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Midas Edge

AMEREN CORP

For the period ended Dec 31, 2025. Filed Feb 18, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 18, 2026

AEE$113.68-0.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Ameren Corporation

CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME

Year Ended December 31,
202520242023
Operating Revenues:
Electric$7,668$6,540$6,439
Natural gas1,1311,0831,061
Total operating revenues8,7997,6237,500
Operating Expenses:
Fuel and purchased power2,3061,6811,812
Natural gas purchased for resale348320355
Other operations and maintenance1,9741,9691,866
Depreciation and amortization1,5681,5901,387
Taxes other than income taxes577547522
Total operating expenses6,7736,1075,942
Operating Income2,0261,5161,558
Other Income, Net347417348
Interest Charges776663566
Income Before Income Taxes1,5971,2701,340
Income Taxes13683183
Net Income1,4611,1871,157
Less: Net Income Attributable to Noncontrolling Interests555
Net Income Attributable to Ameren Common Shareholders$1,456$1,182$1,152
Net Income$1,461$1,187$1,157
Other Comprehensive Income (Loss), Net of Taxes
Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $1, $—, and $(2), respectively3(3)(5)
Unrealized net gain on derivative hedging instruments, net of income taxes of $2, $—, and $—, respectively33—
Comprehensive Income1,4671,1871,152
Less: Comprehensive Income Attributable to Noncontrolling Interests555
Comprehensive Income Attributable to Ameren Common Shareholders$1,462$1,182$1,147
Earnings per Common Share – Basic$5.38$4.43$4.39
Earnings per Common Share – Diluted$5.35$4.42$4.38
Weighted-average Common Shares Outstanding – Basic270.5266.8262.8
Weighted-average Common Shares Outstanding – Diluted272.2267.4263.4

CONSOLIDATED BALANCE SHEET

December 31,
20252024
ASSETS
Current Assets:
Cash and cash equivalents$13$7
Accounts receivable – trade (less allowance for doubtful accounts of $39 and $30, respectively)665525
Unbilled revenue415346
Miscellaneous accounts receivable10796
Inventories774762
Current regulatory assets387366
Other current assets210162
Total current assets2,5712,264
Property, Plant, and Equipment, Net39,31336,304
Investments and Other Assets:
Nuclear decommissioning trust fund1,5261,342
Goodwill411411
Regulatory assets (includes $443 and $465 at 2025 and 2024 related to VIEs, respectively)2,5242,397
Pension and other postretirement benefits977757
Other assets1,1541,123
Total investments and other assets6,5926,030
TOTAL ASSETS$48,476$44,598
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt (includes $23 and $17 at 2025 and 2024 related to VIEs, respectively)$973$317
Short-term debt6431,143
Accounts and wages payable1,2541,059
Interest accrued229196
Customer deposits238223
Other current liabilities570475
Total current liabilities3,9073,413
Long-term Debt, Net (includes $426 and $448 at 2025 and 2024 related to VIEs, respectively)18,21417,262
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and production and investment tax credits, net5,1814,474
Regulatory liabilities6,2555,897
Asset retirement obligations849822
Other deferred credits and liabilities540487
Total deferred credits and other liabilities12,82511,680
Commitments and Contingencies (Notes 2, 9, and 14)
Shareholders’ Equity:
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 276.4 and 269.9, respectively33
Other paid-in capital, principally premium on common stock8,1067,513
Retained earnings5,2924,604
Accumulated other comprehensive loss—(6)
Total shareholders’ equity13,40112,114
Noncontrolling Interests129129
Total equity13,53012,243
TOTAL LIABILITIES AND EQUITY$48,476$44,598

CONSOLIDATED STATEMENT OF CASH FLOWS

Year Ended December 31,
202520242023
Cash Flows From Operating Activities:
Net income$1,461$1,187$1,157
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,6121,5241,432
Amortization of nuclear fuel568168
Amortization of debt issuance costs and premium/discounts191916
Deferred income taxes and production and investment tax credits, net253127229
Allowance for equity funds used during construction(88)(76)(54)
Stock-based compensation costs282826
Other638716
Changes in assets and liabilities:
Receivables(272)(91)144
Inventories(12)(31)(67)
Accounts and wages payable424(104)
Taxes accrued19034(4)
Regulatory assets and liabilities6599(165)
Assets, other(36)(34)(109)
Liabilities, other10422115
Pension and other postretirement benefits(152)(216)(283)
Counterparty collateral, net20(1)147
Net cash provided by operating activities3,3532,7632,564
Cash Flows From Investing Activities:
Capital expenditures(4,128)(4,319)(3,597)
Nuclear fuel expenditures(46)(91)(174)
Purchases of securities – nuclear decommissioning trust fund(440)(584)(266)
Sales and maturities of securities – nuclear decommissioning trust fund416564240
Other53(26)(1)
Net cash used in investing activities(4,145)(4,456)(3,798)
Cash Flows From Financing Activities:
Dividends on common stock(768)(714)(662)
Dividends paid to noncontrolling interest holders(5)(5)(5)
Short-term debt, net(499)607(533)
Maturities and extinguishment of long-term debt(341)(893)(100)
Issuances of long-term debt1,9602,5352,295
Issuances of common stock574273346
Employee payroll taxes related to stock-based compensation(13)(8)(20)
Debt issuance costs(24)(31)(21)
Other—(15)(10)
Net cash provided by financing activities8841,7491,290
Net change in cash, cash equivalents, and restricted cash925656
Cash, cash equivalents, and restricted cash at beginning of year328272216
Cash, cash equivalents, and restricted cash at end of year$420$328$272
Cash Paid (Refunded) During the Year:
Interest (net of $52, $56, and $48 capitalized, respectively)$755$611$546
Income taxes, net (includes production and investment tax credit sale proceeds of $314, $95, and $49, respectively)(312)(92)(24)

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

December 31,
202520242023
Common Stock$3$3$3
Other Paid-in Capital:
Beginning of year7,5137,2166,860
Shares issued under the ATM program530233299
Shares issued under the DRPlus and 401(k) plan444046
Stock-based compensation activity192411
Other paid-in capital, end of year8,1067,5137,216
Retained Earnings:
Beginning of year4,6044,1363,646
Net income attributable to Ameren common shareholders1,4561,1821,152
Dividends on common stock(768)(714)(662)
Retained earnings, end of year5,2924,6044,136
Accumulated Other Comprehensive Income (Loss):
Derivative financial instruments, beginning of year3——
Change in derivative financial instruments33—
Derivative financial instruments, end of year63—
Deferred retirement benefit costs, beginning of year(9)(6)(1)
Change in deferred retirement benefit costs3(3)(5)
Deferred retirement benefit costs, end of year(6)(9)(6)
Total accumulated other comprehensive loss, end of year—(6)(6)
Total Shareholders’ Equity$13,401$12,114$11,349
Noncontrolling Interests:
Beginning of year129129129
Net income attributable to noncontrolling interest holders555
Dividends paid to noncontrolling interest holders(5)(5)(5)
Noncontrolling interests, end of year129129129
Total Equity$13,530$12,243$11,478
Common stock shares outstanding at beginning of year269.9266.3262.0
Shares issued under the ATM program5.82.93.2
Shares issued under the DRPlus and 401(k) plan0.40.50.6
Shares issued for stock-based compensation0.30.20.5
Common stock shares outstanding at end of year276.4269.9266.3
Dividends per common share$2.84$2.68$2.52
ContentsView on SEC.gov

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