AMEREN CORP
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
AEE$112.85+0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0001002910-26-000023
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001002910-26-000032
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 267 previous paragraphs and 283 current paragraphs.
92 unchanged; 143 reworded; 41 added; 26 removed; 6 previous and 7 current paragraphs rearranged.
Tables are not compared: 23 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (41)
Current report
In September 2026, Ameren Missouri filed its preferred resource plan with the MoPSC. The plan outlines how Ameren Missouri expects to address load growth opportunities resulting from the electric service agreements discussed above and interest from other entities that are considering either locating or expanding their operations within Ameren Missouri’s service territory. The plan includes significant investment through 2045 in simple- and combined-cycle natural gas, solar, wind, and nuclear generation, as well as battery energy storage and natural gas fuel cells. It also includes retiring all of Ameren Missouri’s coal-fired energy centers by 2042 and certain natural gas-fired energy centers by 2040 to comply with Illinois law. In addition, Ameren Missouri expects to seek and receive NRC approval for an extension of the operating license for the Callaway Energy Center beyond its current 2044 expiration date.
Current report
•the absence in 2026 of a decrease in income tax expense at Ameren Transmission resulting from the revaluation of excess deferred income tax regulatory liabilities, resulting from TCJA for FERC-regulated jurisdictions, related to ratemaking treatment of net operating loss carryforwards by affiliates under a tax allocation agreement, see Note 12 – Income Taxes under Part I, Item 1, of this report for additional information (18 cents per share for both periods);
Current report
Ameren Missouri’s electric revenues increased $72 million, or 4%, and decreased $191 million, or 5%, for thethree and nine months ended September 30, 2026, respectively, compared with theyear-ago periods.
Current report
•The effect of weather increased revenues an estimated $39 million and $9 million, respectively, due to warmer summer temperatures, partially offset by milder winter and spring temperatures.
Current report
•Revenues increased $8 million and $15 million, respectively, due to the recovery of (+$5 million and +$10 million, respectively) and return on (+$3 million and +$5 million, respectively) increased customer generation rebates under performance-based formula ratemaking.
Current report
•Revenues increased $3 million and $8 million, respectively, due to the recovery of (+$2 million and +$6 million, respectively) and return on (+$1 million and +$2 million, respectively) increased energy-efficiency program investments under performance-based formula ratemaking.
Current report
(a)Includes $34 million and $19 million at Ameren Transmission in the three months ended September 30, 2026 and 2025, respectively. Includes other/intersegment eliminations of $(13) million and $(3) million in the three months ended September 30, 2026 and 2025, respectively. Also includes other/intersegment eliminations of $(36) million and $(15) million in the nine months ended September 30, 2026 and 2025, respectively.
Current report
Other operations and maintenance expenses increased $15 million and $18 million in the three and nine months ended September 30, 2026, respectively, compared with theyear-ago periods, primarily due to a $10 million increase in software costs.
Current report
Other operations and maintenance expenses increased $14 million and $72 million in the three and nine months ended September 30, 2026, respectively, compared with theyear-ago periods, primarily due to the following items (except where a specific period is referenced):
Current report
Other operations and maintenance expenses increased $24 million and $43 million in the three and nine months ended September 30, 2026, respectively, compared with the year-ago periods, primarily due to the following items:
Current report
Other operations and maintenance expenses increased $11 million and $14 million in the three and nine months ended September 30, 2026, respectively, primarily due to the following items(except where a specific period is referenced):
Current report
•Increased costs of $9 million resulting from expanding programs under CEJA in thenine months ended September 30, 2026.
Current report
•Storm-related expenses, including related amortizations of previously deferred amounts, increased $3 million in the three months ended September 30, 2026, due to major storms experienced throughout its service territory in 2026.
Current report
The increase in other operations and maintenance expenses was partially offset for thenine months ended September 30, 2026, compared with theyear-ago period, due to a $9 million decrease in bad debt expense, primarily due to a reduction in the base level of expense reflected in customer rates under the associated rider, effective June 2025.
Current report
Other operations and maintenance expenses increased $10 million and $12 million in the three and nine months ended September 30, 2026, respectively, primarily due to an increase of $10 million related to software costs.
Current report
•Lower net deferrals and increased amortization of prior deferrals under PISA, which increased depreciation and amortization expenses by $7 million.
Current report
•The lower net under-recovery of RESRAM eligible expenses and increased amortization of prior deferrals increased depreciation and amortization expenses by $5 million.
Current report
(a)Includes $3 million and $4 million at Ameren Illinois Natural Gas in the three months ended September 30, 2026 and 2025, respectively. Also includes $6 million and $(3) million at Ameren Transmission in the three months ended September 30, 2026 and 2025, respectively.
Current report
Other income, net, increased $9 million and $5 million in the three and nine months ended September 30, 2026, respectively, compared with the year-ago periods, primarily due to an increase of $9 million related to the absence of a 2025 impairment of an equity method investment in the three and nine months ended September 30, 2026.
Current report
•A $33 million decrease due to the timing of payments for spent nuclear fuel storage and reimbursements from the DOE.
Current report
•A $30 million increase in non-nuclear energy center maintenance payments, primarily due to increased reliability measures at the Labadie and Sioux energy centers.
Current report
•A $26 million increase in pension and postretirement benefit plan contributions.
Current report
•An $18 million decrease due to the timing of receipts and refunds of customer deposits.
Current report
•An $18 million increase in payments for materials and supplies at Ameren Illinois to support the operational needs of its electric distribution and transmission businesses.
Current report
•A $14 million increase in fuel oil payments to fill new storage tanks at the Audrain Energy Center. Ameren Missouri is converting the energy center to utilize both natural gas and fuel oil.
Current report
•An $82 million increase due to the timing of payments for accounts payable and prepaid expenses.
Current report
•A $34 million increase in interest payments primarily due to higher average outstanding debt and interest rates on long-term debt.
Current report
•A $33 million decrease due to the timing of payments for spent nuclear fuel storage and reimbursements from the DOE.
Current report
•A $30 million increase in non-nuclear energy center maintenance payments, primarily due to increased reliability measures at the Labadie and Sioux energy centers.
Current report
•A $14 million increase in fuel oil payments to fill new storage tanks at the Audrain Energy Center. Ameren Missouri is converting the energy center to utilize both natural gas and fuel oil.
Current report
•An $11 million decrease due to the absence of a property tax refund received in 2025.
Current report
Ameren Illinois’ cash provided by operating activities decreased $229 million in the first nine months of 2026, compared with the year-ago period. The following items contributed to the decrease:
Current report
•A $25 million increase in interest payments primarily due to higher average outstanding debt and interest rates on long-term debt.
Current report
•An $18 million increase in payments for materials and supplies to support the operational needs of its electric distribution and transmission businesses.
Current report
Capital Expenditures
Current report
The following table presents Ameren’s estimate of capital expenditures that will be incurred from 2026 through 2031, including construction expenditures and allowance for funds used during construction. The estimated 2026 to 2030 capital expenditures have significantly increased compared to those estimates disclosed in the Form 10-K, to better align with Ameren Missouri’s 2026 PRP filed in September 2026 and to include a portion of the MISO long-range transmission competitive bid projects awarded to ATXI in 2026.
Current report
Ameren Missouri’s estimated capital expenditures include transmission, distribution, grid modernization, and generation-related investments, primarily natural gas, renewable generation, battery energy storage, and fuel cells, consistent with investments outlined in the 2026 PRP through 2031 to maintain reliability and address load growth opportunities based on the 2.8 gigawatts of demand from large load customers under electric service agreements. Ameren Illinois’ estimated capital expenditures are primarily for electric and natural gas transmission and distribution-related investments.
Current report
Ameren Missouri continually reviews its generation portfolio and expected power needs, including estimates of future load growth. As a result, Ameren Missouri could modify its plan for generation capacity, the type of generation asset technology that will be employed, and whether capacity or power may be purchased, among other changes. Additionally, we continually review the reliability of our transmission and distribution systems, expected capacity needs, and opportunities for transmission investments within and outside our service territories. The timing and amount of investments could vary because of changes in expected capacity, the condition of transmission and distribution systems, future rate orders, and our ability and willingness to pursue transmission investments, as well as our ability to obtain necessary regulatory approvals, among other factors. Any changes in future generation, transmission, or distribution needs could result in significant changes in capital expenditures or losses, which could be material. Compliance with environmental regulations could also have significant impacts on the level of capital expenditures.
Current report
Ameren Illinois’ cash provided by financing activities increased $209 million during the first nine months of 2026, compared with the year-ago period. During the first nine months of 2026, Ameren Illinois utilized net proceeds from the issuance of long-term debt of$400 millionto repay then-outstanding short-term debt. In addition, Ameren Illinois utilized proceeds from net commercial paper issuances of
Current report
(a)The junior subordinated notes will pay interest at a fixed annual rate of 6.45% until March 15, 2032. After that date, the interest rate will be reset every five years to the applicable five-year United States Treasury rate plus 1.868%, subject to a minimum rate of 6.45%.
Showing the first 40 of 41 passages. Open the source sections for the rest.
Removed paragraphs (26)
Previous report
In February 2026, Ameren Missouri filed an update to its Smart Energy Plan with the MoPSC, which includes a five-year capital investment overview with a detailed one-year plan for 2026. The plan is designed to upgrade Ameren Missouri’s electric infrastructure and includes investments that will upgrade the grid to enhance reliability and resiliency. Investments under the plan are expected to total approximately $20.8 billion over the five-year period from 2026 through 2030, with expenditures largely recoverable under the PISA prior to being included in base rates. The Smart Energy Plan excludes investments in its natural gas distribution business, as well as removal costs, net of salvage.
Previous report
•decreased income tax expense not subject to formula rates or riders, primarily due to increased tax benefits from higher allowance for equity funds used during construction and stock-based compensation costs (3 cents per share in the six months ended June 30, 2026).
Previous report
Ameren Missouri’s electric revenues decreased $221 million, or 17%, and $263 million, or 12%, for thethree and six months ended June 30, 2026, respectively, compared with theyear-ago periods.
Previous report
The following items decreased Ameren Missouri’s electric revenuesfor thethree and six months ended June 30, 2026:
Previous report
•The effect of weather decreased revenues an estimated $13 million and $30 million, respectively. This is due to milder temperatures in the first half of 2026.
Previous report
•RESRAM revenues increased$10 million and$12 million, respectively, primarily due to increased wind generation. The changes in revenue are primarily offset by changes in the “Depreciation and amortization” section of the statement of income.
Previous report
•Revenues associated with the recovery of and return on customer generation rebates increased $5 million and $7 million, respectively.
Previous report
(+$23 million and +$62 million, respectively), transmission service charges (+$5 million and +$13 million, respectively) and volumes
Previous report
(+$3 million and +$2 million, respectively), partially offset by lower capacity prices (-$16 million and -$13 million, respectively) as a result of the annual MISO auctions. The changes to “Cost recovery mechanisms - offset in electric revenue” are fully offset by changes to “Cost recovery mechanisms - offset in fuel and purchased power” in electric revenues.
Previous report
(a)Includes $21 million and $18 million at Ameren Transmission in the three months ended June 30, 2026 and 2025, respectively. Includes other/intersegment eliminations of $(14) million and $(7) million in the three months ended June 30, 2026 and 2025, respectively. Also includes other/intersegment eliminations of $(23) million and $(12) million in the six months ended June 30, 2026 and 2025, respectively.
Previous report
Other operations and maintenance expenses increased $44 million and $58 million in the three and six months ended June 30, 2026, respectively, compared with the year-ago period, primarily due to the following items:
Previous report
Other operations and maintenance expenses increased $23 million and $19 million in the three and six months ended June 30, 2026, respectively, compared with the year-ago periods, primarily due to the following items:
Previous report
(a)Includes $6 million and $10 million at Ameren Transmission in the three months ended June 30, 2026 and 2025, respectively.
Previous report
Other income, net, were comparable between periods.
Previous report
•A $24 million increase in payments for non-nuclear energy center maintenance, primarily due to increased reliability measures at the Labadie and Sioux energy centers.
Previous report
•A $12 million decrease due to the timing of receipts and refunds of customer deposits.
Previous report
•A $15 million decrease in payments for coal deliveries, primarily due to decreased generation at Ameren Missouri’s coal-fired energy centers in 2026.
Previous report
•A $43 million increase in net collateral posted by counterparties, primarily due to collateral received from certain large load customers under its modified large primary service tariff that was approved in 2025.
Previous report
•A $15 million decrease in payments for coal deliveries, primarily due to decreased generation at coal-fired energy centers in 2026.
Previous report
•A $24 million increase in payments for non-nuclear energy center maintenance, primarily due to increased reliability measures at the Labadie and Sioux energy centers.
Previous report
•A $5 million increase in pension and postretirement benefit plan contributions.
Previous report
•A $4 million decrease due to the timing of payments for accounts payable.
Previous report
Ameren Illinois’ cash provided by operating activities decreased $34 million in the first six months of 2026, compared with the year-ago period. The following items contributed to the decrease:
Previous report
•A $15 million increase in interest payments primarily due to higher average outstanding debt and interest rates on long-term debt.
Previous report
•A $5 million increase in pension and postretirement benefit plan contributions.
Previous report
•A $34 million decrease in net collateral posted with counterparties, primarily due to changes in the market price of power and the timing of payments and settlements.
Reworded paragraphs (143)
Previous wording
Net income attributable to Ameren common shareholders in the three months ended June 30, 2026, was $314 million, or $1.13 per diluted share, compared with $275 million, or $1.01 per diluted share, in the year-ago period. Net income attributable to Ameren common shareholders in the six months ended June 30, 2026, was $671 million, or $2.41 per diluted share, compared with $564 million, or $2.08 per diluted share, in the year-ago period. Net income was favorably affected for the three and six months ended June 30, 2026, by increased infrastructure investments across all segments, including infrastructure reflected in electric and natural gas service rates at Ameren Missouri, effective June 1, 2025 and September 1, 2025, respectively, and natural gas rates at Ameren Illinois, effective December 2, 2025. Net income was unfavorably affected for the three and six months ended June 30, 2026, by increased other operations and maintenance expenses at Ameren Missouri not subject to riders or trackers, largely due to higher energy center maintenance expense and an increase in vegetation management expenses, among other items.
Current wording
Net income attributable to Ameren common shareholders in the three months ended September 30, 2026, was $676 million, or $2.42 per diluted share, compared with $640 million, or $2.35 per diluted share, in the year-ago period. Net income attributable to Ameren common shareholders in the nine months ended September 30, 2026, was $1,347 million, or $4.83 per diluted share, compared with $1,204 million, or $4.43 per diluted share, in the year-ago period. Net income was favorably affected for the three and nine months ended September 30, 2026, by increased infrastructure investments across all segments, including infrastructure reflected in electric and natural gas service rates at Ameren Missouri, effective June 1, 2025 and September 1, 2025, respectively, and natural gas rates at Ameren Illinois, effective December 2, 2025. Net income for the three and nine months ended September 30, 2026, was also favorably affected by an increase in earnings from our equity method investments, primarily related to advancing innovative energy technologies, and favorable retail electric sales volumes at Ameren Missouri, excluding customer energy-efficiency programs, primarily due to growth in weather-normalized commercial and residential sales. Additionally, net income for the three months ended September 30, 2026, was favorably affected by increased retail electric sales at Ameren Missouri due to warmer weather. Net income was unfavorably affected for the three and nine months ended September 30, 2026, by increased other operations and maintenance expenses at Ameren Missouri not subject to riders or trackers, largely due to increased reliability measures at the Labadie and Sioux energy centers, increased vegetation management expenses, higher injuries and damage claims, and higher Callaway Energy Center refueling and maintenance outage cost amortization, and increased tax expense at Ameren Transmission due to the revaluation of excess deferred income tax regulatory liabilities in 2025. Earnings in the three and nine months ended September 30, 2026, were also unfavorably affected by higher weighted-average basic common shares outstanding in 2026 and increased financing costs.
Previous wording
Ameren’s strategic plan includes investing in rate-regulated energy infrastructure, enhancing regulatory frameworks and energy policies, and optimizing performance to deliver safe, reliable, affordable energy for our customers and communities. Ameren remains focused on disciplined cost management and strategic capital allocation. Ameren invested $2.7 billion in its rate-regulated businesses in the six months ended June 30, 2026.
Current wording
Ameren’s strategic plan includes investing in rate-regulated energy infrastructure, enhancing regulatory frameworks and energy policies, and optimizing performance to deliver safe, reliable, and affordable energy for our customers and communities. Ameren remains focused on disciplined cost management and strategic capital allocation. Ameren invested $4.1 billion in its rate-regulated businesses in the nine months ended September 30, 2026.
Previous wording
In February 2026, the MoPSC issued an order approving a nonunanimous stipulation and agreement related to a requested CCN for the Big Hollow Natural Gas (800-MW facility) and the Big Hollow Battery Energy Storage (400-MW facility) projects. Also in February 2026, Ameren Missouri acquired the Split Rail Solar Project for approximately $0.6 billion and placed it in-service in June 2026. In May 2026, the MoPSC issued an order approving a nonunanimous stipulation and agreement related to a requested CCN for the Reform Solar Project (250-MW facility). Also in May 2026, Ameren Missouri filed for a CCN to construct the Millcreek (250-MW facility), Huck Finn (200-MW facility), and Castle Bluff (95-MW facility) battery energy storage projects and acquire, after construction, the Ringer (225-MW facility) and Tom Sawyer (175-MW facility) solar projects. In July 2026, Ameren Missouri filed for a CCN to construct the West Alton Natural Gas Project (2,100-MW facility).
Current wording
In February 2026, the MoPSC issued an order approving a nonunanimous stipulation and agreement related to a requested CCN for the Big Hollow Natural Gas (800-MW facility) and the Big Hollow Battery Energy Storage (400-MW facility) projects. Also in February 2026, Ameren Missouri acquired the Split Rail Solar Project for approximately $0.6 billion and placed it in-service in June 2026. In May 2026, the MoPSC issued an order approving a nonunanimous stipulation and agreement related to a requested CCN for the Reform Solar Project (250-MW facility). In July 2026, Ameren Missouri filed for a CCN to construct the West Alton Natural Gas Project (2,100-MW facility). In October 2026, the MoPSC issued an order approving a nonunanimous stipulation and agreement related to requested CCNs for the Millcreek (250-MW facility), Huck Finn (200-MW facility), and Castle Bluff (95-MW facility) battery energy storage projects and the Ringer (225-MW facility) and Tom Sawyer (175-MW facility) solar projects.
Previous wording
In 2026, Ameren Missouri executed electric service agreements with large load customers under its modified large primary service tariff that was approved in 2025, representing 2.8 gigawatts of demand that is expected to begin materializing in the second half of 2027 and to reach full capacity by the end of 2029. Ameren and Ameren Missouri do not expect a material impact to their results of operations, financial position, or liquidity in 2026 related to these agreements.
Current wording
In 2026, Ameren Missouri executed electric service agreements with large load customers under its modified large primary service tariff that was approved in 2025, representing 2.8 gigawatts of demand that is expected to begin materializing in the second half of 2027 and to reach full capacity in 2030. Ameren and Ameren Missouri do not expect a material impact to their results of operations, financial position, or liquidity in 2026 related to these agreements.
Previous wording
In December 2024, the ICC issued an order in connection with a revised Grid Plan and a revised MYRP filed by Ameren Illinois in March 2024, approving revenue requirements for electric distribution services for 2024 through 2027 of $1,206 million, $1,287 million, $1,367 million, and $1,421 million, respectively. Rate changes consistent with the December 2024 order became effective in December 2024. In May 2026, the Illinois Appellate Court for the Fifth Judicial District upheld the ICC’s December 2024 order and orders issued by the ICC in June 2024 and December 2023 following appeals by Ameren Illinois.
Current wording
In December 2024, the ICC issued an order in connection with a revised Grid Plan and a revised MYRP filed by Ameren Illinois in March 2024, approving revenue requirements for electric distribution services for 2024 through 2027 of $1,206 million, $1,287 million, $1,367 million, and $1,421 million, respectively. In May 2026, the Illinois Appellate Court for the Fifth Judicial District upheld the ICC’s December 2024 order and orders issued by the ICC in June 2024 and December 2023 following appeals by Ameren Illinois.
Previous wording
In April 2026, Ameren Illinois filed a reconciliation adjustment to its 2025 electric distribution service revenue requirement with the ICC. In June 2026, the ICC staff filed its calculation of the reconciliation adjustment, recommending recovery of $31 million. In July 2026, Ameren Illinois filed a revised reconciliation adjustment consistent with the ICC staff's recommendation. The adjustment reflects Ameren Illinois’ actual 2025 recoverable costs, 2025 year-end rate base and a capital structure composed of 50% common equity. An ICC decision is required by December 2026, and any approved adjustment would be collected from customers in 2027.
Current wording
In April 2026, Ameren Illinois filed a reconciliation adjustment to its 2025 electric distribution service revenue requirement with the ICC. In August 2026, Ameren Illinois updated its reconciliation adjustment, requesting recovery of $28 million. The adjustment reflects Ameren Illinois’ actual 2025 recoverable costs, 2025 year-end rate base, and a capital structure composed of 50% common equity. The ICC staff has not objected to Ameren Illinois’ updated reconciliation adjustment. In November 2026, the administrative law judges issued a proposed order consistent with Ameren Illinois’ request. An ICC decision is required by December 2026, and any approved adjustment would be collected from customers in 2027.
Previous wording
In May 2026, Ameren Illinois filed an electric energy efficiency plan with the ICC, which includes annual investments in electric energy-efficiency programs up to $192 million, $239 million, and $276 million for 2027, 2028, and 2029, respectively. The ICC has the ability to reduce the amount of electric energy-efficiency savings goals in future program years if there are insufficient cost-effective programs available, which could reduce Ameren Illinois’ investments in electric energy-efficiency programs. A decision by the ICC in this proceeding is expected by November 2026.
Current wording
In May 2026, Ameren Illinois filed an electric energy efficiency plan with the ICC, which includes annual investments in electric energy-efficiency programs up to $192 million, $239 million, and $276 million for 2027, 2028, and 2029, respectively. The ICC has the ability to reduce the amount of electric energy-efficiency savings goals in future program years if there are insufficient cost-effective programs available, which could reduce Ameren Illinois’ investments in electric energy-efficiency programs. A decision by the ICC in this proceeding is expected in November 2026.
Previous wording
Our results of operations and financial position are affected by many factors. Economic conditions, energy-efficiency investments by our customers and by us, technological advances, distributed generation, and the actions of key customers can significantly affect the demand for our services. Ameren and Ameren Missouri results are also affected by seasonal fluctuations in winter heating and summer cooling demands and by weather conditions, such as storms, as well as by energy center maintenance outages. Additionally, fluctuations in interest rates and conditions in the capital and credit markets affect our cost of borrowing, our pension and postretirement benefits costs, the cash surrender value of COLI, and the asset value of Ameren Missouri’s nuclear decommissioning trust fund. Almost all of Ameren’s revenues are subject to state or federal regulation. This regulation has a material impact on the rates we charge customers for our services. Our results of operations, financial position, and liquidity are affected by our ability to align our overall spending, both operating and capital, with the frameworks established by our regulators. See Note 2 – Rate and Regulatory Matters under Part I, Item 1, of this report and Note 2 – Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K for additional information regarding Ameren Missouri’s, Ameren Illinois’, and ATXI’s regulatory mechanisms.
Current wording
Our results of operations and financial position are affected by many factors. Economic conditions, energy-efficiency investments by our customers and by us, technological advances, distributed generation, and the actions of key customers can significantly affect the demand for our services. Ameren and Ameren Missouri results are also affected by seasonal fluctuations in winter heating and summer cooling demands and by weather conditions, such as storms, as well as by energy center maintenance outages. Additionally, fluctuations in interest rates and conditions in the capital and credit markets affect our cost of borrowing, our pension and postretirement benefits costs, the cash surrender value of COLI, the fair value of equity method investments, and the asset value of Ameren Missouri’s nuclear decommissioning trust fund. Almost all of Ameren’s revenues are subject to state or federal regulation. This regulation has a material impact on the rates we charge customers for our services. Our results of operations, financial position, and liquidity are affected by our ability to align our overall spending, both operating and capital, with the frameworks established by our regulators. See Note 2 – Rate and Regulatory Matters under Part I, Item 1, of this report and Note 2 – Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K for additional information regarding Ameren Missouri’s, Ameren Illinois’, and ATXI’s regulatory mechanisms.
Previous wording
The following table presents a summary of Ameren’s earnings for the three and six months ended June 30, 2026 and 2025:
Current wording
The following table presents a summary of Ameren’s earnings for the three and nine months ended September 30, 2026 and 2025:
Previous wording
Net income attributable to Ameren common shareholders increased $107 million and earnings per diluted share increased 33 cents in the six months ended June 30, 2026, compared with the year-ago period. The increase was due to net income increases of $41 million, $19 million, $13 million, and $9 million, at Ameren Missouri, Ameren Transmission, Ameren Illinois Natural Gas, and Ameren Illinois Electric Distribution, respectively. Net income was further impacted by a decrease in net loss of $25 million for activity not reported as part of a segment, primarily at Ameren (parent).
Current wording
Net income attributable to Ameren common shareholders increased $36 million and earnings per diluted share increased 7 cents in the three months ended September 30, 2026, compared with the year-ago period. The increase was due to net income increases of $64 million and $15 million at Ameren Missouri and Ameren Illinois Electric Distribution, respectively, and a decrease in net loss of $6 million at Ameren Illinois Natural Gas. The above increases were partially offset by a $41 million reduction in net income at Ameren Transmission. Net income was further impacted by an increase in net loss of $8 million for activity not reported as part of a segment, primarily at Ameren (parent).
Previous wording
Net income attributable to Ameren common shareholders increased $39 million and earnings per diluted share increased 12 cents in the three months ended June 30, 2026, compared with the year-ago period. The increase was due to net income increases of $10 million,$7 million, and $6 million at Ameren Transmission, Ameren Missouri, and Ameren Illinois Electric Distribution, respectively. The above increases were partially offset by a $1 million reduction in net income at Ameren Illinois Natural Gas. Net income was further impacted by a decrease in net loss of $17 million for activity not reported as part of a segment, primarily at Ameren (parent).
Current wording
Net income attributable to Ameren common shareholders increased $143 million and earnings per diluted share increased 40 cents in the nine months ended September 30, 2026, compared with the year-ago period. The increase was due to net income increases of $105 million, $24 million, and $19 million at Ameren Missouri, Ameren Illinois Electric Distribution, and Ameren Illinois Natural Gas, respectively. The above increases were partially offset by a $22 million reduction in net income at Ameren Transmission. Net income was further impacted by a decrease in net loss of $17 million for activity not reported as part of a segment, primarily at Ameren (parent).
Previous wording
Earnings per diluted share were favorably affected in the three and six months ended June 30, 2026, compared to the year-ago periods (except where a specific period is referenced), by:
Current wording
Earnings per diluted share were favorably affected in the three and nine months ended September 30, 2026, compared to the year-ago periods (except where a specific period is referenced), by:
Previous wording
•a higher allowance for equity funds used during construction and increased base rate revenues at Ameren Missouri for the inclusion of previously deferred interest charges under PISA pursuant to the April 2025 MoPSC electric rate order, partially offset by lower interest deferrals associated with the PISA (8 cents and 15 cents per share, respectively);
Current wording
•a higher allowance for equity funds used during construction and increased base rate revenues at Ameren Missouri for the inclusion of previously deferred interest charges under PISA pursuant to the April 2025 MoPSC electric rate order, partially offset by lower interest deferrals associated with the PISA (9 cents and 24 cents per share, respectively);
Previous wording
•an increase in earnings from our equity method investments, primarily related to advance innovative energy technologies in 2026 compared with a net loss on those investments in 2025 (8 cents and 9 cents per share, respectively);
Current wording
•an increase in earnings from our equity method investments, primarily related to advancing innovative energy technologies in 2026 compared with a net loss on those investments in 2025 (9 cents and 18 cents per share, respectively);
Previous wording
•equity return on increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution (5 cents and 9 cents per share);
Current wording
•equity return on increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution (6 cents and 16 cents per share, respectively);
Previous wording
•increased base rate revenues at Ameren Missouri, pursuant to the April 2025 MoPSC electric rate order, effective June 1, 2025, partially offset by higher depreciation and amortization and interest expenses in base rates (4 cents and 12 cents per share, respectively);
Current wording
•increased base rate revenues at Ameren Missouri, pursuant to the April 2025 MoPSC electric rate order, effective June 1, 2025, partially offset by higher depreciation and amortization and interest expenses in base rates (12 cents per share in the nine months ended September 30, 2026);
Previous wording
•increased base rate revenues at Ameren Illinois Natural Gas, pursuant to the November 2025 ICC natural gas rate order, effective December 2, 2025, partially offset by increased operations and maintenance, depreciation and amortization, and interest expenses included in base rates (6 cents per share in the six months ended June 30, 2026);
Current wording
•increased base rate revenues at Ameren Illinois Natural Gas, pursuant to the November 2025 ICC natural gas rate order, effective December 2, 2025, partially offset by increased operations and maintenance, depreciation and amortization, and interest expenses included in base rates (3 cents and 9 cents per share, respectively);
Previous wording
•decreased retail electric sales volumes at Ameren Missouri, excluding customer energy-efficiency programs, primarily due to milder temperatures in the first half of 2026 (estimated at 1 cent and 6 cents per share, respectively); and
Current wording
•increased retail electric sales volumes at Ameren Missouri, excluding customer energy-efficiency programs, primarily due to warmer summer temperatures in the three month period ended September 30, 2026, and growth in weather-normalized commercial and residential sales volumes in the nine month period ended September 30, 2026 (estimated at 15 cents and 9 cents per share, respectively);
Previous wording
•increased base rate revenues at Ameren Missouri’s natural gas business, pursuant to the July 2025 MoPSC natural gas rate order, effective September 1, 2025, partially offset by higher depreciation and amortization expenses included in base rates (1 cent and 4 cents per share, respectively); and
Current wording
•increased base rate revenues at Ameren Missouri’s natural gas business, pursuant to the July 2025 MoPSC natural gas rate order, effective September 1, 2025, partially offset by higher depreciation and amortization expenses included in base rates (1 cent and 5 cents per share, respectively); and
Previous wording
•higher revenue at Ameren Missouri resulting from the absence in 2026 of a deferral associated with the Rush Island Energy Center (1 cent and 4 cents per share, respectively);
Current wording
•higher revenue at Ameren Missouri resulting from the absence in 2026 of a deferral associated with the Rush Island Energy Center (4 cents per share in the nine months ended September 30, 2026).
Previous wording
Earnings per diluted share were unfavorably affected in the three and six months ended June 30, 2026, compared to the year-ago periods by:
Current wording
Earnings per diluted share were unfavorably affected in the three and nine months ended September 30, 2026, compared to the year-ago periods by:
Previous wording
•increased other operations and maintenance expenses at Ameren Missouri not subject to riders or trackers, largely due to increased reliability measures at the Labadie and Sioux energy centers and an increase in transmission and distribution vegetation management expenses, partially offset by a decrease in storm-related costs compared to the year-ago period (11 cents and 14 cents per share, respectively);
Current wording
•increased other operations and maintenance expenses at Ameren Missouri not subject to riders or trackers, largely due to increased reliability measures at the Labadie and Sioux energy centers, increased vegetation management expenses, higher injuries and damage claims, and higher Callaway Energy Center refueling and maintenance outage cost amortization (10 cents and 24 cents per share, respectively);
Previous wording
•increased weighted-average basic common shares outstanding resulting from issuances of common shares (3 cents and 6 cents per share, respectively);
Current wording
•increased weighted-average basic common shares outstanding resulting from issuances of common shares (6 cents and 12 cents per share, respectively); and
Previous wording
•increased financing costs primarily at Ameren Missouri and Ameren (Parent), largely due to higher rates on higher long-term debt balances (2 cents and 4 cents, respectively).
Current wording
•increased financing costs, primarily at Ameren Missouri and Ameren (parent), largely due to higher rates on higher long-term debt balances (5 cents and 9 cents per share, respectively).
Previous wording
The cents per share variances above are presented based on the weighted-average basic common shares outstanding in the three and six months ended June 30, 2025, and do not reflect the impact of dilution on earnings per share, unless otherwise noted. The amounts above other than variances related to income taxes have been presented net of income taxes using Ameren’s 2026 blended federal and state statutory tax rate of 26%. For additional details regarding the Ameren Companies’ results of operations, including explanations of Operating Revenues for both Electric Revenues and Natural Gas Revenues; Fuel and Purchased Power Expenses; Other Operations and Maintenance Expenses; Depreciation and Amortization Expenses; Taxes Other Than Income Taxes; Other Income, Net; Interest Charges; and Income Taxes, see the major headings below.
Current wording
The cents per share variances above are presented based on the weighted-average basic common shares outstanding in the three and nine months ended September 30, 2025, and do not reflect the impact of dilution on earnings per share, unless otherwise noted. The amounts above other than variances related to income taxes have been presented net of income taxes using Ameren’s 2026 blended federal and state statutory tax rate of 26%. For additional details regarding the Ameren Companies’ results of operations, including explanations of Operating Revenues for both Electric Revenues and Natural Gas Revenues; Fuel and Purchased Power Expenses; Other Operations and Maintenance Expenses; Depreciation and Amortization Expenses; Taxes Other Than Income Taxes; Other Income, Net; Interest Charges; and Income Taxes, see the major headings below.
Previous wording
Below is Ameren’s table of income statement components by segment for the three and six months ended June 30, 2026 and 2025:
Current wording
Below is Ameren’s table of income statement components by segment for the three and nine months ended September 30, 2026 and 2025:
Previous wording
Below is Ameren Illinois’ table of income statement components by segment for the three and six months ended June 30, 2026 and 2025:
Current wording
Below is Ameren Illinois’ table of income statement components by segment for the three and nine months ended September 30, 2026 and 2025:
Previous wording
The following table presents the increases (decreases) by Ameren segment for electric and natural gas revenues for the three and six months ended June 30, 2026, compared with the year-ago periods:
Current wording
The following table presents the increases (decreases) by Ameren segment for electric and natural gas revenues for the three and nine months ended September 30, 2026, compared with the year-ago periods:
Previous wording
(a)Includes an increase in transmission revenues of $16 million and $26 million at Ameren Illinois for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods.
Current wording
(a)Includes an increase in transmission revenues of $20 million and $46 million at Ameren Illinois for the three and nine months ended September 30, 2026, respectively, compared with the year-ago periods.
Previous wording
(f)Electric and natural gas revenue changes are offset by corresponding changes in “Fuel and purchased power” and “Natural gas purchased for resale” on the statement of income. For the three and six months ended June 30, 2026, activity in Other/Intersegment Eliminations of $6 million and $13 million, respectively, was primarily due to the changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$5 million and -$12 million, respectively). See Note 14 – Segment Information under Part I, Item 1, of this report for additional information on intersegment eliminations. These items have no overall impact on earnings.
Current wording
(f)Electric and natural gas revenue changes are offset by corresponding changes in “Fuel and purchased power” and “Natural gas purchased for resale” on the statement of income. For the three and nine months ended September 30, 2026, activity in Other/Intersegment Eliminations of $11 million and $24 million, respectively, was primarily due to the changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$10 million and -$22 million, respectively). See Note 14 – Segment Information under Part I, Item 1, of this report for additional information on intersegment eliminations. These items have no overall impact on earnings.
Previous wording
Ameren’s electric revenues decreased $151 million, or 7%, and $112 million, or 3%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods, primarily due to decreased revenues at Ameren Missouri, partially offset by increased revenues at Ameren Illinois Electric Distribution and Ameren Transmission, as discussed below.
Current wording
Ameren’s electric revenues increased $159 million, or 6%, for the three months ended September 30, 2026, compared with the year-ago period, due to increased revenues at Ameren Illinois Electric Distribution, Ameren Missouri, and Ameren Transmission. For the nine months ended September 30, 2026, Ameren’s electric revenues increased $47 million, or 1%, compared with the year-ago period, primarily due to increased revenues at Ameren Illinois Electric Distribution and Ameren Transmission, partially offset by decreased revenues at Ameren Missouri.
Previous wording
Ameren Transmission’s electric revenues increased $21 million, or 10%, and $38 million, or 9%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods. Revenues were affected by higher recoverable expenses (+$12 million and +$22 million, respectively) and return on higher rate base (+$9 million and +$16 million, respectively), as evidenced by a 10% increase in rate base used to calculate the revenue requirement.
Current wording
Ameren Transmission’s electric revenues increased $26 million, or 11%, and $64 million, or 10%, for the three and nine months ended September 30, 2026, respectively, compared with the year-ago periods. Revenues were affected by higher recoverable expenses (+$17 million and +$39 million, respectively) and return on higher rate base (+$9 million and +$25 million, respectively), as evidenced by a 9% increase in rate base used to calculate the revenue requirement.
Previous wording
•“Off-system sales, capacity, transmission, and FAC revenues, net” decreased $333 million and $478 million, respectively, primarily due to spring capacity prices decreasing from $720 per MW-day in 2025 to $70 per MW-day in 2026 as a result of the annual MISO auctions.
Current wording
“Off-system sales, capacity, transmission, and FAC revenues, net” decreased $37 million and $515 million, respectively, for the three and nine months ended September 30, 2026, primarily due to spring and summer capacity prices decreasing from $720 and $667 per MW-day in 2025 to $70 and $424 per MW-day, respectively, in 2026 as a result of the annual MISO auctions. The decrease in “Off-system sales, capacity, transmission, and FAC revenues, net” is largely offset by a decrease in fuel and purchased power expenses under “Energy costs”.
Previous wording
The following items increased Ameren Missouri’s electric revenues for thethree and six months ended June 30, 2026:
Current wording
The following items increased Ameren Missouri’s electric revenues for thethree and nine months ended September 30, 2026 (except where a specific period is referenced):
Previous wording
•Higher electric base rates, excluding the change in base rates for the MEEIA customer energy-efficiency programs and the RESRAM, resulting from the April 2025 MoPSC electric rate order effective June 1, 2025, increased revenues an estimated $44 million and $118 million, respectively.
Current wording
•Higher electric base rates, excluding the change in base rates for the MEEIA customer energy-efficiency programs and the RESRAM, resulting from the April 2025 MoPSC electric rate order effective June 1, 2025, increased revenues an estimated $118 million for thenine months ended September 30, 2026.
Previous wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” increased$32 million and$59 million, respectively, due to increased revenue related to the recovery of costs previously deferred under the FAC. The changes to “Cost recovery mechanisms - offset in fuel and purchased power” are fully offset by changes to “Cost recovery mechanisms - offset in electric revenue” in fuel and purchased power.
Current wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” increased$51 million and$110 million, respectively, due to increased revenue related to the recovery of costs previously deferred under the FAC. The changes to “Cost recovery mechanisms - offset in fuel and purchased power” are fully offset by changes to “Cost recovery mechanisms - offset in electric revenue” in fuel and purchased power.
Previous wording
•Excluding the estimated effects of weather and the MEEIA customer energy-efficiency programs, electric revenues increased an estimated$16 million and $12 million, respectively, primarily due to increased retail sales volumes, partially offset by lower realized prices due to changes in customer usage patterns.
Current wording
•Excluding the estimated effects of weather and the MEEIA customer energy-efficiency programs, electric revenues increased an estimated$17 million and $29 million, respectively, primarily due to increased weather-normalized commercial and residential retail sales volumes.
Previous wording
•Revenues increased$9 million and $26 million, respectively, due to the absence of the deferral ofbase rate revenues to a regulatory liability related to the Rush Island Energy Center following its October 15, 2024 retirement date, in accordance with the June 2024 MoPSC financing order. The deferral ended with new rates effective June 1, 2025.
Current wording
•For the nine months ended September 30, 2026, revenues increased$26 million due to the absence of the deferral ofbase rate revenues to a regulatory liability related to the Rush Island Energy Center following its October 15, 2024 retirement date, in accordance with the June 2024 MoPSC financing order. The deferral ended with new rates effective June 1, 2025.
Previous wording
Ameren Illinois’ electric revenues increased $67 million, or 10%, and $141 million, or 10%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods, driven by increased revenues at Ameren Illinois Electric Distribution and Ameren Illinois Transmission.
Current wording
Ameren Illinois’ electric revenues increased $88 million, or 11%, and $229 million, or 10%, for the three and nine months ended September 30, 2026, respectively, compared with the year-ago periods, driven by increased revenues at Ameren Illinois Electric Distribution and Ameren Illinois Transmission.
Previous wording
Ameren Illinois Electric Distribution’s revenues increased $56 million, or 10%, and $127 million, or 11%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods.
Current wording
Ameren Illinois Electric Distribution’s revenues increased $78 million, or 11%, and $205 million, or 11%, for the three and nine months ended September 30, 2026, respectively, compared with the year-ago periods.
Showing the first 40 of 143 pairs. Open the source sections for the rest.
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
•Distribution expenditures increased $2 million and $5 million, respectively, largely due to increased vegetation management expenditures.
Current report — wording carried from elsewhere
•A $10 million increase in pension and postretirement benefit plan contributions.
Current report — wording carried from elsewhere
•A $10 million decrease due to the timing of receipts and refunds of customer deposits.
Current report — wording carried from elsewhere
•A $13 million increase in income tax payments to Ameren (parent), pursuant to the tax allocation agreement, primarily due to higher taxable income compared to 2025.
Current report — wording carried from elsewhere
•A $10 million decrease due to the timing of receipts and refunds of customer deposits.
Current report — wording carried from elsewhere
•The PPRA became effective in 2025. The law made modifications to integrated resource planning, which requires Missouri electric utilities to file plans for meeting their customers' long-term energy needs. By August 2027, the MoPSC will publish a schedule for
Current report — wording carried from elsewhere
•adding 1,200 MWs of nuclear generation by 2040;
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
Other operations and maintenance expenses were comparable between periods.
Previous report — wording carried elsewhere
Other operations and maintenance expenses were comparable between periods.
Previous report — wording carried elsewhere
Financings under Part I, Item 1, of this report for additional information on the ATM program and forward sale agreements relating to common stock, including those under the ATM program.
Previous report — wording carried elsewhere
•A $16 million increase in interest payments primarily due to higher average outstanding debt and interest rates on long-term debt.
Previous report — wording carried elsewhere
•A $22 million increase due to the timing of payments for accounts payable.
Previous report — wording carried elsewhere
•Pursuant to the CEJA, Ameren Illinois may file an MYRP with the ICC to establish base rates for electric distribution service to be charged to customers for each calendar year of a four-year period. The base rates for a particular calendar year are based on forecasted recoverable costs and an ICC-determined ROE applied to Ameren Illinois’ forecasted average annual rate base using a forecasted capital structure, with a common equity ratio of up to 50% being deemed prudent and reasonable by law and a higher equity ratio requiring specific ICC approval. The ROE determined by the ICC for each calendar year of the four-year period is subject to annual adjustments based on certain performance incentives and penalties. An MYRP allows Ameren Illinois to reconcile electric distribution service rates to its actual revenue requirement on an annual basis, subject to a reconciliation cap and adjustments to the ROE. Under the MYRP discussed below, Ameren Illinois’ 2026 electric distribution service revenues are based on its 2026 actual recoverable costs,