AMEREN CORP AEE
Ameren, formed in 1997 and headquartered in St. Louis, Missouri, is a public utility holding company whose primary assets are its equity interests in its subsidiaries. Ameren's subsidiaries are separate, independent legal entities with separate businesses, assets, and liabilities. Dividends on Ameren's common stock and the payment of expenses by Ameren depend on distributions made to it by its subsidiaries.
Below is a summary description of Ameren's principal subsidiaries – Ameren Missouri, Ameren Illinois, and ATXI. Ameren also has other subsidiaries that conduct other activities, such as providing shared services. A more detailed description can be found in Note 1 – Summary of Significant Accounting Policies under Part II, Item 8, of this report.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.80B | $7.62B | $7.50B | $7.96B | $6.39B | $5.79B | $5.91B | $6.29B | $6.17B | $6.08B |
| Total operating expenses | $6.77B | $6.11B | $5.94B | $6.44B | $5.06B | $4.49B | $4.64B | $4.93B | $4.76B | $4.75B |
| Operating income | $2.03B | $1.52B | $1.56B | $1.51B | $1.33B | $1.30B | $1.27B | $1.36B | $1.41B | $1.32B |
| Interest expense | $776.0M | $663.0M | $566.0M | $486.0M | $383.0M | $419.0M | $381.0M | $401.0M | $391.0M | $382.0M |
| Pre-tax income | $1.60B | $1.27B | $1.34B | $1.25B | $1.15B | $1.03B | $1.02B | $1.06B | $1.10B | $1.04B |
| Income tax | $136.0M | $83.0M | $183.0M | $176.0M | $157.0M | $155.0M | $182.0M | $237.0M | $576.0M | $382.0M |
| Net income | $1.46B | $1.19B | $1.16B | $1.08B | $995.0M | $877.0M | $834.0M | $821.0M | $529.0M | $659.0M |
| EPS, basic | 5.38 | 4.43 | 4.39 | 4.16 | 3.86 | 3.53 | 3.37 | 3.34 | 2.16 | 2.69 |
| EPS, diluted | 5.35 | 4.42 | 4.38 | 4.14 | 3.84 | 3.50 | 3.35 | 3.32 | 2.14 | 2.68 |
| Shares, diluted (wtd. avg.) | $272.2M | $267.4M | $263.4M | $259.5M | $257.6M | $248.7M | $247.1M | $245.8M | $244.2M | $243.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $13.0M | $7.0M | $272.0M | $216.0M | $155.0M | $301.0M | $176.0M | $107.0M | $68.0M | $52.0M |
| Receivables | $665.0M | $525.0M | $494.0M | $600.0M | $434.0M | $415.0M | $393.0M | $463.0M | $445.0M | $437.0M |
| Inventory | $774.0M | $762.0M | $733.0M | $667.0M | $592.0M | $521.0M | $494.0M | $483.0M | $522.0M | $527.0M |
| Total current assets | $2.57B | $2.26B | $2.18B | $2.67B | $1.97B | $1.65B | $1.43B | $1.53B | $1.61B | $1.59B |
| Property, plant and equipment | $39.31B | $36.30B | $33.78B | $31.26B | $29.26B | $26.81B | $24.38B | $22.81B | $21.47B | $20.11B |
| Goodwill | $411.0M | $411.0M | $411.0M | $411.0M | $411.0M | $411.0M | $411.0M | $411.0M | $411.0M | $411.0M |
| Total assets | $48.48B | $44.60B | $40.83B | $37.90B | $35.73B | $32.03B | $28.93B | $27.21B | $25.95B | $24.70B |
| Accounts payable | $1.25B | $1.06B | $1.14B | $1.16B | $1.09B | $958.0M | $874.0M | $817.0M | $902.0M | $805.0M |
| Short-term debt | $973.0M | $317.0M | $849.0M | $340.0M | $505.0M | $8.0M | $442.0M | $580.0M | $841.0M | $681.0M |
| Total current liabilities | $3.91B | $3.41B | $3.35B | $3.37B | $2.83B | $2.18B | $2.50B | $2.69B | $2.94B | $2.67B |
| Long-term debt | $18.21B | $17.26B | $15.12B | $13.69B | $12.56B | $11.08B | $8.91B | $7.86B | $7.09B | $6.59B |
| Retained earnings | $5.29B | $4.60B | $4.14B | $3.65B | $3.18B | $2.76B | $2.38B | $2.02B | $1.66B | $1.57B |
| Total equity | $13.40B | $12.11B | $11.48B | $10.64B | $9.83B | $9.08B | $8.20B | $7.77B | $7.33B | $7.25B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.35B | $2.76B | $2.56B | $2.26B | $1.66B | $1.73B | $2.17B | $2.17B | $2.12B | $2.12B |
| Depreciation and amortisation | $1.61B | $1.52B | $1.43B | $1.37B | $1.22B | $1.15B | $1.00B | $938.0M | $876.0M | $835.0M |
| Stock-based compensation | $28.0M | $28.0M | $26.0M | $24.0M | $22.0M | $21.0M | $20.0M | $20.0M | $17.0M | $17.0M |
| Capital expenditure | $4.13B | $4.32B | $3.60B | $3.35B | $3.48B | $3.23B | $2.41B | $2.29B | $2.13B | $2.08B |
| Investing cash flow | -$4.14B | -$4.46B | -$3.80B | -$3.37B | -$3.53B | -$3.33B | -$2.44B | -$2.34B | -$2.20B | -$2.16B |
| Financing cash flow | $884.0M | $1.75B | $1.29B | $1.17B | $1.72B | $1.73B | $334.0M | $205.0M | $102.0M | -$258.0M |
| Dividends paid | $768.0M | $714.0M | $662.0M | $610.0M | $565.0M | $494.0M | $472.0M | $451.0M | $431.0M | $416.0M |
| Buybacks | — | — | — | — | — | — | $0 | $0 | $24.0M | $51.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001002910-26-000009.
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