Ameren (AEE) Q2 2026 earnings summary

Executive summary

• Q2 2026 diluted EPS rose to $1.13 from $1.01 year-over-year, with net income of $314 million versus $275 million, driven by infrastructure and innovative energy technology investments, partially offset by higher O&M expenses and lower retail sales due to milder weather.

• Six-month net income increased to $671 million ($2.41 per diluted share) from $564 million ($2.08 per diluted share) year-over-year.

• Major economic development in Missouri includes $25 billion in data center projects by Google and Amazon, expected to drive a 60% increase in Missouri sales by 2029.

• Robust pipeline of regulated infrastructure investments, with over $71 billion in opportunities through 2035.

• Major regulatory filings included a $343 million electric rate increase request in Missouri and continued implementation of multi-year rate plans and energy efficiency investments in Illinois.

Financial highlights

• Q2 2026 operating revenues were $2.09 billion, down from $2.22 billion in Q2 2025; six-month revenues were $4.27 billion, slightly down from $4.32 billion year-over-year.

• Q2 2026 operating income was $459 million (up from $411 million), and $991 million for the first half (up from $841 million).

• Net income for Q2 2026 was $316 million, up from $277 million; six-month net income was $674 million, up from $567 million.

• Diluted EPS was $1.13 for Q2 2026 (vs. $1.01) and $2.41 for the first half (vs. $2.08).

• Non-recurring $0.08 per share benefit from unrealized gains on innovative energy technology investments in H1 2026.

Outlook and guidance

• 2026 EPS guidance reaffirmed at $5.25-$5.45 per diluted share, with expectations to deliver at or above the midpoint.

• Annual EPS growth expected near the upper end of the 6%-8% CAGR range from 2026-2030, driven by 10.6% compound annual rate base growth.

• Expect to update long-term sales, capital investment, and earnings growth expectations on the Q3 call after filing the updated Integrated Resource Plan (IRP).

• Significant capital expenditures planned through 2030, with up to $33.1 billion ($22.2B Missouri, $8.3B Illinois, $2.6B ATXI).

• Anticipated demand growth from large load customers, especially data centers, expected to materialize from late 2027 through 2029.