Detailed financial statements for Ameren Corporation (AEE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Operating across the United States, Ameren Corporation functions as a utility holding company. The enterprise organizes its operations into four primary divisions: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission. Its fundamental business involves the rate-regulated production, transmission, and supply of electricity, in addition to the rate-regulated distribution and transmission of natural gas.
Analysis Summary
Ameren Corporation reported revenue of $8.80B in the most recent fiscal year, growing at a 5-year CAGR of 8.7%. Net income reached $1.46B, with a 10.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 41.1%, operating margin 24.9%, net margin 17.9%.
At $110.21 (closing price, October 29, 2026), AEE trades at a P/E of 19.40 and an ROE of 11.70%. Market capitalisation stands at $30.5B, placing it among large-cap names.
Balance sheet quality for AEE: current ratio of 0.7, net debt of $19.82B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$821.0M represents -56% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.08B | $6.17B | $6.29B | $5.91B | $5.79B | $6.39B | $7.96B | $7.50B | $7.62B | $8.80B |
| Cost of Revenue | $3.44B | $3.39B | $3.50B | $3.17B | $2.94B | $3.40B | $4.61B | $4.03B | $3.97B | $6.20B |
| Gross Profit | $2.63B | $2.78B | $2.79B | $2.74B | $2.86B | $2.99B | $3.34B | $3.47B | $3.65B | $2.60B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | -$56.0M | -$44.0M | -$70.0M | -$90.0M | 0 | -$136.0M | -$184.0M | -$295.0M | 0 | 0 |
| Operating Expenses | $1.31B | $1.37B | $1.44B | $1.48B | $1.56B | $1.66B | $1.83B | $1.91B | $2.14B | $577.0M |
| Operating Income | $1.32B | $1.41B | $1.36B | $1.27B | $1.30B | $1.33B | $1.51B | $1.56B | $1.52B | $2.03B |
| EBITDA | $2.35B | $2.45B | $2.49B | $2.48B | $2.60B | $2.81B | $3.18B | $3.41B | $3.54B | $4.04B |
| Interest Expense | $382.0M | $391.0M | $401.0M | $381.0M | $419.0M | $383.0M | $486.0M | $566.0M | $663.0M | $776.0M |
| Pre-tax Income | $1.04B | $1.10B | $1.06B | $1.02B | $1.03B | $1.15B | $1.25B | $1.34B | $1.27B | $1.60B |
| Income Tax | $382.0M | $576.0M | $237.0M | $182.0M | $155.0M | $157.0M | $176.0M | $183.0M | $83.0M | $136.0M |
| Net Income | $653.0M | $523.0M | $815.0M | $828.0M | $871.0M | $990.0M | $1.07B | $1.15B | $1.18B | $1.46B |
| EPS | $2.69 | $2.16 | $3.34 | $3.37 | $3.53 | $3.86 | $4.16 | $4.38 | $4.43 | $5.38 |
| EPS (Diluted) | $2.68 | $2.14 | $3.32 | $3.35 | $3.50 | $3.84 | $4.14 | $4.38 | $4.42 | $5.35 |
| Shares Outstanding (Diluted) | 243.4 M | 244.2 M | 245.8 M | 247.1 M | 248.7 M | 257.6 M | 259.5 M | 263.4 M | 267.4 M | 272.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.70B | $1.78B | $2.18B | $2.09B |
| Gross Profit | $989.0M | $498.0M | $1.08B | $1.02B |
| Operating Income | $825.0M | $360.0M | $532.0M | $459.0M |
| EBITDA | $1.33B | $850.0M | $1.04B | $1.02B |
| Net Income | $640.0M | $252.0M | $357.0M | $314.0M |
| EPS | $2.37 | $0.93 | $1.29 | $1.14 |
| EPS (Diluted) | $2.35 | $0.92 | $1.28 | $1.13 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.0M | $10.0M | $16.0M | $16.0M | $139.0M | $8.0M | $10.0M | $25.0M | $7.0M | $13.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $8.0M | $240.0M | 0 | 0 | 0 |
| Receivables | $795.0M | $838.0M | $837.0M | $734.0M | $749.0M | $820.0M | $1.10B | $919.0M | $967.0M | $1.19B |
| Inventory | $527.0M | $522.0M | $483.0M | $494.0M | $521.0M | $592.0M | $667.0M | $733.0M | $762.0M | $774.0M |
| Total Current Assets | $1.59B | $1.61B | $1.53B | $1.43B | $1.65B | $1.97B | $2.67B | $2.18B | $2.26B | $2.57B |
| Property, Plant & Equipment | $20.11B | $21.47B | $22.81B | $24.38B | $26.81B | $29.26B | $31.26B | $33.78B | $36.30B | $39.31B |
| Goodwill | $411.0M | $411.0M | $411.0M | $411.0M | $411.0M | $411.0M | $411.0M | $411.0M | $411.0M | $411.0M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $24.70B | $25.95B | $27.21B | $28.93B | $32.03B | $35.73B | $37.90B | $40.83B | $44.60B | $48.48B |
| Accounts Payable | $805.0M | $902.0M | $817.0M | $874.0M | $958.0M | $1.09B | $1.16B | $1.14B | $1.06B | $1.25B |
| Short-term Debt | $1.24B | $1.32B | $1.18B | $882.0M | $498.0M | $1.05B | $1.41B | $1.39B | $1.46B | $1.62B |
| Total Current Liabilities | $2.67B | $2.94B | $2.69B | $2.50B | $2.18B | $2.83B | $3.37B | $3.35B | $3.41B | $3.91B |
| Long-term Debt | $6.59B | $7.09B | $7.86B | $8.91B | $11.08B | $12.56B | $13.69B | $15.12B | $17.26B | $18.21B |
| Total Liabilities | $17.45B | $18.62B | $19.44B | $20.73B | $22.95B | $25.91B | $27.27B | $29.35B | $32.35B | $34.95B |
| Retained Earnings | $1.57B | $1.66B | $2.02B | $2.38B | $2.76B | $3.18B | $3.65B | $4.14B | $4.60B | $5.29B |
| Total Equity | $7.10B | $7.18B | $7.63B | $8.06B | $8.94B | $9.70B | $10.51B | $11.35B | $12.11B | $13.40B |
| Total Debt | $7.83B | $8.42B | $9.04B | $9.80B | $11.58B | $13.61B | $15.10B | $16.51B | $18.72B | $19.83B |
| Net Debt | $7.83B | $8.41B | $9.02B | $9.78B | $11.44B | $13.60B | $14.85B | $16.48B | $18.71B | $19.82B |
| Working Capital | -$1.08B | -$1.33B | -$1.15B | -$1.07B | -$527.0M | -$858.0M | -$698.0M | -$1.16B | -$1.15B | -$1.34B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $9.0M | $13.0M | $87.0M | $12.0M |
| Total Assets | $47.42B | $48.48B | $49.85B | $51.22B |
| Total Liabilities | $34.51B | $34.95B | $36.16B | $37.40B |
| Total Equity | $12.78B | $13.40B | $13.56B | $13.69B |
| Total Debt | $20.10B | $19.83B | $21.30B | $21.81B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $659.0M | $529.0M | $821.0M | $834.0M | $877.0M | $995.0M | $1.08B | $1.16B | $1.19B | $1.46B |
| Depreciation & Amortization | $923.0M | $952.0M | $1.03B | $1.08B | $1.15B | $1.28B | $1.44B | $1.50B | $1.60B | $1.67B |
| Stock-based Compensation | $17.0M | $17.0M | $20.0M | $20.0M | $21.0M | $22.0M | $24.0M | $26.0M | $28.0M | $28.0M |
| Change in Working Capital | $133.0M | $93.0M | $44.0M | $91.0M | -$484.0M | -$788.0M | -$494.0M | -$326.0M | -$214.0M | -$51.0M |
| Operating Cash Flow | $2.12B | $2.12B | $2.17B | $2.17B | $1.73B | $1.66B | $2.26B | $2.56B | $2.76B | $3.35B |
| Capital Expenditure | -$2.13B | -$2.19B | -$2.34B | -$2.44B | -$3.30B | -$3.52B | -$3.38B | -$3.77B | -$4.41B | -$4.17B |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$13.0M | 0 | 0 | 0 | 0 |
| Dividends Paid | -$416.0M | -$431.0M | -$451.0M | -$472.0M | -$494.0M | -$565.0M | -$610.0M | -$662.0M | -$714.0M | -$768.0M |
| Free Cash Flow | -$14.0M | -$77.0M | -$168.0M | -$272.0M | -$1.57B | -$1.86B | -$1.12B | -$1.21B | -$1.65B | -$821.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.10B | $956.0M | $421.0M | $770.0M |
| Capital Expenditure | -$969.0M | -$1.04B | -$1.60B | -$1.06B |
| Free Cash Flow | $135.0M | -$80.0M | -$1.18B | -$287.0M |
| Dividends Paid | -$192.0M | -$192.0M | -$208.0M | -$206.0M |
| Stock-based Compensation | $7.0M | 0 | $8.0M | $8.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1.6% | +1.9% | -6.1% | -2.0% | +10.4% | +24.4% | -5.7% | +1.6% | +15.4% | |
| Net Income Growth (YoY) | -19.9% | +55.8% | +1.6% | +5.2% | +13.7% | +8.5% | +7.3% | +2.6% | +23.2% | |
| EPS Growth (YoY) | -19.7% | +54.6% | +0.9% | +4.7% | +9.3% | +7.8% | +5.3% | +1.1% | +21.4% | |
| Shares Change (YoY) | +0.3% | +0.7% | +0.5% | +0.6% | +3.6% | +0.7% | +1.5% | +1.5% | +1.8% | |
| FCF Growth (YoY) | -450.0% | -118.2% | -61.9% | -477.9% | -18.4% | +40.0% | -8.1% | -36.5% | +50.2% | |
| Gross Margin | 43.4% | 45.1% | 44.4% | 46.4% | 49.3% | 46.8% | 42.0% | 46.2% | 47.9% | 29.6% |
| Operating Margin | 21.8% | 22.8% | 21.6% | 21.4% | 22.4% | 20.8% | 19.0% | 20.8% | 19.9% | 23.0% |
| EBITDA Margin | 38.6% | 39.7% | 39.6% | 41.9% | 44.9% | 44.0% | 40.0% | 45.4% | 46.4% | 45.9% |
| Net Margin | 10.7% | 8.5% | 13.0% | 14.0% | 15.0% | 15.5% | 13.5% | 15.4% | 15.5% | 16.5% |
| FCF Margin | -0.2% | -1.2% | -2.7% | -4.6% | -27.1% | -29.1% | -14.0% | -16.1% | -21.6% | -9.3% |
| Effective Tax Rate | 36.7% | 52.1% | 22.4% | 17.9% | 15.0% | 13.6% | 14.0% | 13.7% | 6.5% | 8.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.06 | $-0.32 | $-0.68 | $-1.10 | $-6.32 | $-7.23 | $-4.30 | $-4.58 | $-6.16 | $-3.02 |
| Dividends Per Share | $1.71 | $1.76 | $1.83 | $1.91 | $1.99 | $2.19 | $2.35 | $2.51 | $2.67 | $2.82 |
| Shares Outstanding (Basic) | 242.6 M | 242.6 M | 243.8 M | 245.6 M | 247.0 M | 256.3 M | 258.4 M | 262.8 M | 266.8 M | 270.5 M |
What to look at in Utilities
Regulated businesses with slow growth but reliable dividends. They are bonds on steroids — look at debt, rates, and payout consistency.
- Regulated ROE (8-12%) — Utilities have an "allowed" ROE set by the regulator. Out of range = anomaly
- 5y EPS growth — Stable utilities grow EPS 4-6% annually — more = anomaly, less = dead
- 10y dividend growth — Top utilities ("Dividend Aristocrats") raise dividend 25+ consecutive years
- Net debt / EBITDA — Utilities use a lot of debt — >6x with high rates is an alarm
- Interest coverage — EBIT / interest. If it drops <3x during rate hikes, the dividend is in danger
- Payout Ratio — In utilities it is normally high (60-80%), but >90% indicates stress
Profitability
| Return on Equity | 11.70% |
| Return on Invested Capital | 4.04% |
| Return on Assets | 3.05% |
| Gross Margin | 41.07% |
| Operating Margin | 24.87% |
| Net Margin | 17.86% |
Financial Health
| Debt / Equity | 1.59 |
| Current Ratio | 0.53 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.90 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.50 | 27.31 | 19.53 | 22.79 | 22.11 | 23.06 | 21.38 | 16.52 | 20.12 | 18.56 |
| P/B | 1.79 | 1.99 | 2.08 | 2.34 | 2.16 | 2.35 | 2.19 | 1.68 | 1.96 | 2.02 |
| P/S | 2.09 | 2.32 | 2.53 | 3.19 | 3.33 | 3.57 | 2.89 | 2.53 | 3.12 | 3.07 |
| Gross Margin | 43.4% | 45.1% | 44.4% | 46.4% | 49.3% | 46.8% | 42.0% | 46.2% | 47.9% | 29.6% |
| Operating Margin | 21.8% | 22.8% | 21.6% | 21.4% | 22.4% | 20.8% | 19.0% | 20.8% | 19.9% | 23.0% |
| Net Margin | 10.7% | 8.5% | 13.0% | 14.0% | 15.0% | 15.5% | 13.5% | 15.4% | 15.5% | 16.5% |
Related companies: EXC · LNT · SO · DUK · FE · CNP · ES · CMS
Explore sector: Utilities · Regulated Electric
More sections of AEE: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks