AEE

MKT CAP:$31B

Ameren Corporation

Market Cap

$31B

Utilities·Regulated Electric·🇺🇸 United States·NYSE

Utilities·Regulated Electric·🇺🇸·NYSE

Stock Price

$111.31+$10.45 (+10.37%)

Apr 24, 2026

Company Details

Ameren Corporation, together with its subsidiaries, operates as a public utility holding company in the United States. It operates through four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, a...

CEO

Martin J. Lyons Jr.

IPO Date

Jan 2, 1998

Website

www.amereninvestors.com

Key Metrics TTM

Revenue

$8.5B

+5.0% YoY

Net Income

$1.4B

EPS (Diluted)

$5.11

Free Cash Flow

-$1.1B

Revenue / Share

$31.13

Gross Margin

37.8%

Operating Margin

21.3%

Net Margin

16.3%

FCF Margin

-12.9%

P/S

3.6x

P/E

22.2x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 18, 2026

$8.8B+15.4%EPS $5.35

Q4 2025

Feb 18, 2026

$1.8B-8.2%EPS $0.92

Q3 2025

Nov 6, 2025

$2.7B+24.2%EPS $2.35

Q1 2025

May 5, 2025

$2.1B+15.5%EPS $1.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 18	$1.6B	$745M	$385M
Q2 20	$1.4B	$744M	$354M
Q2 21	$1.5B	$693M	$286M
Q3 21	$1.8B	$966M	$534M
Q1 22	$1.9B	$772M	$331M
Q3 22	$2.3B	$1.1B	$599M
Q1 23	$2.1B	$798M	$351M
Q3 23	$2.1B	$1.1B	$614M
Q1 24	$1.8B	$867M	$371M
Q3 24	$2.2B	$1.1B	$586M
Q4 24	$1.9B	$794M	$198M
Q1 25	$2.1B	$941M	$430M
Q3 25	$2.7B	$989M	$825M
Q4 25	$1.8B	$498M	$360M

Valuation

Quarter	P/S	P/E
Q2 18	—	—
Q2 20	—	—
Q2 21	—	—
Q3 21	3.4x	19.0x
Q1 22	3.6x	21.0x
Q3 22	2.9x	16.0x
Q1 23	2.8x	16.2x
Q3 23	2.3x	12.8x
Q1 24	2.4x	13.3x
Q3 24	2.9x	15.9x
Q4 24	3.0x	16.9x
Q1 25	3.4x	22.4x
Q3 25	3.1x	17.6x
Q4 25	3.2x	19.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 18	$562M	$25M
Q2 20	$404M	-$209M
Q2 21	$471M	-$408M
Q3 21	$756M	-$109M
Q1 22	$388M	-$402M
Q3 22	$727M	-$172M
Q1 23	$496M	-$455M
Q3 23	$920M	$158M
Q1 24	$492M	-$410M
Q3 24	$897M	-$260M
Q4 24	$817M	-$507M
Q1 25	$431M	-$651M
Q3 25	$1.1B	$135M
Q4 25	$956M	-$80M

Capital Expenditures

Quarter	CapEx
Q2 18	$537M
Q2 20	$613M
Q2 21	$879M
Q3 21	$865M
Q1 22	$790M
Q3 22	$899M
Q1 23	$951M
Q3 23	$762M
Q1 24	$902M
Q3 24	$1.2B
Q4 24	$1.3B
Q1 25	$1.1B
Q3 25	$969M
Q4 25	$1.0B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+20.2%	+31.4%
Q3 22	+64.9%	+63.5%
Q1 23	+40.1%	+44.3%
Q3 23	+13.7%	+13.2%
Q1 24	-3.4%	-6.7%
Q3 24	-5.8%	-7.0%
Q4 24	-5.9%	+1.9%
Q1 25	+1.8%	+15.3%
Q3 25	+48.6%	+29.7%
Q4 25	-18.0%	-10.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 18	$4M	0.3%
Q2 20	$5M	0.4%
Q2 21	$5M	0.3%
Q3 21	$6M	0.3%
Q1 22	$4M	0.2%
Q3 22	$6M	0.3%
Q1 23	$8M	0.4%
Q3 23	$7M	0.3%
Q1 24	$8M	0.4%
Q3 24	$8M	0.4%
Q4 24	$6M	0.3%
Q1 25	$7M	0.3%
Q3 25	$7M	0.3%
Q4 25	$0	0.0%

Revenue Segments

Quarter	Electricity	Natural Gas
Q2 18	$1.4B	$167M
Q2 20	$1.2B	$161M
Q2 21	$1.3B	$188M
Q3 21	$1.7B	$143M
Q1 22	$1.3B	$561M
Q3 22	$2.1B	$166M
Q1 23	$1.6B	$472M
Q3 23	$1.9B	$139M
Q1 24	$1.4B	$452M
Q3 24	$2.0B	$138M
Q4 24	$1.6B	$321M
Q1 25	$1.6B	$475M
Q3 25	$2.6B	$136M
Q4 25	$1.4B	$337M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$7M	$0	$7M
Q2 22	$7M	$0	$7M
Q3 22	$7M	$0	$7M
Q4 22	$10M	$240M	$250M
Q1 23	$10M	$0	$10M
Q2 23	$7M	$0	$7M
Q3 23	$8M	$0	$8M
Q4 23	$25M	$0	$25M
Q1 24	$85M	$0	$85M
Q2 24	$19M	$0	$19M
Q3 24	$17M	$0	$17M
Q4 24	$7M	$0	$7M
Q1 25	$23M	$0	$23M
Q2 25	$11M	$0	$11M
Q3 25	$9M	$0	$9M
Q4 25	$13M	$0	$13M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 18	246M	—	—
Q2 20	248M	+0.9%	—
Q2 21	257M	+3.8%	—
Q3 21	259M	+0.5%	—
Q1 22	259M	+0.2%	+5.4%
Q3 22	260M	+0.2%	+4.7%
Q1 23	263M	+1.4%	+2.3%
Q3 23	264M	+0.3%	+2.1%
Q1 24	267M	+1.1%	+3.0%
Q3 24	267M	+0.0%	+2.9%
Q4 24	269M	+0.7%	+2.2%
Q1 25	271M	+0.9%	+2.8%
Q3 25	272M	+0.1%	+1.8%
Q4 25	274M	+0.7%	+2.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 18	$446.6K	4K
Q2 20	$399.4K	4K
Q2 21	$420.6K	4K
Q3 21	$517.4K	4K
Q1 22	$536.9K	4K
Q3 22	$658.9K	4K
Q1 23	$589.1K	4K
Q3 23	$588.6K	4K
Q1 24	$518.9K	4K
Q3 24	$620.9K	4K
Q4 24	$554.6K	4K
Q1 25	$599.1K	4K
Q3 25	$771.1K	4K
Q4 25	$509.1K	4K

Revenue / Employee