Ameren (AEE) Q4 2025 earnings summary

Executive summary

• 2025 adjusted EPS was $5.03, up 8.6% from 2024, 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 6%-8% EPS growth guidance for 2026–2030, expecting results near the upper end.

• Executed 2.2 GW of large load electric service agreements in Missouri, providing sales and earnings upside.

• Increased annualized dividend by 5.6% in February 2026, marking 13 consecutive years of dividend growth.

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

Financial highlights

• 2025 adjusted EPS was $5.03, up from $4.63 in 2024; GAAP EPS for 2025 was $5.35.

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

• Over $4 billion invested in electric, natural gas, and transmission infrastructure in 2025.

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

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

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 (2026–2030), supporting a 10.6% rate base CAGR.

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

• Dividend payout ratio expected to remain within 50%-60% of annual EPS.

• Dividend growth expected to align with long-term EPS growth.