Ameren

Utilities Multi-Utilities St. Louis, Missouri Last filing Feb 18, 2026 · FY2025

                    Revenue
                    FY2025
                
$8.8B
                    3y CAGR +3.4%
                    
                    P53
                    
                    +15.4%
                    
                    Net income
                    FY2025
                
$1.5B
                    Net margin +16.6%
                    
                    P73
                    
                    +23.1%
                    
                    Total assets
                    FY2025
                
$48.5B
                    ROA +3.0%
                    
                    P71
                    
                    +8.7%
                    
                    Operating cash flow
                    FY2025
                
$3.4B
                    FCF margin -8.8%
                    
                    P62
                    
                    +21.4%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

21 accounts · 5 years

Total assets $48.5B

Total liabilities ~$35.1B

Shareholders equity $13.4B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$13.0M 85.7%	$7.0M -72.0%	$25.0M 150.0%	$10.0M 25.0%	$8.0M
Accounts Receivable	$1.2B 22.8%	$967.0M 18.9%	$813.0M -26.1%	$1.1B 34.1%	$820.0M
Other Current Assets	$1.4B 6.3%	$1.3B 4.3%	$1.2B -6.1%	$1.3B 16.4%	$1.1B
Total Current Assets	$2.6B 13.6%	$2.3B 3.8%	$2.2B -18.3%	$2.7B 35.6%	$2.0B
Property,Plant and Equipment	$39.3B 8.3%	$36.3B 7.5%	$33.8B 8.0%	$31.3B 6.8%	$29.3B
Regulatory Assets	$2.5B 5.3%	$2.4B 32.4%	$1.8B 26.9%	$1.4B 10.6%	$1.3B
Other Noncurrent Assets	$4.1B 12.0%	$3.6B 18.6%	$3.1B 20.2%	$2.5B -20.8%	$3.2B
Total Assets	$48.5B 8.7%	$44.6B 9.2%	$40.8B 7.7%	$37.9B 6.1%	$35.7B
Liabilities
Current Portion of Long Term Debt	$1.6B 10.7%	$1.5B 5.4%	$1.4B -1.8%	$1.4B 34.3%	$1.1B
Other Current Liabilities	$2.3B 17.3%	$2.0B -0.4%	$2.0B 0.2%	$2.0B 10.1%	$1.8B
Total Current Liabilities	$3.9B 14.5%	$3.4B 2.0%	$3.3B -0.6%	$3.4B 19.1%	$2.8B
Long Term Debt	$18.2B 5.5%	$17.3B 14.2%	$15.1B 10.5%	$13.7B 8.9%	$12.6B
Regulatory Liabilities	$6.3B 6.1%	$5.9B 7.0%	$5.5B 3.8%	$5.3B -9.2%	$5.8B
Other Noncurrent Liabilities	$6.6B 13.6%	$5.8B 7.6%	$5.4B 9.5%	$4.9B 5.1%	$4.7B
Equity
Total Stockholders Equity	$13.4B 10.6%	$12.1B 6.7%	$11.3B 8.0%	$10.5B 8.3%	$9.7B
Common Stock	$3.0M 0.0%	$3.0M 0.0%	$3.0M 0.0%	$3.0M 0.0%	$3.0M
Additional Paid In Capital	$8.1B 7.9%	$7.5B 4.1%	$7.2B 5.2%	$6.9B 5.5%	$6.5B
Retained Earnings	$5.3B 14.9%	$4.6B 11.3%	$4.1B 13.4%	$3.6B 14.6%	$3.2B
Accumulated Other Comprehensive Income	$0 100.0%	$-6.0M 0.0%	$-6.0M -500.0%	$-1.0M -107.7%	$13.0M
Noncontrolling Interest	$129.0M 0.0%	$129.0M 0.0%	$129.0M 0.0%	$129.0M 0.0%	$129.0M
Total Liabilitiesand Equity	$48.5B 8.7%	$44.6B 9.2%	$40.8B 7.7%	$37.9B 6.1%	$35.7B

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $8.8B

Operating income $2.0B

Net income $1.5B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$8.8B 15.4%	$7.6B 1.6%	$7.5B -5.7%	$8.0B 24.4%	$6.4B
Expenses Cost of Revenue	$2.7B 32.6%	$2.0B -7.7%	$2.2B -19.1%	$2.7B 64.3%	$1.6B
Expenses Selling,General and Administrative	$2.0B 0.3%	$2.0B 5.5%	$1.9B -3.7%	$1.9B 9.2%	$1.8B
Expenses Depreciation and Amortization	$1.6B -1.4%	$1.6B 14.6%	$1.4B 7.6%	$1.3B 12.5%	$1.1B
Expenses Other Operating Expenses	$577.0M 5.5%	$547.0M 4.8%	$522.0M -3.2%	$539.0M 5.3%	$512.0M
Expenses Operating Expenses	$6.8B 10.9%	$6.1B 2.8%	$5.9B -7.8%	$6.4B 27.3%	$5.1B
Other Income Expense Operating Income	$2.0B 33.6%	$1.5B -2.7%	$1.6B 2.8%	$1.5B 13.7%	$1.3B
Other Income Expense Interest Expense	$776.0M 17.0%	$663.0M 17.1%	$566.0M 16.5%	$486.0M 26.9%	$383.0M
Other Income Expense Other Income/expense	$347.0M -16.8%	$417.0M 19.8%	$348.0M 54.0%	$226.0M 11.9%	$202.0M
Other Income Expense Income Before Tax	$1.6B 25.7%	$1.3B -5.2%	$1.3B 6.8%	$1.3B 8.9%	$1.2B
Income Tax Income Tax Expense	$136.0M 63.9%	$83.0M -54.6%	$183.0M 4.0%	$176.0M 12.1%	$157.0M
net Income Other Items Below Tax	$-10.0M 0.0%	$-10.0M 0.0%	$-10.0M 0.0%	$-10.0M -100.0%	$-5.0M
net Income net Income	$1.5B 23.1%	$1.2B 2.6%	$1.2B 7.2%	$1.1B 8.4%	$995.0M
Earnings Per Share Basic Eps	$5 21.4%	$4 0.9%	$4 5.5%	$4 7.8%	$4
Earnings Per Share Diluted Eps	$5 21.0%	$4 0.9%	$4 5.8%	$4 7.8%	$4
Earnings Per Share Weighted Average Shares Diluted	$272.2M 1.8%	$267.4M 1.5%	$263.4M 1.5%	$259.5M 0.7%	$257.6M

Cash Flow Statement

Operating, investing, and financing flows

14 accounts · 5 years

Operating cash flow $3.4B

Investing cash flow $-4.1B

Financing cash flow $884.0M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	$3.4B 21.4%	$2.8B 7.8%	$2.6B 13.3%	$2.3B 36.2%	$1.7B
Operating Activities net Income	$1.5B 23.1%	$1.2B 2.6%	$1.2B 7.2%	$1.1B 8.4%	$995.0M
Operating Activities Depreciation and Amortization	$1.6B 5.8%	$1.5B 6.4%	$1.4B 4.3%	$1.4B 7.5%	$1.3B
Operating Activities Stock Based Compensation	$28.0M 0.0%	$28.0M 7.7%	$26.0M 8.3%	$24.0M 9.1%	$22.0M
Operating Activities Other Non Cash Items	$252.0M 950.0%	$24.0M 147.1%	$-51.0M 76.1%	$-213.0M 66.4%	$-633.0M
Investing Activities Capital Expenditures	$-4.1B 4.4%	$-4.3B -20.1%	$-3.6B -7.3%	$-3.4B 3.7%	$-3.5B
Investing Activities Other Investing Activities	$-17.0M 87.6%	$-137.0M 31.8%	$-201.0M -957.9%	$-19.0M 61.2%	$-49.0M
Investing Activities net Cash From Investing Activities	$-4.1B 7.0%	$-4.5B -17.3%	$-3.8B -12.7%	$-3.4B 4.5%	$-3.5B
Financing Activities Proceeds From Debt	$2.0B -22.7%	$2.5B 10.5%	$2.3B 56.4%	$1.5B -26.5%	$2.0B
Financing Activities Repayment of Debt	$-840.0M -193.7%	$-286.0M 54.8%	$-633.0M -3823.5%	$17.0M -63.8%	$47.0M
Financing Activities Dividends Paid	$-773.0M -7.5%	$-719.0M -7.8%	$-667.0M -8.5%	$-615.0M -7.9%	$-570.0M
Financing Activities Other Financing Activities	$537.0M 145.2%	$219.0M -25.8%	$295.0M -1.3%	$299.0M 21.1%	$247.0M
Financing Activities net Cash From Financing Activities	$884.0M -49.5%	$1.7B 35.6%	$1.3B 10.4%	$1.2B -32.1%	$1.7B
Cash Reconciliation net Change In Cash	$92.0M 64.3%	$56.0M 0.0%	$56.0M -8.2%	$61.0M 141.8%	$-146.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+69.8%	+73.8%	+71.1%	+66.4%	+74.5%
Operating margin	+23.0%	+19.9%	+20.8%	+19.0%	+20.8%
Net margin	+16.6%	+15.6%	+15.4%	+13.6%	+15.6%
FCF margin	-8.8%	-20.4%	-13.8%	-13.7%	-28.4%
Growth
Revenue CAGR (3y)	+3.4%	+6.0%	+9.0%	+10.4%	+0.5%
Returns
ROE	+10.9%	+9.8%	+10.2%	+10.3%	+10.3%
ROA	+3.0%	+2.7%	+2.8%	+2.8%	+2.8%
ROIC	+5.6%	+4.6%	+4.8%	+5.1%	+4.9%
Liquidity
Current ratio	0.66x	0.66x	0.65x	0.79x	0.70x
Quick ratio	0.31x	0.29x	0.25x	0.33x	0.29x
Leverage
D/E	2.62x	2.68x	2.60x	2.61x	2.68x
Interest coverage	2.61x	2.29x	2.75x	3.12x	3.48x
Efficiency
Asset turnover	0.18x	0.17x	0.18x	0.21x	0.18x
Cash conversion cycle	—	—	—	—	—

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