- Ameren (AEE) Reports Q1 EPS Beat
May 9, 2026
Ameren Corporation (NYSE:AEE) is one of the
15 Best Power Generation Stocks To Buy For Data Center Demand.
On May 5, 2026, Ameren Corporation (NYSE:AEE) reported Q1 EPS of $1.28, above the $1.18 consensus estimate, while revenue came in at $2.18B versus $2.25B expected. CEO Martin Lyons said rising energy demand continues to support the company’s infrastructure investment plans across its operating segments as Ameren works to maintain reliable and affordable service while preparing for future growth. Ameren maintained its FY26 diluted EPS outlook of $5.25-$5.45 compared to consensus estimates of $5.37.
On April 21, 2026, Wells Fargo analyst Shahriar Pourreza raised the firm’s price target on Ameren Corporation (NYSE:AEE) to $120 from $113 and maintained an Overweight rating. Following discussions with management teams across the regulated utility sector, Wells Fargo updated its Q1 estimates and increased its base valuation multiple to 17.5-times from 17-times.Ameren (AEE) Reports Q1 EPS Beat
Pixabay/Public Domain
Earlier, Truist analyst Richard Sunderland initiated coverage of Ameren Corporation (NYSE:AEE) with a Buy rating and a $126 price target as part of a broader launch of power and utility coverage. The firm said vertically integrated electric utilities stand to benefit from infrastructure investment tied to rising data center demand.
Ameren Corporation (NYSE:AEE) operates as a public utility holding company in the United States.
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- Ameren Corporation Just Recorded A 9.1% EPS Beat: Here's What Analysts Are Forecasting Next
May 7, 2026
Ameren Corporation (NYSE:AEE) last week reported its latest first-quarter results, which makes it a good time for investors to dive in and see if the business is performing in line with expectations. Results look mixed - while revenue fell marginally short of analyst estimates at US$2.2b, statutory earnings beat expectations 9.1%, with Ameren reporting profits of US$1.28 per share. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.
Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit.NYSE:AEE Earnings and Revenue Growth May 7th 2026
Following the latest results, Ameren's 13 analysts are now forecasting revenues of US$9.43b in 2026. This would be a decent 10% improvement in revenue compared to the last 12 months. Statutory earnings per share are expected to shrink 2.5% to US$5.37 in the same period. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$9.32b and earnings per share (EPS) of US$5.38 in 2026. The consensus analysts don't seem to have seen anything in these results that would have changed their view on the business, given there's been no major change to their estimates.
View our latest analysis for Ameren
It will come as no surprise then, to learn that the consensus price target is largely unchanged at US$121. The consensus price target is just an average of individual analyst targets, so - it could be handy to see how wide the range of underlying estimates is. Currently, the most bullish analyst values Ameren at US$136 per share, while the most bearish prices it at US$105. This is a very narrow spread of estimates, implying either that Ameren is an easy company to value, or - more likely - the analysts are relying heavily on some key assumptions.
One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. The analysts are definitely expecting Ameren's growth to accelerate, with the forecast 14% annualised growth to the end of 2026 ranking favourably alongside historical growth of 6.8% per annum over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to grow their revenue at 4.0% per year. Factoring in the forecast acceleration in revenue, it's pretty clear that Ameren is expected to grow much faster than its industry.
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The Bottom Line
The most obvious conclusion is that there's been no major change in the business' prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. Fortunately, they also reconfirmed their revenue numbers, suggesting that it's tracking in line with expectations. Additionally, our data suggests that revenue is expected to grow faster than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.
With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have forecasts for Ameren going out to 2028, and you can see them free on our platform here.
We don't want to rain on the parade too much, but we did also find 3 warning signs for Ameren (1 is potentially serious!) that you need to be mindful of.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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- Ameren Q1 Earnings Outpace Estimates, Revenues Increase Y/Y
May 6, 2026
Ameren Corporation AEE reported first-quarter 2026 earnings of $1.28 per share, which beat the Zacks Consensus Estimate of $1.17 by 9.9%. The bottom line increased 19.6% from the year-ago quarter’s recorded figure.
The quarterly results reflected earnings on infrastructure investments to improve system reliability, resilience, and service quality for its Ameren Missouri and Illinois electric and natural gas customers.
AEE’s Revenues
Total revenues were $2.18 billion, up 3.8% year over year. The top line missed the Zacks Consensus Estimate of $2.24 billion by 2.9%.
Ameren Corporation Price, Consensus and EPS Surprise
Ameren Corporation price-consensus-eps-surprise-chart | Ameren Corporation Quote
AEE: Highlights of the Release
Ameren’s total electricity sales volumes decreased 4.2% to 17,052 million kilowatt-hours (kWh) compared with 17,808 million kWh in the year-ago period. Gas volumes declined 5.4% year over year to 70 million dekatherms.
Total operating expenses were $1.64 billion, down 1.4% year over year.
The company’s interest expenses in the first quarter totaled $204 million compared with the prior-year quarter’s $175 million.
AEE’s Segmental Results
The Ameren Missouri segment reported adjusted earnings of $76 million compared with $42 million a year ago. The year-over-year increase was driven by earnings from higher infrastructure investments, including those incorporated into electric and natural gas service rates that became effective on June 1, 2025, and Sept. 1, 2025, respectively.
The Ameren Illinois Electric Distribution segment reported adjusted earnings of $66 million compared with $63 million in the year-ago quarter.
The Ameren Illinois Natural Gas segment reported adjusted earnings of $122 million compared with $108 million in the prior-year quarter.
The Ameren Transmission segment reported adjusted earnings of $98 million compared with $89 million in the year-ago quarter.
AEE’s Financial Condition
Ameren reported cash and cash equivalents of $13 million as of March 31, 2026, which remained unchanged sequentially.
As of March 31, 2026, the long-term debt totaled $19 billion compared with $18.21 billion as of Dec. 31, 2025.
Net cash flows from operating activities in the first three months of 2026 were $421 million compared with $431 million in 2025.
AEE’s Guidance
Ameren has reaffirmed its 2026 earnings guidance. It expects to generate earnings per share (EPS) in the range of $5.25-$5.45. The Zacks Consensus Estimate for 2026 earnings is pegged at $5.32, which is lower that the midpoint of the company’s guided range.
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AEE’s Zacks Rank
Ameren currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
CenterPoint Energy, Inc. CNP reported first-quarter 2026 adjusted earnings of 56 cents per share, which missed the Zacks Consensus Estimate of 58 cents by 3.8%. However, the bottom line increased 5.7% from 53 cents in the year-ago quarter.
CNP generated revenues of $2.98 billion, which missed the Zacks Consensus Estimate of $3.04 billion by 1.4%. The top line improved 2% from the year-ago reported figure of $2.92 billion.
CMS Energy Corporation CMS reported first-quarter 2026 earnings of $1.13 per share, which beat the Zacks Consensus
Estimate of $1.11 by 1.8%. The bottom line also increased 10.8% from $1.02 in the prior-year quarter.
CMS’ operating revenues totaled $2.73 billion, which topped the Zacks Consensus Estimate of $2.53 billion by 8.1%. The top line increased 11.6% from $2.45 billion in the prior-year quarter.
Edison International EIX posted quarterly earnings of $1.42 per share, which beat the Zacks Consensus Estimate of $1.32 by 7.6%. The bottom line increased 3.7% from $1.37 in the year-ago quarter.
Edison International's first-quarter operating revenues totaled $4.1 billion, which beat the Zacks Consensus Estimate of $3.99 billion by 2.8%. The top line increased 7.6% from the year-ago quarter’s figure of $3.81 billion.
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- Ameren (AEE) Q1 2026 Earnings Call Transcript
May 6, 2026
Image source: The Motley Fool.
DATE
Wednesday, May 6, 2026 at 10 a.m. ET
CALL PARTICIPANTS
Chairman, President and Chief Executive Officer — Martin J. Lyons Chairman and President, Ameren Missouri — Lenny Singh Chief Financial Officer and Senior Vice President — Andrew Kirk Senior Vice President, Corporate Planning — Michael Main
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Full Conference Call Transcript
Martin J. Lyons: Thanks, Andrew. Good morning, everyone. Thank you for joining us to cover our first quarter performance and progress toward achieving our 2026 strategic objectives. Yesterday, we reported first quarter 2026 earnings of $1.28 per share compared to earnings of $1.07 per share in 2025. The year-over-year increase of $0.21 per share reflected increased infrastructure investments across all operating segments that will drive significant long-term benefits for our customers. The other key drivers of our results are summarized on this slide. Further, we reaffirmed our 2026 earnings per share growth guidance range of $5.25 to $5.45, reflecting solid execution across our business. Turning to page five.
At Ameren Corporation, we remain committed to the customers and communities we are privileged to serve: the 2.5 billion electric and 900,000 natural gas customers who count on us every day. Our infrastructure investment decisions are made with that responsibility in mind, focused on strengthening the system, delivering reliable, cost-effective service, and positioning our communities for long-term growth. Through execution of our three-pillar strategy—investing in rate-regulated infrastructure, advocating for constructive regulatory and legislative frameworks, and optimizing our business—we strive to provide exceptional value for our customers, communities, and shareholders. Turning to page six. Here, we outlined our strategic priorities for 2026, which we provided in February.
To date, we have made meaningful progress, which Lenny and I will discuss as we cover the pages that follow. Of course, key to serving customers well and driving growth are targeted and timely infrastructure investments. As shown on the right, you see that we made more than $1.5 billion of infrastructure investments during the first quarter to maintain and enhance our quality of service. Importantly, our infrastructure investments continue to strengthen the reliability and resiliency of the grid, minimizing customer outages during multiple instances of severe weather during 2026. For example, in January, during the multiday winter storm Fern, Ameren Corporation’s diverse generation fleet performed exceptionally well, ensuring our customers had access to power under extreme conditions.
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At the same time, our Ameren Illinois gas storage portfolio helps shield customers from extreme market prices, saving about $63 million, while ongoing upgrades to our underground storage fields continue to lower long-term operating costs and support winter reliability. Then we saw the benefits of our investments again in March, avoiding 4.3 million outage minutes for nearly 20,000 Ameren Missouri customers and again during late April storms, where system automation helped avoid an additional 43,000 customer outages and 12 million outage minutes each over a two-day period, effectively reducing the overall customer impact of these severe weather events by nearly half.
To enhance the performance of our existing generation fleet for summer and winter peak demand periods, and as overall demand grows, we are investing in projects designed to maximize capacity and availability. For example, optimization efforts underway at our Audrain Energy Center will improve winter reliability by adding up to 700 megawatts of capacity on the coldest days. And at our Labadie Energy Center, significant boiler enhancements this year are designed to reduce the number and length of prospective outages. Alongside these enhancements, we continue to execute our Missouri integrated resource plan to add new generation resources.
In total, the work we are doing across our generation fleet is designed to ensure customers can continue to rely on us to operate a safe, diverse, dependable, and cost-effective mix of energy centers today and well into the future. We are mindful that reliability and affordability are both important for customers. That is why we continue to operate with financial discipline and work to optimize our business processes in part through deployment of new tools and technology. In addition, during the first quarter, we helped connect customers with more than $40 million in energy assistance and weatherization resources through Ameren Corporation programs and federal, state, and local partnerships. Turning to page seven.
Looking ahead, we see the opportunity for strong growth, with businesses making significant long-term commitments to locate and expand in our region. Our long-term earnings per share expectations outlined in February were based upon a compounded annual sales growth assumption of 6.2% from 2026 through 2030. We continue to expect that the 2.2 gigawatts of ESAs we signed in February represent upside to our sales and earnings forecast to the extent the sales from the ESAs ramp faster than our existing plan assumption of 1.2 gigawatts by 2030. As we have said, we expect to update our sales forecast for these agreements as other project milestones are achieved including the customer project announcements, groundbreaking, and construction progress.
In addition, we are optimistic about converting a portion of our remaining 1.2 gigawatts of construction agreements to additional ESAs in the near term. We are excited to support these data center projects as their construction is expected to bring in thousands of jobs, and the projects are expected to generate millions of dollars in tax revenue for local communities. In addition, serving these customers will require acceleration of significant infrastructure investments on our part, supporting additional jobs and tax revenue, all paid for by the counterparties to our ESAs.
As new large-load electric demand evolves, our focus remains on serving all customers reliably by carefully planning and executing grid upgrades and maintaining a balanced generation portfolio while ensuring costs to serve new large-load customers are appropriately allocated to and borne by them. Turning to page eight. We are well on our way to delivering the more than five gigawatts of new energy and capacity resources currently planned to go into service through 2030 as our team continues to execute on a robust generation plan. The 50-megawatt Bowling Green Energy Center was placed in service in March, and we recently began final commissioning activities on the second project, the 300-megawatt Split Rail Energy Center.
These projects have the ability to deliver enough combined energy to power more than 63,000 homes. In addition, we continue to advance two 800-megawatt simple-cycle natural gas energy centers, Castle Bluff and Big Hollow, which are expected to begin serving customers in 2027 and 2028, respectively, along with 400 megawatts of battery storage at Big Hollow. For Castle Bluff, construction is underway, and we received the first of four gas turbines ahead of schedule. For Big Hollow, our contractors have begun mobilizing and preparing the site for construction, which is expected to begin this quarter. In the meantime, we continue to pursue approvals required for additional generation resources.
In March, we reached a stipulation and agreement with intervenors for the CCN we are seeking for the Reform Energy Center, a 250-megawatt facility expected to be in service in 2028. This agreement is subject to Missouri PSC approval. Further, we expect to file additional CCN requests by the third quarter for approximately three gigawatts of new generation, primarily including the 2.1-gigawatt West Alton combined cycle facility as well as additional battery storage. At the same time, we continue to carefully analyze future sales expectations and assess the timing and mix of new generation resources in advance of our next Missouri IRP targeted for late September, which will provide an updated 20-year view of our generation strategy.
Moving to page nine for a brief transmission update. We expect significant transmission investment will be needed over time to support new large-load customers and connect the new generation resources required to serve our territory reliably as regional demand grows. We expect these potential investments to be incorporated into our plans as opportunities further mature. At the same time, we remain focused on executing our awarded long-range transmission projects from the first two MISO tranches and on advancing competitive opportunities under tranche 2.1. In January, we submitted bids for two competitive projects based in Illinois, with MISO expected to select developers for the projects by mid-2026. We are also evaluating two additional competitive opportunities with bid submissions due by May.
Turning to page 10, we have outlined the investment pipeline across our businesses over the next decade. These investments will support the safety, reliability, and resiliency of the energy grid while positioning our system to power the quality of life for all customers in our territory. This pipeline stands at more than $70 billion through 2035 and is expected to continue supporting strong growth opportunities for our customers, communities, and shareholders. Turning to page 11, we expect effective execution of our strategy to continue to drive strong total shareholder return.
In February, we updated our five-year growth plan, which included our expectation to deliver annual earnings per share growth consistently near the upper end of our 6% to 8% compound annual earnings growth rate from 2026 through 2030. This earnings growth is primarily driven by strong compound annual rate base growth of 10.6%, reflecting strategic capital allocation across our constructive regulatory frameworks and conservative sales growth assumptions. I am excited by the milestones achieved year to date with new large-load customers and anticipated additional positive developments in 2026.
Over the course of the year, as we get greater clarity on the timing and amount of these new customers’ service ramp-up, we will update our sales growth assumptions and incorporate them into our updated Missouri integrated resource plan as well as incorporate any additional transmission investment needed into our five-year plan. Last, I am confident in our team’s ability to effectively execute our investment plans and other elements of our strategy across all four of our business segments in a way that benefits our customers, shareholders, and communities. Again, thank you all for joining us today. I will now turn the call over to Lenny.
Lenny Singh: Thanks, Marty. Good morning, everyone. Turning now to page 13 of our presentation. Yesterday, we reported first quarter 2026 earnings of $1.28 per share, compared to earnings of $1.07 per share for 2025. As Marty discussed, our ongoing infrastructure investments to strengthen the energy grid and expand generation resources continue to be the primary drivers of earnings growth across the company. Partially offsetting the benefits of these investments, Ameren Missouri’s first-quarter electric retail sales in 2026 were negatively impacted by warmer-than-normal winter temperatures in the current period compared to the colder-than-normal winter temperatures in 2025. Additional key drivers of the increase in earnings are highlighted by segment on this page.
Moving to page 14 for select considerations for the remainder of the year. We remain confident in our 2026 earnings per share guidance range of $5.25 to $5.45 and continue to maintain disciplined cost management throughout the company. Recall that in 2025, we increased energy center and discretionary tree-trimming expenditures to enhance our customer experience, especially during severe weather events. We are continuing these reliability-focused efforts and would expect higher tree-trimming costs in 2026, particularly in the second quarter of this year as compared to 2025. As you think about quarterly results for the balance of the year, I encourage you to consider the supplemental earnings drivers outlined on this page.
Turning to page 15, I will provide an update on Ameren Illinois and Ameren Missouri regulatory matters. In April, Ameren Illinois requested a $65 million revenue adjustment as part of the annual performance-based rate reconciliation under the electric distribution multiyear rate plan. This adjustment reflects 2025 actual costs, actual year-end rate base, and return on equity and common equity ratio established in the multiyear rate plan. An ICC decision is expected in December, with rates reflecting the approved reconciliation adjustment effective January 2027. In addition, over the course of the year, we will engage with stakeholders on our proposed electric distribution grid investment plan for the 2028 through 2031 period.
Proposed investments in the plan are designed to further enhance the reliability and resiliency of the grid. We expect an ICC decision on the proposed investment plan by December, with an associated rate filing to follow in 2027. Finally, we expect to file our next Ameren Missouri electric rate review in mid-2026 to recover costs for significant infrastructure investments made to the grid to ensure the system remains reliable and resilient for all customers. Turning to page 16, where we provide a financing update. We continue to feel good about our financial position. In the first quarter, we successfully completed our planned debt issuances at Ameren Missouri and Ameren Parent.
As we fund our robust infrastructure plan, we remain focused on maintaining a strong balance sheet and supporting our credit ratings. To that end, we continue to make progress against our expected equity issuances of approximately $4 billion from 2026 through 2030. To satisfy our 2026 equity needs, last May, we sold forward approximately $600 million of equity, representing approximately 6.4 million shares we expect to issue near the end of this year. For 2027 and beyond, so far in 2026, we have sold forward approximately $600 million of common stock under our at-the-market program. We will continue to be thoughtful about our approach to executing our equity plan.
With respect to the balance sheet, last month, we held our annual ratings agency meetings with S&P and Moody’s. In April, S&P affirmed our BBB+ credit rating and stable outlook, and we expect Moody’s to issue their annual credit opinion updates in the coming weeks. As we have said before, we value our current ratings, and we remain committed to maintaining a strong balance sheet and strong credit metrics as we execute our growth plan. In summary, turning to page 17. We are making strong progress towards our strategic objectives in 2026, which we expect will continue to drive consistent, superior value for all our stakeholders. We are excited about the future.
Our outlook remains supported by robust yet conservative sales assumptions, solid rate base growth, disciplined cost management, and a strong pipeline of customer value-driven investment opportunities. As a result, we continue to expect strong earnings and dividend growth supporting an attractive total shareholder return. That concludes our prepared remarks. We now invite your questions.
Operator: We will now move to our question and answer session. If you have joined via the webinar, please use the raise hand icon, which can be found at the bottom of your webinar application. When you are called on, please unmute your line and ask your question. We will now pause a moment to assemble the queue. Okay, your first question comes from the line of Jeremy Bryan Tonet from JPMorgan. Please unmute and ask your question.
Jeremy Bryan Tonet: Hi. Good morning.
Martin J. Lyons: Good morning.
Jeremy Bryan Tonet: Just want to start off here. I was wondering if we could talk a bit more about your conversations with large load and data centers here. Wondering if you are having conversations in D.C., potential interest beyond the 3.4 gigawatts in Missouri and 850 megawatts in Illinois. Just want to get a sense for those types of conversations, what that could look like over time. And then at the same time, how does community engagement stand as far as dealing with local stakeholders’ receptivity to this type of development?
Martin J. Lyons: Yes, sure, Jeremy. This is Marty. Good to hear from you. I would say broadly, in both states, both in Missouri and Illinois, we have several gigawatts in each state of other projects with engineering studies underway. So in addition to those places where we have construction agreements, beyond that there are several gigawatts of interest in both states that have matured to the engineering study stage, and we will see whether those come to fruition or not. I would say some of the conversations that we are having are with hyperscalers that have already signed ESAs, specifically in Missouri, about expansion opportunities beyond what they have already signed up for.
So some very encouraging conversations that speak to the long-term growth prospects associated with these data centers and hyperscalers. More specifically, if you look at what we have talked about this year that I think is most encouraging is, as you mentioned, we have in Missouri 3.4 gigawatts of construction agreements. In Illinois, we have 850 megawatts of construction agreements. Drilling down on Missouri, that 3.4 gigawatts of construction agreements—back in February, we moved 2.2 of that to energy services agreements, so ESAs that were signed. With respect to those, we are looking forward, hopefully in the second quarter, to some public announcements and groundbreaking and starting to get construction underway. That is that 2.2.
Then as I said in my prepared remarks, of the remaining 1.2 of construction agreements, we are optimistic that in the very near term, we can see additional ESAs signed with respect to a portion of that 1.2 that is under construction agreement. So overall, my answer to your question, Jeremy: we are seeing good progress with respect to the ESAs we have signed. We are seeing good progress in Missouri with respect to converting some of those construction agreements to further ESAs. We are hopeful to have those completed in the near term, and we are optimistic here in the second quarter we are going to see some of those ESAs move to groundbreakings and beginning of construction activity.
As I said at the outset, a fairly good pipeline of interest both in Missouri and Illinois that speaks to the long-term growth of data centers and sales across our two states. With respect to communities, I would say that broadly, our states remain supportive of the economic development associated with these data centers and ESAs. In certain communities, I think there are going to be concerns expressed, and other communities are going to be receptive to these data centers and to this growth.
There are a number of places across the states of Missouri and Illinois, and in our service territories in particular, that are zoned for this kind of development and I think are appropriate for this kind of development, and so we are optimistic that we are going to see good growth specifically in Missouri but also in Illinois.
Jeremy Bryan Tonet: Got it. That is helpful there. And then next question, at the risk of getting ahead of myself here, I believe you have defined ramp schedules where if you exceed that, that can lead to upside in the CapEx—a gig by ’29, 1.2 by 2030. Just wondering, taking everything that you just talked about there, your preliminary thoughts on line of sight to exceeding those ramp schedules, and when the potential for incremental capital coming into the plan might materialize.
Martin J. Lyons: Yes, Jeremy, great question. You are right. What we laid out in our plans for sales growth is an assumption of about 1.2 gigawatts of growth by 2030, which would represent about a 6.2% sales CAGR in Missouri. Our generation plans that we are building out would provide for sales incremental to that. We had talked about the generation plans providing for up to an additional two gigawatts of sales by 2032, and by 2040 up to three and a half gigawatts. So again, some generation buildout to serve above that initial sales growth assumption. However, as I mentioned, we have signed 2.2 gigawatts of ESAs.
We are very close to signing additional ESAs that would bump up that number, and to the extent that the growth in sales comes faster than what was assumed in our plan—so, again, if that 2.2 gigawatts or more exceeds the growth rate included in our plans out through 2030—it certainly represents upside. I would say it represents upside from the standpoint of sales and sales margins, but also causes us to think about our generation needs in the next five years and in the next ten years. Within the next five, are there things that we can accelerate—things like renewables or dispatchable resources like batteries or potentially fuel cells?
And then even in the five to ten years, what do the sales growth look like associated with the ESAs we have signed? Also, as I mentioned a minute ago, we are having conversations with these hyperscalers, in particular even the ones that have signed these ESAs, about expansion possibilities—really looking at sales growth beyond the five years and the ten- and fifteen-year period and what additional generation might be needed to serve in those periods to the extent that we see sales growth beyond the assumptions included in our IRP we filed last year. That leads me up to later this year in September.
We are required in Missouri to file an integrated resource plan, and we plan to do that in September. It is a comprehensive update. We will look at all the assumptions that go into that—first and foremost, sales: what we expect the sales growth to look like over a 20-year period, but certainly in the next five and ten in particular. We will take into account these ESAs that we have signed, the ramp rates we are seeing, the conversations that we are having with data center developers and hyperscalers, and the economic growth more broadly in our region beyond those data centers.
We will be looking at the most reliable and affordable path forward in terms of generation resources to deploy to serve them, and we will roll that out in September. I think that will be a good milestone in terms of giving a marker for what we expect sales growth to be, what we expect the generation buildout to be, and that should also serve as an opportunity for us to give a good update on our third quarter call with respect to our investment plans, our rate base growth, and earnings expectations looking out over time.
Jeremy Bryan Tonet: Got it. That makes sense. I will leave it there. Thank you.
Operator: Your next question comes from the line of Richard Sunderland with Truist Securities. Please unmute your line and ask your question.
Richard Sunderland: Good morning.
Operator: Okay. Great. Thank you.
Richard Sunderland: Picking up some of the points from the prior questions, curious if you could speak a bit more to the fuel cell opportunity you alluded to there and how you see that fitting in as a solution over the next few years?
Martin J. Lyons: Again, Richard, I think I put the word “possibility” in there. What we are really looking at over the next five years is that it is obviously very difficult to get any additional gas-fired generation done in the next five or six years if you have not already started. We have two big projects going on that we have talked about, both Castle Bluff and Big Hollow, and another 2,100-megawatt combined cycle facility planned for 2031. What we are looking at—what I was trying to really say—is over the next five to six years, really looking at anything we can accelerate and bring in during that time period.
The options appear to be things like renewables and batteries, which we have talked about and are deploying some of those. Of course, we will take a look at fuel cells—not a commitment to that, but something we are looking at as a possibility for dispatchable resources in this time period.
Richard Sunderland: Understood. That is helpful. To take that topic but zoom out a bit, could you speak to the generation efforts overall from a supply chain perspective and a planning perspective as you think about that upcoming IRP filing and what you have an eye to into the 2030s? You spoke to the three gigawatts of CCNs to be filed in short order. Just curious what you are looking at even beyond that and if you have already taken steps there.
Martin J. Lyons: Yes, Richard. I will start and then turn it over to Michael. First of all, with respect to that three gigawatts of new resources, there were some questions we got about whether that was previously planned. I will tell you that it was. If you look at the IRP from last February, which is on slide 22—it is back in the appendix—you will see that we had about five gigawatts of generation planned by 2030, and then, as I mentioned, that combined cycle facility, another 2,100 megawatts planned for 2031.
To be clear, the three gigawatts that we laid out on slide eight, for which we are going to be seeking CCNs, are all consistent with that IRP we filed last year. The capital for those is consistent with the plans we rolled out in February. I will start there, but I will turn it over to Michael Main to address some of the other questions you had.
Michael Main: Thanks, Marty. Good morning. A little more specifically with respect to generation, I think we sit in a good spot. There is obviously a great deal of activity going on. As Marty indicated, we feel good about the number of projects that we have under construction—these solar projects. From a gas perspective, we have spoken about this. We have a simple-cycle project coming online at the end of 2027, another one in 2028. We have those turbines under contract. In fact, we have taken delivery of our first turbine for the 2027 project. We have EPC contracts in place.
Labor is mobilized and making really good progress on both of those simple cycles, along with about 400 megawatts of battery at that second site that comes online in 2028. With respect to longer term, the combined cycle—again, we feel good about where we sit today from a procurement of long lead-time material. We have executed the contract with Mitsubishi for that, and we have good line of sight on delivery of all that power island equipment in 2031—HRSGs, steam generators, etc. We feel good about those delivery timelines. We are working through the labor component piece of this. We have a consortium that we are putting in place with national construction companies.
We are very fortunate to have a number of companies headquartered here in St. Louis that are going to be put together to build these plants, along with a global engineering design firm that will help design and engineer this for us. There is obviously a great deal of work that needs to go into building these combined cycles—it is a large construction project, 2,100 megawatts—but we feel good about where we sit today and the work ahead of us. Longer term, as Marty talked about, there are a number of scenarios that we are working through at the moment in terms of future demand and future generation needs.
All of these conversations are ongoing with the various vendors, recognizing where we are from a supply chain perspective and making sure that we are taking the appropriate steps to continue to put us in a place that allows us to execute against this plan. So more to come as we work through it. I do not want to front-run the IRP, but all of that has been going on, Richard, for the better part of the past year.
Richard Sunderland: Very helpful. Thanks for the time.
Martin J. Lyons: Alright, Richard. Thank you.
Operator: The next question comes from the line of Shariah Pourreza with Wells Fargo. Please unmute your line and ask your question.
Analyst: Hi. This is actually Andrew on for Shar. On the topic of nuclear, the government has indicated some level of interest in the AP1000. There seems to be a consortium of regulated utilities that is forming and could consider new nuclear development as a group if cost overrun risk is taken on by a potential offtaker. Would you consider being part of this consortium, or maybe already are part of this consortium, given your experience with Callaway and the 1.5 gigawatts of new nuclear in your IRP?
Martin J. Lyons: Welcome this morning. We are not a part of that consortium. As you know, we do own and operate the Callaway Energy Center here in Missouri, and if you look at that IRP that we laid out on slide 22, as we look to the longer term, we certainly think nuclear should be part of the long-term portfolio—not just Callaway, but additional nuclear resources in the long term. It is something that we are going to continue to study. The state of Missouri as well is working on an updated state energy plan, and we will be taking part in that. The state is also looking at what it would take to support new nuclear.
We are going to participate in workshops associated with that, and we will see where that leads in terms of the long term—the type of technology that is deployed and the time frame on which to do it. I think we, like a lot of companies that are interested in nuclear, are certainly looking at the advancements of not only AP1000-type technology but small modular reactors and looking over time for price and schedule certainty that would allow you to move forward. Certainly, things like consortiums may very well be a good path forward in terms of being able to address some of the risks associated with price and schedule.
We will continue to look at those types of opportunities and engage with the state and see where that leads over time. Thanks for the question.
Analyst: Thank you. That is very helpful. Elsewhere in the country, we have seen customers with signed ESAs have trouble securing zoning for their data center sites. Do your customers have sites secured for the 2.2 gigawatts you have under ESA? And are there any other risks to the ramp under those ESAs that we should be considering?
Martin J. Lyons: With respect to those 2.2, those sites have been secured, and as I said earlier, we are looking forward in the near term—hopefully in the second quarter—to see some groundbreaking ceremonies and construction get underway. With respect to those, we feel good about it. When you look beyond that, I talked about some of the construction agreements that we have or some of the sites that are going under engineering with engineering studies. Those are in a variety of areas and in various stages of getting approvals. But with respect to the projects where we have the ESAs, we feel very good about those.
Analyst: Thank you. I will leave it there.
Operator: Just a reminder, if you would like to ask a question, please select the raise hand icon that can be found at the bottom of your webinar application. Our next question comes from Carly Davenport. Looks like Carly lowered her hand. Our next question comes from—oh, Carly’s back. Our next question comes from Carly S. Davenport with Goldman Sachs. Carly, please unmute your line and ask your question.
Carly S. Davenport: Hey. Good morning. Sorry about that. Thanks for taking the questions.
Martin J. Lyons: No worries, Carly.
Carly S. Davenport: Maybe just to start on the MISO transmission projects. Can you talk a little bit about the key considerations that you are evaluating on whether or not you will put forth a bid on the remaining two competitive projects as part of that process, and a sense of when you might expect to file those?
Martin J. Lyons: Yes, sure, Carly. If you look at what we outlined on slide nine where we have some of the transmission projects, we outlined in the bottom table those competitive projects where we have had a joint bid submitted and then some of the projects that are under evaluation. As we look at different project opportunities like that, it is really looking at whether we think we can put forward a good competitive proposal that delivers the value that is expected to be delivered from those projects. We think we have strong capabilities in this area. We have strengths in planning, design, project management, construction, operations, and maintenance.
We have delivered great value within our region, and we have won a few of these competitive projects over time. We will take a look at each one of those projects, and if we think we can be competitive and bring value, then we will submit a bid. I would also highlight, while we are on the topic of transmission, we have a robust investment plan over the five years, and we see that as having upside as well. I mentioned earlier some of the upside associated with these large loads as it relates to sales and the generation portfolio, but that exists in the transmission area as well.
When we put together our capital plans each year, we have always been pretty disciplined about what we put in there—whether it is the CapEx or the rate base growth plans. We do not typically include projects until there is clarity on timing, scope, and the system and/or customer need associated with those. As we look at some of this growth—large loads and generators wanting to connect to our system—those represent upside opportunities for us in terms of incremental transmission investment. We are looking at both things.
I add that because as we look ahead at growth opportunities in transmission, we are both looking at those investments that we typically make to interconnect customers and generators as well as these competitive projects—so a couple of areas of upside for us as we look at our capital plans going forward.
Carly S. Davenport: Got it. Appreciate that. Super helpful. One other question from me on the ICC reconciliation process. I guess it is not atypical to have some divergence on the OPEB treatment, but what are your thoughts on the adjustments proposed related to the infrastructure investments? Do you see any scope for some movement on that side?
Andrew Kirk: Hey, Carly. This is Andrew Kirk. Those adjustments are typical as part of the process. There is nothing unusual there, so you should assume that is just a typical part of the process—truing up rate base and related items as part of the 2025 reconciliation.
Carly S. Davenport: Got it. Great. Thank you for the time.
Operator: Thanks, Carly. Our next question comes from David Paz with Wolfe. Please unmute your line and ask your question.
David Paz: Hello. Marty, you may have just answered part of this, but let me ask it more bluntly. Do you anticipate the remaining 1.2 gigawatts of construction agreements to begin ramping in your current period by 2030, or will the ramps begin post-2030? I am referring to the ones for which you expect potentially some outcome in the near term.
Martin J. Lyons: Yes, David. I think that what you are asking about is: we have 3.4 gigawatts of construction agreements; 2.2 of that was announced in February, which leaves another 1.2 in construction agreements. As I said a couple of times, we do expect a subset of that to move to ESAs in the near term. The ramp rates in each one of these is confidential. You could see some movement in terms of sales associated with those during this five-year period. As you sign these ESAs, there is a period of construction to get the data center built before the sales start to kick in, but you could see some of that sales growth within the five-year period.
David Paz: That is great. Relative to your current sales outlook and capital plan, would you view any generation spend in your five-year period to be additive to the $32 billion, or as you get incremental opportunities would you displace CapEx, just given any build constraints?
Martin J. Lyons: We are always looking at the overall capital plan and the puts and takes, but I would expect that it would be added to the overall plan. Also, to the extent that those generation resources are being accelerated or built for the purpose of supplying the large load, obviously through Senate Bill 4 and the tariff that we have, those costs would be ultimately borne by those large loads. That is probably the best way to think about it.
David Paz: That is great. Then just a clarification. I think in an earlier response you said you felt good about solar projects among other types of projects. What about the one gigawatt of wind in your plan by year-end 2030? I think at least in your IRP you have all the permits there, zoning. Any issues with that? What is the status?
Martin J. Lyons: Yes, David. As you look at that portion of the IRP, we are still interested in wind as a resource. As we think about the renewable portion of our overall generation mix, it is good to have some diversity in there of solar and wind resources. But the timing of that relative to solar, I would say, is somewhat adjustable. We would love to see some more wind in our portfolio over time, but over the five-year period you could see, for example, solar displace that and the wind get pushed out a little bit. I would think about it that way: the timing does not have to be necessarily within the five-year period.
We remain interested in wind, and you may see a substitution of solar for wind in that period.
Operator: We have now reached the end of our question and answer session. I would now like to turn the call over to Martin J. Lyons for closing remarks.
Martin J. Lyons: Thank you all for joining us today. Through robust and disciplined investment in our electric, natural gas, and transmission infrastructure this year, we are positioning Ameren Corporation to reliably serve our customers and growing communities now and in the future. We look forward to seeing many of you in the next few weeks. Thanks, and have a great day.
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Ameren (AEE) Q1 2026 Earnings Call Transcript was originally published by The Motley Fool
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- Ameren Corporation (AEE) Q1 2026 Earnings Call Transcript
May 6, 2026 · seekingalpha.com
Ameren Corporation (AEE) Q1 2026 Earnings Call Transcript
- Ameren Q1 Earnings Outpace Estimates, Revenues Increase Y/Y
May 6, 2026 · zacks.com
AEE tops Q1 earnings estimates on infrastructure-driven gains, despite weaker sales volumes and a revenue miss, while reaffirming its 2026 outlook.
- Ameren Corporation Q1 2026 Earnings Call Summary
May 6, 2026
Ameren Corporation Q1 2026 Earnings Call Summary - Moby
Strategic Performance and Operational Context
Earnings growth was primarily driven by increased infrastructure investments across all operating segments, partially offset by warmer-than-normal winter weather impacting Missouri retail sales. Management attributed grid resilience during severe weather events to targeted system automation and infrastructure upgrades, which halved customer impact during April storms. The company is executing a three-pillar strategy focused on rate-regulated investment, constructive regulatory advocacy, and operational optimization through new technology deployment. Strategic positioning is increasingly defined by large-load demand, with 2.2 gigawatts of Energy Service Agreements (ESAs) already signed and additional agreements expected in the near term. Operational focus has shifted toward maximizing existing generation capacity, including a 700-megawatt winter capacity improvement at the Audrain Energy Center. Management emphasized a disciplined approach to cost management and business process optimization to maintain affordability while funding a $70 billion ten-year investment pipeline.
Growth Outlook and Strategic Assumptions
Management reaffirmed a 6% to 8% compound annual EPS growth rate through 2030, with expectations to consistently perform near the upper end of that range. The current sales forecast assumes a 6.2% CAGR through 2030, but management identifies significant upside if the 2.2 gigawatts of signed ESAs ramp faster than the 1.2 gigawatt baseline assumption. An updated Missouri Integrated Resource Plan (IRP) is targeted for late September 2026, which will provide a revised 20-year view of generation strategy and sales growth. The company plans to file for approximately three gigawatts of new generation CCNs by the third quarter, including the 2.1-gigawatt West Alton combined cycle facility. Financing strategy includes approximately $4 billion in equity issuances through 2030, with $600 million already sold forward for 2026 needs.
Risk Factors and Structural Dynamics
Higher tree-trimming expenditures are expected in 2026, particularly in the second quarter, as part of a multi-year reliability enhancement program. The company is navigating supply chain lead times for large-scale generation, having executed a contract for long-lead material and maintaining good line of sight on the delivery of power island equipment in 2031. Management noted that while state-level support for data centers is strong, local community receptivity varies, requiring careful site selection in appropriately zoned areas. A $65 million revenue adjustment request for Ameren Illinois is pending, reflecting 2025 actual costs under the performance-based multi-year rate plan.
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Q&A Session Highlights
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Data center pipeline and community engagement dynamics
Management confirmed several gigawatts of additional interest in both Missouri and Illinois are currently at the engineering study stage. Hyperscalers who have already signed ESAs are already discussing expansion opportunities beyond their initial commitments. Sites for the 2.2 gigawatts of signed ESAs are fully secured, with groundbreakings expected as early as the second quarter of 2026.
Incremental capital expenditure and generation acceleration
New generation required for large-load customers would likely be additive to the existing $32 billion five-year capital plan rather than displacing current projects. Management is exploring 'dispatchable' resources like batteries and potentially fuel cells to bridge the 5-6 year gap before new gas-fired plants can be completed. Under Missouri's Senate Bill 4, infrastructure costs specifically for large-load customers are allocated to and borne by those specific counterparties.
Nuclear energy consortium and long-term technology mix
Ameren is not currently part of the utility consortium exploring AP1000 development but remains open to new nuclear as a long-term portfolio component. The company is participating in state workshops to determine the necessary frameworks for supporting new nuclear technology in Missouri. Future IRPs will continue to evaluate small modular reactors (SMRs) once price and schedule certainty improve.
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- Ameren (AEE) Q1 Earnings Surpass Estimates
May 5, 2026
Ameren (AEE) came out with quarterly earnings of $1.28 per share, beating the Zacks Consensus Estimate of $1.17 per share. This compares to earnings of $1.07 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +9.87%. A quarter ago, it was expected that this utility would post earnings of $0.77 per share when it actually produced earnings of $0.78, delivering a surprise of +1.3%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Ameren, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $2.18 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 2.85%. This compares to year-ago revenues of $2.1 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Ameren shares have added about 12.6% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Ameren?
While Ameren has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Ameren was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.05 on $2.34 billion in revenues for the coming quarter and $5.32 on $9.5 billion in revenues for the current fiscal year.
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Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility - Electric Power is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, NRG Energy (NRG), is yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.
This power company is expected to post quarterly earnings of $1.78 per share in its upcoming report, which represents a year-over-year change of -32.1%. The consensus EPS estimate for the quarter has been revised 0.2% lower over the last 30 days to the current level.
NRG Energy's revenues are expected to be $10.36 billion, up 20.7% from the year-ago quarter.
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- Ameren (AEE) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates
May 5, 2026
Ameren (AEE) reported $2.18 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 3.8%. EPS of $1.28 for the same period compares to $1.07 a year ago.
The reported revenue represents a surprise of -2.85% over the Zacks Consensus Estimate of $2.24 billion. With the consensus EPS estimate being $1.17, the EPS surprise was +9.87%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Ameren performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Electric Revenues- Ameren Missouri- Total: $851 million versus $1.01 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -4.7% change. Gas Revenues- Ameren Illinois Natural Gas: $436 million versus $426.63 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +6.1% change. Electric Revenues- Ameren Illinois Electric Distribution- Total: $643 million versus the two-analyst average estimate of $579.18 million. The reported number represents a year-over-year change of +12.4%.
View all Key Company Metrics for Ameren here>>>
Shares of Ameren have returned +0.9% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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- Ameren Announces First Quarter 2026 Results
May 5, 2026
First Quarter Diluted Earnings Per Share (EPS) were $1.28 in 2026 vs. $1.07 in 2025 Reaffirmed 2026 Earnings Guidance Range of $5.25 to $5.45 per Diluted Share
ST. LOUIS, May 5, 2026 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced first quarter 2026 net income attributable to common shareholders of $357 million, or $1.28 per diluted share, compared to first quarter 2025 net income of $289 million, or $1.07 per diluted share.Ameren Logo (PRNewsfoto/Ameren Corporation)
First quarter 2026 results reflected earnings on infrastructure investments to improve system reliability, resilience, and service quality for our Ameren Missouri and Illinois electric and natural gas customers. These positive contributions were partially offset by lower Ameren Missouri electric retail sales, primarily driven by warmer-than-normal winter temperatures in the current period compared to colder-than-normal temperatures in the prior-year period, along with higher interest expense at Ameren Missouri. Finally, the earnings per diluted share comparison reflected higher weighted-average basic common shares outstanding in the first quarter of 2026.
"Customers depend on us every day for safe, reliable, and affordable energy—and demand is growing," said Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation. "Meeting these needs requires disciplined ongoing infrastructure investment. Our strategic plan calls for prudent investments across each of our operating segments to optimize service for our customers and communities today while preparing for the future."
Earnings Guidance
Today, Ameren reaffirmed its 2026 earnings guidance range of $5.25 to $5.45 per share. Earnings guidance for 2026 assumes normal temperatures for the last nine months of the year and is subject to the effects of, among other things: regulatory, judicial and legislative actions; energy center and energy transmission and distribution operations; energy, economic, capital and credit market conditions; customer usage; severe storms; market returns on company-owned life insurance investments; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this press release.
Ameren Missouri Segment Results
Ameren Missouri first quarter 2026 earnings were $76 million, compared to first quarter 2025 earnings of $42 million. The year-over-year increase reflected earnings on increased infrastructure investments, including infrastructure reflected in electric and natural gas service rates that became effective June 1, 2025, and September 1, 2025, respectively. These positive factors were partially offset by lower electric retail sales, primarily driven by warmer-than-normal winter temperatures in the current period compared to colder-than-normal temperatures in the prior-year period, along with higher interest expense.
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Ameren Transmission Segment Results
Ameren Transmission first quarter 2026 earnings were $98 million, compared to first quarter 2025 earnings of $89 million. The year-over-year increase reflected earnings on increased infrastructure investments.
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution first quarter 2026 earnings were $66 million, compared to first quarter 2025 earnings of $63 million.
Ameren Illinois Natural Gas Segment Results
Ameren Illinois Natural Gas first quarter 2026 earnings were $122 million, compared to first quarter 2025 earnings of $108 million. The year-over-year increase reflected infrastructure investments included in natural gas service rates that became effective December 2, 2025.
Ameren Parent Results (includes items not reported in a business segment)
Ameren Parent first quarter 2026 loss was $5 million, compared to a first quarter 2025 loss of $13 million.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Wednesday, May 6, 2026, to discuss first quarter 2026 earnings, 2026 earnings guidance and other matters. Investors, the news media and the public may listen to a live broadcast of the call at AmerenInvestors.com by clicking on "Webcast" under "Latest Quarterly Results," where an accompanying slide presentation will also be available. The conference call and presentation will be archived in the "Investors" section of the website under "Quarterly Earnings."
About Ameren
St. Louis-based Ameren Corporation powers the quality of life for 2.5 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution service, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn.com/company/Ameren.
Forward-looking Statements
Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed within Risk Factors in Ameren's Annual Report on Form 10-K for the year ended December 31, 2025, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:
regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations that may change regulatory recovery mechanisms or our ability to recover costs and earn a return, such as those that may result from appeals filed by Ameren Illinois to the Illinois Appellate Court for the Fifth Judicial District related to Illinois Commerce Commission (ICC) orders issued in December 2023, June 2024, and December 2024 in the multi-year rate plan (MYRP) electric distribution service regulatory rate review, Ameren Illinois' March 2026 appeal of the December 2025 order issued in the 2024 electric distribution service revenue requirement reconciliation adjustment review, Ameren Illinois' 2025 electric distribution service revenue requirement reconciliation adjustment review filed with the ICC in April 2026, Ameren Illinois' January 2026 appeal of the November 2025 ICC order issued in the 2025 natural gas delivery service rate review, Ameren Illinois' 2020 QIP reconciliation hearing, and the January and April 2025 appeals of FERC's October 2024 and March 2025 orders by the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and Ameren Transmission Company of Illinois (ATXI); our ability to control costs and make substantial investments in our businesses, including our ability to recover costs and investments, and to earn our allowed return on equity (ROE), within frameworks established by our regulators, while maintaining affordability for our customers; the effect and duration of Ameren Illinois' election to utilize MYRPs for electric distribution service ratemaking effective for rates beginning in 2024, including the effect of the reconciliation cap on the electric distribution revenue requirement; the effect on Ameren Missouri of any customer rate caps or limitations on increasing the electric service revenue requirement pursuant to Ameren Missouri's election to use the plant-in-service accounting regulatory mechanism; Ameren Missouri's ability to construct and/or acquire wind, solar, and other renewable energy generation facilities and battery storage, as well as natural gas-fired and nuclear energy centers, extend the operating license for the Callaway Energy Center, reliably operate existing energy centers through their expected retirement dates, retire fossil fuel-fired energy centers, and implement new or existing customer energy-efficiency programs, including any such construction, acquisition, retirement, or implementation in connection with its Smart Energy Plan, preferred resource plan, or emissions reduction goals, and to recover its cost of investment, a related return, and, in the case of customer energy-efficiency programs, any lost electric revenues in a timely manner, each of which is affected by the ability to timely obtain all necessary regulatory and project approvals, including certificates of convenience and necessity (CCNs) from the MoPSC or any other required approvals, including permits to operate the facilities; our ability to realize and support forecasted energy demand and capacity from new and potential new customers, including demand growth dependent on the addition of new data centers and other large primary service customers within our service territories, such as the large load customers that signed electric service agreements with Ameren Missouri in 2026; the effects on energy prices and demand for our services resulting from customer growth patterns or usage, including demand from data centers, technological advances, including advances in customer energy efficiency, electric vehicles, electrification of various industries, energy storage, and private generation sources, which are becoming increasingly cost-competitive; Ameren Missouri's ability to earn, utilize, or transfer at a reasonable price federal production and investment tax credits related to renewable energy projects and nuclear energy production; the cost of wind, solar, and other renewable generation and battery storage technologies; and our ability to obtain timely interconnection agreements with the MISO or other regional transmission organizations at an acceptable cost for each facility; the effect of changes in federal domestic energy policy to support investment in fossil fuel infrastructure and the effect of those changes on Ameren Missouri's ability to construct and/or acquire renewable energy generation facilities and battery storage; the outcome of the MISO long-range transmission planning process, including potential changes to planned projects, the ability to obtain competitively bid or assigned projects and related approvals, including CCNs from the MoPSC and ICC or any other required approvals, and changes in applicable legislative or regulatory frameworks; the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments, including as they relate to the construction and acquisition of electric and natural gas utility infrastructure and the ability of counterparties to complete projects, which is dependent upon the availability of necessary materials and equipment, including those obligations that are affected by supply chain disruptions; advancements in energy technologies, including carbon capture, utilization, and sequestration, hydrogen fuel for electric production and energy storage, next generation nuclear, and large-scale long-cycle battery storage, and the impact of federal and state energy and economic policies with respect to those technologies; the effects of changes in federal, state, or local laws and other domestic or international governmental actions, including monetary, fiscal, foreign trade, and energy policies, foreign trade tariffs, executive orders, geopolitical developments, or extended federal government shutdowns or defunding; the effects of changes in federal, state, or local tax laws or rates; additional regulations, interpretations, amendments, or technical corrections to, or in connection with the One Big Beautiful Bill Act (OBBBA) and the Inflation Reduction Act of 2022 (IRA), including the effects of the OBBBA as it relates to construction timelines of solar, wind, and battery storage projects along with the ability to obtain materials for these projects to be eligible for federal production and investment tax credits; and any challenges to the tax positions we have taken, as well as resulting effects on customer rates; the cost and availability of fuel, such as low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of natural gas for distribution and the cost and availability of purchased power, including capacity, zero emission credits, renewable energy credits, and emission allowances; and the level and volatility of future market prices for such commodities and credits; disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including nuclear fuel assemblies primarily from the one Nuclear Regulatory Commission-licensed supplier of assemblies for Ameren Missouri's Callaway Energy Center; the cost and availability of transmission capacity required for the energy generated by Ameren Missouri's energy centers or as required to satisfy Ameren Missouri's energy sales; the effectiveness of our risk management strategies and our use of financial and derivative instruments; the ability to obtain sufficient insurance at a reasonable cost, or, in the absence of insurance, the ability to timely recover uninsured losses from our customers; the impact of cyberattacks and data security risks on us, our suppliers, or other entities on the grid, including those arising from generative or agentic artificial intelligence, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information; acts of sabotage, which have increased in frequency and severity within the utility industry, war, terrorism, or other intentionally disruptive acts; business, economic, geopolitical, and capital market conditions, including foreign trade tariffs or trade wars, evolving federal regulatory priorities, and the impact of such conditions on interest rates, inflation, commodity prices, and investments; the impact of inflation or a recession on our customers and suppliers and the related impact on our results of operations, financial position, and liquidity; disruptions of the capital and credit markets, deterioration in our credit metrics, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity, and our ability to access the capital and credit markets on reasonable terms when needed; the actions of credit rating agencies and the effects of such actions; the impact of weather conditions and other natural conditions on us and our customers, including the impact of system outages and the level of wind and solar resources; the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets; the ability to maintain system reliability by Ameren Missouri, the MISO, and the electric utility industry, as well as Ameren Missouri's ability to meet existing or future generation capacity and power obligations; the effects of failures of electric generation, electric and natural gas transmission or distribution, or natural gas storage facilities systems and equipment, which could result in unanticipated liabilities or unplanned outages; the operation of Ameren Missouri's Callaway Energy Center, including planned and unplanned outages, as well as the ability to recover costs associated with such outages and the impact of such outages on off-system sales and purchased power, among other things; Ameren Missouri's ability to recover the remaining investment and decommissioning costs associated with the retirement of an energy center, as well as the ability to earn a return on that remaining investment and those decommissioning costs; the impact of current environmental laws or their interpretation and new, more stringent, or changing requirements and environmental policies, including those related to NSR provisions of the Clean Air Act, carbon dioxide, nitrogen oxides, sulfur dioxide, and other emissions and discharges, Illinois emission standards, cooling water intake structures, coal combustion residuals, energy efficiency, and wildlife protection, that could limit, terminate or otherwise modify the operation of certain of Ameren Missouri's energy centers, increase our operating costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers' demand for electricity or natural gas, or otherwise have a negative financial effect; the impact of complying with renewable energy standards in Missouri and Illinois and with the zero emission standard in Illinois; the effectiveness of Ameren Missouri's customer energy-efficiency programs and the related revenues and performance incentives earned under its Missouri Energy Efficiency Investment Act programs; labor disputes, workforce reductions, our ability to attract and retain professional and skilled-craft employees, changes in future wage and employee benefits costs, including those resulting from changes in discount rates, mortality tables, medical cost trend rates, returns on benefit plan assets, and other assumptions; the impact of negative opinions of us or our utility services that our customers, investors, legislators, regulators, creditors, rating agencies, or other stakeholders may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or disagreement with those plans, failure to protect sensitive customer information, increases in rates, new data centers entering our service territories, negative media coverage, or concerns about company policies or practices; the impact of adopting new accounting and reporting guidance; the effects of strategic initiatives, including mergers, acquisitions, divestitures, and reorganizations; legal and administrative proceedings; pandemics or other significant global health events, and their impacts on our results of operations, financial position, and liquidity; and the impacts of global conflicts and related sanctions imposed by the United States and other governments, including potential impacts on the cost and availability of fuel, natural gas, enriched uranium, and other commodities, materials, and services.
New factors emerge from time to time, and it is not possible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.
AMEREN CORPORATION (AEE) CONSOLIDATED STATEMENT OF INCOME (Unaudited, in millions, except per share amounts) Three Months Ended
March 31, 2026 2025 Operating Revenues: Electric $ 1,661 $ 1,622 Natural gas 515 475 Total operating revenues 2,176 2,097 Operating Expenses: Fuel and purchased power 433 502 Natural gas purchased for resale 171 169 Other operations and maintenance 491 485 Depreciation and amortization 398 367 Taxes other than income taxes 151 144 Total operating expenses 1,644 1,667 Operating Income 532 430 Other Income, Net 90 85 Interest Charges 204 175 Income Before Income Taxes 418 340 Income Taxes 60 50 Net Income 358 290 Less: Net Income Attributable to Noncontrolling Interests 1 1 Net Income Attributable to Ameren Common Shareholders $ 357 $ 289 Earnings per Common Share - Basic $ 1.29 $ 1.07 Earnings per Common Share – Diluted $ 1.28 $ 1.07 Weighted-average Common Shares Outstanding – Basic 276.5 270.0 Weighted-average Common Shares Outstanding – Diluted 278.4 271.4
AMEREN CORPORATION (AEE) CONSOLIDATED BALANCE SHEET (Unaudited, in millions) March 31,
2026 December 31,
2025 ASSETS Current Assets: Cash and cash equivalents $ 13 $ 13 Accounts receivable - trade (less allowance for doubtful accounts) 703 665 Unbilled revenue 298 415 Miscellaneous accounts receivable 175 107 Inventories 733 774 Current regulatory assets 434 387 Other current assets 211 210 Total current assets 2,567 2,571 Property, Plant, and Equipment, Net 40,471 39,313 Investments and Other Assets: Nuclear decommissioning trust fund 1,478 1,526 Goodwill 411 411 Regulatory assets 2,674 2,524 Pension and other postretirement benefits 991 977 Other assets 1,254 1,154 Total investments and other assets 6,808 6,592 TOTAL ASSETS $ 49,846 $ 48,476 LIABILITIES AND EQUITY Current Liabilities: Current maturities of long-term debt $ 1,123 $ 973 Short-term debt 1,178 643 Accounts and wages payable 733 1,254 Interest accrued 179 229 Customer deposits 239 238 Other current liabilities 674 570 Total current liabilities 4,126 3,907 Long-term Debt, Net 19,003 18,214 Deferred Credits and Other Liabilities: Accumulated deferred income taxes and tax credits, net 5,311 5,181 Regulatory liabilities 6,251 6,255 Asset retirement obligations 864 849 Other deferred credits and liabilities 606 540 Total deferred credits and other liabilities 13,032 12,825 Shareholders' Equity: Common stock 3 3 Other paid-in capital, principally premium on common stock 8,114 8,106 Retained earnings 5,441 5,292 Accumulated other comprehensive loss (2) — Total shareholders' equity 13,556 13,401 Noncontrolling Interests 129 129 Total equity 13,685 13,530 TOTAL LIABILITIES AND EQUITY $ 49,846 $ 48,476
AMEREN CORPORATION (AEE) CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, in millions) Three Months Ended
March 31, 2026 2025 Cash Flows From Operating Activities: Net income $ 358 $ 290 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 417 395 Amortization of nuclear fuel 21 20 Amortization of debt issuance costs and premium/discounts 5 5 Deferred income taxes and tax credits, net 56 116 Allowance for equity funds used during construction (31) (16) Stock-based compensation costs 8 7 Other 9 7 Changes in assets and liabilities (422) (393) Net cash provided by operating activities 421 431 Cash Flows From Investing Activities: Capital expenditures (1,574) (1,064) Nuclear fuel expenditures (22) (18) Purchases of securities – nuclear decommissioning trust fund (87) (107) Sales and maturities of securities – nuclear decommissioning trust fund 76 93 Other (7) 9 Net cash used in investing activities (1,614) (1,087) Cash Flows From Financing Activities: Dividends on common stock (208) (191) Dividends paid to noncontrolling interest holders (1) (1) Short-term debt, net 534 108 Maturities of long-term debt (350) (300) Issuances of long-term debt 1,297 1,099 Issuances of common stock 12 13 Employee payroll taxes related to stock-based compensation (14) (13) Debt issuance costs (12) (11) Net cash provided by financing activities 1,258 704 Net change in cash, cash equivalents, and restricted cash 65 48 Cash, cash equivalents, and restricted cash at beginning of year(a) 420 328 Cash, cash equivalents, and restricted cash at end of period(b) $ 485 $ 376
(a) Includes $13 million of cash and cash equivalents and $407 million of restricted cash as of December 31, 2025. (b) Includes $13 million of cash and cash equivalents and $472 million of restricted cash as of March 31, 2026.
AMEREN CORPORATION (AEE) OPERATING STATISTICS Three Months Ended March 31, 2026 2025 Electric Sales - kilowatthours (in millions): Ameren Missouri Residential 3,596 3,864 Commercial 3,366 3,367 Industrial 954 959 Street lighting and public authority 16 17 Ameren Missouri retail load subtotal 7,932 8,207 Off-system 1,099 1,214 Ameren Missouri total 9,031 9,421 Ameren Illinois Electric Distribution Residential 2,805 2,973 Commercial 2,710 2,820 Industrial 2,406 2,491 Street lighting and public authority 100 103 Ameren Illinois Electric Distribution total 8,021 8,387 Ameren Total 17,052 17,808 Electric Revenues (in millions): Ameren Missouri Residential $ 399 $ 376 Commercial 302 273 Industrial 72 66 Other, including street lighting and public authority 36 (2) Ameren Missouri retail load subtotal $ 809 $ 713 Off-system sales and capacity 42 180 Ameren Missouri total $ 851 $ 893 Ameren Illinois Electric Distribution Residential $ 349 $ 342 Commercial 195 180 Industrial 55 50 Other, including street lighting and public authority 44 — Ameren Illinois Electric Distribution total $ 643 $ 572 Ameren Transmission Ameren Illinois Transmission(a) $ 164 $ 154 ATXI 63 57 Eliminate affiliate revenues — (1) Ameren Transmission total $ 227 $ 210 Other and intersegment eliminations(a) (60) (53) Ameren Total $ 1,661 $ 1,622
(a) Includes $44 million and $37 million, respectively, of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment.
AMEREN CORPORATION (AEE) OPERATING STATISTICS Three Months Ended March 31, 2026 2025 Gas Sales - dekatherms (in millions): Ameren Missouri 8 9 Ameren Illinois Natural Gas 62 65 Ameren Total 70 74 Gas Revenues (in millions): Ameren Missouri $ 79 $ 64 Ameren Illinois Natural Gas 436 411 Ameren Total $ 515 $ 475 March 31, December 31, 2026 2025 Common Stock: Shares outstanding (in millions) 276.7 276.4 Book value per share $ 48.99 $ 48.48Cision
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