Ameren
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Ameren (AEE) investor relations material

Ameren Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • 2025 adjusted EPS was $5.03, up 8.6% from 2024, with GAAP EPS at $5.35; strong customer value and reliable service at below-average rates.

  • Affirmed 2026 EPS guidance of $5.25–$5.45 and 6%-8% EPS growth guidance for 2026–2030, expecting results near the upper end.

  • Executed 2.2 GW of large load electric service agreements in Missouri, providing sales and earnings upside.

  • Increased annualized dividend by 5.6% in February 2026, marking 13 consecutive years of dividend growth.

  • Growth driven by infrastructure investments, new electric service rates, and higher electric retail sales.

Financial highlights

  • 2025 adjusted EPS was $5.03, up from $4.63 in 2024; GAAP EPS for 2025 was $5.35.

  • Operating revenues for 2025 were $8,799 million, up from $7,623 million in 2024.

  • Over $4 billion invested in electric, natural gas, and transmission infrastructure in 2025.

  • Total shareholder return exceeded 300% since 2013, outperforming utility index averages.

  • Board approved a 5.6% quarterly dividend increase, annualized at $3 per share, with a 3% yield.

Outlook and guidance

  • 2026 EPS guidance affirmed at $5.25–$5.45, with 6%-8% compound annual EPS growth expected from 2026–2030.

  • Five-year capital plan increased to $31.8 billion (2026–2030), supporting a 10.6% rate base CAGR.

  • Long-term infrastructure investment pipeline exceeds $70 billion for 2026–2035.

  • Dividend payout ratio expected to remain within 50%-60% of annual EPS.

  • Dividend growth expected to align with long-term EPS growth.

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Frequently asked questions

An Energy Holding Company

Ameren is an American electrical and power company headquartered in St. Louis, Missouri, and listed on the NYSE. It is a holding company for several smaller power and energy businesses, and it primarily serves customers in its home state as well as parts of Illinois. Aside from supplying electricity and natural gas to customers, it also owns and oversees a large dam in Missouri.

Founded Through a Series of Mergers

The modern form of the company was formed by a series of mergers of smaller energy and utility companies in Missouri and Illinois. Even if the company was formed in 1997, the roots and history of its subsidiaries trace much further back than that. The two major constituent parts of Amaren (now going under different names), Union Electric and the Central Illinois Public Service Company were both formed in 1902. Both companies supplied their customers with hydrogenated electricity, as well as natural gas.

Supplying Energy

Amaren is the holding company for several different smaller subsidiaries, all working within energy and energy transmission. As previously mentioned, it supplies well over two million customers with both electricity and natural gas, including private households and businesses of various sizes. The company sources its electricity through a variety of different means, including generation from nuclear power plants and hydro-generators. The company is, unsurprisingly, one of the major suppliers of electricity and natural gas in Missouri and supplies over half of the St. Louis metropolitan area with energy.

Being publicly traded is nothing unique for electricity companies. Some other examples besides Amaren are Nextera, Engie, and Duke Energy.

The Bagnell Dam

The Missouri Subsidiary owns and operates the Bagnell Dam, located on the Osage river. The dam creates the Lake of the Ozarks, and the company is responsible for ensuring that the water levels of said lake are safe, consistent, and in line with the regulations in place. The dam was first built in 1931 and still generates hydroelectric power for Ameren.

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