AMEREN CORP
For the period ended Jun 30, 2026. Filed Aug 3, 2026.
View on SEC.govAbout this filing
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.
Jun 30, 2026 · Filed Aug 3, 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 2026-03-31; filed 2026-05-08.
0001002910-26-000015
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0001002910-26-000023
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 235 previous paragraphs and 267 current paragraphs.
88 unchanged; 128 reworded; 42 added; 18 removed; 1 previous and 9 current paragraphs rearranged.
Tables are not compared: 21 previous and 23 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 (42)
Current report
In June 2026, Ameren Missouri filed a request with the MoPSC seeking approval to increase its annual revenues for electric service by $343 million. The electric rate request is based on a 10.25% return on common equity, a capital structure composed of 52% common equity, a rate base of $16.7 billion, and a test year ended March 31, 2026, with certain pro-forma adjustments expected through an anticipated true-up date of December 31, 2026. The MoPSC proceeding relating to the proposed electric service rate changes will take place over a period of up to 11 months, with a decision by the MoPSC expected by May 2027 and new rates effective by June 2027.
Current report
Net income attributable to Ameren common shareholders increased $39 million and earnings per diluted share increased 12 cents in the three months ended June 30, 2026, compared with the year-ago period. The increase was due to net income increases of $10 million,$7 million, and $6 million at Ameren Transmission, Ameren Missouri, and Ameren Illinois Electric Distribution, respectively. The above increases were partially offset by a $1 million reduction in net income at Ameren Illinois Natural Gas. Net income was further impacted by a decrease in net loss of $17 million for activity not reported as part of a segment, primarily at Ameren (parent).
Current report
•an increase in earnings from our equity method investments, primarily related to advance innovative energy technologies in 2026 compared with a net loss on those investments in 2025 (8 cents and 9 cents per share, respectively);
Current report
•increased financing costs primarily at Ameren Missouri and Ameren (Parent), largely due to higher rates on higher long-term debt balances (2 cents and 4 cents, respectively).
Current report
•Excluding the estimated effects of weather and the MEEIA customer energy-efficiency programs, electric revenues increased an estimated$16 million and $12 million, respectively, primarily due to increased retail sales volumes, partially offset by lower realized prices due to changes in customer usage patterns.
Current report
•RESRAM revenues increased$10 million and$12 million, respectively, primarily due to increased wind generation. The changes in revenue are primarily offset by changes in the “Depreciation and amortization” section of the statement of income.
Current report
•Revenues associated with the recovery of and return on customer generation rebates increased $5 million and $7 million, respectively.
Current report
Ameren Illinois Electric Distribution’s purchased power expenses increased $15 million, or 7%, and $69 million, or 16%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods. This is primarily due to increased energy prices
Current report
(+$23 million and +$62 million, respectively), transmission service charges (+$5 million and +$13 million, respectively) and volumes
Current report
(+$3 million and +$2 million, respectively), partially offset by lower capacity prices (-$16 million and -$13 million, respectively) as a result of the annual MISO auctions. 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 $21 million and $18 million at Ameren Transmission in the three months ended June 30, 2026 and 2025, respectively. Includes other/intersegment eliminations of $(14) million and $(7) million in the three months ended June 30, 2026 and 2025, respectively. Also includes other/intersegment eliminations of $(23) million and $(12) million in the six months ended June 30, 2026 and 2025, respectively.
Current report
Other operations and maintenance expenses were comparable between periods.
Current report
Other operations and maintenance expenses increased $44 million and $58 million in the three and six months ended June 30, 2026, respectively, compared with the year-ago period, primarily due to the following items:
Current report
•Transmission and distribution expenditures, excluding major storm-related expenses, increased $10 million and $14 million, respectively, largely due to increased vegetation management expenditures.
Current report
•Callaway Energy Center operating costs increased $7 million and $10 million, respectively, primarily due to increased amortization costs from the spring 2025 refueling and maintenance outage.
Current report
Other operations and maintenance expenses increased $23 million and $19 million in the three and six months ended June 30, 2026, respectively, compared with the year-ago periods, primarily due to the following items:
Current report
Other operations and maintenance expenses increased $9 million and $3 million in the three and six months ended June 30, 2026, respectively. The increased costs were primarily due to expanding programs under CEJA of $6 million and $9 million, respectively, and increased costs associated with customer solar rebates and energy-efficiency investments under formula ratemaking of $3 million and $6 million, respectively, due to increased amortization of regulatory assets. The increased expenses were partially offset by decreases in customer bad debts of $3 million and $11 million, respectively.
Current report
Other operations and maintenance expenses increased $12 million and $14 million in the three and six months ended June 30, 2026, respectively, primarily due to increased natural gas storage costs of $8 million and increased costs in system maintenance of $3 million.
Current report
Other operations and maintenance expenses were comparable between periods.
Current report
(a)Includes $3 million, $3 million, $5 million, and $4 million at Ameren Transmission in the three months ended June 30, 2026 and 2025, and in the six months ended June 30, 2026 and 2025, respectively. Also includes other/intersegment eliminations of $4 million, $3 million, $7 million, and $7 million in the three months ended June 30, 2026 and 2025, and in the six months ended June 30, 2026 and 2025, respectively.
Current report
(a)Includes $6 million and $10 million at Ameren Transmission in the three months ended June 30, 2026 and 2025, respectively.
Current report
•A $223 million decrease in production and investment tax credit transfers to unrelated parties at Ameren Missouri.
Current report
•A $56 million decrease due to the timing of payments and reimbursements for programs related to customer-owned distributed generation facilities in Ameren Illinois’ service territory.
Current report
•A $13 million increase in payments to contractors at Ameren Illinois, primarily related to higher costs to comply with expanded programs under the CEJA.
Current report
•A $12 million decrease due to the timing of receipts and refunds of customer deposits.
Current report
•A $9 million increase in payments to fund mitigation programs ordered in the NSR and Clean Air Act litigation discussed in Note 14 – Commitments and Contingencies under Part II, Item 8, of the Form 10-K.
Current report
•A $29 million increase due to the absence of nuclear refueling and maintenance outage payments in 2026 related to the Callaway Energy Center. The last scheduled refueling and maintenance outage was in the spring of 2025.
Current report
•A $15 million decrease in payments for coal deliveries, primarily due to decreased generation at Ameren Missouri’s coal-fired energy centers in 2026.
Current report
•A $43 million increase in net collateral posted by counterparties, primarily due to collateral received from certain large load customers under its modified large primary service tariff that was approved in 2025.
Current report
•A $29 million increase due to the absence of nuclear refueling and maintenance outage payments in 2026 related to the Callaway Energy Center. The last scheduled refueling and maintenance outage was in the spring of 2025.
Current report
•A $15 million decrease in payments for coal deliveries, primarily due to decreased generation at coal-fired energy centers in 2026.
Current report
•A $223 million decrease in production and investment tax credit transfers to unrelated parties.
Current report
•An $11 million decrease due to the timing of receipts and refunds of customer deposits.
Current report
•A $9 million increase in payments to fund mitigation programs ordered in the NSR and Clean Air Act litigation discussed in Note 14 – Commitments and Contingencies under Part II, Item 8, of the Form 10-K.
Current report
•A $4 million decrease due to the timing of payments for accounts payable.
Current report
Ameren Illinois’ cash provided by operating activities decreased $34 million in the first six months of 2026, compared with the year-ago period. The following items contributed to the decrease:
Current report
•A $56 million decrease due to the timing of payments and reimbursements for programs related to customer-owned distributed generation facilities.
Current report
•A $13 million increase in payments to contractors, primarily related to higher costs to comply with expanded programs under the CEJA.
Current report
•A $22 million increase due to the timing of payments for accounts payable.
Current report
(d)These securitized utility tariff bonds were issued by AMF. The securitized tariff bondholders have no recourse to Ameren Missouri.
Showing the first 40 of 42 passages. Open the source sections for the rest.
Removed paragraphs (18)
Previous report
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 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.
Previous report
(a)Includes other/intersegment eliminations of $(9) million and $(5) million in the three months ended March 31, 2026 and 2025, respectively.
Previous report
Other operations and maintenance expenses increased $14 million in the three months ended March 31, 2026, compared with the year-ago period, primarily due to the following items:
Previous report
Other operations and maintenance expenses decreased $4 million in the three months ended March 31, 2026, compared with the year-ago period, primarily due to the following items:
Previous 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.
Previous 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.
Previous report
•A $23 million increase in payments for coal deliveries to bring coal inventory up to targeted levels at the Labadie Energy Center.
Previous report
•A $19 million decrease due to individually insignificant items.
Previous 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:
Previous 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.
Previous report
•A $23 million increase in payments for coal deliveries to bring coal inventory up to targeted levels at the Labadie Energy Center.
Previous report
•A $20 million decrease due to individually insignificant items.
Previous report
•Ameren Missouri plans to file for an electric service regulatory rate review in mid-2026. Ameren Missouri expects the primary driver of the electric service regulatory rate review will be increased infrastructure investments to ensure system reliability and resiliency.
Previous report
•In late April 2026, the MISO released the results of its annual capacity auction, which included summer capacity price decreases in the central region of the MISO footprint, where Ameren Missouri’s and Ameren Illinois’ service territories are located. Capacity prices decreased from $667 per MW-day for the summer of 2025 pursuant to the April 2025 capacity auction to $424 per MW-day for the summer of 2026 pursuant to the April 2026 capacity auction. As a result, lower capacity revenues and purchased power costs at Ameren Missouri and lower purchased power costs at Ameren Illinois are expected; however, Ameren Missouri and Ameren Illinois are still assessing the results of the April 2026 MISO capacity auction. Ameren Missouri sells nearly all of its capacity to the MISO and purchases the capacity it needs to supply its native load sales from the MISO. Ameren Missouri’s capacity revenues and purchased power costs are a part of the net energy costs recoverable under the FAC, with 95% of the variance between net energy costs and the amount set in base rates recovered or refunded through the FAC. Ameren Illinois has power procurement riders that allow the difference between actual purchased power costs and costs billed to customers to be deferred as a regulatory asset or liability. These pass-through costs do not affect Ameren Illinois’ net income, as any change in costs are offset by a corresponding change in revenues.
Previous report
•By the third quarter of 2026, Ameren Missouri expects to file for CCNs for various generation projects totaling approximately 3 gigawatts, which primarily includes a 2.1 gigawatt natural gas-fired combined-cycle project and additional battery storage projects. These projects will support Ameren Missouri’s 2025 Change to the 2023 PRP discussed above.
Previous report
•The IRA was enacted in 2022, and includes various income tax provisions, among other things. The law extends federal production and investment tax credits for projects that began construction through 2024 and creates production and investment tax credits and nuclear production tax credits for projects beginning construction after 2024, subject to the phase out provisions established by the OBBBA as discussed below. The law allows for transferability, subject to revisions made by the OBBBA discussed below, to an unrelated party for cash of up to 100% of certain tax credits generated after 2022.
Previous report
•The OBBBA was enacted in 2025 and includes various income tax provisions, among other things. The OBBBA modified provisions of the IRA related to production and investment tax credits. The new law maintains production and investment tax credits for solar and wind projects that begin construction within one year of the OBBBA’s enactment and are placed in-service by the end of 2030. Projects that begin construction after one year from enactment of the OBBBA but are placed in service by the end of 2027 also remain eligible. The law provides investment tax credits for battery storage projects that begin construction by the end of 2033, which phase out by the end of 2035. Renewable energy projects that begin construction in 2026 and beyond that use a certain threshold percentage of materials from prohibited foreign entities, as defined in the OBBBA, are not eligible for the tax credits. Production tax credits associated with nuclear generation remain unchanged from the IRA and phase out by the end of 2032. Furthermore, the new law continues to allow for transferability of the production and investment tax credits to an unrelated party for cash but such credits are restricted from being transferred to specified foreign entities, as defined in the OBBBA. Ameren does not expect any material impacts on its results of operations, financial position, and liquidity in 2026 related to the OBBBA. Implementation of the OBBBA provisions is subject to additional guidance, regulations, interpretations, amendments, or technical corrections that may be issued by the IRS or United States Department of Treasury. Ameren will continue to monitor and assess any impacts related to the OBBBA.
Reworded paragraphs (128)
Previous 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.
Current wording
Net income attributable to Ameren common shareholders in the three months ended June 30, 2026, was $314 million, or $1.13 per diluted share, compared with $275 million, or $1.01 per diluted share, in the year-ago period. Net income attributable to Ameren common shareholders in the six months ended June 30, 2026, was $671 million, or $2.41 per diluted share, compared with $564 million, or $2.08 per diluted share, in the year-ago period. Net income was favorably affected for the three and six months ended June 30, 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 and six months ended June 30, 2026, by 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 vegetation management expenses, 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 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.
Current wording
Ameren’s strategic plan includes investing in rate-regulated energy infrastructure, enhancing regulatory frameworks and energy policies, and optimizing performance to deliver safe, reliable, affordable energy for our customers and communities. Ameren remains focused on disciplined cost management and strategic capital allocation. Ameren invested $2.7 billion in its rate-regulated businesses in the six months ended June 30, 2026.
Previous 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.
Current wording
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 for approximately $0.6 billion and placed it in-service in June 2026. In May 2026, the MoPSC issued an order approving a nonunanimous stipulation and agreement related to a requested CCN for the Reform Solar Project (250-MW facility). Also in May 2026, Ameren Missouri filed for a CCN to construct the Millcreek (250-MW facility), Huck Finn (200-MW facility), and Castle Bluff (95-MW facility) battery energy storage projects and acquire, after construction, the Ringer (225-MW facility) and Tom Sawyer (175-MW facility) solar projects. In July 2026, Ameren Missouri filed for a CCN to construct the West Alton Natural Gas Project (2,100-MW facility).
Previous wording
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 wording
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 that is expected to begin materializing in the second half of 2027 and to reach full capacity by the end of 2029. 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.
Previous wording
In December 2024, the ICC issued an order in connection with a revised Grid Plan and a revised MYRP filed by Ameren Illinois in March 2024, approving revenue requirements for electric distribution services for 2024 through 2027 of $1,206 million, $1,287 million, $1,367 million, and $1,421 million, respectively. Rate changes consistent with the December 2024 order became effective in December 2024. In March 2025, Ameren Illinois filed an appeal of the ICC’s December 2024 order to the Illinois Appellate Court for the Fifth Judicial District to revise the allowed ROE and to include an asset associated with other postretirement benefits in the rate base, among other things. In addition, Ameren Illinois filed an appeal related to orders issued by the ICC in December 2023 and June 2024 related to the MYRP proceeding. The appellate court is under no deadline to address the appeals.
Current wording
In December 2024, the ICC issued an order in connection with a revised Grid Plan and a revised MYRP filed by Ameren Illinois in March 2024, approving revenue requirements for electric distribution services for 2024 through 2027 of $1,206 million, $1,287 million, $1,367 million, and $1,421 million, respectively. Rate changes consistent with the December 2024 order became effective in December 2024. In May 2026, the Illinois Appellate Court for the Fifth Judicial District upheld the ICC’s December 2024 order and orders issued by the ICC in June 2024 and December 2023 following appeals by Ameren Illinois.
Previous wording
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 wording
In December 2025, the ICC issued an order approving Ameren Illinois’ 2024 electric distribution service revenue requirement reconciliation adjustment filing. In March 2026, Ameren Illinois filed an appeal of the December 2025 order with the Illinois Appellate Court for the Fifth Judicial District and withdrew the appeal in July 2026 as a result of the appellate court decision in the MYRP proceeding discussed above.
Previous 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.
Current wording
In April 2026, Ameren Illinois filed a reconciliation adjustment to its 2025 electric distribution service revenue requirement with the ICC. In June 2026, the ICC staff filed its calculation of the reconciliation adjustment, recommending recovery of $31 million. In July 2026, Ameren Illinois filed a revised reconciliation adjustment consistent with the ICC staff's recommendation. The adjustment reflects Ameren Illinois’ actual 2025 recoverable costs, 2025 year-end rate base 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
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 wording
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 in 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.
Previous wording
The following table presents a summary of Ameren’s earnings for the three months ended March 31, 2026 and 2025:
Current wording
The following table presents a summary of Ameren’s earnings for the three and six months ended June 30, 2026 and 2025:
Previous 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).
Current wording
Net income attributable to Ameren common shareholders increased $107 million and earnings per diluted share increased 33 cents in the six months ended June 30, 2026, compared with the year-ago period. The increase was due to net income increases of $41 million, $19 million, $13 million, and $9 million, at Ameren Missouri, Ameren Transmission, Ameren Illinois Natural Gas, and Ameren Illinois Electric Distribution, respectively. Net income was further impacted by a decrease in net loss of $25 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 months ended March 31, 2026, compared to the year-ago period, by:
Current wording
Earnings per diluted share were favorably affected in the three and six months ended June 30, 2026, compared to the year-ago periods (except where a specific period is referenced), by:
Previous 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);
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 (8 cents and 15 cents per share, respectively);
Previous wording
•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 wording
•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 (4 cents and 12 cents per share, respectively);
Previous wording
•equity return on increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution (4 cents per share);
Current wording
•equity return on increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution (5 cents and 9 cents per share);
Previous wording
•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 wording
•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 in the six months ended June 30, 2026);
Previous wording
•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 wording
•higher revenue at Ameren Missouri resulting from the absence in 2026 of a deferral associated with the Rush Island Energy Center (1 cent and 4 cents per share, respectively);
Previous wording
•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 wording
•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 (1 cent and 4 cents per share, respectively); and
Previous wording
•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 wording
•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 in the six months ended June 30, 2026).
Previous wording
Earnings per diluted share were unfavorably affected in the three months ended March 31, 2026, compared to the year-ago period, by:
Current wording
Earnings per diluted share were unfavorably affected in the three and six months ended June 30, 2026, compared to the year-ago periods by:
Previous wording
•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 wording
•increased other operations and maintenance expenses at Ameren Missouri not subject to riders or trackers, largely due to increased reliability measures at the Labadie and Sioux energy centers and an increase in transmission and distribution vegetation management expenses, partially offset by a decrease in storm-related costs compared to the year-ago period (11 cents and 14 cents per share, respectively);
Previous wording
•increased weighted-average basic common shares outstanding resulting from issuances of common shares (3 cents per share).
Current wording
•increased weighted-average basic common shares outstanding resulting from issuances of common shares (3 cents and 6 cents per share, respectively);
Previous 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);
Current wording
•decreased retail electric sales volumes at Ameren Missouri, excluding customer energy-efficiency programs, primarily due to milder temperatures in the first half of 2026 (estimated at 1 cent and 6 cents per share, respectively); and
Previous 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.
Current wording
The cents per share variances above are presented based on the weighted-average basic common shares outstanding in the three and six months ended June 30, 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 months ended March 31, 2026 and 2025:
Current wording
Below is Ameren’s table of income statement components by segment for the three and six months ended June 30, 2026 and 2025:
Previous wording
Below is Ameren Illinois’ table of income statement components by segment for the three months ended March 31, 2026 and 2025:
Current wording
Below is Ameren Illinois’ table of income statement components by segment for the three and six months ended June 30, 2026 and 2025:
Previous 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:
Current wording
The following table presents the increases (decreases) by Ameren segment for electric and natural gas revenues for the three and six months ended June 30, 2026, compared with the year-ago periods:
Previous 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.
Current wording
(a)Includes an increase in transmission revenues of $16 million and $26 million at Ameren Illinois for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods.
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 period; 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 periods; 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)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 wording
(d)The electric deferred income tax adjustment relates to 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.
Previous 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.
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 and six months ended June 30, 2026, activity in Other/Intersegment Eliminations of $6 million and $13 million, respectively, was primarily due to the changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$5 million and -$12 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.
Previous 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.
Current wording
Ameren’s electric revenues decreased $151 million, or 7%, and $112 million, or 3%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods, primarily due to decreased revenues at Ameren Missouri, partially offset by increased revenues at Ameren Illinois Electric Distribution and Ameren Transmission, as discussed below.
Previous wording
(+$7 million), as evidenced by a 9% increase in rate base used to calculate the revenue requirement.
Current wording
Ameren Transmission’s electric revenues increased $21 million, or 10%, and $38 million, or 9%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods. Revenues were affected by higher recoverable expenses (+$12 million and +$22 million, respectively) and return on higher rate base (+$9 million and +$16 million, respectively), as evidenced by a 10% increase in rate base used to calculate the revenue requirement.
Previous wording
Ameren Missouri’s electric revenues decreased $42 million, or 5%, for thethree months ended March 31, 2026, compared with theyear-ago period.
Current wording
Ameren Missouri’s electric revenues decreased $221 million, or 17%, and $263 million, or 12%, for thethree and six months ended June 30, 2026, respectively, compared with theyear-ago periods.
Previous wording
The following items decreased Ameren Missouri’s electric revenues between periods:
Current wording
The following items decreased Ameren Missouri’s electric revenuesfor thethree and six months ended June 30, 2026:
Previous 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.
Current wording
•“Off-system sales, capacity, transmission, and FAC revenues, net” decreased $333 million and $478 million, respectively, 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 decreased revenues an estimated $17 million primarily due to warmer winter temperatures in 2026.
Current wording
•The effect of weather decreased revenues an estimated $13 million and $30 million, respectively. This is due to milder temperatures in the first half of 2026.
Previous wording
The following items increased Ameren Missouri’s electric revenues between periods:
Current wording
The following items increased Ameren Missouri’s electric revenues for thethree and six months ended June 30, 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 $74 million.
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 $44 million and $118 million, respectively.
Previous 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.
Current wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” increased$32 million and$59 million, respectively, 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
•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.
Current wording
•Revenues increased$9 million and $26 million, respectively, 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.
Showing the first 40 of 128 pairs. Open the source sections for the rest.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
In May 2026, Ameren Illinois filed an electric energy efficiency plan with the ICC, which includes annual investments in electric energy-efficiency programs up to $192 million, $239 million, and $276 million for 2027, 2028, and 2029, respectively. 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 Ameren Illinois’ investments in electric energy-efficiency programs. A decision by the ICC in this proceeding is expected by November 2026.
Current report — wording carried from elsewhere
Financings under Part I, Item 1, of this report for additional information on the ATM program and forward sale agreements relating to common stock, including those under the ATM program.
Current report — wording carried from elsewhere
The following items partially offset the decrease in Ameren’s cash from operating activities between periods:
Current report — wording carried from elsewhere
•An $8 million increase in gross receipts tax payments due to an increase in base rates in 2026, compared to 2025.
Current report — wording carried from elsewhere
•A $5 million increase in pension and postretirement benefit plan contributions.
Current report — wording carried from elsewhere
•A $15 million increase in interest payments primarily due to higher average outstanding debt and interest rates on long-term debt.
Current report — wording carried from elsewhere
•A $5 million increase in pension and postretirement benefit plan contributions.
Current report — wording carried from elsewhere
The following items partially offset the decrease in Ameren Illinois’ cash from operating activities between periods:
Current report — wording carried from elsewhere
•Pursuant to the CEJA, Ameren Illinois may file an MYRP with the ICC to establish base rates for electric distribution service to be charged to customers for each calendar year of a four-year period. The base rates for a particular calendar year are based on forecasted recoverable costs and an ICC-determined ROE applied to Ameren Illinois’ forecasted average annual rate base using a forecasted capital structure, with a common equity ratio of up to 50% being deemed prudent and reasonable by law and a higher equity ratio requiring specific ICC approval. The ROE determined by the ICC for each calendar year of the four-year period is subject to annual adjustments based on certain performance incentives and penalties. An MYRP allows Ameren Illinois to reconcile electric distribution service rates to its actual revenue requirement on an annual basis, subject to a reconciliation cap and adjustments to the ROE. Under the MYRP discussed below, Ameren Illinois’ 2026 electric distribution service revenues are based on its 2026 actual recoverable costs,
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•A $12 million increase in pension and postretirement benefit plan contributions.