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AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF INCOME
(Unaudited, in millions, except per share amounts)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Operating Revenues:
Electric$2,563 $2,035 $6,223 $4,920 
Natural gas136 138 794 762 
Total operating revenues2,699 2,173 7,017 5,682 
Operating Expenses:
Fuel and purchased power768 499 2,064 1,154 
Natural gas purchased for resale25 30 233 214 
Other operations and maintenance502 520 1,447 1,455 
Depreciation and amortization415 388 1,168 1,125 
Taxes other than income taxes164 150 439 416 
Total operating expenses1,874 1,587 5,351 4,364 
Operating Income825 586 1,666 1,318 
Other Income, Net76 101 257 293 
Interest Charges208 173 570 492 
Income Before Income Taxes693 514 1,353 1,119 
Income Taxes52 57 145 140 
Net Income641 457 1,208 979 
Less: Net Income Attributable to Noncontrolling Interests 1 4 
Net Income Attributable to Ameren Common Shareholders$640 $456 $1,204 $975 
Earnings per Common Share - Basic$2.37 $1.71 $4.46 $3.66 
Earnings per Common Share – Diluted$2.35 $1.70 $4.43 $3.65 
Weighted-average Common Shares Outstanding – Basic270.4 266.8 270.2 266.6 
Weighted-average Common Shares Outstanding – Diluted272.2 267.3 271.7 266.9 



AMEREN CORPORATION (AEE)
CONSOLIDATED BALANCE SHEET
(Unaudited, in millions)
September 30,
2025
December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents$9 $
Accounts receivable - trade (less allowance for doubtful accounts)794 525 
Unbilled revenue413 346 
Miscellaneous accounts receivable78 96 
Inventories804 762 
Current regulatory assets260 366 
Other current assets252 162 
Total current assets2,610 2,264 
Property, Plant, and Equipment, Net38,411 36,304 
Investments and Other Assets:
Nuclear decommissioning trust fund1,502 1,342 
Goodwill411 411 
Regulatory assets2,611 2,397 
Pension and other postretirement benefits741 757 
Other assets1,130 1,123 
Total investments and other assets6,395 6,030 
TOTAL ASSETS$47,416 $44,598 
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt$29 $317 
Short-term debt903 1,143 
Accounts and wages payable762 1,059 
Taxes accrued215 60 
Interest accrued183 196 
Customer deposits248 223 
Current regulatory liabilities142 120 
Other current liabilities323 295 
Total current liabilities2,805 3,413 
Long-term Debt, Net19,172 17,262 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net5,081 4,474 
Regulatory liabilities6,089 5,897 
Asset retirement obligations844 822 
Other deferred credits and liabilities516 487 
Total deferred credits and other liabilities12,530 11,680 
Shareholders’ Equity:
Common stock3 
Other paid-in capital, principally premium on common stock7,559 7,513 
Retained earnings5,232 4,604 
Accumulated other comprehensive loss(14)(6)
Total shareholders’ equity12,780 12,114 
Noncontrolling Interests129 129 
Total equity12,909 12,243 
TOTAL LIABILITIES AND EQUITY$47,416 $44,598 



AMEREN CORPORATION (AEE)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions)
 
 Nine Months Ended September 30,
 20252024
Cash Flows From Operating Activities:
Net income $1,208 $979 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,199 1,142 
Amortization of nuclear fuel39 59 
Amortization of debt issuance costs and premium/discounts14 14 
Deferred income taxes and tax credits, net255 145 
Allowance for equity funds used during construction(60)(48)
Stock-based compensation costs21 22 
Other29 84 
Changes in assets and liabilities(308)(451)
Net cash provided by operating activities2,397 1,946 
Cash Flows From Investing Activities:
Capital expenditures(3,118)(3,029)
Nuclear fuel expenditures(20)(57)
Purchases of securities – nuclear decommissioning trust fund(373)(499)
Sales and maturities of securities – nuclear decommissioning trust fund348 480 
Other51 (1)
Net cash used in investing activities(3,112)(3,106)
Cash Flows From Financing Activities:
Dividends on common stock(576)(535)
Dividends paid to noncontrolling interest holders(4)(4)
Short-term debt, net(239)1,002 
Maturities and extinguishment of long-term debt(324)(849)
Issuances of long-term debt1,960 1,610 
Issuances of common stock35 30 
Employee payroll taxes related to stock-based compensation(13)(8)
Debt issuance costs(17)(19)
Other (15)
Net cash provided by financing activities822 1,212 
Net change in cash, cash equivalents, and restricted cash107 52 
Cash, cash equivalents, and restricted cash at beginning of year(a)
328 272 
Cash, cash equivalents, and restricted cash at end of period(b)
$435 $324 
(a)Includes $7 million of cash and cash equivalents and $321 million of restricted cash as of December 31, 2024.
(a)Includes $9 million of cash and cash equivalents and $426 million of restricted cash as of September 30, 2025.