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Ameren (AEE) investor relations material
Ameren Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 adjusted EPS was $2.17, up from $1.87 in Q3 2024, and GAAP EPS was $2.35, up from $1.70, driven by infrastructure investments, new rates, and higher retail sales, partially offset by higher O&M and interest expenses.
Net income attributable to common shareholders for Q3 2025 was $640 million ($2.35 per diluted share), up from $456 million ($1.70 per diluted share) in Q3 2024; nine-month net income was $1,204 million ($4.43 per diluted share), up from $975 million ($3.65 per diluted share) year-over-year.
Over $3 billion invested in infrastructure upgrades in the first three quarters of 2025, including grid, generation, and transmission enhancements in Missouri and Illinois.
Data center construction agreements expanded to 3 GW, with $38 million in non-refundable payments received for transmission upgrades.
Leadership changes announced: Michael Moehn to become Group President of Utilities, Lenny Singh to become CFO effective January 1.
Financial highlights
Q3 2025 operating revenues were $2.7 billion, up from $2.2 billion in Q3 2024; nine-month revenues were $7.0 billion, up from $5.7 billion year-over-year.
Q3 2025 operating income was $825 million, up from $586 million in Q3 2024; nine-month operating income was $1,666 million, up from $1,318 million.
Adjusted EPS increased $0.30 year-over-year, driven by new rates, strong sales, and favorable weather.
Normalized Ameren Missouri retail sales up 1.5% year-over-year through September.
Q3 2025 cash provided by operating activities was $2.4 billion, up from $1.9 billion in Q3 2024.
Outlook and guidance
2025 adjusted diluted EPS guidance raised to $4.90–$5.10; 2026 guidance set at $5.25–$5.45.
Long-term EPS CAGR expected at 6%-8% from 2025–2029; rate base CAGR expected at ~9.2% from 2025–2029.
Long-term capital investment pipeline exceeds $68 billion, with further details to be provided in February.
Missouri Senate Bill 4, effective August 2025, modifies regulatory frameworks, extends PISA through 2035, and introduces new provisions for high-demand customers.
Sales growth expectations to be updated in February, reflecting data center and economic development activity.
Impact of Treasury yields on IL ROE?
Update on data center demand growth
Plans to mitigate O&M and interest expense?
Would 3 GW data center load require generation plan revisions?
Illinois Omnibus bill: impact on future CapEx
What conditions firm up long-term EPS growth outlook?
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Q4 202513 Feb, 2026
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Frequently asked questions
An Energy Holding Company
Ameren is an American electrical and power company headquartered in St. Louis, Missouri, and listed on the NYSE. It is a holding company for several smaller power and energy businesses, and it primarily serves customers in its home state as well as parts of Illinois. Aside from supplying electricity and natural gas to customers, it also owns and oversees a large dam in Missouri.
Founded Through a Series of Mergers
The modern form of the company was formed by a series of mergers of smaller energy and utility companies in Missouri and Illinois. Even if the company was formed in 1997, the roots and history of its subsidiaries trace much further back than that. The two major constituent parts of Amaren (now going under different names), Union Electric and the Central Illinois Public Service Company were both formed in 1902. Both companies supplied their customers with hydrogenated electricity, as well as natural gas.
Supplying Energy
Amaren is the holding company for several different smaller subsidiaries, all working within energy and energy transmission. As previously mentioned, it supplies well over two million customers with both electricity and natural gas, including private households and businesses of various sizes. The company sources its electricity through a variety of different means, including generation from nuclear power plants and hydro-generators. The company is, unsurprisingly, one of the major suppliers of electricity and natural gas in Missouri and supplies over half of the St. Louis metropolitan area with energy.
Being publicly traded is nothing unique for electricity companies. Some other examples besides Amaren are Nextera, Engie, and Duke Energy.
The Bagnell Dam
The Missouri Subsidiary owns and operates the Bagnell Dam, located on the Osage river. The dam creates the Lake of the Ozarks, and the company is responsible for ensuring that the water levels of said lake are safe, consistent, and in line with the regulations in place. The dam was first built in 1931 and still generates hydroelectric power for Ameren.
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