second quarter 2026
Filed Jul 30, 2026Ameren Announces Second Quarter 2026 Results
Second-quarter net income attributable to common shareholders was $314 million, or $1.13 per diluted share, compared to $275 million, or $1.01 per diluted share, in the second quarter of 2025, and Ameren reaffirmed its 2026 earnings guidance range of $5.25 to $5.45 per share.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net income attributable to common shareholdersother | $314 million | – | – |
| Diluted earnings per shareother | $1.13 per diluted share | – | – |
| Net income attributable to common shareholders for the six months ended June 30other | $671 million | – | – |
| Diluted earnings per share for the six months ended June 30other | $2.41 per diluted share | – | – |
| Ameren Missouri second quarter earningsother | $157 million | – | – |
| Ameren Transmission second quarter earningsother | $96 million | – | – |
| Ameren Illinois Electric Distribution second quarter earningsother | $70 million | – | – |
| Ameren Illinois Natural Gas second quarter earningsother | $9 million | – | – |
| Ameren Parent second quarter lossother | $18 million | – | – |
2026 outlook
- NoteEarnings guidance range of $5.25 to $5.45 per share
- NoteEarnings guidance for 2026 assumes normal temperatures for the last six months of the year
What drove it
- Second quarter 2026 results reflected earnings on infrastructure investments to improve system reliability, resiliency and service quality at each business segment and from investments in innovative energy technology.
- Ameren Missouri's year-over-year increase reflected earnings on increased infrastructure investments, including infrastructure reflected in electric and natural gas service rates that became effective June 1, 2025, and September 1, 2025, respectively.
- Ameren Transmission's year-over-year increase reflected earnings on increased infrastructure investments.
- Ameren Illinois Electric Distribution's year-over-year increase reflected earnings on increased infrastructure investments.
- Ameren Parent's year-over-year improvement primarily reflected earnings from innovative energy technology investments.
Concerns
- Higher operations and maintenance expenses were primarily driven by increased reliability-focused tree trimming and energy center maintenance.
- Lower electric retail sales were primarily driven by milder temperatures.
- Higher interest expense partially offset the increase in year-over-year six month earnings.
- The earnings per diluted share comparison reflected higher weighted-average basic common shares outstanding in 2026.
What to watch
- Ameren Missouri's electric service regulatory rate review filed with the MoPSC in June 2026.
- Ameren Illinois' 2025 electric distribution service revenue requirement reconciliation adjustment review filed with the ICC in April 2026.
- Ameren Illinois' January 2026 appeal of the November 2025 ICC order issued in the 2025 natural gas delivery service rate review.
- Ameren's ability to realize and support forecasted energy demand and capacity from new and potential new customers, including demand growth dependent on the addition of new data centers and other large primary service customers.
- The effect of normal temperatures for the last six months of the year, an assumption underlying 2026 earnings guidance.
Analysis
Ameren reported second-quarter net income attributable to common shareholders of $314 million, or $1.13 per diluted share, compared with $275 million, or $1.01 per diluted share, in the second quarter of 2025. For the six months ended June 30, 2026, net income attributable to common shareholders was $671 million, or $2.41 per diluted share, compared with $564 million, or $2.08 per diluted share, for the six months ended June 30, 2025.
The reported earnings improvement was tied to infrastructure investments intended to improve system reliability, resiliency and service quality, as well as investments in innovative energy technology. Ameren Missouri also benefited from increased infrastructure investment, including electric and natural gas infrastructure reflected in service rates effective June 1, 2025, and September 1, 2025, respectively. Ameren Transmission and Ameren Illinois Electric Distribution each cited increased infrastructure investments as their year-over-year earnings driver.
Segment earnings were $157 million at Ameren Missouri, $96 million at Ameren Transmission, and $70 million at Ameren Illinois Electric Distribution, compared with $150 million, $86 million, and $64 million, respectively, in the prior-year quarter. Ameren Illinois Natural Gas earnings were $9 million versus $10 million. Ameren Parent recorded a loss of $18 million compared with a loss of $35 million, with the improvement primarily reflecting earnings from innovative energy technology investments.
Cost and demand factors partially offset the investment-led earnings contribution. Ameren identified higher operations and maintenance expenses from increased reliability-focused tree trimming and energy center maintenance, while lower electric retail sales were primarily driven by milder temperatures. For the six-month comparison, higher interest expense was also an offset, and the diluted EPS comparison reflected higher weighted-average basic common shares outstanding in 2026.
Ameren reaffirmed its 2026 earnings guidance range of $5.25 to $5.45 per share. The guidance assumes normal temperatures for the last six months of the year and remains subject to regulatory, operating, energy-market, economic, capital-market, customer-usage, severe-storm and other risks described in the release. The key reported execution items are cost control, electric retail sales trends, infrastructure investment recovery, and the cited regulatory proceedings.
Management, verbatim
Our second quarter results demonstrate our commitment to delivering value for our customers through consistent execution of our strategy.
Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation
We are investing in a diverse and resilient energy portfolio, strengthening the reliability of the grid and supporting economic growth throughout our region.
Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation
By focusing on delivering reliable service in a cost-effective way, we are building the energy infrastructure needed to serve our customers today while preparing for the opportunities ahead.
Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation
Not in the filing
stated, not guessed- Total revenue
- Revenue by business segment
- Prior-year and prior-quarter revenue comparisons
- Gross margin
- Operating income
- Operating expenses as a reported financial line item
- Income tax rate
- GAAP or non-GAAP designation for reported earnings metrics
- Non-GAAP earnings metrics and reconciliations
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Share repurchases
- Dividends
- Capital expenditure figures
- Prior-quarter comparisons for reported earnings metrics
- Percentage year-over-year and sequential changes for reported earnings metrics
- Prior outlook section for comparison with actual results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.