Ameren
AEE · NYSEElectric & Other Services Combined · Fiscal year ends Dec 31
Ameren reported revenue of $8.8B in the fiscal year ended Dec 2025, up 15.4% from the year before. Operating income was $2B, an operating margin of 23.0%, and net income was $1.5B. Operating cash flow of $3.4B less capital expenditure of $4.1B left free cash flow of −$775M. Net debt was $19.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.4B | $8B | $7.5B | $7.6B | $8.8B |
| Operating income | $1.3B | $1.5B | $1.6B | $1.5B | $2B |
| Interest expense | $383M | $486M | $566M | $663M | $776M |
| Pre-tax income | $1.2B | $1.3B | $1.3B | $1.3B | $1.6B |
| Income tax | $157M | $176M | $183M | $83M | $136M |
| Net income | $995M | $1.1B | $1.2B | $1.2B | $1.5B |
| Diluted EPS | 3.84 | 4.14 | 4.38 | 4.42 | 5.35 |
| Diluted shares | 258M | 260M | 263M | 267M | 272M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $8M | $10M | $25M | $7M | $13M |
| Receivables | $434M | $600M | $494M | $525M | $665M |
| Inventory | $592M | $667M | $733M | $762M | $774M |
| Current assets | $2B | $2.7B | $2.2B | $2.3B | $2.6B |
| Net PP&E | $29.3B | $31.3B | $33.8B | $36.3B | $39.3B |
| Goodwill | $411M | $411M | $411M | $411M | $411M |
| Total assets | $35.7B | $37.9B | $40.8B | $44.6B | $48.5B |
| Deferred revenue | – | $115M | $176M | $223M | $238M |
| Current liabilities | $2.8B | $3.4B | $3.3B | $3.4B | $3.9B |
| Short-term debt | $505M | $340M | $849M | $317M | $973M |
| Long-term debt | $12.6B | $13.7B | $15.1B | $17.3B | $18.2B |
| Shareholders' equity | $9.7B | $10.5B | $11.3B | $12.1B | $13.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.7B | $2.3B | $2.6B | $2.8B | $3.4B |
| Capital expenditure | $3.5B | $3.4B | $3.6B | $4.3B | $4.1B |
| Free cash flow | −$1.8B | −$1.1B | −$1B | −$1.6B | −$775M |
| Depreciation & amortisation | $1.2B | $1.4B | $1.4B | $1.5B | $1.6B |
| Stock-based compensation | $22M | $24M | $26M | $28M | $28M |
| Dividends paid | $565M | $610M | $662M | $714M | $768M |
| Dividend per share | 2.20 | 2.36 | 2.52 | 2.68 | 2.84 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.4% | −5.7% | 1.6% | 15.4% |
| Operating income growth (YoY) | – | 13.7% | 2.8% | −2.7% | 33.6% |
| EPS growth (YoY) | – | 7.8% | 5.8% | 0.9% | 21.0% |
| Operating margin | 20.8% | 19.0% | 20.8% | 19.9% | 23.0% |
| Net margin | 15.6% | 13.6% | 15.4% | 15.6% | 16.6% |
| Return on equityBlank when equity is negative | 10.3% | 10.3% | 10.2% | 9.8% | 10.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.1% | 4.4% | 4.2% | 3.7% | 4.5% |
| Free cash flow margin | −28.4% | −13.7% | −13.8% | −20.4% | −8.8% |
| Cash conversion (CFO ÷ net income) | 1.67x | 2.10x | 2.22x | 2.33x | 2.30x |
| Receivable days | 25 | 28 | 24 | 25 | 28 |
| Interest cover | 3.48x | 3.12x | 2.75x | 2.29x | 2.61x |
| Debt ÷ equity | 1.35x | 1.33x | 1.41x | 1.45x | 1.43x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $13.1B | $14B | $15.9B | $17.6B | $19.2B |
| Current ratio | 0.70x | 0.79x | 0.65x | 0.66x | 0.66x |
Recent filings
More in Electric & Other Services Combined
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.