Ameren (AEE) Financials

$109.86 +1.17 (+1.07%)

Closing price 03:59 PM Eastern

Extended Trading

$109.73 -0.13 (-0.11%)

As of 05:21 PM Eastern

Annual Income Statements for Ameren

This table shows Ameren's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	630	653	523	815	828	871	990	1,074	1,152	1,182	1,456
Consolidated Net Income / (Loss)	636	659	529	821	834	877	995	1,079	1,157	1,187	1,461
Net Income / (Loss) Continuing Operations	585	659	529	821	834	877	995	1,079	1,157	1,187	1,461
Total Pre-Tax Income	948	1,041	1,105	1,058	1,016	1,032	1,152	1,255	1,340	1,270	1,597
Total Operating Income	1,259	1,322	1,410	1,357	1,267	1,300	1,333	1,515	1,558	1,516	2,026
Total Gross Profit	2,597	2,634	2,783	2,795	2,743	2,858	2,991	3,343	3,467	3,653	4,171
Total Revenue	6,098	6,076	6,174	6,291	5,910	5,794	6,394	7,957	7,500	7,623	8,799
Operating Revenue	6,098	6,076	6,174	6,291	5,910	5,794	6,394	7,957	7,500	7,623	8,799
Total Cost of Revenue	3,501	3,442	3,391	3,496	3,167	2,936	3,403	4,614	4,033	3,970	4,628
Operating Cost of Revenue	3,501	3,442	3,391	3,496	3,167	2,936	3,403	4,614	4,033	3,970	4,628
Total Operating Expenses	1,338	1,312	1,373	1,438	1,476	1,558	1,658	1,828	1,909	2,137	2,145
Depreciation Expense	796	845	896	955	995	1,075	1,146	1,289	1,387	1,590	1,568
Other Operating Expenses / (Income)	473	467	477	483	481	483	512	539	522	547	577
Total Other Income / (Expense), net	-311	-281	-305	-299	-251	-268	-181	-260	-218	-246	-429
Interest Expense	355	382	391	401	381	419	383	486	566	663	776
Other Income / (Expense), net	44	101	86	102	130	151	202	226	348	417	347
Income Tax Expense	363	382	576	237	182	155	157	176	183	83	136
Net Income / (Loss) Attributable to Noncontrolling Interest	6.00	6.00	6.00	6.00	6.00	6.00	5.00	5.00	5.00	5.00	5.00
Basic Earnings per Share	$2.60	$2.69	$2.16	$3.34	$3.37	$3.53	$3.86	$4.16	$4.39	$4.43	$5.38
Weighted Average Basic Shares Outstanding	242.60M	242.60M	242.60M	243.80M	245.60M	247M	256.30M	258.40M	262.80M	266.80M	270.50M
Diluted Earnings per Share	$2.59	$2.68	$2.14	$3.32	$3.35	$3.50	$3.84	$4.14	$4.38	$4.42	$5.35
Weighted Average Diluted Shares Outstanding	243.60M	243.40M	244.20M	245.80M	247.10M	248.70M	257.60M	259.50M	263.40M	267.40M	272.20M
Weighted Average Basic & Diluted Shares Outstanding	244.60M	242.80M	370.21M	372.22M	373.81M	380.93M	385.30M	389.60M	393.87M	397.48M	404.00M
Cash Dividends to Common per Share	$1.66	$1.72	$1.78	$1.85	$1.92	$2.00	$2.20	$2.36	$2.52	$2.68	$2.84

This table shows Ameren's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	493	158	261	258	456	207	289	275	640	252	357
Consolidated Net Income / (Loss)	494	159	262	260	457	208	290	277	641	253	358
Net Income / (Loss) Continuing Operations	494	159	262	260	457	208	290	277	641	253	358
Total Pre-Tax Income	563	198	306	299	514	151	340	320	693	244	418
Total Operating Income	614	264	371	361	586	198	430	411	825	360	532
Total Gross Profit	1,130	751	867	868	1,124	794	941	928	1,404	898	1,081
Total Revenue	2,060	1,618	1,816	1,693	2,173	1,941	2,097	2,221	2,699	1,782	2,176
Operating Revenue	2,060	1,618	1,816	1,693	2,173	1,941	2,097	2,221	2,699	1,782	2,176
Total Cost of Revenue	930	867	949	825	1,049	1,147	1,156	1,293	1,295	884	1,095
Operating Cost of Revenue	930	867	949	825	1,049	1,147	1,156	1,293	1,295	884	1,095
Total Operating Expenses	516	487	496	507	538	596	511	517	579	538	549
Depreciation Expense	369	363	361	376	388	465	367	386	415	400	398
Other Operating Expenses / (Income)	147	124	135	131	150	131	144	131	164	138	151
Total Other Income / (Expense), net	-51	-66	-65	-62	-72	-47	-90	-91	-132	-116	-114
Interest Expense	152	153	154	165	173	171	175	187	208	206	204
Other Income / (Expense), net	101	87	89	103	101	124	85	96	76	90	90
Income Tax Expense	69	39	44	39	57	-57	50	43	52	-9.00	60
Net Income / (Loss) Attributable to Noncontrolling Interest	1.00	1.00	1.00	2.00	1.00	1.00	1.00	2.00	1.00	1.00	1.00
Basic Earnings per Share	$1.88	$0.60	$0.98	$0.97	$1.71	$0.77	$1.07	$1.02	$2.37	$0.92	$1.29
Weighted Average Basic Shares Outstanding	262.80M	262.80M	266.40M	266.70M	266.80M	266.80M	270M	270.30M	270.40M	270.50M	276.50M
Diluted Earnings per Share	$1.87	$0.61	$0.98	$0.97	$1.70	$0.77	$1.07	$1.01	$2.35	$0.92	$1.28
Weighted Average Diluted Shares Outstanding	263.40M	263.40M	266.80M	266.80M	267.30M	267.40M	271.40M	271.60M	272.20M	272.20M	278.40M
Weighted Average Basic & Diluted Shares Outstanding	390.52M	393.87M	394.25M	394.39M	394.50M	397.48M	397.86M	397.99M	398.07M	404.00M	404.33M
Cash Dividends to Common per Share	$0.63	-	$0.67	$0.67	-	-	$0.71	$0.71	-	-	$0.75

This table details how cash moves in and out of Ameren's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	287	-299	16	39	69	125	-297	61	56	56	92
Net Cash From Operating Activities	2,031	2,117	2,118	2,170	2,170	1,727	3,252	2,263	2,564	2,763	3,353
Net Cash From Continuing Operating Activities	2,035	2,117	2,118	2,170	2,170	1,727	3,252	2,263	2,564	2,763	3,353
Net Income / (Loss) Continuing Operations	585	659	529	821	834	877	1,943	1,079	1,157	1,187	1,461
Consolidated Net Income / (Loss)	636	659	529	821	834	877	1,943	1,079	1,157	1,187	1,461
Depreciation Expense	777	835	876	938	1,002	1,153	2,394	1,373	1,432	1,524	1,612
Amortization Expense	119	110	98	115	98	22	158	86	84	100	75
Non-Cash Adjustments To Reconcile Net Income	53	-6.00	-17	28	-22	11	-16	49	-12	39	3.00
Changes in Operating Assets and Liabilities, net	501	519	632	268	258	-336	-1,227	-324	-97	-87	202
Net Cash From Investing Activities	-1,976	-2,158	-2,204	-2,336	-2,435	-3,329	-6,887	-3,370	-3,798	-4,456	-4,145
Net Cash From Continuing Investing Activities	-1,951	-2,158	-2,204	-2,336	-2,435	-3,329	-6,887	-3,370	-3,798	-4,456	-4,145
Purchase of Property, Plant & Equipment	-1,917	-2,076	-2,132	-2,286	-2,411	-3,233	-6,926	-3,351	-3,597	-4,319	-4,128
Purchase of Investments	-363	-322	-321	-315	-463	-224	-904	-229	-266	-584	-440
Sale and/or Maturity of Investments	349	304	305	299	467	183	878	216	240	564	416
Other Investing Activities, net	-20	-64	-56	-34	-28	-55	65	-6.00	-175	-117	7.00
Net Cash From Financing Activities	232	-258	102	205	334	1,727	3,338	1,168	1,290	1,749	884
Net Cash From Continuing Financing Activities	232	-258	102	205	334	1,727	3,338	1,168	1,290	1,749	884
Repayment of Debt	-533	-397	-693	-857	-597	-462	-90	-523	-131	-939	-365
Payment of Dividends	-408	-422	-437	-457	-478	-500	-599	-615	-667	-719	-773
Issuance of Debt	1,197	653	1,271	1,464	1,370	2,233	3,293	1,989	1,762	3,142	1,461
Issuance of Common Equity	-	0.00	0.00	74	68	476	308	333	346	273	574
Other Financing Activities, net	-12	-32	-15	-19	-29	-20	452	-16	-20	-8.00	-13
Cash Interest Paid	335	358	370	387	367	383	779	476	546	611	755
Cash Income Taxes Paid	-15	-12	-19	21	13	13	-23	-8.00	-24	-92	-312

This table details how cash moves in and out of Ameren's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-33	26	83	-80	23	4.00	90	80	-21	-15	65
Net Cash From Operating Activities	-160	533	492	-35	897	817	870	2,126	-160	956	421
Net Cash From Continuing Operating Activities	-160	533	492	-35	897	817	870	2,126	-160	956	421
Net Income / (Loss) Continuing Operations	34	159	262	19	457	208	569	845	73	253	358
Consolidated Net Income / (Loss)	34	159	262	19	457	208	569	845	73	253	358
Depreciation Expense	-321	369	379	16	382	382	776	1,163	-359	413	417
Amortization Expense	-17	16	23	3.00	26	27	49	31	-3.00	22	26
Non-Cash Adjustments To Reconcile Net Income	52	-6.00	15	-26	56	-19	-10	-37	29	13	-14
Changes in Operating Assets and Liabilities, net	92	-5.00	-187	-47	-24	219	-514	124	100	255	-366
Net Cash From Investing Activities	1,059	-1,142	-906	-172	-1,174	-1,350	-2,097	-3,090	1,065	-1,033	-1,614
Net Cash From Continuing Investing Activities	1,059	-1,142	-906	-172	-1,174	-1,350	-2,097	-3,090	1,065	-1,033	-1,614
Purchase of Property, Plant & Equipment	1,009	-1,026	-890	-163	-1,137	-1,290	-2,085	-3,133	1,079	-1,010	-1,574
Purchase of Investments	6.00	-110	-70	-183	-176	-85	-214	-381	115	-67	-87
Sale and/or Maturity of Investments	6.00	104	66	177	171	84	186	353	-98	68	76
Other Investing Activities, net	38	-110	-12	-3.00	-32	-59	16	71	-31	-24	-29
Net Cash From Financing Activities	-932	635	497	127	300	537	1,317	1,044	-926	62	1,258
Net Cash From Continuing Financing Activities	-932	635	497	127	300	537	1,317	1,044	-926	62	1,258
Repayment of Debt	96	-21	0.00	37	-514	-75	-637	-361	337	-41	-350
Repurchase of Common Equity	6.00	-	-5.00	-10	-1.00	-	-15	-11	5.00	-	-12
Payment of Dividends	-164	-167	-179	-179	-180	-180	-318	-323	-65	-193	-209
Issuance of Debt	-882	493	679	268	986	530	2,287	1,727	-1,213	-260	1,831
Issuance of Common Equity	12	318	10	11	9.00	243	13	12	10	539	12
Other Financing Activities, net	-	-	-8.00	-	-	-	-13	-	-	-	-14

This table presents Ameren's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	23,640	24,699	25,945	27,215	28,933	32,030	35,735	37,904	40,830	44,598	48,476
Total Current Assets	1,917	1,593	1,612	1,533	1,431	1,653	1,968	2,668	2,181	2,264	2,571
Cash & Equivalents	292	9.00	10	16	16	139	8.00	10	25	7.00	13
Accounts Receivable	725	795	838	837	734	749	820	1,100	813	967	1,187
Inventories, net	538	527	522	483	494	521	592	667	733	762	774
Other Current Assets	348	262	242	197	187	244	540	651	504	528	597
Plant, Property, & Equipment, net	18,799	20,113	21,466	22,810	24,376	26,807	29,261	31,262	33,776	36,304	39,313
Total Noncurrent Assets	2,924	2,993	2,867	2,872	3,126	3,159	4,506	3,974	4,873	6,030	6,592
Goodwill	411	411	411	411	411	-	411	411	411	411	411
Employee Benefit Assets	-	-	-	-	-	288	756	411	581	757	977
Other Noncurrent Operating Assets	2,513	2,582	2,456	2,461	2,715	2,871	3,339	3,152	3,881	4,862	5,204
Total Liabilities & Shareholders' Equity	23,640	24,699	25,945	27,215	28,933	32,030	35,735	37,904	40,830	44,598	48,476
Total Liabilities	16,552	17,454	18,619	19,442	20,732	22,889	25,906	27,267	29,352	32,355	34,946
Total Current Liabilities	2,093	2,674	2,940	2,687	2,505	2,180	2,826	3,366	3,345	3,413	3,907
Short-Term Debt	696	1,239	1,325	1,177	882	498	1,050	1,410	1,385	1,460	1,616
Accounts Payable	777	805	902	817	874	958	1,095	1,159	1,136	1,059	1,254
Customer Deposits	100	107	108	0.00	0.00	-	-	115	176	223	238
Current Deferred & Payable Income Tax Liabilities	43	46	52	-	0.00	0.00	-	-	-	-	0.00
Other Current Liabilities	359	384	454	693	655	549	681	682	501	475	570
Other Current Nonoperating Liabilities	118	93	99	-	94	114	-	-	147	196	229
Total Noncurrent Liabilities	14,459	14,780	15,679	16,755	18,227	20,770	23,080	23,901	26,007	28,942	31,039
Long-Term Debt	6,880	6,595	7,094	7,859	8,915	11,078	12,562	13,685	15,121	17,262	18,214
Asset Retirement Reserve & Litigation Obligation	2,523	2,620	5,025	5,264	5,525	5,978	6,605	6,072	6,284	6,719	7,104
Noncurrent Deferred & Payable Income Tax Liabilities	3,945	4,319	2,555	2,666	2,919	3,211	3,499	3,804	4,176	4,474	5,181
Other Noncurrent Operating Liabilities	531	477	460	408	467	503	414	340	426	487	540
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,088	7,245	7,326	7,773	8,201	8,938	9,829	10,637	11,478	12,243	13,530
Total Preferred & Common Equity	6,946	7,103	7,184	7,631	8,059	8,938	9,700	10,508	11,349	12,114	13,401
Preferred Stock	0.00	0.00	-	0.00	0.00	0.00	-	-	-	-	0.00
Total Common Equity	6,946	7,103	7,184	7,631	8,059	8,939	9,700	10,508	11,349	12,114	13,401
Common Stock	5,618	5,558	5,542	5,629	5,696	6,182	6,505	6,863	7,219	7,516	8,109
Retained Earnings	1,331	1,568	1,660	2,024	2,380	2,757	3,182	3,646	4,136	4,604	5,292
Accumulated Other Comprehensive Income / (Loss)	-3.00	-23	-18	-22	-17	-	13	-1.00	-6.00	-6.00	0.00
Noncontrolling Interest	-	-	142	142	142	-	129	129	129	129	129

This table presents Ameren's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	38,947	39,599	40,830	41,306	42,334	43,298	44,598	45,665	46,625	47,416	49,846
Total Current Assets	2,019	2,084	2,181	2,084	2,217	2,257	2,264	2,455	2,474	2,610	2,567
Cash & Equivalents	7.00	8.00	25	85	19	17	7.00	23	11	9.00	13
Accounts Receivable	923	1,022	813	861	983	1,069	871	1,247	1,135	1,285	1,176
Inventories, net	711	760	733	679	740	792	762	669	738	804	733
Other Current Assets	378	294	504	459	475	379	528	516	590	512	645
Plant, Property, & Equipment, net	32,351	32,938	33,776	34,114	34,873	35,720	36,304	37,010	37,816	38,411	40,471
Total Noncurrent Assets	4,577	4,577	4,873	5,108	5,244	5,321	6,030	6,200	6,335	6,395	6,808
Goodwill	411	411	411	411	411	411	411	411	411	411	411
Employee Benefit Assets	442	470	581	597	566	581	757	765	734	741	991
Other Noncurrent Operating Assets	3,724	3,696	3,881	4,100	4,267	4,329	4,862	5,024	5,190	5,243	5,406
Total Liabilities & Shareholders' Equity	38,947	39,599	40,830	41,306	42,334	43,298	44,598	45,665	46,625	47,416	49,846
Total Liabilities	28,121	28,427	29,352	29,734	30,666	31,336	32,355	33,317	34,182	34,507	36,161
Total Current Liabilities	3,243	4,017	3,345	3,505	3,293	3,567	3,413	2,863	3,087	2,805	4,126
Short-Term Debt	1,679	2,189	1,385	2,017	1,490	1,839	1,460	1,269	1,170	932	2,301
Accounts Payable	719	955	1,136	647	774	717	1,059	702	882	762	733
Customer Deposits	-	-	176	190	197	205	223	223	240	248	239
Current Deferred & Payable Income Tax Liabilities	0.00	209	-	0.00	0.00	206	-	0.00	155	215	0.00
Other Current Liabilities	845	664	501	651	655	600	475	510	410	465	674
Other Current Nonoperating Liabilities	-	-	147	-	177	-	196	159	230	183	179
Total Noncurrent Liabilities	24,878	24,410	26,007	26,229	27,373	27,769	28,942	30,454	31,095	31,702	32,035
Long-Term Debt	14,328	13,829	15,121	15,167	16,280	16,422	17,262	18,354	18,811	19,172	19,003
Asset Retirement Reserve & Litigation Obligation	6,220	6,097	6,284	6,372	6,322	6,360	6,719	6,783	6,852	6,933	7,115
Noncurrent Deferred & Payable Income Tax Liabilities	3,913	4,068	4,176	4,251	4,325	4,477	4,474	4,782	4,881	5,081	5,311
Other Noncurrent Operating Liabilities	417	416	426	439	446	510	487	535	551	516	606
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,826	11,172	11,478	11,572	11,668	11,962	12,243	12,348	12,443	12,909	13,685
Total Preferred & Common Equity	10,697	11,043	11,349	11,443	11,539	11,833	12,114	12,219	12,314	12,780	13,556
Preferred Stock	-	-	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Common Equity	10,697	11,043	11,349	11,443	11,539	11,833	12,114	12,219	12,314	12,780	13,556
Common Stock	6,883	6,903	7,219	7,231	7,249	7,267	7,516	7,527	7,544	7,562	8,117
Retained Earnings	3,817	4,144	4,136	4,219	4,299	4,576	4,604	4,702	4,784	5,232	5,441
Accumulated Other Comprehensive Income / (Loss)	-3.00	-4.00	-6.00	-7.00	-9.00	-10	-6.00	-10	-14	-14	-2.00
Noncontrolling Interest	129	129	129	129	129	129	129	129	129	129	129

This table displays calculated financial ratios and metrics derived from Ameren's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.74%	-0.36%	1.61%	1.90%	-6.06%	-1.96%	10.36%	24.44%	-5.74%	1.64%	15.43%
EBITDA Growth	3.53%	7.69%	4.31%	1.70%	-0.60%	5.17%	55.64%	-21.70%	6.94%	3.95%	14.14%
EBIT Growth	-0.61%	9.21%	5.13%	-2.47%	-4.25%	3.87%	5.79%	13.42%	9.48%	1.42%	22.76%
NOPAT Growth	1.34%	7.72%	-19.34%	56.00%	-1.23%	6.22%	4.22%	13.13%	3.28%	5.33%	30.81%
Net Income Growth	7.43%	3.62%	-19.73%	55.20%	1.58%	5.16%	13.46%	8.44%	7.23%	2.59%	23.08%
EPS Growth	7.92%	3.47%	-20.15%	55.14%	0.90%	4.48%	9.71%	7.81%	5.80%	0.91%	21.04%
Operating Cash Flow Growth	29.78%	4.23%	0.05%	2.46%	0.00%	-20.41%	88.30%	-30.41%	13.30%	7.76%	21.35%
Free Cash Flow Firm Growth	323.46%	-13.32%	-97.32%	2,242.59%	-358.41%	-352.85%	-81.11%	62.14%	-55.44%	-39.93%	67.27%
Invested Capital Growth	4.35%	4.75%	4.43%	6.06%	7.64%	12.20%	15.50%	8.78%	9.88%	10.92%	7.77%
Revenue Q/Q Growth	-1.01%	0.80%	0.70%	0.32%	-1.71%	0.21%	3.51%	6.72%	-5.40%	4.42%	-1.77%
EBITDA Q/Q Growth	1.66%	0.64%	3.22%	56.02%	69.98%	-23.71%	112.53%	-26.28%	-28.72%	-29.23%	3.94%
EBIT Q/Q Growth	0.77%	0.14%	5.87%	-3.51%	1.90%	2.47%	0.20%	4.44%	1.55%	-1.48%	5.70%
NOPAT Q/Q Growth	-0.87%	-3.45%	-13.40%	20.65%	0.80%	3.21%	-1.60%	6.13%	-1.63%	3.65%	5.61%
Net Income Q/Q Growth	-2.90%	0.46%	-14.81%	18.47%	3.22%	2.45%	1.02%	3.65%	-0.43%	4.31%	3.18%
EPS Q/Q Growth	0.00%	0.00%	-14.74%	19.00%	3.08%	2.34%	0.52%	3.76%	-0.45%	3.76%	2.88%
Operating Cash Flow Q/Q Growth	6.67%	3.37%	-3.95%	92.89%	-31.85%	-43.47%	788.52%	-38.15%	-47.38%	-43.82%	4.32%
Free Cash Flow Firm Q/Q Growth	35.41%	6.48%	-97.04%	221.76%	-5,691.00%	-71.76%	15.85%	30.44%	-117.81%	0.96%	53.63%
Invested Capital Q/Q Growth	0.81%	0.52%	0.67%	0.68%	2.04%	4.40%	2.01%	0.82%	3.01%	2.82%	1.17%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.59%	43.35%	45.08%	44.43%	46.41%	49.33%	46.78%	42.01%	46.23%	47.92%	47.40%
EBITDA Margin	36.06%	38.97%	40.01%	39.93%	42.25%	45.32%	63.92%	40.22%	45.63%	46.66%	46.14%
Operating Margin	20.65%	21.76%	22.84%	21.57%	21.44%	22.44%	20.85%	19.04%	20.77%	19.89%	23.03%
EBIT Margin	21.37%	23.42%	24.23%	23.19%	23.64%	25.04%	24.01%	21.88%	25.41%	25.36%	26.97%
Profit (Net Income) Margin	10.43%	10.85%	8.57%	13.05%	14.11%	15.14%	15.56%	13.56%	15.43%	15.57%	16.60%
Tax Burden Percent	67.09%	63.30%	47.87%	77.60%	82.09%	84.98%	86.37%	85.98%	86.34%	93.46%	91.48%
Interest Burden Percent	72.76%	73.16%	73.86%	72.52%	72.73%	71.12%	75.05%	72.09%	70.30%	65.70%	67.30%
Effective Tax Rate	38.29%	36.70%	52.13%	22.40%	17.91%	15.02%	13.63%	14.02%	13.66%	6.54%	8.52%
Return on Invested Capital (ROIC)	5.48%	5.65%	4.36%	6.45%	5.97%	5.76%	5.27%	5.33%	5.03%	4.80%	5.73%
ROIC Less NNEP Spread (ROIC-NNEP)	3.52%	3.32%	2.58%	3.81%	3.78%	3.61%	4.01%	3.75%	3.83%	3.50%	3.71%
Return on Net Nonoperating Assets (RNNOA)	3.64%	3.55%	2.91%	4.42%	4.48%	4.47%	5.34%	5.22%	5.43%	5.21%	5.61%
Return on Equity (ROE)	9.12%	9.20%	7.26%	10.87%	10.44%	10.23%	10.60%	10.54%	10.46%	10.01%	11.34%
Cash Return on Invested Capital (CROIC)	1.22%	1.01%	0.03%	0.58%	-1.39%	-5.74%	-9.12%	-3.09%	-4.39%	-5.56%	-1.76%
Operating Return on Assets (OROA)	5.67%	5.89%	5.91%	5.49%	4.98%	4.76%	4.53%	4.73%	4.84%	4.53%	5.10%
Return on Assets (ROA)	2.77%	2.73%	2.09%	3.09%	2.97%	2.88%	2.94%	2.93%	2.94%	2.78%	3.14%
Return on Common Equity (ROCE)	8.94%	9.01%	7.12%	10.67%	10.26%	10.15%	10.53%	10.41%	10.34%	9.90%	11.22%
Return on Equity Simple (ROE_SIMPLE)	9.16%	9.28%	7.36%	10.76%	10.35%	9.81%	10.26%	10.27%	10.19%	9.80%	0.00%
Net Operating Profit after Tax (NOPAT)	777	837	675	1,053	1,040	1,105	1,151	1,303	1,345	1,417	1,853
NOPAT Margin	12.74%	13.77%	10.93%	16.74%	17.60%	19.07%	18.01%	16.37%	17.94%	18.59%	21.06%
Net Nonoperating Expense Percent (NNEP)	1.96%	2.32%	1.78%	2.65%	2.18%	2.15%	1.25%	1.57%	1.20%	1.30%	2.01%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.06%	4.81%	4.58%	5.56%
Cost of Revenue to Revenue	57.41%	56.65%	54.92%	55.57%	53.59%	50.67%	53.22%	57.99%	53.77%	52.08%	52.60%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.94%	21.59%	22.24%	22.86%	24.97%	26.89%	25.93%	22.97%	25.45%	28.03%	24.38%
Earnings before Interest and Taxes (EBIT)	1,303	1,423	1,496	1,459	1,397	1,451	1,535	1,741	1,906	1,933	2,373
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,199	2,368	2,470	2,512	2,497	2,626	4,087	3,200	3,422	3,557	4,060
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.80	2.21	2.53	2.73	3.13	2.95	3.28	3.06	2.41	2.90	2.97
Price to Tangible Book Value (P/TBV)	1.91	2.34	2.68	2.88	3.30	2.95	3.42	3.19	2.50	3.00	3.06
Price to Revenue (P/Rev)	2.04	2.58	2.94	3.31	4.27	4.56	4.97	4.04	3.64	4.61	4.52
Price to Earnings (P/E)	19.79	24.00	34.74	25.52	30.49	30.32	32.10	29.95	23.71	29.75	27.30
Dividend Yield	4.91%	4.05%	3.62%	3.30%	2.84%	2.84%	2.67%	2.83%	3.60%	3.01%	2.84%
Earnings Yield	5.05%	4.17%	2.88%	3.92%	3.28%	3.30%	3.12%	3.34%	4.22%	3.36%	3.66%
Enterprise Value to Invested Capital (EV/IC)	1.36	1.55	1.69	1.78	1.95	1.87	1.94	1.86	1.57	1.74	1.78
Enterprise Value to Revenue (EV/Rev)	3.24	3.87	4.33	4.76	5.95	6.53	7.12	5.95	5.86	7.09	6.78
Enterprise Value to EBITDA (EV/EBITDA)	8.98	9.92	10.82	11.93	14.09	14.41	11.14	14.81	12.83	15.18	14.70
Enterprise Value to EBIT (EV/EBIT)	15.16	16.51	17.86	20.54	25.18	26.08	29.65	27.22	23.04	27.94	25.16
Enterprise Value to NOPAT (EV/NOPAT)	25.43	28.08	39.58	28.46	33.82	34.26	39.53	36.38	32.65	38.12	32.21
Enterprise Value to Operating Cash Flow (EV/OCF)	9.73	11.10	12.62	13.81	16.21	21.91	14.00	20.94	17.13	19.55	17.80
Enterprise Value to Free Cash Flow (EV/FCFF)	114.24	156.76	6,657.06	318.69	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.07	1.08	1.15	1.16	1.19	1.30	1.38	1.42	1.44	1.53	1.47
Long-Term Debt to Equity	0.97	0.91	0.97	1.01	1.09	1.24	1.28	1.29	1.32	1.41	1.35
Financial Leverage	1.03	1.07	1.13	1.16	1.18	1.24	1.33	1.39	1.42	1.49	1.51
Leverage Ratio	3.29	3.37	3.48	3.52	3.52	3.56	3.61	3.60	3.56	3.60	3.61
Compound Leverage Factor	2.40	2.47	2.57	2.55	2.56	2.53	2.71	2.59	2.50	2.37	2.43
Debt to Total Capital	51.66%	51.95%	53.47%	53.76%	54.43%	56.43%	58.07%	58.66%	58.98%	60.46%	59.44%
Short-Term Debt to Total Capital	4.75%	8.22%	8.42%	7.00%	4.90%	2.43%	4.48%	5.48%	4.95%	4.72%	4.84%
Long-Term Debt to Total Capital	46.92%	43.74%	45.06%	46.75%	49.53%	54.00%	53.59%	53.18%	54.03%	55.75%	54.60%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.90%	0.84%	0.79%	0.00%	0.55%	0.50%	0.46%	0.42%	0.39%
Common Equity to Total Capital	47.37%	47.11%	45.63%	45.40%	44.78%	43.58%	41.38%	40.84%	40.56%	39.12%	40.17%
Debt to EBITDA	3.45	3.31	3.41	3.60	3.92	4.41	3.33	4.72	4.82	5.26	4.88
Net Debt to EBITDA	3.31	3.30	3.40	3.59	3.92	4.36	3.33	4.71	4.82	5.26	4.88
Long-Term Debt to EBITDA	3.13	2.79	2.87	3.13	3.57	4.22	3.07	4.28	4.42	4.85	4.49
Debt to NOPAT	9.75	9.36	12.47	8.58	9.42	10.48	11.82	11.59	12.27	13.21	10.70
Net Debt to NOPAT	9.38	9.35	12.46	8.57	9.40	10.35	11.82	11.58	12.25	13.21	10.69
Long-Term Debt to NOPAT	8.86	7.88	10.51	7.46	8.57	10.03	10.91	10.51	11.24	12.18	9.83
Altman Z-Score	0.96	1.01	1.04	1.10	1.17	1.12	1.15	1.18	1.00	1.08	1.15
Noncontrolling Interest Sharing Ratio	2.04%	1.98%	1.95%	1.88%	1.78%	0.82%	0.68%	1.26%	1.17%	1.09%	1.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.92	0.60	0.55	0.57	0.57	0.76	0.70	0.79	0.65	0.66	0.66
Quick Ratio	0.49	0.30	0.29	0.32	0.30	0.41	0.29	0.33	0.25	0.26	0.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	173	150	4.01	94	-243	-1,100	-1,993	-754	-1,173	-1,641	-569
Operating Cash Flow to CapEx	105.95%	101.98%	99.34%	94.93%	90.00%	53.42%	46.95%	67.53%	71.28%	63.97%	81.23%
Free Cash Flow to Firm to Interest Expense	0.49	0.39	0.01	0.23	-0.64	-2.63	-5.20	-1.55	-2.07	-2.48	-0.73
Operating Cash Flow to Interest Expense	5.72	5.54	5.42	5.41	5.70	4.12	8.49	4.66	4.53	4.17	4.32
Operating Cash Flow Less CapEx to Interest Expense	0.32	0.11	-0.04	-0.29	-0.63	-3.59	-9.59	-2.24	-1.83	-2.35	-1.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.25	0.24	0.24	0.21	0.19	0.19	0.22	0.19	0.18	0.19
Accounts Receivable Turnover	8.16	7.99	7.56	7.51	7.52	7.81	8.15	8.29	7.84	9.05	8.17
Inventory Turnover	6.59	6.46	6.47	6.96	6.48	5.79	6.12	7.33	5.76	5.31	6.03
Fixed Asset Turnover	0.34	0.31	0.30	0.28	0.25	0.23	0.23	0.26	0.23	0.22	0.23
Accounts Payable Turnover	4.71	4.35	3.97	4.07	3.75	3.21	3.32	4.09	3.51	3.62	4.00
Days Sales Outstanding (DSO)	44.71	45.66	48.27	48.59	48.51	46.71	44.78	44.04	46.55	40.32	44.68
Days Inventory Outstanding (DIO)	55.36	56.47	56.46	52.46	56.30	63.09	59.69	49.80	63.35	68.72	60.57
Days Payable Outstanding (DPO)	77.57	83.88	91.87	89.74	97.44	113.88	110.10	89.15	103.85	100.90	91.21
Cash Conversion Cycle (CCC)	22.51	18.24	12.86	11.32	7.37	-4.07	-5.63	4.68	6.05	8.14	14.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,476	15,163	15,834	16,793	18,076	20,281	23,425	25,482	28,000	31,058	33,576
Invested Capital Turnover	0.43	0.41	0.40	0.39	0.34	0.30	0.29	0.33	0.28	0.26	0.27
Increase / (Decrease) in Invested Capital	604	687	671	959	1,283	2,205	3,144	2,057	2,518	3,058	2,422
Enterprise Value (EV)	19,754	23,497	26,719	29,964	35,172	37,844	45,512	47,383	43,920	54,010	59,697
Market Capitalization	12,470	15,672	18,168	20,802	25,249	26,407	31,779	32,169	27,310	35,166	39,751
Book Value per Share	$18.76	$19.19	$19.41	$20.52	$21.57	$23.85	$25.18	$27.22	$29.06	$30.71	$33.66
Tangible Book Value per Share	$17.65	$18.08	$18.30	$19.42	$20.47	$23.85	$24.12	$26.15	$28.01	$29.67	$32.63
Total Capital	14,664	15,079	15,745	16,809	17,998	20,514	23,441	25,732	27,984	30,965	33,360
Total Debt	7,576	7,834	8,419	9,036	9,797	11,576	13,612	15,095	16,506	18,722	19,830
Total Long-Term Debt	6,880	6,595	7,094	7,859	8,915	11,078	12,562	13,685	15,121	17,262	18,214
Net Debt	7,284	7,825	8,409	9,020	9,781	11,437	13,604	15,085	16,481	18,715	19,817
Capital Expenditures (CapEx)	1,917	2,076	2,132	2,286	2,411	3,233	6,926	3,351	3,597	4,319	4,128
Debt-free, Cash-free Net Working Capital (DFCFNWC)	228	149	-13	7.00	-208	-168	184	702	196	304	267
Debt-free Net Working Capital (DFNWC)	520	158	-3.00	23	-192	-29	192	712	221	311	280
Net Working Capital (NWC)	-176	-1,081	-1,328	-1,154	-1,074	-527	-858	-698	-1,164	-1,149	-1,336
Net Nonoperating Expense (NNE)	141	178	146	232	206	228	156	224	188	230	392
Net Nonoperating Obligations (NNO)	7,388	7,918	8,508	9,020	9,875	11,343	13,596	14,845	16,522	18,815	20,046
Total Depreciation and Amortization (D&A)	896	945	974	1,053	1,100	1,175	2,552	1,459	1,516	1,624	1,687
Debt-free, Cash-free Net Working Capital to Revenue	3.74%	2.45%	-0.21%	0.11%	-3.52%	-2.90%	2.88%	8.82%	2.61%	3.99%	3.03%
Debt-free Net Working Capital to Revenue	8.53%	2.60%	-0.05%	0.37%	-3.25%	-0.50%	3.00%	8.95%	2.95%	4.08%	3.18%
Net Working Capital to Revenue	-2.89%	-17.79%	-21.51%	-18.34%	-18.17%	-9.10%	-13.42%	-8.77%	-15.52%	-15.07%	-15.18%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.60	$2.69	$2.16	$3.34	$3.37	$3.53	$3.86	$4.16	$4.39	$4.43	$5.38
Adjusted Weighted Average Basic Shares Outstanding	242.60M	242.60M	242.60M	243.80M	245.60M	247M	256.30M	258.40M	262.80M	266.80M	270.50M
Adjusted Diluted Earnings per Share	$2.59	$2.68	$2.14	$3.32	$3.35	$3.50	$3.84	$4.14	$4.38	$4.42	$5.35
Adjusted Weighted Average Diluted Shares Outstanding	243.60M	243.40M	244.20M	245.80M	247.10M	248.70M	257.60M	259.50M	263.40M	267.40M	272.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	370.21M	370.21M	370.21M	372.22M	373.81M	380.93M	385.30M	389.60M	393.87M	397.48M	404.00M
Normalized Net Operating Profit after Tax (NOPAT)	819	837	987	1,053	1,040	1,105	1,151	1,303	1,345	1,417	1,853
Normalized NOPAT Margin	13.44%	13.77%	15.99%	16.74%	17.60%	19.07%	18.01%	16.37%	17.94%	18.59%	21.06%
Pre Tax Income Margin	15.55%	17.13%	17.90%	16.82%	17.19%	17.81%	18.02%	15.77%	17.87%	16.66%	18.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.67	3.73	3.83	3.64	3.67	3.46	4.01	3.58	3.37	2.92	3.06
NOPAT to Interest Expense	2.19	2.19	1.73	2.63	2.73	2.64	3.01	2.68	2.38	2.14	2.39
EBIT Less CapEx to Interest Expense	-1.73	-1.71	-1.63	-2.06	-2.66	-4.25	-14.08	-3.31	-2.99	-3.60	-2.26
NOPAT Less CapEx to Interest Expense	-3.21	-3.24	-3.73	-3.07	-3.60	-5.08	-15.08	-4.21	-3.98	-4.38	-2.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	64.15%	64.04%	82.61%	55.66%	57.31%	57.01%	60.20%	57.00%	57.65%	60.57%	52.91%
Augmented Payout Ratio	66.04%	73.14%	87.15%	55.66%	57.31%	57.01%	61.51%	57.00%	57.65%	60.57%	52.91%

This table displays calculated financial ratios and metrics derived from Ameren's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	404,000,722.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	404,000,722.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.88
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.67%	-20.92%	-11.93%	-3.81%	5.49%	19.96%	15.47%	31.19%	24.21%	-8.19%	3.77%
EBITDA Growth	7.71%	4.84%	55.81%	-67.97%	190.45%	-0.68%	8.47%	95.74%	-50.78%	21.07%	-20.52%
EBIT Growth	8.83%	9.01%	7.23%	12.90%	-3.92%	-8.26%	11.96%	9.27%	31.15%	39.75%	20.78%
NOPAT Growth	5.43%	-10.07%	3.14%	10.58%	-3.29%	28.65%	15.46%	13.33%	46.46%	36.86%	24.23%
Net Income Growth	9.05%	-3.05%	-1.13%	8.79%	-7.49%	30.82%	10.69%	6.54%	40.26%	21.63%	23.45%
EPS Growth	7.47%	-3.17%	-2.00%	7.78%	-9.09%	26.23%	9.18%	4.12%	38.24%	19.48%	19.63%
Operating Cash Flow Growth	-24.03%	-19.73%	118.55%	-102.06%	660.63%	53.28%	-12.40%	281.69%	-117.84%	17.01%	-51.61%
Free Cash Flow Firm Growth	24.08%	-26.62%	-13.42%	-27.32%	-83.07%	-20.78%	-46.27%	-9.57%	11.39%	28.89%	15.54%
Invested Capital Growth	7.54%	9.88%	9.20%	10.33%	11.13%	10.92%	11.98%	10.30%	9.87%	7.77%	9.49%
Revenue Q/Q Growth	17.05%	-21.46%	12.24%	-6.77%	28.35%	-10.68%	8.04%	5.91%	21.52%	-33.98%	22.11%
EBITDA Q/Q Growth	-75.00%	95.23%	-43.27%	-61.30%	126.71%	-33.24%	27.91%	81.93%	-68.31%	64.19%	20.34%
EBIT Q/Q Growth	73.97%	-50.91%	31.05%	0.87%	48.06%	-53.13%	59.94%	-1.55%	77.71%	-50.06%	38.22%
NOPAT Q/Q Growth	89.79%	-60.65%	49.84%	-1.18%	65.97%	-47.65%	34.47%	-3.00%	114.49%	-51.08%	22.06%
Net Income Q/Q Growth	106.69%	-67.81%	64.78%	-0.76%	75.77%	-54.49%	39.42%	-4.48%	131.41%	-60.53%	41.50%
EPS Q/Q Growth	107.78%	-67.38%	60.66%	-1.02%	75.26%	-54.71%	38.96%	-5.61%	132.67%	-60.85%	39.13%
Operating Cash Flow Q/Q Growth	-109.44%	433.13%	-63.53%	-103.23%	2,662.86%	-8.92%	-47.25%	393.27%	-107.53%	697.50%	-55.96%
Free Cash Flow Firm Q/Q Growth	29.13%	-68.66%	13.00%	-17.05%	-1.91%	-11.28%	-10.20%	12.32%	17.59%	7.63%	-26.54%
Invested Capital Q/Q Growth	1.33%	3.01%	2.01%	3.23%	2.06%	2.82%	3.38%	1.67%	1.67%	1.17%	4.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.85%	46.42%	47.74%	51.27%	51.73%	40.91%	44.87%	41.78%	52.02%	50.39%	49.68%
EBITDA Margin	18.30%	45.49%	68.72%	28.53%	50.39%	37.66%	44.59%	76.59%	19.97%	49.66%	48.94%
Operating Margin	29.81%	16.32%	20.43%	21.32%	26.97%	10.20%	20.51%	18.51%	30.57%	20.20%	24.45%
EBIT Margin	34.71%	21.69%	25.33%	27.41%	31.62%	16.59%	24.56%	22.83%	33.38%	25.25%	28.58%
Profit (Net Income) Margin	23.98%	9.83%	14.43%	15.36%	21.03%	10.72%	13.83%	12.47%	23.75%	14.20%	16.45%
Tax Burden Percent	87.74%	80.30%	85.62%	86.96%	88.91%	137.75%	85.29%	86.56%	92.50%	103.69%	85.65%
Interest Burden Percent	78.74%	56.41%	66.52%	64.44%	74.82%	46.89%	66.02%	63.12%	76.91%	54.22%	67.20%
Effective Tax Rate	12.26%	19.70%	14.38%	13.04%	11.09%	-37.75%	14.71%	13.44%	7.50%	-3.69%	14.35%
Return on Invested Capital (ROIC)	7.91%	3.67%	4.62%	4.72%	6.10%	3.63%	4.55%	4.34%	7.99%	5.69%	5.53%
ROIC Less NNEP Spread (ROIC-NNEP)	7.62%	3.34%	4.28%	4.41%	5.73%	3.26%	4.13%	3.93%	7.36%	5.08%	5.05%
Return on Net Nonoperating Assets (RNNOA)	10.96%	4.73%	6.26%	6.65%	8.48%	4.86%	6.37%	6.21%	11.39%	7.67%	8.00%
Return on Equity (ROE)	18.87%	8.41%	10.88%	11.37%	14.58%	8.49%	10.92%	10.55%	19.39%	13.37%	13.53%
Cash Return on Invested Capital (CROIC)	-2.05%	-4.39%	-3.86%	-4.91%	-5.77%	-5.56%	-6.48%	-4.94%	-3.87%	-1.76%	-3.29%
Operating Return on Assets (OROA)	7.12%	4.13%	4.63%	4.85%	5.57%	2.96%	4.46%	4.33%	6.59%	4.77%	5.31%
Return on Assets (ROA)	4.92%	1.87%	2.64%	2.72%	3.70%	1.91%	2.51%	2.36%	4.69%	2.68%	3.06%
Return on Common Equity (ROCE)	18.64%	8.31%	10.75%	11.24%	14.42%	8.39%	10.80%	10.44%	19.18%	13.24%	13.40%
Return on Equity Simple (ROE_SIMPLE)	10.52%	0.00%	10.08%	10.18%	9.62%	0.00%	9.94%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	539	212	318	314	521	273	367	356	763	373	456
NOPAT Margin	26.15%	13.10%	17.49%	18.54%	23.98%	14.05%	17.49%	16.02%	28.27%	20.95%	20.94%
Net Nonoperating Expense Percent (NNEP)	0.29%	0.34%	0.34%	0.32%	0.37%	0.37%	0.42%	0.41%	0.63%	0.62%	0.47%
Return On Investment Capital (ROIC_SIMPLE)	-	0.76%	-	-	-	0.88%	1.15%	1.10%	2.31%	1.12%	1.30%
Cost of Revenue to Revenue	45.15%	53.58%	52.26%	48.73%	48.27%	59.09%	55.13%	58.22%	47.98%	49.61%	50.32%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.05%	30.10%	27.31%	29.95%	24.76%	30.71%	24.37%	23.28%	21.45%	30.19%	25.23%
Earnings before Interest and Taxes (EBIT)	715	351	460	464	687	322	515	507	901	450	622
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	377	736	1,248	483	1,095	731	935	1,701	539	885	1,065
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.56	2.41	2.52	2.43	2.92	2.90	3.27	3.10	3.25	2.97	3.28
Price to Tangible Book Value (P/TBV)	2.65	2.50	2.62	2.52	3.02	3.00	3.38	3.21	3.36	3.06	3.38
Price to Revenue (P/Rev)	3.56	3.64	3.98	3.90	4.73	4.61	5.05	4.53	4.64	4.52	5.00
Price to Earnings (P/E)	24.39	23.71	25.12	23.96	30.44	29.75	32.98	31.14	29.44	27.30	29.14
Dividend Yield	3.43%	3.60%	3.49%	3.66%	3.02%	3.01%	2.71%	2.87%	2.68%	2.84%	2.62%
Earnings Yield	4.10%	4.22%	3.98%	4.17%	3.28%	3.36%	3.03%	3.21%	3.40%	3.66%	3.43%
Enterprise Value to Invested Capital (EV/IC)	1.63	1.57	1.61	1.55	1.75	1.74	1.86	1.79	1.86	1.78	1.87
Enterprise Value to Revenue (EV/Rev)	5.59	5.86	6.35	6.39	7.24	7.09	7.55	6.92	6.90	6.78	7.41
Enterprise Value to EBITDA (EV/EBITDA)	9.24	12.83	8.64	10.66	10.52	15.18	16.43	13.07	15.81	14.70	17.39
Enterprise Value to EBIT (EV/EBIT)	23.63	23.04	23.79	23.07	26.95	27.94	30.00	28.71	27.51	25.16	26.54
Enterprise Value to NOPAT (EV/NOPAT)	32.43	32.65	34.01	33.15	38.67	38.12	40.64	38.59	35.20	32.21	33.89
Enterprise Value to Operating Cash Flow (EV/OCF)	9.10	17.13	8.24	11.89	10.75	19.55	22.07	13.65	19.22	17.80	22.67
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.43	1.44	1.49	1.52	1.53	1.53	1.59	1.61	1.56	1.47	1.56
Long-Term Debt to Equity	1.24	1.32	1.31	1.40	1.37	1.41	1.49	1.51	1.49	1.35	1.39
Financial Leverage	1.44	1.42	1.46	1.51	1.48	1.49	1.54	1.58	1.55	1.51	1.58
Leverage Ratio	3.59	3.56	3.56	3.61	3.58	3.60	3.64	3.69	3.65	3.61	3.67
Compound Leverage Factor	2.83	2.01	2.37	2.33	2.68	1.69	2.40	2.33	2.81	1.96	2.47
Debt to Total Capital	58.91%	58.98%	59.76%	60.36%	60.42%	60.46%	61.38%	61.62%	60.90%	59.44%	60.89%
Short-Term Debt to Total Capital	8.05%	4.95%	7.01%	5.06%	6.08%	4.72%	3.97%	3.61%	2.82%	4.84%	6.58%
Long-Term Debt to Total Capital	50.86%	54.03%	52.74%	55.30%	54.34%	55.75%	57.41%	58.02%	58.07%	54.60%	54.31%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.47%	0.46%	0.45%	0.44%	0.43%	0.42%	0.40%	0.40%	0.39%	0.39%	0.37%
Common Equity to Total Capital	40.61%	40.56%	39.79%	39.20%	39.15%	39.12%	38.22%	37.98%	38.71%	40.17%	38.74%
Debt to EBITDA	3.34	4.82	3.22	4.12	3.63	5.26	5.41	4.48	5.15	4.88	5.63
Net Debt to EBITDA	3.33	4.82	3.21	4.12	3.63	5.26	5.40	4.48	5.14	4.88	5.63
Long-Term Debt to EBITDA	2.88	4.42	2.84	3.78	3.27	4.85	5.06	4.22	4.91	4.49	5.02
Debt to NOPAT	11.71	12.27	12.68	12.83	13.36	13.21	13.37	13.22	11.46	10.70	10.97
Net Debt to NOPAT	11.71	12.25	12.62	12.82	13.35	13.21	13.36	13.22	11.45	10.69	10.96
Long-Term Debt to NOPAT	10.11	11.24	11.19	11.76	12.01	12.18	12.51	12.45	10.92	9.83	9.78
Altman Z-Score	0.94	0.88	0.90	0.87	0.99	0.96	1.06	1.02	1.12	1.01	1.07
Noncontrolling Interest Sharing Ratio	1.20%	1.17%	1.16%	1.15%	1.12%	1.09%	1.08%	1.07%	1.04%	1.00%	0.99%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.52	0.65	0.59	0.67	0.63	0.66	0.86	0.80	0.93	0.66	0.62
Quick Ratio	0.26	0.25	0.27	0.30	0.30	0.26	0.44	0.37	0.46	0.31	0.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,367	-2,306	-2,098	-2,456	-2,503	-2,785	-3,069	-2,691	-2,218	-2,049	-2,592
Operating Cash Flow to CapEx	0.00%	51.95%	62.70%	-21.47%	78.89%	63.33%	40.51%	67.86%	0.00%	94.65%	26.75%
Free Cash Flow to Firm to Interest Expense	-9.00	-15.07	-13.63	-14.89	-14.47	-16.29	-17.54	-14.39	-10.66	-9.95	-12.71
Operating Cash Flow to Interest Expense	-1.05	3.48	7.04	-0.21	5.19	4.78	2.46	11.37	-0.77	4.64	2.06
Operating Cash Flow Less CapEx to Interest Expense	5.59	-3.22	-4.19	-1.20	-1.39	-2.77	-3.62	-5.39	4.42	-0.26	-5.65
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.19	0.18	0.18	0.18	0.18	0.18	0.19	0.20	0.19	0.19
Accounts Receivable Turnover	7.50	7.84	7.85	7.54	6.98	9.05	7.50	7.96	7.61	8.17	7.33
Inventory Turnover	6.17	5.76	5.68	4.92	4.76	5.31	6.20	6.29	6.13	6.03	6.52
Fixed Asset Turnover	0.25	0.23	0.22	0.21	0.21	0.22	0.22	0.23	0.24	0.23	0.23
Accounts Payable Turnover	5.06	3.51	5.67	4.78	4.41	3.62	6.19	5.61	6.61	4.00	6.37
Days Sales Outstanding (DSO)	48.69	46.55	46.47	48.40	52.28	40.32	48.67	45.84	47.96	44.68	49.81
Days Inventory Outstanding (DIO)	59.17	63.35	64.25	74.16	76.76	68.72	58.90	58.07	59.55	60.57	56.02
Days Payable Outstanding (DPO)	72.18	103.85	64.35	76.30	82.69	100.90	58.94	65.06	55.19	91.21	57.34
Cash Conversion Cycle (CCC)	35.67	6.05	46.37	46.25	46.34	8.14	48.63	38.85	52.32	14.04	48.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	27,182	28,000	28,671	29,596	30,206	31,058	32,107	32,643	33,187	33,576	35,155
Invested Capital Turnover	0.30	0.28	0.26	0.25	0.25	0.26	0.26	0.27	0.28	0.27	0.26
Increase / (Decrease) in Invested Capital	1,906	2,518	2,416	2,770	3,024	3,058	3,436	3,047	2,981	2,422	3,048
Enterprise Value (EV)	44,355	43,920	46,085	45,915	52,867	54,010	59,636	58,309	61,766	59,697	65,828
Market Capitalization	28,216	27,310	28,857	28,035	34,494	35,166	39,907	38,210	41,542	39,751	44,408
Book Value per Share	$28.29	$29.06	$29.05	$29.27	$30.00	$30.71	$30.74	$30.95	$32.11	$33.66	$33.55
Tangible Book Value per Share	$27.24	$28.01	$28.01	$28.23	$28.96	$29.67	$29.71	$29.92	$31.08	$32.63	$32.54
Total Capital	27,190	27,984	28,756	29,438	30,223	30,965	31,971	32,424	33,013	33,360	34,989
Total Debt	16,018	16,506	17,184	17,770	18,261	18,722	19,623	19,981	20,104	19,830	21,304
Total Long-Term Debt	13,829	15,121	15,167	16,280	16,422	17,262	18,354	18,811	19,172	18,214	19,003
Net Debt	16,010	16,481	17,099	17,751	18,244	18,715	19,600	19,970	20,095	19,817	21,291
Capital Expenditures (CapEx)	-1,009	1,026	1,729	163	1,137	1,290	1,064	3,133	-1,079	1,010	1,574
Debt-free, Cash-free Net Working Capital (DFCFNWC)	248	196	511	395	512	304	838	546	728	267	729
Debt-free Net Working Capital (DFNWC)	256	221	596	414	529	311	861	557	737	280	742
Net Working Capital (NWC)	-1,933	-1,164	-1,421	-1,076	-1,310	-1,149	-408	-613	-195	-1,336	-1,559
Net Nonoperating Expense (NNE)	45	53	56	54	64	65	77	79	122	120	98
Net Nonoperating Obligations (NNO)	16,010	16,522	17,099	17,928	18,244	18,815	19,759	20,200	20,278	20,046	21,470
Total Depreciation and Amortization (D&A)	-338	385	788	19	408	409	420	1,194	-362	435	443
Debt-free, Cash-free Net Working Capital to Revenue	3.13%	2.61%	7.04%	5.50%	7.01%	3.99%	10.60%	6.48%	8.13%	3.03%	8.21%
Debt-free Net Working Capital to Revenue	3.23%	2.95%	8.22%	5.76%	7.25%	4.08%	10.89%	6.61%	8.23%	3.18%	8.36%
Net Working Capital to Revenue	-24.38%	-15.52%	-19.59%	-14.97%	-17.95%	-15.07%	-5.16%	-7.27%	-2.18%	-15.18%	-17.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.88	$0.60	$0.98	$0.97	$1.71	$0.77	$1.07	$1.02	$2.37	$0.92	$1.29
Adjusted Weighted Average Basic Shares Outstanding	262.80M	262.80M	266.40M	266.70M	266.80M	266.80M	270M	270.30M	270.40M	270.50M	276.50M
Adjusted Diluted Earnings per Share	$1.87	$0.61	$0.98	$0.97	$1.70	$0.77	$1.07	$1.01	$2.35	$0.92	$1.28
Adjusted Weighted Average Diluted Shares Outstanding	263.40M	263.40M	266.80M	266.80M	267.30M	267.40M	271.40M	271.60M	272.20M	272.20M	278.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	390.52M	393.87M	394.25M	394.39M	394.50M	397.48M	397.86M	397.99M	398.07M	404.00M	404.33M
Normalized Net Operating Profit after Tax (NOPAT)	539	212	318	314	521	139	367	356	763	252	456
Normalized NOPAT Margin	26.15%	13.10%	17.49%	18.54%	23.98%	7.14%	17.49%	16.02%	28.27%	14.14%	20.94%
Pre Tax Income Margin	27.33%	12.24%	16.85%	17.66%	23.65%	7.78%	16.21%	14.41%	25.68%	13.69%	19.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.70	2.29	2.99	2.81	3.97	1.88	2.94	2.71	4.33	2.18	3.05
NOPAT to Interest Expense	3.54	1.39	2.06	1.90	3.01	1.60	2.10	1.90	3.67	1.81	2.23
EBIT Less CapEx to Interest Expense	11.34	-4.41	-8.24	1.82	-2.60	-5.66	-3.14	-14.04	9.52	-2.72	-4.67
NOPAT Less CapEx to Interest Expense	10.18	-5.32	-9.16	0.91	-3.56	-5.95	-3.98	-14.85	8.86	-3.09	-5.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	60.33%	57.65%	63.69%	63.40%	66.87%	60.57%	60.25%	71.02%	53.67%	52.91%	43.43%
Augmented Payout Ratio	60.41%	57.65%	63.95%	63.40%	67.49%	60.57%	60.25%	71.02%	53.67%	52.91%	43.43%

Financials Breakdown Chart

Key Financial Trends

Below is a concise four-year trend analysis of Ameren Corp (NYSE: AEE) based on the quarterly statements you provided (covering 2022 through 2025). The data show a mix: top-line revenue has softened over time, but profitability and operating cash flow have improved in recent periods, supported by steady dividend payouts and a large, asset-intensive balance sheet typical of a regulated utility.

Net income attributable to common shareholders rose from about $163 million in 2022 Q4 to about $252 million in 2025 Q4, with basic earnings per share climbing from around $0.63 to $0.92.
2025 Q4 gross profit was about $898 million on roughly $1.782 billion of revenue, delivering a gross margin near 50% vs. mid-single-digit to low-double-digit margins in earlier years, signaling improved profitability per dollar of sales.
Net cash from continuing operating activities reached about $956 million in 2025 Q4, indicating strong quarterly cash generation to support capital needs and dividends.
Cash dividends per share were raised to $0.71 in 2025 (through Q4), up from $0.63 per share in 2024, reflecting a more generous shareholder return cadence.
Net cash from financing activities was positive in several recent quarters (e.g., a modest net inflow in 2025 Q4), showing ongoing access to financing to support capital programs and debt management.
Debt levels remain large and largely steady, with long-term debt around $18.8–$19.2 billion across 2023–2025, consistent with the capital-intensive nature of a regulated utility.
Capital expenditure remains material, with quarterly purchases of property, plant & equipment typically around $1.0–$1.1 billion, indicating ongoing infrastructure investment to support regulated operations.
Working capital components (changes in operating assets and liabilities) fluctuated by quarter, with no single, uniform trend across the four-year window.
Top-line revenue declined over the period, from roughly $2.046 billion in 2022 Q4 to about $1.782 billion in 2025 Q4, suggesting some revenue pressure despite improving margins.
Cash flow volatility remains evident: for example, 2025 Q3 showed a negative net cash from continuing operating activities, and substantial investing outflows in some quarters have produced quarterly free-cash-flow dips.

05/21/26 02:37 PM ETAI Generated. May Contain Errors.

Ameren Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ameren's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Ameren's net income appears to be on an upward trend, with a most recent value of $1.46 billion in 2025, rising from $636 million in 2015. The previous period was $1.19 billion in 2024. Check out Ameren's forecast to explore projected trends and price targets.

Ameren's total operating income in 2025 was $2.03 billion, based on the following breakdown:

Total Gross Profit: $4.17 billion
Total Operating Expenses: $2.15 billion

Over the last 10 years, Ameren's total revenue changed from $6.10 billion in 2015 to $8.80 billion in 2025, a change of 44.3%.

Ameren's total liabilities were at $34.95 billion at the end of 2025, a 8.0% increase from 2024, and a 111.1% increase since 2015.

In the past 10 years, Ameren's cash and equivalents has ranged from $7 million in 2024 to $292 million in 2015, and is currently $13 million as of their latest financial filing in 2025.

Over the last 10 years, Ameren's book value per share changed from 18.76 in 2015 to 33.66 in 2025, a change of 79.4%.

Related Companies

Financial statements for NYSE:AEE last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Ameren (AEE) Financials

Financials Breakdown Chart

Key Financial Trends

Ameren Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Ameren (AEE) Financials

Annual Income Statements for Ameren

Quarterly Income Statements for Ameren

Annual Cash Flow Statements for Ameren

Quarterly Cash Flow Statements for Ameren

Annual Balance Sheets for Ameren

Quarterly Balance Sheets for Ameren

Annual Metrics And Ratios for Ameren

Quarterly Metrics And Ratios for Ameren

Financials Breakdown Chart

Key Financial Trends

Ameren Financials - Frequently Asked Questions

When does Ameren's financial year end?

How has Ameren's net income changed over the last 10 years?

What is Ameren's operating income?

How has Ameren's revenue changed over the last 10 years?

How much debt does Ameren have?

How much cash does Ameren have?

How has Ameren's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools