Ameren Corporation
AEE · NYSE
Next quarter
Reports Nov 4, 2026.
Consensus is $2.27 EPS for Sep 2026 across 4 estimates, ranging $2.22 to $2.33.
AEE Jun 2026
- 4.63%
- +0.79%
- $1.08
- $1.13
- —
- $2.09B
Reported results
- $2.09B
- $459.00M
- 21.94%
- $316.00M
- $1.13
Highlights
- Second-quarter operating revenue was $2,092 million, down from $2,221 million in the year-ago quarter; electric revenue was $1,887 million versus $2,038 million, while natural-gas revenue rose to $205 million from $183 million.
- Net income attributable to Ameren common shareholders was $314 million, or $1.13 diluted earnings per share, compared with $275 million and $1.01 in the prior-year quarter.
- Operating income increased to $459 million from $411 million, as total operating expenses fell to $1,633 million from $1,810 million; fuel and purchased-power expense declined to $507 million from $794 million.
- Other operations and maintenance expense increased to $521 million from $460 million, depreciation and amortization rose to $420 million from $386 million, and interest charges increased to $209 million from $187 million.
- Six-month capital expenditures were $2,653 million, compared with $2,130 million in the prior-year period; six-month net cash provided by operating activities was $1,191 million versus $1,293 million.
Analysis
No consensus figures are on file, so the quarter cannot be assessed against an analyst estimate. Ameren’s revenue was $2,092 million, down from $2,221 million in the year-ago second quarter and below the $2,180 million reported in the first quarter of 2026. The year-over-year decline was concentrated in electric revenue, which fell to $1,887 million from $2,038 million, while natural-gas revenue increased to $205 million from $183 million. Profitability improved despite the lower revenue: operating income rose to $459 million from $411 million and net income attributable to common shareholders increased to $314 million from $275 million. Lower fuel and purchased-power expense, at $507 million versus $794 million, was the main operating benefit. That was partly offset by higher operations and maintenance, depreciation, taxes, and interest costs. The filing does not state a revenue growth rate or operating margin.
Guidance
No guidance ranges for the remainder of 2026 or subsequent periods were provided in the supplied filing. Management included forward-looking risk disclosures rather than an earnings, revenue, capital-expenditure, or cash-flow outlook. Those disclosures highlight dependence on regulatory recovery, cost control, substantial investment, demand growth from data centers and other large customers, commodity and purchased-power costs, project approvals, and access to capital markets. The material also notes uncertainty around federal energy and tax policy, renewable-project construction timelines, and the ability to recover investments while maintaining customer affordability.
What drove it
- Electric revenue — Electric revenue declined to $1,887 million in the second quarter from $2,038 million in the year-ago quarter.
- Natural gas revenue — Natural-gas revenue increased to $205 million from $183 million.
- Fuel costs — Fuel and purchased-power expense fell to $507 million from $794 million.
- Capital investment — Six-month capital expenditures increased to $2,653 million from $2,130 million.
Watch items
- Second-quarter operating revenue declined to $2,092 million from $2,221 million, with electric revenue falling to $1,887 million from $2,038 million.
- Operations and maintenance expense rose to $521 million from $460 million, while depreciation and amortization increased to $420 million from $386 million.
- Interest charges increased to $209 million from $187 million as capital expenditures reached $2,653 million in the first six months, up from $2,130 million.
- Regulatory reviews, rate caps, reconciliation adjustments, and the ability to recover large investments and earn allowed returns were identified as material uncertainties.
