Jun 2026 (Q2 FY26) — Jul 31, 2026
Ameren Q2 FY26 — Strong Infrastructure Investment and Data Center Growth Drive Performance
Read the full callAmeren (AEE) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Ameren earnings: last reported Fri, 31 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,092 | −5.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 21.9 | +3.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
17 of 20 judged targets kept · 36 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| CCN request for new generation | file additional CCN request for approximately 3 gigawatts of new generation | Mar 2026 | In May, we filed CCN request for nearly 1,000 additional megawatts of new solar and storage resources to begin serving customers in 2028 and 2029. And this month, we filed a CCN request for the 2.1 gigawatt West Alton natural gas combined cycle facility, which is expected to be in service in 2031. | Achieved |
| MISO final report on future energy grid scenarios | issue in early 2026 | Jun 2025 | Ghosted | |
| Load growth | 1 gigawatt | Dec 2024 | we expect to see annual electricity sales increase by 60% from 2025 levels by the end of 2029. | Revised Up |
3 of AMEREN CORP's 56 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 53 more targets are in the full ledger.
Claimed
- Q2 FY26 EPS increased to $1.13 per share, up from $1.01 per share in Q2 FY25, driven by infrastructure investments.
- Reaffirmed FY26 EPS guidance of $5.25 to $5.45 per share, reflecting solid execution during the first half of the year.
- Signed 2.8 GW of Electric Service Agreements (ESAs) in Missouri, with Google and Amazon announcing a combined $25 billion in planned data center investments.
- Placed 350 MW of new solar generation in service, including the 300 MW Split Rail Renewable Energy Center, one month ahead of schedule.
- Secured all competitive long-range transmission projects in their Illinois service territory within MISO LRTP Tranche 1 and Tranche 2 portfolios.
Qualified
- Higher O&M expense due to increased reliability-focused tree trimming and energy center maintenance efforts.
- An unrealized gain of $0.08 per share from equity investments in innovative infrastructure funds, which contributed to Q2 earnings, is not expected to be recurring.
Price
$104.01 −1.95% · −$2.07
Performance −1.4% 1Y
1Y: $105.52 on 17 Oct 2025 → $104.01. High $118.32 (26 Jun 2026), low $97.25 (11 Dec 2025).
- Previous close
- $106.08
- 52-week range
- $97.25 – $118.32
- One year
- −1.59%
Overview
- Symbol
- AEE
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
17 of 20 judged targets kept · 36 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| CCN request for new generation | file additional CCN request for approximately 3 gigawatts of new generation | Mar 2026 | In May, we filed CCN request for nearly 1,000 additional megawatts of new solar and storage resources to begin serving customers in 2028 and 2029. And this month, we filed a CCN request for the 2.1 gigawatt West Alton natural gas combined cycle facility, which is expected to be in service in 2031. | Achieved |
| MISO final report on future energy grid scenarios | issue in early 2026 | Jun 2025 | Ghosted | |
| Load growth | 1 gigawatt | Dec 2024 | we expect to see annual electricity sales increase by 60% from 2025 levels by the end of 2029. | Revised Up |
Claimed
- Q2 FY26 EPS increased to $1.13 per share, up from $1.01 per share in Q2 FY25, driven by infrastructure investments.
- Reaffirmed FY26 EPS guidance of $5.25 to $5.45 per share, reflecting solid execution during the first half of the year.
- Signed 2.8 GW of Electric Service Agreements (ESAs) in Missouri, with Google and Amazon announcing a combined $25 billion in planned data center investments.
- Placed 350 MW of new solar generation in service, including the 300 MW Split Rail Renewable Energy Center, one month ahead of schedule.
- Secured all competitive long-range transmission projects in their Illinois service territory within MISO LRTP Tranche 1 and Tranche 2 portfolios.
Qualified
- Higher O&M expense due to increased reliability-focused tree trimming and energy center maintenance efforts.
- An unrealized gain of $0.08 per share from equity investments in innovative infrastructure funds, which contributed to Q2 earnings, is not expected to be recurring.
The full ledger
Open AMEREN CORP’s full ledger
A free account opens 5 company ledgers a month. All 56 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
Ameren Corporation Q1 FY26 — EPS up 20% on infrastructure investment as data-center pipeline builds
Read the full callDec 2025 (Q4 FY25) — Feb 12, 2026
Ameren Corporation Q4 FY25 — Strong EPS Growth and Significant Large Load Agreements
Read the full callEvery analysed call
Ameren earnings calls (AEE)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,173 | 1,941 | 2,097 | 2,221 | 2,699 | 1,782 | 2,176 | 2,092 |
| Operating profit | 586 | 198 | 430 | 411 | 825 | 360 | 532 | 459 |
| Operating margin | 27.0% | 10.2% | 20.5% | 18.5% | 30.6% | 20.2% | 24.4% | 21.9% |
| Interest | 173 | 171 | 175 | 187 | 208 | 206 | 204 | 209 |
| Profit before tax | 514 | 151 | 340 | 320 | 693 | 244 | 418 | 368 |
| Tax rate | 11.1% | −37.8% | 14.7% | 13.4% | 7.5% | −3.7% | 14.3% | 14.1% |
| EPS ($ per share) | 1.71 | — | 1.07 | 1.02 | 2.37 | — | 1.29 | 1.14 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 2,024 | 2,380 | 2,757 | 3,182 | 3,646 | 4,136 | 4,604 | 5,292 |
| Total liabilities | 19,442 | 20,732 | 22,950 | 25,906 | 27,267 | 29,352 | 32,355 | 34,946 |
| Fixed assets | 22,810 | 24,376 | 26,807 | 29,261 | 31,262 | 33,776 | 36,304 | 39,313 |
| Total assets | 27,215 | 28,933 | 32,030 | 35,735 | 37,904 | 40,830 | 44,598 | 48,476 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,170 | 2,170 | 1,727 | 1,661 | 2,263 | 2,564 | 2,763 | 3,353 |
| Cash from investing | -2,336 | -2,435 | -3,329 | -3,528 | -3,370 | -3,798 | -4,456 | -4,145 |
| Cash from financing | 205 | 334 | 1,727 | 1,721 | 1,168 | 1,290 | 1,749 | 884 |
| Net cash flow | — | 69 | 125 | -146 | 61 | 56 | 56 | 92 |
| Capital expenditure | -2,286 | -2,411 | -3,233 | -3,479 | -3,351 | -3,597 | -4,319 | -4,128 |
| Free cash flow | -116 | -241 | -1,506 | -1,818 | -1,088 | -1,033 | -1,556 | -775 |
AEE revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Union Electric Company | 61% | 50% | 45% | 60% | 63% | 44% | 42% | 54% | -15.6% |
| Ameren Illinois Electric Distribution | 25% | — | 27% | 26% | 26% | — | 30% | 30% | +10.4% |
| Ameren Illinois Transmission | 6% | — | 6% | 5% | 5% | — | 6% | 16% | +200.0% |
| Ameren Transmission | 8% | — | 8% | 7% | 7% | — | 8% | 11% | +42.2% |
| Ameren Illinois Gas | 6% | — | 20% | 7% | 4% | — | 20% | 8% | +11.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
AEE operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Customers Electric | 2.5MKey energy infrastructure investments are enhancing the reliability and resiliency of the system for our 2.5 million electric customers and more than 900,000 natural gas customers across our service territory, ensuring they have the energy they need when they need it and facilitating economic growth in the communities we serve.Source: earnings call transcript | 2.5MBecause we are committed to providing a strong value proposition for our 2.5 million electric and 900,000 natural gas customers, we are also laser-focused on optimizing our operations to keep customer rates affordable.Source: earnings call transcript | 2.5MAs always, at the center of everything we do is creating value for the 2.5 million electric and 900,000 natural gas customers that we have the privilege to serve.Source: earnings call transcript | — | 2.5MAt Ameren, we serve 2.5 million electric and more than 900,000 natural gas customers across the 64,000 square mile territory in Missouri and Illinois.Source: earnings call transcript | — |
| Customers Natural Gas | 900K+Key energy infrastructure investments are enhancing the reliability and resiliency of the system for our 2.5 million electric customers and more than 900,000 natural gas customers across our service territory, ensuring they have the energy they need when they need it and facilitating economic growth in the communities we serve.Source: earnings call transcript | 900KBecause we are committed to providing a strong value proposition for our 2.5 million electric and 900,000 natural gas customers, we are also laser-focused on optimizing our operations to keep customer rates affordable.Source: earnings call transcript | 900KAs always, at the center of everything we do is creating value for the 2.5 million electric and 900,000 natural gas customers that we have the privilege to serve.Source: earnings call transcript | 900KThe $2.5 billion electric and 900,000 natural gas customers who count on us every day.Source: earnings call transcript | 900K+At Ameren, we serve 2.5 million electric and more than 900,000 natural gas customers across the 64,000 square mile territory in Missouri and Illinois.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
79 filings between Nov 3, 2025 and Sep 11, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$8.64M
22 sales by 11 insiders
55% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 41
- Award — granted as compensation
- 11
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| LYONS MARTIN J | — | $3.00M | Mar 3, 2026 |
| MOEHN MICHAEL L | — | $2.78M | Aug 3, 2026 |
| Schukar Shawn E | — | $556.4K | Mar 3, 2026 |
| Mizell Gwendolyn G | — | $393.5K | Feb 17, 2026 |
| Arora Ajay K | — | $334.3K | Feb 17, 2026 |
| Shaw Theresa A | — | $305.3K | Aug 14, 2026 |
| Flores Rafael | — | $270.5K | Sep 11, 2026 |
| HARSHMAN RICHARD J | — | $262.3K | Nov 14, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 11, 2026 | Flores Rafael Director | Sale | 248 | $26.2K |
| Aug 20, 2026 | Martin Ryan J SVP Finance | Sale | 500 | $54.9K |
| Aug 18, 2026 | Martin Ryan J SVP Finance | Sale | 471 | $51.7K |
| Aug 14, 2026 | Shaw Theresa A SVP and CATO | Sale 10b5-1 plan | 325 | $35.4K |
| Aug 3, 2026 | MOEHN MICHAEL L Group President, Utilities | Sale 10b5-1 plan | 6,500 | $708.2K |
| Jul 1, 2026 | Smith Patrick E Chairman & President of Sub | Award | 280 | $0 |
| Jul 1, 2026 | Arora Ajay K EVP of Subsidiary | Award | 716 | $0 |
| Jul 1, 2026 | Melda Aaron P Chairman & President of Sub | Award | 2,520 | $0 |
| Jun 1, 2026 | Arora Ajay K EVP of Subsidiary | Award | 6,797 | $0 |
| Jun 1, 2026 | Melda Aaron P Chairman and President | Award | 3,705 | $0 |
| May 14, 2026 | Shaw Theresa A SVP and CATO | Sale 10b5-1 plan | 325 | $35.5K |
| May 12, 2026 | Shaw Theresa A SVP and CATO | Sale 10b5-1 plan | 1,500 | $164.0K |
| May 1, 2026 | MOEHN MICHAEL L Group President, Utilities | Sale 10b5-1 plan | 6,500 | $738.6K |
| Mar 5, 2026 | BRUNE CATHERINE S Director | Gift | 450 | $0 |
| Mar 4, 2026 | Martin Ryan J SVP Finance | Sale | 1,300 | $147.3K |
| Mar 3, 2026 | Lindgren Mark C Insider | Sale 10b5-1 plan | 2,073 | $231.8K |
| Mar 3, 2026 | Schukar Shawn E Insider | Sale 10b5-1 plan | 4,975 | $556.4K |
| Mar 3, 2026 | LYONS MARTIN J Chairman, President & CEO | Sale 10b5-1 plan | 26,818 | $3.00M |
| Mar 1, 2026 | Rausch Timothy S. Director | Award | 1,251 | $0 |
| Feb 27, 2026 | Shaw Theresa A SVP and CATO | Tax withheld | 1,296 | $146.8K |
| Feb 27, 2026 | Smith Patrick E Chairman & President of Sub | Tax withheld | 910 | $103.1K |
| Feb 27, 2026 | LYONS MARTIN J Chairman, President & CEO | Tax withheld 10b5-1 plan | 28,154 | $3.19M |
| Feb 27, 2026 | Martin Ryan J SVP Finance | Tax withheld | 726 | $82.2K |
| Feb 27, 2026 | Arora Ajay K SVP of Subsidiary | Tax withheld | 1,035 | $117.2K |
| Feb 27, 2026 | Singh Leonard P Insider | Tax withheld | 5,478 | $620.5K |
| Feb 27, 2026 | Mizell Gwendolyn G Insider | Tax withheld | 943 | $106.8K |
| Feb 27, 2026 | Lindgren Mark C Insider | Tax withheld 10b5-1 plan | 2,054 | $232.7K |
| Feb 27, 2026 | MOEHN MICHAEL L Group President, Utilities | Tax withheld | 14,355 | $1.63M |
| Feb 27, 2026 | Schukar Shawn E Insider | Tax withheld 10b5-1 plan | 3,148 | $356.6K |
| Feb 27, 2026 | Seidler Eric V SVP of Subsidiary | Tax withheld | 982 | $111.2K |
| Feb 17, 2026 | Mizell Gwendolyn G Insider | Sale | 3,548 | $393.5K |
| Feb 17, 2026 | Flores Rafael Director | Sale | 1,600 | $178.4K |
| Feb 17, 2026 | Arora Ajay K SVP of Subsidiary | Sale | 3,000 | $334.3K |
| Feb 17, 2026 | Shaw Theresa A SVP and CATO | Sale 10b5-1 plan | 325 | $36.4K |
| Feb 5, 2026 | Arora Ajay K SVP of Subsidiary | Award | 2,498 | $0 |
| Feb 5, 2026 | Arora Ajay K SVP of Subsidiary | Award | 1,467 | $0 |
| Feb 5, 2026 | Singh Leonard P Insider | Award | 9,515 | $0 |
| Feb 5, 2026 | Shaw Theresa A SVP and CATO | Award | 3,126 | $0 |
| Feb 5, 2026 | Shaw Theresa A SVP and CATO | Award | 1,333 | $0 |
| Feb 5, 2026 | Mizell Gwendolyn G Insider | Award | 2,276 | $0 |
| Feb 5, 2026 | Mizell Gwendolyn G Insider | Award | 865 | $0 |
| Feb 5, 2026 | Lindgren Mark C Insider | Award | 4,349 | $0 |
| Feb 5, 2026 | Lindgren Mark C Insider | Award | 2,082 | $0 |
| Feb 5, 2026 | Feinberg David Matthew EVP, GC & Secretary | Award | 4,449 | $0 |
| Feb 5, 2026 | Schukar Shawn E Insider | Award | 5,699 | $0 |
| Feb 5, 2026 | Singh Leonard P Insider | Award | 5,508 | $0 |
| Feb 5, 2026 | Schukar Shawn E Insider | Award | 2,824 | $0 |
| Feb 5, 2026 | MOEHN MICHAEL L Group President, Utilities | Award | 22,849 | $0 |
| Feb 5, 2026 | MOEHN MICHAEL L Group President, Utilities | Award | 9,955 | $0 |
| Feb 5, 2026 | LYONS MARTIN J Chairman, President & CEO | Award | 44,840 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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