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Ameren Corporation, together with its subsidiaries, operates as a public utility holding company in the United States. The company operates through four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission. It engages in the rate-regulated electric generation, transmission, and distribution business and natural gas transmission and distribution business. The company also generates electricity through coal, nuclear, and natural gas, as well as renewable energy, including hydroelectric, wind, methane gas, and solar energy centers. It serves residential, commercial, and industrial customers. Ameren Corporation was founded in 1881 and is headquartered in Saint Louis, Missouri.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $8.8B | - | - | $-821M | - | 15.4% | - |
| 2024 | $7.6B | - | - | $-1.6B | - | 1.6% | - |
| 2023 | $7.5B | - | - | $-1.2B | - | -5.7% | - |
| 2022 | $8.0B | - | - | $-1.1B | - | - | - |
| 2021 | - | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 7,957 | 7,500 | 7,623 | 8,799 |
| Operating Revenue | - | 7,957 | 7,500 | 7,623 | 8,799 |
| Cost Of Revenue | - | 4,614 | 4,033 | 3,970 | 4,628 |
| Gross Profit | - | 3,343 | 3,467 | 3,653 | 4,171 |
| Operating Expense | - | 1,828 | 1,909 | 2,137 | 2,145 |
| Selling General And Administration | -136 | -184 | -295 | - | - |
| Total Expenses | - | 6,442 | 5,942 | 6,107 | 6,773 |
| Operating Income | - | 1,515 | 1,558 | 1,516 | 2,026 |
| Total Operating Income As Reported | - | 1,515 | 1,558 | 1,516 | 2,026 |
| Normalized EBITDA | - | 3,136 | 3,352 | 3,446 | 3,945 |
| EBIT | - | 1,741 | 1,906 | 1,933 | 2,373 |
| Interest Income | - | 35 | 33 | 41 | 41 |
| Interest Expense | - | 486 | 566 | 663 | 776 |
| Net Interest Income | - | -451 | -533 | -622 | -735 |
| Other Non Operating Income Expenses | - | 146 | 260 | 288 | 229 |
| Other Income Expense | - | 191 | 315 | 376 | 306 |
| Interest Income Non Operating | - | 35 | 33 | 41 | 41 |
| Interest Expense Non Operating | - | 486 | 566 | 663 | 776 |
| Net Non Operating Interest Income Expense | -356 | - | - | - | - |
| Pretax Income | - | 1,255 | 1,340 | 1,270 | 1,597 |
| Tax Provision | - | 176 | 183 | 83 | 136 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 6.02 | 7.56 | 6.44 | 8.64 |
| Net Income Continuous Operations | - | 1,079 | 1,157 | 1,187 | 1,461 |
| Net Income From Continuing And Discontinued Operation | - | 1,074 | 1,152 | 1,182 | 1,456 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,074 | 1,152 | 1,182 | 1,456 |
| Net Income Common Stockholders | - | 1,074 | 1,152 | 1,182 | 1,456 |
| Net Income Including Noncontrolling Interests | - | 1,079 | 1,157 | 1,187 | 1,461 |
| Normalized Income | - | 1,037.02 | 1,105.56 | 1,096.44 | 1,368.64 |
| Diluted NI Availto Com Stockholders | - | 1,074 | 1,152 | 1,182 | 1,456 |
| Basic Average Shares | - | 258.40 | 262.80 | 266.80 | 270.50 |
| Diluted Average Shares | - | 259.50 | 263.40 | 267.40 | 272.20 |
| Reconciled Depreciation | - | 1,438 | 1,500 | 1,605 | 1,668 |
| Reconciled Cost Of Revenue | - | 4,465 | 3,920 | 3,955 | 4,528 |
| Total Unusual Items | - | 43 | 54 | 92 | 96 |
| Total Unusual Items Excluding Goodwill | - | 43 | 54 | 92 | 96 |
| Minority Interests | - | -5 | -5 | -5 | -5 |
| Special Income Charges | - | 43 | 54 | 92 | 96 |
| Other Special Charges | - | -43 | -54 | -92 | -96 |
| Depreciation Amortization Depletion Income Statement | - | 1,289 | 1,387 | 1,590 | 1,568 |
| Depreciation And Amortization In Income Statement | - | 1,289 | 1,387 | 1,590 | 1,568 |
| General And Administrative Expense | -136 | -184 | -295 | - | - |
| Salaries And Wages | -136 | -184 | -295 | - | - |
| Earnings From Equity Interest | - | 2 | 1 | -4 | -19 |
| Other Taxes | - | 539 | 522 | 547 | 577 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ameren Corporationthis co. | AEE | $29.6B | 20.34↓ discount | 2.21 | 10.9% | - |
| DTE Energy Company | DTE | $29.7B | 20.31 | 2.41 | 11.9% | 12.54 |
| NRG Energy, Inc. | NRG | $28.1B | 32.57 | 27.30 | 83.8% | 12.21 |
| Atmos Energy Corporation | ATO | $28.0B | 23.40 | 2.07 | 8.8% | 15.57 |
| Edison International | EIX | $27.6B | 5.88 |
| - |
| - |
| 1.62 |
| 27.5% |
| 6.41 |
| CenterPoint Energy, Inc. | CNP | $27.4B | 26.02 | 2.45 | 9.4% | 13.67 |
| PPL Corporation | PPL | $26.5B | 22.40 | 1.78 | 7.9% | 12.10 |
| FirstEnergy Corp. | FE | $26.4B | 25.88 | 2.11 | 8.2% | 12.43 |
| Eversource Energy | ES | $26.3B | 15.53 | 1.62 | 10.4% | 10.25 |
| Peer Median | - | 22.90 | 2.09 | 9.9% | 12.32 | |