AMEREN CORP
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
AEE$114.02+1.0%Stored close · as of Nov 9, 2026
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Union Electric
CONSOLIDATED STATEMENT OF INCOME
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating Revenues: | |||
| Electric | $4,631 | $3,847 | $3,694 |
| Natural gas | 164 | 146 | 165 |
| Total operating revenues | 4,795 | 3,993 | 3,859 |
| Operating Expenses: | |||
| Fuel and purchased power | 1,538 | 1,071 | 997 |
| Natural gas purchased for resale | 65 | 60 | 79 |
| Other operations and maintenance | 1,029 | 1,050 | 1,003 |
| Depreciation and amortization | 860 | 917 | 783 |
| Taxes other than income taxes | 393 | 372 | 360 |
| Total operating expenses | 3,885 | 3,470 | 3,222 |
| Operating Income | 910 | 523 | 637 |
| Other Income, Net | 180 | 196 | 130 |
| Interest Charges | 297 | 244 | 227 |
| Income Before Income Taxes | 793 | 475 | 540 |
| Income Taxes (Benefit) | 43 | (87) | (8) |
| Net Income | 750 | 562 | 548 |
| Preferred Stock Dividends | 3 | 3 | 3 |
| Net Income Attributable to Ameren Common Shareholders | $747 | $559 | $545 |
CONSOLIDATED BALANCE SHEET
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | $6 | $— |
| Advances to money pool | — | 43 |
| Accounts receivable – trade (less allowance for doubtful accounts of $17 and $12, respectively) | 284 | 209 |
| Accounts receivable – affiliates | 15 | 40 |
| Unbilled revenue | 193 | 170 |
| Miscellaneous accounts receivable | 15 | 33 |
| Inventories | 492 | 514 |
| Current regulatory assets | 181 | 66 |
| Other current assets | 119 | 70 |
| Total current assets | 1,305 | 1,145 |
| Property, Plant, and Equipment, Net | 20,604 | 18,788 |
| Investments and Other Assets: | ||
| Nuclear decommissioning trust fund | 1,526 | 1,342 |
| Regulatory assets (includes $443 and $465 at 2025 and 2024 related to VIEs, respectively) | 1,450 | 1,366 |
| Pension and other postretirement benefits | 271 | 211 |
| Other assets | 244 | 254 |
| Total investments and other assets | 3,491 | 3,173 |
| TOTAL ASSETS | $25,400 | $23,106 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current Liabilities: | ||
| Current maturities of long-term debt (includes $23 and $17 at 2025 and 2024 related to VIEs, respectively) | $23 | $17 |
| Short-term debt | 471 | — |
| Accounts and wages payable | 696 | 629 |
| Accounts payable – affiliates | 61 | 50 |
| Interest accrued | 99 | 88 |
| Other current liabilities | 212 | 235 |
| Total current liabilities | 1,562 | 1,019 |
| Long-term Debt, Net (includes $426 and $448 at 2025 and 2024 related to VIEs, respectively) | 8,120 | 7,671 |
| Long-term Debt, Net – Related Parties | 87 | 57 |
| Deferred Credits and Other Liabilities: | ||
| Accumulated deferred income taxes and production and investment tax credits, net | 2,702 | 2,217 |
| Regulatory liabilities | 3,324 | 3,176 |
| Asset retirement obligations | 844 | 818 |
| Other deferred credits and liabilities | 184 | 150 |
| Total deferred credits and other liabilities | 7,054 | 6,361 |
| Commitments and Contingencies (Notes 2, 9, 13, and 14) | ||
| Shareholders’ Equity: | ||
| Common stock, $5 par value, 150.0 shares authorized – 102.1 shares outstanding | 511 | 511 |
| Other paid-in capital, principally premium on common stock | 3,229 | 3,201 |
| Preferred stock | 80 | 80 |
| Retained earnings | 4,757 | 4,206 |
| Total shareholders’ equity | 8,577 | 7,998 |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $25,400 | $23,106 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows From Operating Activities: | |||
| Net income | $750 | $562 | $548 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 903 | 851 | 827 |
| Amortization of nuclear fuel | 56 | 81 | 68 |
| Amortization of debt issuance costs and premium/discounts | 9 | 7 | 7 |
| Deferred income taxes and production and investment tax credits, net | 185 | (29) | 28 |
| Allowance for equity funds used during construction | (56) | (58) | (30) |
| Other | 24 | 74 | (8) |
| Changes in assets and liabilities: | |||
| Receivables | (98) | (26) | 39 |
| Inventories | 22 | (6) | (74) |
| Accounts and wages payable | 10 | 17 | (8) |
| Taxes accrued | 215 | 60 | (17) |
| Regulatory assets and liabilities | (213) | 51 | (7) |
| Assets, other | 18 | — | (25) |
| Liabilities, other | 27 | 18 | 3 |
| Pension and other postretirement benefits | (56) | (76) | (106) |
| Counterparty collateral, net | 7 | (3) | 96 |
| Net cash provided by operating activities | 1,803 | 1,523 | 1,341 |
| Cash Flows From Investing Activities: | |||
| Capital expenditures | (2,502) | (2,712) | (1,760) |
| Nuclear fuel expenditures | (46) | (91) | (174) |
| Purchases of securities – nuclear decommissioning trust fund | (440) | (584) | (266) |
| Sales and maturities of securities – nuclear decommissioning trust fund | 416 | 564 | 240 |
| Money pool advances, net | 43 | (43) | — |
| Other | — | (32) | — |
| Net cash used in investing activities | (2,529) | (2,898) | (1,960) |
| Cash Flows From Financing Activities: | |||
| Dividends on common stock | (196) | — | (9) |
| Dividends on preferred stock | (3) | (3) | (3) |
| Short-term debt, net | 471 | (170) | (159) |
| Money pool borrowings, net | — | (306) | 306 |
| Maturities of long-term debt | (17) | (350) | — |
| Issuances of long-term debt | 500 | 1,771 | 499 |
| Debt issuance costs | (6) | (21) | (8) |
| Capital contribution from parent | 28 | 476 | — |
| Other | — | (15) | (10) |
| Net cash provided by financing activities | 777 | 1,382 | 616 |
| Net change in cash, cash equivalents, and restricted cash | 51 | 7 | (3) |
| Cash, cash equivalents, and restricted cash at beginning of year | 17 | 10 | 13 |
| Cash, cash equivalents, and restricted cash at end of year | $68 | $17 | $10 |
| Cash Paid (Refunded) During the Year: | |||
| Interest (net of $36, $39, and $27 capitalized, respectively) | $312 | $244 | $225 |
| Income taxes, net (includes production and investment tax credit sale proceeds of $314, $95, and $49, respectively) | (359) | (136) | (19) |
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
| December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Common Stock | $511 | $511 | $511 |
| Other Paid-in Capital: | |||
| Beginning of year | 3,201 | 2,725 | 2,725 |
| Capital contribution from parent | 28 | 476 | — |
| Other paid-in capital, end of year | 3,229 | 3,201 | 2,725 |
| Preferred Stock | 80 | 80 | 80 |
| Retained Earnings: | |||
| Beginning of year | 4,206 | 3,647 | 3,111 |
| Net income | 750 | 562 | 548 |
| Dividends on common stock | (196) | — | (9) |
| Dividends on preferred stock | (3) | (3) | (3) |
| Retained earnings, end of year | 4,757 | 4,206 | 3,647 |
| Total Shareholders’ Equity | $8,577 | $7,998 | $6,963 |
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