Ameren (AEE) Q1 FY2026 earnings: revenue $2.2 billion, up 3.8% on the year

Ameren Corp. (AEE) reported revenue of $2.2 billion for Q1 FY2026, the quarter ended 31 March 2026, up 3.8% on the same quarter a year earlier. Net income was $357 million, up 23.5% on the year, and diluted earnings per share $1.28. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2026.

Revenue

$2.2 billion

+3.8% on the year · +22.1% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

24.4%

20.5% a year earlier

Q2 FY2024Q1 FY2026

Net income

$357 million

+23.5% on the year · +41.7% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.28

+19.6% on the year · +39.1% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 kept.

Diluted EPS rose to $1.28: Net income attributable to common shareholders was $357 million, or $1.28 per diluted share, against $289 million, or $1.07, a year earlier. Diluted weighted-average shares were 278.4 million against 271.4 million.
Ameren Missouri earnings rose on rates: Ameren Missouri earned $76 million against $42 million, reflecting earnings on infrastructure included in electric and natural gas rates effective June 1 and September 1, 2025, partly offset by lower electric sales and higher interest expense.
Warm winter reduced Missouri electric sales: Ameren Missouri retail load subtotal was 7,932 million kWh against 8,207 million kWh, with residential at 3,596 million kWh against 3,864 million. Management attributed the decline mainly to warmer winter temperatures.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	2,176	1,782	2,097	+22.1%	+3.8%
Operating income	532	360	430	+47.8%	+23.7%
Operating margin	24.4%	20.2%	20.5%
Interest expense	204	206	175	-1.0%	+16.6%
Pre-tax income	418	244	340	+71.3%	+22.9%
Income tax	60.0	-9.0	50.0		+20.0%
Effective tax rate	14.4%	-3.7%	14.7%
Net income	357	252	289	+41.7%	+23.5%
Net margin	16.4%	14.1%	13.8%
Diluted EPS	$1.28	$0.92	$1.07	+39.1%	+19.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	421	956	431	-56.0%	-2.3%
Capital expenditure	1,574	1,010	1,064	+55.8%	+47.9%
Free cash flow	-1,153	-54.0	-633
Free cash flow margin	-53.0%	-3.0%	-30.2%
Cash from investing	-1,614	-1,033	-1,087
Cash from financing	1,258	62.0	704	+1,929.0%	+78.7%
Depreciation and amortisation	417	413	395	+1.0%	+5.6%
Share-based compensation	8.0	7.0	7.0	+14.3%	+14.3%
Dividends paid	208	192	191	+8.3%	+8.9%
Dividend per share	$0.75	n/a	$0.71		+5.6%
Diluted shares, weighted	278m	274m	271m	+1.7%	+2.6%
Shares outstanding at period end	277m	276m	270m	+0.1%	+2.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	13,556	13,401	12,219	+1.2%	+10.9%
Non-controlling interest	129	129	129	0.0%	0.0%
Short-term borrowings	1,178	n/a	1,252		-5.9%
Debt	20,126	19,830	18,371	+1.5%	+9.6%
Operating lease liabilities	n/a	73.0	n/a
Other liabilities	14,857	15,043	13,694	-1.2%	+8.5%
Total liabilities and equity	49,846	48,476	45,665	+2.8%	+9.2%
Fixed assets	40,471	39,313	37,010	+2.9%	+9.4%
Goodwill	411	411	411	0.0%	0.0%
Securities held for sale or to maturity	n/a	486	n/a
Cash and equivalents	13.0	13.0	23.0	0.0%	-43.5%
Receivables	703	665	667	+5.7%	+5.4%
Inventory	733	774	669	-5.3%	+9.6%
Other assets	7,515	6,814	6,885	+10.3%	+9.2%
Total assets	49,846	48,476	45,665	+2.8%	+9.2%

Questions

What was Ameren's revenue in Q1 FY2026?

Ameren (AEE) reported revenue of $2.2 billion for Q1 FY2026, the quarter ended 31 March 2026, up 3.8% on the same quarter a year earlier.

How much did Ameren earn in Q1 FY2026?

Net income for Q1 FY2026 was $357 million, up 23.5% on the year, and diluted earnings per share $1.28.

When did Ameren report Q1 FY2026 results?

Ameren filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 8 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,545	1,879	1,726	2,306	2,046	2,062	1,760	2,060	1,618	1,816	1,693	2,173	1,941	2,097	2,221	2,699	1,782	2,176	2,092	2,882
Operating income	197	331	309	599	276	351	329	614	264	371	361	586	198	430	411	825	360	532	459	900
Operating margin	13%	18%	18%	26%	13%	17%	19%	30%	16%	20%	21%	27%	10%	21%	19%	31%	20%	24%	22%	31%
Interest expense	93.0	104	126	126	130	127	134	152	153	154	165	173	171	175	187	208	206	204	209	216
Pre-tax income	155	287	245	531	192	302	277	563	198	306	299	514	151	340	320	693	244	418	368	796
Tax rate	19%	12%	15%	15%	15%	12%	14%	12%	20%	14%	13%	11%	-38%	15%	13%	8%	-4%	14%	14%	15%
Net income	125	252	207	452	163	264	237	493	158	261	258	456	207	289	275	640	252	357	314	676
Net margin	8%	13%	12%	20%	8%	13%	13%	24%	10%	14%	15%	21%	11%	14%	12%	24%	14%	16%	15%	23%
Diluted EPS	$0.48	$0.97	$0.80	$1.74	$0.63	$1.00	$0.90	$1.87	$0.60	$0.98	$0.97	$1.70	$0.77	$1.07	$1.01	$2.35	$0.92	$1.28	$1.13	$2.42
Operating cash flow	469	388	484	727	664	496	615	920	533	492	557	897	817	431	862	1,104	956	421	770	1,002
Capital expenditure	856	774	764	899	914	931	891	749	1,026	890	1,002	1,137	1,290	1,064	1,066	988	1,010	1,574	1,079	1,436
Free cash flow	-387	-386	-280	-172	-250	-435	-276	171	-493	-398	-445	-240	-473	-633	-204	116	-54.0	-1,153	-309	-434
Dividends paid	142	152	153	152	153	165	165	166	166	178	178	179	179	191	193	192	192	208	206	208
Shares outstanding	258m	258m	258m	258m	262m	263m	263m	263m	266m	267m	267m	267m	270m	270m	270m	270m	276m	277m	277m	277m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 8 May 2026: the filing.