Ameren Corporation

What they do

Ameren's primary assets are its equity interests in Ameren Missouri, Ameren Illinois, and ATXI. Ameren Missouri operates regulated electric generation, transmission, and distribution plus natural gas distribution in Missouri; Ameren Illinois operates regulated electric transmission, electric distribution, and natural gas distribution in Illinois; ATXI operates a FERC-regulated electric transmission business in MISO. Ameren reports four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission, the last aggregating the electric transmission businesses of Ameren Illinois and ATXI. Revenue comes from rates set by the MoPSC, the ICC, and FERC.

Revenue drivers

• Ameren Missouri — Rate-regulated electric generation, transmission, distribution and natural gas distribution; the segment includes all Ameren Missouri operations. Q2 2026 earnings were $157 million versus $150 million a year earlier.
• Ameren Transmission — Aggregated electric transmission businesses of Ameren Illinois and ATXI, FERC rate-regulated in MISO with the least regulatory lag among the jurisdictions. Q2 2026 earnings were $96 million versus $86 million.
• Ameren Illinois Electric Distribution — Regulated electric distribution in Illinois; Illinois has elected MYRPs for electric distribution ratemaking effective for rates beginning in 2024. Q2 2026 earnings were $70 million versus $64 million.
• Ameren Illinois Natural Gas — Regulated natural gas business of Ameren Illinois; the company's Q2 2026 earnings release lists segment results for this business after the electric distribution segment.

Recent performance

Second quarter 2026 net income attributable to common shareholders was $314 million, or $1.13 per diluted share, versus $275 million, or $1.01 per diluted share, in the second quarter of 2025. For the six months ended June 30, 2026, net income was $671 million, or $2.41 per diluted share, versus $564 million, or $2.08 per diluted share, a year earlier. Management attributed the increase to earnings on infrastructure investments across segments and innovative energy technology investments, partly offset by higher operations and maintenance expenses (reliability-focused tree trimming and energy center maintenance), lower electric retail sales on milder temperatures, and higher interest expense. All four segments reported higher year-over-year second quarter earnings. Annual 2025 revenue was $8.80 billion, net income $1.46 billion, and diluted EPS $5.35.

Strategy

Management describes investing in a diverse and resilient energy portfolio, strengthening grid reliability, and supporting economic growth in the region. The Smart Energy Plan, preferred resource plan, and emissions reduction goals are cited as frameworks for constructing or acquiring wind, solar, other renewables, battery storage, natural gas-fired and nuclear energy, and for extending the Callaway Energy Center operating license. Ameren is pursuing large load customers, including data centers and other large primary service customers; large load customers signed electric service agreements with Ameren Missouri in 2026. On July 30, 2026 the company reaffirmed its 2026 earnings guidance range of $5.25 to $5.45 per diluted share, assuming normal temperatures for the last six months of the year.

Risks

• Regulatory rate outcomes — Results depend on rate decisions by the MoPSC, ICC, and FERC, including the Ameren Missouri electric service rate review filed in June 2026 and Ameren Illinois' 2025 electric distribution reconciliation adjustment review filed in April 2026.
• Illinois natural gas rate review appeal — Ameren Illinois filed a January 2026 appeal of the November 2025 ICC order in its 2025 natural gas delivery service rate review, and has a 2020 QIP reconciliation hearing pending.
• Ratemaking mechanism constraints — Ameren Illinois' MYRP election for electric distribution rates beginning in 2024 is subject to a reconciliation cap on the electric distribution revenue requirement, and Ameren Missouri's PISA election is subject to customer rate caps or limits on increasing the electric service revenue requirement.
• Demand and large-load concentration — Forecasted demand and capacity depend on adding new data centers and other large primary service customers in the service territories, and on customer usage patterns and weather.

Outlook

Ameren reaffirmed 2026 earnings guidance of $5.25 to $5.45 per diluted share on July 30, 2026, assuming normal temperatures for the last six months of the year. Management cited continued infrastructure investment, grid reliability work, and support for regional economic growth as drivers, while noting sensitivity to regulatory, judicial, and legislative actions, energy center and transmission and distribution operations, market conditions, customer usage, severe storms, and returns on market-based investments. No other forward guidance figures are given in the excerpts.