Ameren (AEE) Q4 2025 earnings summary

Executive summary

• 2025 adjusted EPS was $5.03, up 8.6% year-over-year, with GAAP EPS at $5.35; strong customer value and reliable service at below-average rates.

• Affirmed 2026 EPS guidance of $5.25–$5.45 and issued 6–8% EPS growth guidance for 2026–2030, expecting results near the upper end.

• Signed 2.2 GW of large load electric service agreements in Missouri, providing significant upside to sales and earnings forecasts.

• Increased annualized dividend by 5.6% to $3.00 per share, marking 13 consecutive years of growth.

• Growth was driven by infrastructure investments, new electric service rates, and higher electric retail sales.

Financial highlights

• 2025 adjusted EPS was $5.03, excluding $0.32 per share in tax benefits from regulatory orders; GAAP EPS was $5.35.

• Operating revenues for 2025 were $8,799 million, up from $7,623 million in 2024.

• Total shareholder return exceeded 300% since 2013, outperforming utility index averages.

• Board approved a 5.6% quarterly dividend increase, annualized at $3 per share.

• Cash flow from operations was $3,353 million, up from $2,763 million in 2024.

Outlook and guidance

• 2026 EPS guidance affirmed at $5.25–$5.45, with 6–8% compound annual EPS growth expected from 2026–2030.

• Five-year capital plan increased to $31.8 billion, supporting a 10.6% compound annual rate base growth.

• Long-term infrastructure investment pipeline exceeds $70 billion for 2026–2035.

• Dividend growth expected to align with long-term EPS growth, maintaining a payout ratio of 50%-60%.