AMEREN CORP
For the period ended Mar 31, 2026. Filed May 8, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
AEE$112.85+0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001002910-25-000129
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001002910-26-000015
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 293 previous paragraphs and 235 current paragraphs.
73 unchanged; 111 reworded; 51 added; 105 removed; 4 previous and 0 current paragraphs rearranged.
Tables are not compared: 24 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (51)
Current report
In 2026, Ameren Missouri executed electric service agreements with large load customers under its modified large primary service tariff that was approved in 2025, representing 2.8 gigawatts of demand. Ameren and Ameren Missouri do not expect a material impact to their results of operations, financial position, or liquidity in 2026 related to these agreements.
Current report
In November 2025, the ICC issued an order in Ameren Illinois’ January 2025 natural gas delivery service regulatory rate review, which resulted in an increase to Ameren Illinois’ annual revenues for natural gas delivery service of $79 million based on a 9.60% ROE, a capital structure composed of 50% common equity, a 2026 future test year, and a rate base of $3.2 billion. The order reflected a reduction of $75 million of planned distribution and transmission capital investments included in Ameren Illinois’ future test year request. The new rates became effective December 2025. In January 2026, Ameren Illinois filed an appeal of the ICC’s November 2025 order to the Illinois Appellate Court for the Fifth Judicial District. The appeal challenged the inclusion of the non-service cost component of the net periodic benefit income related to other postretirement benefits in the annual revenue requirement and the $75 million reduction of planned capital investments, among other things. The court is under no deadline to address the appeal.
Current report
In December 2025, the ICC issued an order approving Ameren Illinois’ 2024 electric distribution service revenue requirement reconciliation adjustment filing. This order approved an adjustment increasing the allowed revenue requirement by $48 million, which reflected Ameren Illinois’ actual 2024 recoverable costs, year-end rate base of $4.2 billion, and capital structure composed of 50% common equity. The approved reconciliation adjustment is being collected from customers in 2026. In March 2026, Ameren Illinois filed an appeal of the December 2025 order with the Illinois Appellate Court for the Fifth Judicial District. The appellate court is under no deadline to address the appeal.
Current report
•increased base rate revenues at Ameren Missouri, pursuant to the April 2025 MoPSC electric rate order, effective June 1, 2025, partially offset by higher depreciation and amortization and interest expenses in base rates (8 cents per share);
Current report
•increased base rate revenues at Ameren Illinois Natural Gas, pursuant to the November 2025 ICC natural gas rate order, effective December 2, 2025, partially offset by increased operations and maintenance, depreciation and amortization, and interest expenses included in base rates (6 cents per share);
Current report
•decreased income tax expense not subject to formula rates or riders, primarily due to increased tax benefits from higher allowance for equity funds used during construction and stock-based compensation costs (3 cents per share);
Current report
•higher revenue at Ameren Missouri resulting from the absence in 2026 of a deferral associated with the Rush Island Energy Center (3 cents per share); and
Current report
•increased base rate revenues at Ameren Missouri’s natural gas business, pursuant to the July 2025 MoPSC natural gas rate order, effective September 1, 2025, partially offset by higher depreciation and amortization expenses included in base rates (3 cents per share).
Current report
•increased other operations and maintenance expenses at Ameren Missouri not subject to riders or trackers, largely due to higher energy center maintenance expense and an increase in injuries and damages expenses, partially offset by a decrease in storm-related costs compared to the year-ago period (3 cents per share); and
Current report
(d)The electric deferred income tax adjustment relates to the remaining balance of certain excess deferred income taxes that were amortized through 2025. Offsetting expense increases or decreases are reflected within the "Income Taxes" section of the statement of income. This item has no overall impact on earnings.
Current report
The following items increased Ameren Missouri’s electric revenues between periods:
Current report
•Revenues increased $6 million due to the absence of amortization of certain excess deferred income taxes in 2025.
Current report
Ameren Illinois Transmission
Current report
Ameren Missouri’s natural gas revenues increased $15 million, or 23%, for the three months ended March 31, 2026, compared with the year-ago period, primarily due to the effect of higher natural gas base rates as a result of the July 2025 MoPSC natural gas rate order effective September 1, 2025, andincreased revenues associated with “Cost recovery mechanisms – offset in natural gas purchased for resale” primarily due to higher natural gas prices.
Current report
Ameren Illinois Natural Gas
Current report
Ameren Illinois Natural Gas’ revenues increased $25 million, or 6%, for the three months ended March 31, 2026, compared with the year-ago period. Base rate revenue increased an estimated $30 million for the three months ended March 31, 2026, due to higher natural gas rates as a result of the November 2025 natural gas rate order effective December 2, 2025. See Note 2 – Rate and Regulatory Matters under Part I, Item 1, of this report for additional information regarding the November 2025 natural gas rate order.
Current report
Ameren Illinois Electric Distribution’s purchased power expenses increased $54 million, or 25%, for the three months ended March 31, 2026, compared with the year-ago period, primarily due to increased energy prices (+$40 million), transmission service charges (+$8 million), and capacity costs (+$3 million). The changes to “Cost recovery mechanisms - offset in electric revenue” are fully offset by changes to “Cost recovery mechanisms - offset in fuel and purchased power” in electric revenues.
Current report
(a)Includes other/intersegment eliminations of $(9) million and $(5) million in the three months ended March 31, 2026 and 2025, respectively.
Current report
•Non-nuclear generation operations and maintenance expenses increased $8 million, primarily due to increased reliability measures at the Sioux and Labadie energy centers.
Current report
The increase in other operations and maintenance expenses was partially offset for the three months ended March 31, 2026, compared with the year-ago period, primarily due to a $5 million decrease in transmission and distribution storm-related costs as a result of a reduction in major storms in 2026.
Current report
Other operations and maintenance expenses decreased $6 million in the three months ended March 31, 2026, primarily due to a decrease of $8 million in customer bad debt costs.
Current report
Ameren Illinois Natural Gas
Current report
Ameren Illinois Transmission
Current report
(a)Includes $2 million and $1 million at Ameren Transmission in the three months ended March 31, 2026 and 2025, respectively, and other/intersegment eliminations of $3 million and $4 million in the three months ended March 31, 2026 and 2025, respectively.
Current report
Other income, net, were comparable between periods.
Current report
Other income, net, increased $10 million in the three months ended March 31, 2026, compared with the year-ago period. This is primarily due to an increase of $15 million in the allowance for equity funds used during construction, partially offset by a decrease of $5 million in the non-service cost component of net periodic benefit income.
Current report
The effective tax rate was higher at Ameren Illinois Electric Distribution in the three months ended March 31, 2026, compared with the year-ago period, primarily due to a decrease in excess deferred tax amortization pursuant to an ICC order, which was offset by a corresponding increase in revenues.
Current report
Ameren’s cash provided by operating activities decreased $10 million in the first three months of 2026, compared with the year-ago period. The following items contributed to the decrease:
Current report
•A $28 million increase in interest payments, including settlements of interest rate hedges, primarily due to higher average outstanding debt and interest rates on long-term debt.
Current report
•A $25 million increase in net collateral posted with counterparties, primarily due to changes in the market price of power and the timing of payments and settlements.
Current report
•A $23 million increase in payments for coal deliveries to bring coal inventory up to targeted levels at the Labadie Energy Center.
Current report
•A $19 million decrease due to individually insignificant items.
Current report
•A $13 million increase in payments for non-nuclear energy center maintenance, primarily at the Sioux and Labadie energy centers.
Current report
•A $12 million increase in pension and postretirement benefit plan contributions.
Current report
•A $7 million increase in gross receipts tax payments due to an increase in base rates at Ameren Missouri and Ameren Illinois in 2026 compared to 2025.
Current report
Ameren Missouri’s cash provided by operating activities decreased $10 million in the first three months of 2026, compared with the year-ago period. The following items contributed to the decrease:
Current report
•A $26 million decrease due to the the timing of income tax refunds from Ameren (parent), pursuant to the tax allocation agreement. Ameren Missouri received a refund in the first quarter of 2025, but did not make income tax payments or receive refunds in the first quarter of 2026.
Current report
•A $23 million increase in payments for coal deliveries to bring coal inventory up to targeted levels at the Labadie Energy Center.
Current report
•A $20 million decrease due to individually insignificant items.
Current report
•A $14 million increase in net collateral posted with counterparties, primarily due to changes in the market price of power and the timing of payments and settlements.
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Removed paragraphs (105)
Previous report
In April 2025, Missouri Senate Bill 4 was enacted and became effective in August 2025. The law includes certain provisions that affect the regulation of Ameren Missouri’s electric and natural gas businesses. These provisions create modifications to the PISA and integrated resource planning, require electric utilities to submit service tariff schedules for high-demand customers, allow the MoPSC to authorize inclusion of construction work in progress in rate base for new natural gas-fired generation facilities and new generation facilities approved through integrated resource planning, and allow natural gas utilities to file regulatory rate reviews using a future test year, among other things.
Previous report
In April 2025, the MoPSC issued an order in Ameren Missouri’s 2024 electric service regulatory rate review, approving nonunanimous stipulations and agreements. The order authorizes an increase of $355 million to Ameren Missouri’s annual revenue requirement for electric retail service, effective June 1, 2025. The approved revenue requirement was based on infrastructure investments as of December 31, 2024. The order did not explicitly specify an ROE, capital structure, rate base, or any rate base disallowances. The order provides for the continued use of all existing riders and trackers. The order also changed annualized depreciation, regulatory asset and liability amortization amounts, and the base level of expenses for trackers. On an annualized basis, these changes reflect an increase in “Depreciation and amortization” of approximately $70 million, among other expense changes, on Ameren’s and Ameren Missouri’s consolidated statements of income.
Previous report
In November 2025, Ameren Missouri updated its May 2025 request with the MoPSC to modify its existing large primary service tariff to require customers requesting 75 MWs or more of demand and who are served at transmission level voltage to comply with additional tariff terms. The additional terms include a service term of 12 years plus a ramp period of up to five years to reach peak demand, minimum demand charges of 80% of contracted capacity, customer exit terms and fees, and customer credit and collateral requirements, among other terms. In addition, new customer programs would be available under this tariff, which allow customers to support renewable generation, battery storage, and/or nuclear generation through incremental payments. A decision by the MoPSC is expected by February 2026.
Previous report
In July 2025, the MoPSC issued an order in Ameren Missouri’s 2024 natural gas delivery service regulatory rate review, approving a unanimous stipulation and agreement. The order authorizes an increase of $32 million to Ameren Missouri’s annual revenue requirement for natural gas delivery service, effective September 1, 2025. The order did not explicitly specify an ROE, capital structure, rate base, or any rate base disallowances. The order provides for the continued use of all of Ameren Missouri’s existing riders and trackers.
Previous report
In January 2025, Ameren Illinois filed a request with the ICC seeking approval to increase its annual revenues for natural gas delivery service. In July 2025, Ameren Illinois filed a revised request seeking to increase its annual revenues by $135 million. The request is based on a 10.7% ROE, a capital structure composed of 52% common equity, and a rate base of $3.3 billion. Ameren Illinois used a 2026 future test year in this proceeding. In August 2025, the ICC staff filed a revised recommendation to increase Ameren Illinois’ annual revenues for natural gas delivery service by $104 million. The recommendation is based on a 9.93% ROE, a capital structure composed of 50% common equity, and a rate base of $3.2 billion. In addition, in August 2025, the Illinois Attorney General's office recommended an increase to annual revenues for natural gas delivery service of $55 million, based on a 9.45% ROE, a capital structure composed of 50% common equity, and a rate base of $3.0 billion. In October 2025, the administrative law judge issued a proposed order for an increase to annual revenues of $91 million. The order was consistent with the ICC staff’s recommendation with the exception of the exclusion of the non-service cost component of the net periodic benefit income related to other postretirement benefits in the annual revenue requirement. A decision by the ICC in this proceeding is required by early December 2025, with new rates expected to be effective in early December 2025.
Previous report
In May 2025, Ameren Illinois filed its annual electric energy-efficiency formula rate update to increase its annual revenues by $12 million with the ICC. In August 2025, the ICC staff filed a recommendation supporting Ameren Illinois’ requested increase. An ICC decision in this proceeding is required by December 2025, with new rates effective in January 2026.
Previous report
•increased base rate revenues at Ameren Missouri effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order and a lower base level of expenses, partially offset by financing costs otherwise recoverable under the PISA and RESRAM, depreciation and amortization on property, plant, and equipment previously eligible for deferral under the PISA and RESRAM, and the net recovery for amounts associated with the reduction in sales volumes resulting from MEEIA programs (28 cents and 36 cents per share, respectively);
Previous report
•decreased income tax expense at Ameren Transmission resulting from the revaluation of excess deferred income tax regulatory liabilities, resulting from TCJA for FERC-regulated jurisdictions, related to ratemaking treatment of net operating loss carryforwards by affiliates under a tax allocation agreement, see Note 12 – Income Taxes under Part I, Item 1, of this report for additional information (18 cents per share for both periods);
Previous report
•the absence of a 2024 charge recorded by Ameren Missouri, included in other operation and maintenance expenses, related to a settlement agreement with the United States Department of Justice that resolved all outstanding claims in the NSR and Clean Air Act litigation related to the Rush Island Energy Center (13 cents and 17 cents per share, respectively);
Previous report
•the absence of the October 2024 FERC order reducing the allowed base ROE for FERC regulated transmission rate base and required refunds for certain prior periods under the MISO tariff, which increased Ameren Transmission earnings (4 cents per share for both periods); and
Previous report
•a higher allowance for equity funds used during construction at Ameren Transmission (4 cents per share in the nine months ended September 30, 2025).
Previous report
•increased financing costs primarily due to higher interest rates on higher debt balances at Ameren (parent) and Ameren Missouri (6 cents and 20 cents per share, respectively);
Previous report
•increased other operations and maintenance expenses not subject to formula rates, riders, or trackers, excluding a 2024 charge related to the NSR and Clean Air Act litigation discussed above, largely because of higher storm costs, higher energy center maintenance expense, and higher transmission and distribution expenditures for vegetation management costs at Ameren Missouri (6 cents and 9 cents per share, respectively);
Previous report
•increased losses related to equity method investments (2 cents and 5 cents per share, respectively).
Previous report
(+$10 million in both periods) due to the absence of the October 2024 FERC order that decreased base ROE for certain historical periods.
Previous report
The following items increased Ameren Missouri’s electric revenues for thethree and nine months ended September 30, 2025:
Previous report
•Revenues increased $11 million and $35 million, respectively, due to surcharges related to the servicing of securitized utility tariff bonds issued in December 2024 to finance costs related to the accelerated retirement of the Rush Island Energy Center. This increase in revenue is offset by increases in interest and amortization expense. See Variable Interest Entities in Note 1 – Summary of Significant Accounting Policies under Part I, Item 1, of this report for additional information.
Previous report
•Excluding the estimated effects of weather and the MEEIA customer energy-efficiency programs, electric revenues increased an estimated $23 million in both periods, primarily due to increased retail sales volumes and higher demand charges, partially offset by lower realized prices due to changes in customer usage patterns.
Previous report
•RESRAM revenues decreased $10 million and $17 million, respectively. These changes are largely offset by changes in the “Depreciation and amortization” section of the statement of income.
Previous report
(+$22 million and +$46 million, respectively) and increased capital investment (+$1 million and +$7 million, respectively).
Previous report
•Other revenues increased $3 million and $12 million, respectively, primarily due to mutual assistance provided to Ameren Missouri for major storms experienced in 2025 throughout its service territory and the recovery of and return on increased customer generation rebates.
Previous report
•Revenues increased $6 million and $10 million, respectively, due to the recovery of and return on increased energy-efficiency program investments under performance-based formula ratemaking.
Previous report
Natural Gas Revenues
Previous report
Ameren Missouri’s natural gas revenues were comparable for the three months ended September 30, 2025, and increased $6 million, or 6%, for thenine months ended September 30, 2025, compared with the year-ago periods, primarily due to colder winter temperatures.
Previous report
Ameren Illinois Natural Gas’ revenues were comparable for the three months ended September 30, 2025, and increased$26 million, or 4%, for the nine months ended September 30, 2025, compared with the year-ago periods.“Cost recovery mechanisms – offset in natural gas purchased for resale” increased revenues $15 million for the nine months ended September 30, 2025, due to a higher collection of natural gas costs previously deferred under the PGA. Changes in natural gas revenues under the PGA are fully offset by changes in natural gas purchased for resale expenses. Revenues increased $7 million for the nine months ended September 30, 2025 due to a change in the timing of revenues recognized under the VBA. Revenues are decoupled from actual sales volumes for residential and small nonresidential customers, and the change in the timing of revenues is not expected to materially impact full-year results.
Previous report
Ameren Missouri’s fuel and purchased power expenses increased $153 million, or 46%, and $742 million, or 108%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods.
Previous report
The following items increased Ameren Missouri’s fuel and purchased power expensesfor thethree and nine months ended September 30, 2025:
Previous report
•Fuel and purchased power expenses increased an estimated $4 million and $8 million, respectively, due to an increase in electric retail sales related to weather.
Previous report
•Transmission service charges (not included in the FAC) increased $2 million and $7 million, respectively, due to higher transmission rates related to increased revenue requirements of other MISO transmission operators.
Previous report
“Cost recovery mechanisms — offset in electric revenue” decreased fuel and purchased power expenses $19 million for the nine months ended September 30, 2025, due to decreased amortization of costs previously deferred under the FAC. The changes to “Cost recovery mechanisms - offset in electric revenue” are fully offset by “Cost recovery mechanisms - offset in fuel and purchased power” in electric revenues.
Previous report
Ameren Illinois Electric Distribution’s purchased power expenses increased $126 million, or 62%, and $201 million, or 36%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods, primarily due to summer capacity prices increasing from $30 per MW-day in 2024 to $667 per MW-day in 2025 pursuant to the April 2025 annual MISO capacity auction (+$47 million and +$88 million, respectively), increased volumes (+$29 million and +$51 million, respectively), primarily due to residential and small commercial customers switching from alternative retail electric suppliers to Ameren Illinois’ supplied power, increases in transmission service charges (+$11 million and +$36 million, respectively), and increased energy prices (+$33 million and +$15 million, respectively). The changes to “Cost recovery mechanisms - offset in electric revenue” are fully offset by changes to “Cost recovery mechanisms - offset in fuel and purchased power” in electric revenues.
Previous report
Ameren Missouri’s natural gas purchased for resale expenses were comparable for the three and nine months ended September 30, 2025, compared with theyear-ago periods.
Previous report
Ameren Illinois Natural Gas’ natural gas purchased for resale expenses decreased $7 million, or 27%, for the three months ended September 30, 2025, and increased $15 million, or 9%, for the nine months ended September 30, 2025, compared with the year-ago periods, primarily due to the amortization of natural gas costs that were previously deferred under the PGA. Changes in natural gas purchased for resale expenses are fully offset by changes in natural gas revenues under the PGA.
Previous report
(a)Includes $19 million and $19 million at Ameren Transmission in the three months ended September 30, 2025 and 2024, respectively. Includes other/intersegment eliminations of $(3) million and $(1) million in the three months ended September 30, 2025 and 2024, respectively. Also includes other/intersegment eliminations of $(15) million and $(8) million in the nine months ended September 30, 2025 and 2024, respectively.
Previous report
Other operations and maintenance expenses decreased $28 million and $41 million in the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods. The following items decreased other operations and maintenance expenses in the three and nine months ended September 30, 2025, compared with the year-ago periods:
Previous report
•The absence in 2025 of a $44 million and $59 million charge in the three and nine months ended September 30, 2025, related to the NSR and Clean Air Act litigation associated with the Rush Island Energy Center.
Previous report
The following items partially offset the decrease in other operations and maintenance expenses for the three and nine months ended September 30, 2025, compared with the year-ago periods (except where a specific period is referenced):
Previous report
•Non-nuclear energy center operations and maintenance expenses increased $6 million and $10 million in the three and nine months ended September 30, 2025.
Previous report
•Increased expense of $5 million and $9 million, respectively, for cloud-related software.
Previous report
•Transmission and distribution storm-related expenses increased $8 million in the nine months ended September 30, 2025, primarily because of the major storms experienced throughout its service territory in 2025.
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Reworded paragraphs (111)
Previous wording
•ATXI operates a FERC rate-regulated electric transmission business within the MISO.
Current wording
•ATXI operates a FERC rate-regulated electric transmission business in the MISO.
Previous wording
Net income attributable to Ameren common shareholders in the three months ended September 30, 2025, was $640 million, or $2.35 per diluted share, compared with $456 million, or $1.70 per diluted share, in the year-ago period. Net income attributable to Ameren common shareholders in the nine months ended September 30, 2025, was $1,204 million, or $4.43 per diluted share, compared with $975 million, or $3.65 per diluted share, in the year-ago period. Net income was favorably affected for the three and nine months ended September 30, 2025, by increased base rate revenues at Ameren Missouri effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order and decreased tax expense at Ameren Transmission due to the revaluation of excess deferred income tax regulatory liabilities. Earnings were also favorably affected for the three and nine months ended September 30, 2025, by decreased other operations and maintenance expenses not subject to formula rates, riders, or trackers, largely because of the absence in 2025 of an Ameren Missouri charge related to the resolution of outstanding claims in the NSR and Clean Air Act litigation associated with the Rush Island Energy Center. Additionally, earnings were favorably affected for the three and nine months ended September 30, 2025, by increased retail electric sales volumes at Ameren Missouri, primarily due to warmer July temperatures and colder winter temperatures in 2025 and growth in retail electric sales and by the increased deferral of financing costs related to rate base investments at Ameren Missouri, and by increased infrastructure investments at Ameren Transmission and Ameren Illinois Electric Distribution. Net income was unfavorably affected for the three and nine months ended September 30, 2025, by increased financing costs, primarily resulting from higher interest rates on higher debt balances at Ameren (parent) and Ameren Missouri and by increased other operations and maintenance expenses not subject to formula rates, riders, or trackers, excluding a charge related to the NSR and Clean Air Act litigation, primarily due to higher storm costs, higher energy center maintenance expenses, and higher transmission and distribution vegetation management costs.
Current wording
Net income attributable to Ameren common shareholders in the three months ended March 31, 2026, was $357 million, or $1.28 per diluted share, compared with $289 million, or $1.07 per diluted share, in the year-ago period. Net income was favorably affected for the three months ended March 31, 2026, by increased infrastructure investments across all segments, including infrastructure reflected in electric and natural gas service rates at Ameren Missouri, effective June 1, 2025 and September 1, 2025, respectively, and natural gas rates at Ameren Illinois, effective December 2, 2025. Net income was unfavorably affected for the three months ended March 31, 2026, by decreased retail electric sales volumes at Ameren Missouri, primarily due to warmer winter temperatures in 2026, among other items.
Previous wording
Ameren’s strategic plan includes investing in rate-regulated energy infrastructure, enhancing regulatory frameworks and advocating for responsible policies, and optimizing operating performance to capitalize on opportunities to benefit our customers, communities, shareholders, and the environment. Ameren remains focused on disciplined cost management and strategic capital allocation. Ameren invested $3.1 billion in its rate-regulated businesses in the nine months ended September 30, 2025.
Current wording
Ameren’s strategic plan includes investing in rate-regulated energy infrastructure, enhancing regulatory frameworks and advocating for responsible policies, and optimizing operating performance to deliver on opportunities to benefit our customers, communities, and shareholders. Ameren remains focused on disciplined cost management and strategic capital allocation. Ameren invested $1.6 billion in its rate-regulated businesses in the three months ended March 31, 2026.
Previous wording
In June 2025, Ameren Missouri filed for a CCN with the MoPSC to construct the Big Hollow Natural Gas (800-MW facility) and the Big Hollow Battery Energy Storage (400-MW facility) projects. In August 2025, Ameren Missouri filed for a CCN to construct the Reform Solar Project (250-MW facility). Ameren Missouri expects decisions by the MoPSC in the first half of 2026.
Current wording
In August 2025, Ameren Missouri filed for a CCN to construct the Reform Solar Project (250-MW facility). In March 2026, Ameren Missouri, the MoPSC staff, and certain intervenors filed a nonunanimous stipulation and agreement with the MoPSC, which recommends the MoPSC approve Ameren Missouri’s requested CCN. Ameren Missouri expects a decision by the MoPSC in the first half of 2026. In February 2026, the MoPSC issued an order approving a nonunanimous stipulation and agreement related to a requested CCN for the Big Hollow Natural Gas (800-MW facility) and the Big Hollow Battery Energy Storage (400-MW facility) projects. Also in February 2026, Ameren Missouri acquired the Split Rail Solar Project, which includes solar panels, project design, land rights, and engineering, procurement, and construction agreements, for approximately $0.6 billion, and took over construction management of the project, which is expected to be placed in-service in the second quarter of 2026.
Previous wording
In February 2025, Ameren Missouri filed an update to its Smart Energy Plan with the MoPSC, which includes a five-year capital investment overview with a detailed one-year plan for 2025. The plan is designed to upgrade Ameren Missouri’s electric infrastructure and includes investments that will upgrade the grid and accommodate more renewable energy. Investments under the plan are expected to total approximately $16.2 billion over the five-year period from 2025 through 2029, with expenditures largely recoverable under the PISA. The Smart Energy Plan excludes investments in its natural gas distribution business, as well as removal costs, net of salvage.
Current wording
In February 2026, Ameren Missouri filed an update to its Smart Energy Plan with the MoPSC, which includes a five-year capital investment overview with a detailed one-year plan for 2026. The plan is designed to upgrade Ameren Missouri’s electric infrastructure and includes investments that will upgrade the grid to enhance reliability and resiliency. Investments under the plan are expected to total approximately $20.8 billion over the five-year period from 2026 through 2030, with expenditures largely recoverable under the PISA prior to being included in base rates. The Smart Energy Plan excludes investments in its natural gas distribution business, as well as removal costs, net of salvage.
Previous wording
In April 2025, Ameren Illinois filed for a reconciliation adjustment to its 2024 electric distribution service revenue requirement with the ICC. In September 2025, Ameren Illinois filed a revised reconciliation adjustment, requesting recovery of $60 million. The adjustment reflects Ameren Illinois’ actual 2024 recoverable costs, 2024 year-end rate base, and a capital structure composed of 50% common equity. In September 2025, the ICC staff submitted its calculation of the reconciliation adjustment, recommending recovery of $47 million. The ICC staff’s recommendation excluded an asset associated with other postretirement benefits from the rate base. An ICC decision in this proceeding is required by December 2025, and any approved adjustment would be collected from customers in 2026.
Current wording
In April 2026, Ameren Illinois filed a reconciliation adjustment to its 2025 electric distribution service revenue requirement with the ICC, requesting recovery of $65 million. The adjustment reflects Ameren Illinois’ actual 2025 recoverable costs, 2025 year-end rate base, which includes assets associated with other postretirement benefits that are under appeal in Ameren Illinois’ MYRP and 2024 electric distribution service revenue requirement reconciliation adjustment proceedings, and a capital structure composed of 50% common equity. An ICC decision is required by December 2026, and any approved adjustment would be collected from customers in 2027.
Previous wording
We employ various risk management strategies to reduce our exposure to commodity risk and other risks inherent in our business. The reliability of Ameren Missouri’s energy centers and our transmission and distribution systems, and the level and timing of operations and maintenance costs and capital investment, are key factors that we seek to manage in order to optimize our results of operations, financial position, and liquidity.
Current wording
We employ various risk management strategies to reduce our exposure to commodity and interest rate risk as well as other risks inherent in our business. The reliability of Ameren Missouri’s energy centers and our transmission and distribution systems, and the level and timing of operations and maintenance costs and capital investment, are key factors that we seek to manage in order to optimize our results of operations, financial position, and liquidity.
Previous wording
The following table presents a summary of Ameren’s earnings for the three and nine months ended September 30, 2025 and 2024:
Current wording
The following table presents a summary of Ameren’s earnings for the three months ended March 31, 2026 and 2025:
Previous wording
Net income attributable to Ameren common shareholders increased $184 million and earnings per diluted share increased 65 cents in the three months ended September 30, 2025, compared with the year-ago period. The increase was due to net income increases of $137 million, $61 million, and $1 million, at Ameren Missouri, Ameren Transmission and Ameren Illinois Electric Distribution, respectively. These increases were partially offset by an increase in net loss of $3 million at Ameren Illinois Natural Gas and $12 million for activity not reported as part of a segment, primarily at Ameren (parent).
Current wording
Net income attributable to Ameren common shareholders increased $68 million and earnings per diluted share increased 21 cents in the three months ended March 31, 2026, compared with the year-ago period. The increase was due to net income increases of $34 million, $14 million, $9 million, and $3 million, at Ameren Missouri, Ameren Illinois Natural Gas, Ameren Transmission and Ameren Illinois Electric Distribution, respectively. Additionally, there was a decrease in net loss of $8 million for activity not reported as part of a segment, primarily at Ameren (parent).
Previous wording
Earnings per diluted share were favorably affected in the three and nine months ended September 30, 2025, compared to the year-ago periods (except where a specific period is referenced), by:
Current wording
Earnings per diluted share were favorably affected in the three months ended March 31, 2026, compared to the year-ago period, by:
Previous wording
•increased base rate revenues at Ameren Missouri for the inclusion of previously deferred interest charges pursuant to the April 2025 MoPSC electric rate order effective June 1, 2025, and higher interest deferrals related to infrastructure investments associated with the PISA and RESRAM (4 cents and 13 cents per share, respectively);
Current wording
•a higher allowance for equity funds used during construction and increased base rate revenues at Ameren Missouri for the inclusion of previously deferred interest charges under PISA pursuant to the April 2025 MoPSC electric rate order, partially offset by lower interest deferrals associated with the PISA (7 cents per share);
Previous wording
•increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution (5 cents and 11 cents per share, respectively);
Current wording
•equity return on increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution (4 cents per share);
Previous wording
Earnings per diluted share were unfavorably affected in the three and nine months ended September 30, 2025, compared to the year-ago periods, by:
Current wording
Earnings per diluted share were unfavorably affected in the three months ended March 31, 2026, compared to the year-ago period, by:
Previous wording
•increased retail electric sales volumes at Ameren Missouri, excluding customer energy-efficiency programs, primarily due to warmer July temperatures and colder winter temperatures compared to the prior-year periods, and growth in retail electric sales (estimated at 15 cents and 17 cents per share, respectively);
Current wording
•decreased retail electric sales volumes at Ameren Missouri, excluding customer energy-efficiency programs, primarily due to warmer winter temperatures in 2026 (estimated 5 cents per share);
Previous wording
•increased weighted-average basic common shares outstanding resulting from issuances of common shares (3 cents and 6 cents per share, respectively); and
Current wording
•increased weighted-average basic common shares outstanding resulting from issuances of common shares (3 cents per share).
Previous wording
The cents per share variances above are presented based on the weighted-average basic common shares outstanding in the three and nine months ended September 30, 2024, and do not reflect the impact of dilution on earnings per share, unless otherwise noted. The amounts above other than variances related to income taxes have been presented net of income taxes using Ameren’s 2025 blended federal and state statutory tax rate of 26%. For additional details regarding the Ameren Companies’ results of operations, including explanations of Operating Revenues for both Electric Revenues and Natural Gas Revenues; Fuel and Purchased Power Expenses; Other Operations and Maintenance Expenses; Depreciation and Amortization Expenses; Taxes Other Than Income Taxes; Other Income, Net; Interest Charges; and Income Taxes, see the major headings below.
Current wording
The cents per share variances above are presented based on the weighted-average basic common shares outstanding in the three months ended March 31, 2025, and do not reflect the impact of dilution on earnings per share, unless otherwise noted. The amounts above other than variances related to income taxes have been presented net of income taxes using Ameren’s 2026 blended federal and state statutory tax rate of 26%. For additional details regarding the Ameren Companies’ results of operations, including explanations of Operating Revenues for both Electric Revenues and Natural Gas Revenues; Fuel and Purchased Power Expenses; Other Operations and Maintenance Expenses; Depreciation and Amortization Expenses; Taxes Other Than Income Taxes; Other Income, Net; Interest Charges; and Income Taxes, see the major headings below.
Previous wording
Below is Ameren’s table of income statement components by segment for the three and nine months ended September 30, 2025 and 2024:
Current wording
Below is Ameren’s table of income statement components by segment for the three months ended March 31, 2026 and 2025:
Previous wording
Below is Ameren Illinois’ table of income statement components by segment for the three and nine months ended September 30, 2025 and 2024:
Current wording
Below is Ameren Illinois’ table of income statement components by segment for the three months ended March 31, 2026 and 2025:
Previous wording
The following table presents the increases (decreases) by Ameren segment for electric and natural gas revenues for the three and nine months ended September 30, 2025, compared with the year-ago periods:
Current wording
The following table presents the increases (decreases) by Ameren segment for electric and natural gas revenues for the three months ended March 31, 2026, compared with the year-ago period:
Previous wording
(a)Includes an increase in transmission revenues of $21 million and $60 million at Ameren Illinois for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods.
Current wording
(a)Includes an increase in transmission revenues of $10 million at Ameren Illinois for the three months ended March 31, 2026, compared with the year-ago period.
Previous wording
(b)For Ameren Illinois Electric Distribution and Ameren Transmission, base rates include increases or decreases in operating revenues related to the revenue requirement reconciliation adjustment under the MYRP and formula rates, respectively. For Ameren Missouri, base rates exclude an increase for the recovery of lost electric revenue, less the associated fuel and purchased power expenses, resulting from the MEEIA customer energy-efficiency programs and a decrease in base rates for RESRAM. These changes in Ameren Missouri base rates are included in the “Retail sales volumes and changes in customer usage patterns (excluding the estimated effects of weather and MEEIA)” and “Cost recovery mechanisms - offset in fuel and purchased power” line items, respectively.
Current wording
(b)For Ameren Illinois Electric Distribution and Ameren Transmission, base rates include increases or decreases in operating revenues related to the revenue requirement reconciliation adjustment under the MYRP and formula rates, respectively. For Ameren Missouri, base rates exclude an increase for the recovery of lost electric revenue, less the associated fuel and purchased power expenses, resulting from the MEEIA customer energy-efficiency programs and a decrease in base rates for RESRAM. These changes in Ameren Missouri base rates are included in the “Retail sales volumes and changes in customer usage patterns (normalized for the estimated effects of weather and MEEIA)” and “Cost recovery mechanisms - offset in fuel and purchased power” line items, respectively.
Previous wording
(c)Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric and natural gas demand compared with the year-ago periods; this variation is based on temperature readings from National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
Current wording
(c)Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric and natural gas demand compared with the year-ago period; this variation is based on temperature readings from National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
Previous wording
(d)Changes in RESRAM revenues are largely offset in “Fuel and purchased power,” “Other operations and maintenance,” “Depreciation and amortization,” “Taxes other than income taxes,” or “Income taxes” on the statement of income.
Current wording
(e)Changes in RESRAM revenues are largely offset in “Fuel and purchased power,” “Other operations and maintenance,” “Depreciation and amortization,” “Taxes other than income taxes,” or “Income taxes” on the statement of income.
Previous wording
(e)Electric and natural gas revenue changes are offset by corresponding changes in “Fuel and purchased power” and “Natural gas purchased for resale” on the statement of income. For the three and nine months ended September 30, 2025, activity in Other/Intersegment Eliminations of $10 million and $33 million, respectively, was primarily due to the changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$11 million and -$33 million, respectively). See Note 14 – Segment Information under Part I, Item 1, of this report for additional information on intersegment eliminations. These items have no overall impact on earnings.
Current wording
(f)Electric and natural gas revenue changes are offset by corresponding changes in “Fuel and purchased power” and “Natural gas purchased for resale” on the statement of income. For the three months ended March 31, 2026, activity in Other/Intersegment Eliminations of $7 million was primarily due to the changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$7 million). See Note 14 – Segment Information under Part I, Item 1, of this report for additional information on intersegment eliminations. These items have no overall impact on earnings.
Previous wording
(f)Offsetting expense increases or decreases are reflected in “Other operations and maintenance,” “Taxes other than income taxes,” or “Income taxes” on the statement of income. These items have no overall impact on earnings.
Current wording
(g)Offsetting expense increases or decreases are reflected in “Other operations and maintenance,” “Taxes other than income taxes,” or “Income taxes” on the statement of income. These items have no overall impact on earnings.
Previous wording
Ameren’s electric revenues increased $528 million, or 26%, and $1,303 million, or 26%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods, primarily due to increased revenues at Ameren Missouri, Ameren Illinois Electric Distribution, and Ameren Transmission, as discussed below.
Current wording
Ameren’s electric revenues increased $39 million, or 2%, for the three months ended March 31, 2026, compared with the year-ago period, primarily due to increased revenues at Ameren Illinois Electric Distribution and Ameren Transmission, partially offset by decreased revenues at Ameren Missouri, as discussed below.
Previous wording
Ameren Transmission’s electric revenues increased $30 million, or 14%, and $72 million, or 12%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods. Revenues were primarily affected by higher recoverable expenses
Current wording
Ameren Transmission’s electric revenues increased $17 million, or 8%, for the three months ended March 31, 2026, compared with the year-ago period. Revenues were affected by higher recoverable expenses (+$10 million) and increased return on capital investment
Previous wording
(+$12 million and +$44 million, respectively) and increased capital investment (+$8 million and +$18 million, respectively), as evidenced by a 7% increase in rate base used to calculate the revenue requirement. Additionally, revenues were favorably affected by a higher ROE
Current wording
(+$7 million), as evidenced by a 9% increase in rate base used to calculate the revenue requirement.
Previous wording
Ameren Missouri’s electric revenues increased $361 million, or 27%, and $991 million, or 34%, for thethree and nine months ended September 30, 2025, respectively, compared with theyear-ago periods.
Current wording
Ameren Missouri’s electric revenues decreased $42 million, or 5%, for thethree months ended March 31, 2026, compared with theyear-ago period.
Previous wording
The following items decreased Ameren Missouri’s electric revenues for thethree and nine months ended September 30, 2025 (except where a specific period is referenced):
Current wording
The following items decreased Ameren Missouri’s electric revenues between periods:
Previous wording
•“Off-system sales, capacity, transmission, and FAC revenues, net” increased $146 million and $745 million, respectively, primarily due to summer capacity prices increasing from $30 per MW-day in 2024 to $667 per MW-day in 2025 pursuant to the April 2025 annual MISO capacity auction.
Current wording
•“Off-system sales, capacity, transmission, and FAC revenues, net” decreased $145 million primarily due to spring capacity prices decreasing from $720 per MW-day in 2025 to $70 per MW-day in 2026 as a result of the annual MISO auctions.
Previous wording
•The effect of weather increased revenues an estimated $37 million and $48 million, respectively, primarily due to warmer July temperatures and colder winter temperatures.
Current wording
•The effect of weather decreased revenues an estimated $17 million primarily due to warmer winter temperatures in 2026.
Previous wording
•Higher electric base rates, excluding the change in base rates for the MEEIA customer energy-efficiency programs and the RESRAM, resulting from the April 2025 MoPSC electric rate order effective June 1, 2025, increased revenues an estimated $143 million and $187 million, respectively. See Note 2 – Rate and Regulatory Matters under Part I, Item 1, of this report for additional information regarding the April 2025 MoPSC electric rate order.
Current wording
•Higher electric base rates, excluding the change in base rates for the MEEIA customer energy-efficiency programs and the RESRAM, resulting from the April 2025 MoPSC electric rate order effective June 1, 2025, increased revenues an estimated $74 million.
Previous wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” decreased $19 million for the nine months ended September 30, 2025, due to decreased revenue related to the amortization of costs previously deferred under the FAC that were reflected in customer rates. The changes to “Cost recovery mechanisms - offset in fuel and purchased power” are fully offset by changes to “Cost recovery mechanisms - offset in electric revenue” in fuel and purchased power.
Current wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” increased$27 million due to increased revenue related to the recovery of costs previously deferred under the FAC. The changes to “Cost recovery mechanisms - offset in fuel and purchased power” are fully offset by changes to “Cost recovery mechanisms - offset in electric revenue” in fuel and purchased power.
Previous wording
•In accordance with the June 2024 MoPSC financing order, revenues decreased $26 million for the nine months ended September 30, 2025, due to the deferral of base rate revenues to a regulatory liability related to the Rush Island Energy Center since its October 15, 2024 retirement date. The deferral ended with new rates effective June 1, 2025.
Current wording
•Revenues increased$17 million due to the absence of the deferral ofbase rate revenues to a regulatory liability related to the Rush Island Energy Center following its October 15, 2024 retirement date, in accordance with the June 2024 MoPSC financing order. The deferral ended with new rates effective June 1, 2025.
Previous wording
Ameren Illinois’ electric revenues increased $157 million, or 23%, and $304 million, or 16%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods, driven by increased revenues at Ameren Illinois Electric Distribution and Ameren Illinois Transmission.
Current wording
Ameren Illinois’ electric revenues increased $74 million, or 11%, for the three months ended March 31, 2026, compared with the year-ago period, driven by increased revenues at Ameren Illinois Electric Distribution and Ameren Illinois Transmission.
Previous wording
Ameren Illinois Electric Distribution’s revenues increased $147 million, or 27%, and $277 million, or 18%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods.
Current wording
Ameren Illinois Electric Distribution’s revenues increased $71 million, or 12%, for the three months ended March 31, 2026, compared with the year-ago period.
Previous wording
The following items increased Ameren Illinois Electric Distribution’srevenues for thethree and nine months ended September 30, 2025:
Current wording
The following items increased Ameren Illinois Electric Distribution’srevenues between periods:
Previous wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” increased $126 million and $201 million, respectively, due to increased purchased power expenses recovered from customers. The increase in electric revenues are fully offset by an increase in purchased power expenses under cost recovery mechanisms for purchased power, as discussed below.
Current wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” increased $54 million due to increased purchased power expenses recovered from customers. The increase in electric revenues are fully offset by an increase in purchased power expenses under cost recovery mechanisms for purchased power, as discussed below.
Previous wording
•Base rates increased revenues by $23 million and $54 million, respectively, due to higher recoverable non-purchased power expenses
Current wording
•Base rates increased revenues by $16 million due to higher recoverable non-purchased power expenses (+$13 million) and increased return on capital investment (+$3 million).
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Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
In August 2025, the ICC issued an order approving Ameren Illinois’ energy-efficiency plan that includes annual investments in electric energy-efficiency programs of approximately $126 million per year from 2026 through 2029. The ICC has the ability to reduce the amount of electric energy-efficiency savings goals in future program years if there are insufficient cost-effective programs available, which could reduce the investments in electric energy-efficiency programs.
Previous report — wording carried elsewhere
Net income attributable to Ameren common shareholders increased $229 million and earnings per diluted share increased 78 cents in the nine months ended September 30, 2025, compared with the year-ago period. The increase was due to net income increases of $176 million, $85 million, $11 million, and $3 million at Ameren Missouri, Ameren Transmission, Ameren Illinois Electric Distribution, and Ameren Illinois Natural Gas, respectively. These increases were partially offset by an increase in net loss of $46 million for activity not reported as part of a segment, primarily at Ameren (parent).
Previous report — wording carried elsewhere
Interest charges were comparable between periods.
Previous report — wording carried elsewhere
The following items partially offset the increase in Ameren’s cash from operating activities between periods: