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

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

21 accounts · 3 years

Total assets $48.5B

Total liabilities ~$35.1B

Shareholders equity $13.4B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	0.1%	0.1%	0.3%
Accounts Receivable	13.5%	12.7%	10.8%
Other Current Assets	15.6%	16.9%	16.5%
Total Current Assets	29.2%	29.7%	29.1%
Property,Plant and Equipment	446.8%	476.2%	450.3%
Regulatory Assets	28.7%	31.4%	24.1%
Other Noncurrent Assets	46.2%	47.7%	40.8%
Total Assets	550.9%	585.0%	544.4%
Liabilities
Current Portion of Long Term Debt	18.4%	19.2%	18.5%
Other Current Liabilities	26.0%	25.6%	26.1%
Total Current Liabilities	44.4%	44.8%	44.6%
Long Term Debt	207.0%	226.4%	201.6%
Regulatory Liabilities	71.1%	77.4%	73.5%
Other Noncurrent Liabilities	74.7%	75.9%	71.7%
Equity
Total Stockholders Equity	152.3%	158.9%	151.3%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	92.1%	98.6%	96.2%
Retained Earnings	60.1%	60.4%	55.1%
Accumulated Other Comprehensive Income	0.0%	-0.1%	-0.1%
Noncontrolling Interest	1.5%	1.7%	1.7%
Total Liabilitiesand Equity	550.9%	585.0%	544.4%

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $8.8B

Operating income $2.0B

Net income $1.5B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	30.2%	26.2%	28.9%
Expenses Selling,General and Administrative	22.4%	25.8%	24.9%
Expenses Depreciation and Amortization	17.8%	20.9%	18.5%
Expenses Other Operating Expenses	6.6%	7.2%	7.0%
Expenses Operating Expenses	77.0%	80.1%	79.2%
Other Income Expense Operating Income	23.0%	19.9%	20.8%
Other Income Expense Interest Expense	8.8%	8.7%	7.5%
Other Income Expense Other Income/expense	3.9%	5.5%	4.6%
Other Income Expense Income Before Tax	18.1%	16.7%	17.9%
Income Tax Income Tax Expense	1.5%	1.1%	2.4%
net Income Other Items Below Tax	-0.1%	-0.1%	-0.1%
net Income net Income	16.6%	15.6%	15.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	3.1%	3.5%	3.5%

Cash Flow Statement

Operating, investing, and financing flows

14 accounts · 3 years

Operating cash flow $3.4B

Investing cash flow $-4.1B

Financing cash flow $884.0M

Account	2025	2024	2023
CashFlow
Operating Activities net Cash From Operating Activities	38.1%	36.2%	34.2%
Operating Activities net Income	16.6%	15.6%	15.4%
Operating Activities Depreciation and Amortization	18.3%	20.0%	19.1%
Operating Activities Stock Based Compensation	0.3%	0.4%	0.3%
Operating Activities Other Non Cash Items	2.9%	0.3%	-0.7%
Investing Activities Capital Expenditures	-46.9%	-56.7%	-48.0%
Investing Activities Other Investing Activities	-0.2%	-1.8%	-2.7%
Investing Activities net Cash From Investing Activities	-47.1%	-58.5%	-50.6%
Financing Activities Proceeds From Debt	22.3%	33.3%	30.6%
Financing Activities Repayment of Debt	-9.5%	-3.8%	-8.4%
Financing Activities Dividends Paid	-8.8%	-9.4%	-8.9%
Financing Activities Other Financing Activities	6.1%	2.9%	3.9%
Financing Activities net Cash From Financing Activities	10.0%	22.9%	17.2%
Cash Reconciliation net Change In Cash	1.0%	0.7%	0.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

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

Valuation

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