinois Electric Distribution total electric salesother | 9,377 million kilowatthours | – | – |
| Third quarter Ameren Total gas salesother | 30 million dekatherms | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Ameren Missouri total electric revenue, third quarterAmeren Missouri third quarter earnings reflected increased infrastructure investments, higher electric retail sales primarily driven by warmer weather, and lower income tax expense due in part to timing differences. | $1.76B | – | – |
| Ameren Illinois Electric Distribution total electric revenue, third quarterThe third quarter earnings increase reflected earnings on increased infrastructure investments. | $777M | – | – |
| Ameren Transmission total electric revenue, third quarterThe year-over-year earnings comparison reflected earnings on increased infrastructure investments. | $266M | – | – |
| Ameren Illinois Natural Gas revenue, third quarterThe earnings comparison reflected increased infrastructure investments included in natural gas service rates that became effective December 2, 2025. | $136M | – | – |
| Ameren Missouri gas revenue, third quarterNo specific driver for Ameren Missouri gas revenue was reported. | $24M | – | – |
2026, 2027 and 2027 through 2031 outlook
- Note2026 diluted earnings per share of $5.35 to $5.55 per share.
- Note2027 diluted earnings per share of $5.70 to $5.90 per share.
- NoteDiluted earnings per share to grow at an 8% to 10% compound annual rate from 2027 through 2031, using the 2027 guidance range midpoint of $5.80 per share as the base.
- Note$38.1 billion of planned infrastructure investments underpinning projected rate base growth of approximately 13.3% compounded annually from 2026 through 2031.
- NoteCommon dividend payout ratio ranging between 45% and 55% of annual earnings per share.
- Note2026 earnings guidance assumes normal temperatures for the last three months of the year; 2027 and multi-year earnings growth expectations assume normal temperatures.
Capital returns
- Dividends on common stock were $622 million for the nine months ended September 30, 2026, compared to $576 million for the nine months ended September 30, 2025.
- Ameren expects to continue to grow its common dividend annually, with a payout ratio ranging between 45% and 55% of annual earnings per share.
What drove it
- Increased earnings on infrastructure investments to improve system reliability, resiliency and service quality.
- Increased earnings on investments in innovative energy technologies.
- Higher Ameren Missouri electric retail sales, primarily driven by warmer temperatures.
- Ameren Missouri third quarter earnings also benefited from lower income tax expense due, in part, to timing differences.
- Ameren Illinois Natural Gas benefited from increased infrastructure investments included in natural gas service rates that became effective December 2, 2025.
Concerns
- Higher Ameren Missouri operations and maintenance expenses were primarily driven by increased reliability-focused tree trimming and energy center maintenance.
- Higher interest expense partially offset positive earnings drivers for the first nine months of 2026.
- Higher weighted-average basic common shares outstanding affected the earnings per diluted share comparison.
- Ameren Parent's third quarter loss reflected higher income tax expense due, in part, to timing differences, and higher interest expense.
- Guidance is subject to regulatory, judicial and legislative actions; energy center and transmission and distribution operations; energy, economic, capital and credit market conditions; customer usage; severe storms; market-based investment returns; unusual gains or losses; and other risks and uncertainties.
What to watch
- Execution of $38.1 billion of planned infrastructure investments and projected rate base growth of approximately 13.3% compounded annually from 2026 through 2031.
- Ameren Missouri's electric service regulatory rate review filed with the Missouri Public Service Commission in June 2026.
- The realization of forecasted energy demand and capacity from new and potential new customers, including data centers and other large primary service customers.
- Operations and maintenance expense related to reliability-focused tree trimming and energy center maintenance.
- Weather relative to the normal-temperature assumptions underlying 2026 and 2027 earnings guidance.
- Interest expense and the company's ability to access capital and credit markets on reasonable terms.
Balance sheet and cash flow
- Cash and cash equivalents were $40 million as of September 30, 2026, compared to $13 million as of December 31, 2025.
- Long-term debt, net was $20,443 million as of September 30, 2026, compared to $18,214 million as of December 31, 2025.
- Short-term debt was $496 million as of September 30, 2026, compared to $643 million as of December 31, 2025.
- Current maturities of long-term debt were $1,574 million as of September 30, 2026, compared to $973 million as of December 31, 2025.
- Total assets were $52,767 million as of September 30, 2026, compared to $48,476 million as of December 31, 2025.
- Net cash provided by operating activities was $2,193 million for the nine months ended September 30, 2026, compared to $2,397 million for the nine months ended September 30, 2025.
- Capital expenditures were $4,089 million for the nine months ended September 30, 2026, compared to $3,118 million for the nine months ended September 30, 2025.
- Net cash used in investing activities was $4,154 million for the nine months ended September 30, 2026, compared to $3,112 million for the nine months ended September 30, 2025.
- Issuances of long-term debt were $3,234 million for the nine months ended September 30, 2026, compared to $1,960 million for the nine months ended September 30, 2025.
- Net cash provided by financing activities was $2,066 million for the nine months ended September 30, 2026, compared to $822 million for the nine months ended September 30, 2025.
- Cash, cash equivalents, and restricted cash at end of period were $525 million for the nine months ended September 30, 2026, compared to $435 million for the nine months ended September 30, 2025.
Analysis
Ameren delivered higher third-quarter earnings, with GAAP net income attributable to common shareholders of $676 million, or $2.42 per diluted share, compared with $640 million, or $2.35 per diluted share, in third quarter 2025. Adjusted diluted EPS was also $2.42, compared with $2.17 in the prior-year quarter, when adjusted results excluded a $48 million tax benefit from a FERC order on net operating loss carryforwards. Total operating revenues were $2,882 million versus $2,699 million, while operating income was $900 million versus $825 million.
The stated earnings drivers point to regulated investment and weather-supported Missouri demand. Ameren Missouri earnings were $582 million compared with $518 million, supported by increased infrastructure investments, higher electric retail sales primarily driven by warmer weather, and lower income tax expense due in part to timing differences. Ameren Illinois Electric Distribution earnings were $72 million compared with $57 million, and Ameren Transmission adjusted earnings were $110 million compared with $103 million. Ameren Illinois Natural Gas reduced its loss to $7 million from $13 million following infrastructure investments included in rates effective December 2, 2025.
Cost and financing pressure remain material. Other operations and maintenance expense was $535 million compared with $502 million, driven primarily by reliability-focused tree trimming and energy center maintenance. Interest charges were $216 million compared with $208 million in the quarter and $629 million compared with $570 million for the first nine months. For the nine-month period, operating cash flow was $2,193 million compared with $2,397 million, while capital expenditures were $4,089 million compared with $3,118 million. Long-term debt, net was $20,443 million at September 30, 2026, compared with $18,214 million at December 31, 2025.
Management raised 2026 diluted EPS guidance to $5.35 to $5.55 per share from $5.25 to $5.45 per share and established 2027 guidance of $5.70 to $5.90 per share. The long-term plan calls for $38.1 billion of planned infrastructure investments, projected rate base growth of approximately 13.3% compounded annually from 2026 through 2031, and 8% to 10% EPS compound annual growth from 2027 through 2031. The outlook depends on normal temperatures and continued regulatory recovery, execution of investment plans, customer-demand growth, and access to capital.
Management, verbatim
Our third-quarter results were driven by continued execution of our strategy and disciplined investment in critical energy infrastructure to deliver reliable energy for our customers at the lowest cost possible.
Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation
Our strong year-to-date performance gives us confidence to raise our 2026 earnings guidance. As we look to 2027, we’ll continue executing our strategy and investing in energy infrastructure to deliver long-term value for customers and shareholders,
Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation
Our updated long-term outlook reflects the significant investments needed to serve growing demand from large customers and support economic growth across our region.
Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Quarterly operating cash flow, capital expenditures and financing cash flow were not reported.
- Prior-quarter comparisons were not reported.
- Revenue, gross margin, operating expense and tax-rate guidance were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Ameren Corp (NYSE:AEE) filed an 8‑K reporting Q3 2026 results and updated guidance.
Ticker impact
Ameren announced Q3 2026 earnings and raised its 2026 earnings guidance to $5.35-$5.55 per diluted share.
likely upward pressure as investors price in higher earnings expectations
The guidance increase is material for a utility with a multi‑billion dollar rate‑base, prompting traders to bid the stock.
Market effects
Utility sector may see modest uplift as earnings outlook improves.
Midwest regional utilities could benefit from perceived demand growth.
Limited, primarily a domestic utility story.
Counterpoint
Higher guidance may already be priced in; focus on rising O&M costs could temper upside.
Key entities
- companyAmeren Corp
Utility company reporting earnings and guidance.
- executiveMartin J. Lyons, Jr.
Chairman, President and CEO of Ameren.
