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AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF INCOME
(Unaudited, in millions, except per share amounts)
 
 Three Months Ended December 31,Year Ended December 31,
 2025202420252024
Operating Revenues:
Electric$1,445 $1,620 $7,668 $6,540 
Natural gas337 321 1,131 1,083 
Total operating revenues1,782 1,941 8,799 7,623 
Operating Expenses:
Fuel and purchased power242 527 2,306 1,681 
Natural gas purchased for resale115 106 348 320 
Other operations and maintenance527 514 1,974 1,969 
Depreciation and amortization400 465 1,568 1,590 
Taxes other than income taxes138 131 577 547 
Total operating expenses1,422 1,743 6,773 6,107 
Operating Income360 198 2,026 1,516 
Other Income, Net90 124 347 417 
Interest Charges206 171 776 663 
Income Before Income Taxes244 151 1,597 1,270 
Income Taxes (Benefit)(9)(57)136 83 
Net Income253 208 1,461 1,187 
Less: Net Income Attributable to Noncontrolling Interests 1 5 
Net Income Attributable to Ameren Common Shareholders$252 $207 $1,456 $1,182 
Earnings per Common Share – Basic$0.93 $0.77 $5.38 $4.43 
Earnings per Common Share – Diluted$0.92 $0.77 $5.35 $4.42 
Weighted-average Common Shares Outstanding – Basic271.5 267.4 270.5 266.8 
Weighted-average Common Shares Outstanding – Diluted273.7 268.9 272.2 267.4 


                                                
AMEREN CORPORATION (AEE)
CONSOLIDATED BALANCE SHEET
(Unaudited, in millions)
December 31, 2025December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents$13 $
Accounts receivable - trade (less allowance for doubtful accounts)665 525 
Unbilled revenue415 346 
Miscellaneous accounts receivable107 96 
Inventories774 762 
Current regulatory assets387 366 
Other current assets210 162 
Total current assets2,571 2,264 
Property, Plant, and Equipment, Net39,313 36,304 
Investments and Other Assets:
Nuclear decommissioning trust fund1,526 1,342 
Goodwill411 411 
Regulatory assets2,524 2,397 
Pension and other postretirement benefits977 757 
Other assets1,154 1,123 
Total investments and other assets6,592 6,030 
TOTAL ASSETS$48,476 $44,598 
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt$973 $317 
Short-term debt643 1,143 
Accounts and wages payable1,254 1,059 
Interest accrued229 196 
Customer deposits238 223 
Other current liabilities570 475 
Total current liabilities3,907 3,413 
Long-term Debt, Net18,214 17,262 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and production and investment tax credits, net5,181 4,474 
Regulatory liabilities6,255 5,897 
Asset retirement obligations849 822 
Other deferred credits and liabilities540 487 
Total deferred credits and other liabilities12,825 11,680 
Shareholders’ Equity:
Common stock3 
Other paid-in capital, principally premium on common stock8,106 7,513 
Retained earnings5,292 4,604 
Accumulated other comprehensive loss (6)
Total shareholders’ equity13,401 12,114 
Noncontrolling Interests129 129 
Total equity13,530 12,243 
TOTAL LIABILITIES AND EQUITY$48,476 $44,598 


                                                
AMEREN CORPORATION (AEE)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions)
 
 Year Ended December 31,
 20252024
Cash Flows From Operating Activities:
Net income $1,461 $1,187 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,612 1,524 
Amortization of nuclear fuel56 81 
Amortization of debt issuance costs and premium/discounts19 19 
Deferred income taxes and production and investment tax credits, net253 127 
Allowance for equity funds used during construction(88)(76)
Stock-based compensation costs28 28 
Other63 87 
Changes in assets and liabilities(51)(214)
Net cash provided by operating activities3,353 2,763 
Cash Flows From Investing Activities:
Capital expenditures(4,128)(4,319)
Nuclear fuel expenditures(46)(91)
Purchases of securities – nuclear decommissioning trust fund(440)(584)
Sales and maturities of securities – nuclear decommissioning trust fund416 564 
Other53 (26)
Net cash used in investing activities(4,145)(4,456)
Cash Flows From Financing Activities:
Dividends on common stock(768)(714)
Dividends paid to noncontrolling interest holders(5)(5)
Short-term debt, net(499)607 
Maturities and extinguishment of long-term debt(341)(893)
Issuances of long-term debt1,960 2,535 
Issuances of common stock574 273 
Employee payroll taxes related to stock-based compensation(13)(8)
Debt issuance costs(24)(31)
Other (15)
Net cash provided by financing activities884 1,749 
Net change in cash, cash equivalents, and restricted cash92 56 
Cash, cash equivalents, and restricted cash at beginning of year(a)
328 272 
Cash, cash equivalents, and restricted cash at end of year(b)
$420 $328 
(a)Includes $7 million of cash and cash equivalents and $321 million of restricted cash as of December 31, 2024.
(b)Includes $13 million of cash and cash equivalents and $407 million of restricted cash as of December 31, 2025.