Friday 6 November 2026 Export AEE’s income statement to Excel — free account

Ameren Corporation

AEE Utilities Utilities Regulated Electric

Ameren Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.8 billion, up 15.4% from fiscal 2024.

Revenue: −5.81%
EPS: +11.8%
Free cash flow: −51.2%
Total debt: +9.28%

Quarter to June 2026, against a year earlier

112.91 0.17 −0.15%

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Market cap: $31.2B
P/E: 19.7×
Fwd P/E: 20.5×
Dividend yield: 2.62%
F-score: 6/9
Altman Z: 0.90
Beneish M: −2.39
Dividend safety: 46/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Ameren Corporation (AEE) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Union Electric Company	4,795	54.49%
Ameren Illinois Electric Distribution	2,399	27.26%
Ameren Illinois Natural Gas	968	11.00%
Ameren Transmission	862	9.80%
Gross margin		69.84%
Operating margin		23.03%
Pre-tax margin		18.15%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Electric	7,668 87.15%	6,540 85.79%	6,439 85.85%	6,581 82.71%	5,297 82.84%	4,911 84.76%	4,981 84.28%	5,339 84.87%	5,307 85.96%	5,196 85.52%
Natural gas	1,131 12.85%	1,083 14.21%	1,061 14.15%	1,376 17.29%	1,097 17.16%	883 15.24%	929 15.72%	952 15.13%	867 14.04%	880 14.48%
Revenue	8,799	7,623	7,500	7,957	6,394	5,794	5,910	6,291	6,174	6,076

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Union Electric Company	4,795 54.49%	3,993 52.38%	3,859 51.45%	4,046 50.85%	3,353 52.44%	3,109 53.66%	3,243 54.87%	3,589 57.05%	3,537 57.29%	3,470 57.11%	3,566 58.48%	3,526 58.25%	3,516 60.23%	3,252 56.25%	3,360 54.65%	3,176 41.58%	2,847 39.90%
Ameren Illinois Electric Distribution	2,399 27.26%	2,089 27.40%	2,218 29.57%	2,256 28.35%	1,639 25.63%	1,498 25.85%	1,504 25.45%	1,547 24.59%	1,568 25.40%	1,544 25.41%	1,529 25.07%	1,401 23.15%	—	—	—	—	—
Ameren Illinois Natural Gas	968 11.00%	938 12.30%	897 11.96%	1,180 14.83%	957 14.97%	760 13.12%	797 13.49%	815 12.96%	743 12.03%	753 12.39%	782 12.82%	976 16.12%	—	—	—	—	—
Ameren Transmission	862 9.80%	781 10.25%	677 9.03%	615 7.73%	562 8.79%	523 9.03%	464 7.85%	433 6.88%	426 6.90%	309 5.09%	219 3.59%	150 2.48%	—	—	—	—	—
Other	—	—	—	—	—	—	—	—	(2) (0.03%)	0 0.00%	2 0.03%	0 0.00%	15 0.26%	5 0.09%	4 0.07%	1 0.01%	9 0.13%
Intersegment Eliminations	—	—	—	—	—	—	—	—	—	(106) (1.74%)	—	—	0 0.00%	—	—	—	—
Ameren Illinois Company	—	—	—	—	—	—	—	—	—	—	—	—	2,307 39.52%	2,524 43.66%	2,784 45.28%	3,002 39.30%	2,957 41.44%
Merchant Generation	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,459 19.10%	1,322 18.53%
Other, not broken out	—	—	—	—	—	—	—	—	—	106 1.74%	—	—	—	—	—	—	—
Eliminations	(225) (2.56%)	(178) (2.34%)	(151) (2.01%)	(140) (1.76%)	(117) (1.83%)	(96) (1.66%)	(98) (1.66%)	(93) (1.48%)	(98) (1.59%)	—	—	—	—	—	—	—	—
Continuing Operations	—	—	—	—	—	—	—	—	—	—	—	6,053	5,838	5,781	6,148	—	—
Revenue	8,799	7,623	7,500	7,957	6,394	5,794	5,910	6,291	6,174	6,076	6,098	6,053	5,838	5,781	6,148	7,638	7,135

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Ameren Illinois Electric Distribution commercial electric sales	Q3 FY2026	3.3B	3.2B	+2.09%
Ameren Illinois Electric Distribution industrial electric sales	Q3 FY2026	2.6B	2.8B	−8.35%
Ameren Illinois Electric Distribution residential electric sales	Q3 FY2026	3.5B	3.3B	+3.05%
Ameren Illinois Electric Distribution street lighting and public authority electric sales	Q3 FY2026	96.0M	101.0M	−4.95%
Ameren Illinois Electric Distribution total electric sales	Q3 FY2026	9.4B	9.4B	−0.73%
Ameren Illinois Natural Gas sales	Q3 FY2026	27.0M	25.0M	+8.00%
Ameren Missouri commercial electric sales	Q3 FY2026	4.0B	4.0B	+2.12%
Ameren Missouri gas sales	Q3 FY2026	3.0M	3.0M	0.00%
Ameren Missouri industrial electric sales	Q3 FY2026	1.1B	1.1B	−1.26%
Ameren Missouri off-system electric sales	Q3 FY2026	881.0M	581.0M	+51.64%
Ameren Missouri residential electric sales	Q3 FY2026	4.2B	3.9B	+7.11%
Ameren Missouri retail load subtotal	Q3 FY2026	9.3B	9.0B	+3.85%
Ameren Missouri street lighting and public authority electric sales	Q3 FY2026	13.0M	14.0M	−7.14%
Ameren Missouri total electric sales	Q3 FY2026	10.2B	9.6B	+6.76%
Ameren Total electric sales	Q3 FY2026	19.6B	19.0B	+3.04%
Ameren Total gas sales	Q3 FY2026	30.0M	28.0M	+7.14%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Ameren Illinois Electric Distribution commercial electric sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Illinois Electric Distribution industrial electric sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Illinois Electric Distribution residential electric sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Illinois Electric Distribution street lighting and public authority electric sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Illinois Electric Distribution total electric sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Illinois Natural Gas sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Missouri commercial electric sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Missouri gas sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Missouri industrial electric sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Missouri off-system electric sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Missouri residential electric sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Missouri retail load subtotal	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Missouri street lighting and public authority electric sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Missouri total electric sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Total electric sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ameren Total gas sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.