Ameren (AEE) financial statements
Ameren reported revenue of $8.8B in fiscal 2025, up 4.2% a year over 9 years.
Net income was $1.5B and the operating margin 23.0%, against 21.8% in 2016.
Free cash flow was -$775M, and the company returned $768M in dividends.
The diluted share count rose 12% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ameren's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.1B | $6.2B | $6.3B | $5.9B | $5.8B | $6.4B | $8.0B | $7.5B | $7.6B | $8.8B |
| Operating income | $1.3B | $1.4B | $1.4B | $1.3B | $1.3B | $1.3B | $1.5B | $1.6B | $1.5B | $2.0B |
| Interest expense | $382M | $391M | $401M | $381M | $419M | $383M | $486M | $566M | $663M | $776M |
| Pre-tax income | $1.0B | $1.1B | $1.1B | $1.0B | $1.0B | $1.2B | $1.3B | $1.3B | $1.3B | $1.6B |
| Income tax | $382M | $576M | $237M | $182M | $155M | $157M | $176M | $183M | $83M | $136M |
| Net income | $653M | $523M | $815M | $828M | $871M | $990M | $1.1B | $1.2B | $1.2B | $1.5B |
| EPS (diluted) | $2.68 | $2.14 | $3.32 | $3.35 | $3.50 | $3.84 | $4.14 | $4.38 | $4.42 | $5.35 |
| Diluted shares | 243M | 244M | 246M | 247M | 249M | 258M | 260M | 263M | 267M | 272M |
| Operating margin | 21.8% | 22.8% | 21.6% | 21.4% | 22.4% | 20.8% | 19.0% | 20.8% | 19.9% | 23.0% |
| Net margin | 10.7% | 8.5% | 13.0% | 14.0% | 15.0% | 15.5% | 13.5% | 15.4% | 15.5% | 16.5% |
Balance sheet
Fiscal years, from Ameren's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $9M | $10M | $16M | $16M | $139M | $8M | $10M | $25M | $7M | $13M |
| Receivables | $437M | $445M | $463M | $393M | $415M | $434M | $600M | $494M | $525M | $665M |
| Inventory | $527M | $522M | $483M | $494M | $521M | $592M | $667M | $733M | $762M | $774M |
| Total current assets | $1.6B | $1.6B | $1.5B | $1.4B | $1.7B | $2.0B | $2.7B | $2.2B | $2.3B | $2.6B |
| Property, plant and equipment | $20.1B | $21.5B | $22.8B | $24.4B | $26.8B | $29.3B | $31.3B | $33.8B | $36.3B | $39.3B |
| Goodwill | $411M | $411M | $411M | $411M | $411M | $411M | $411M | $411M | $411M | $411M |
| Total assets | $24.7B | $25.9B | $27.2B | $28.9B | $32.0B | $35.7B | $37.9B | $40.8B | $44.6B | $48.5B |
| Total current liabilities | $2.7B | $2.9B | $2.7B | $2.5B | $2.2B | $2.8B | $3.4B | $3.3B | $3.4B | $3.9B |
| Long-term debt | $6.6B | $7.1B | $7.9B | $8.9B | $11.1B | $12.6B | $13.7B | $15.1B | $17.3B | $18.2B |
| Total liabilities | $17.5B | $18.6B | $19.4B | $20.7B | $22.9B | $25.9B | $27.3B | $29.4B | $32.4B | $34.9B |
| Shareholders' equity | $7.1B | $7.2B | $7.6B | $8.1B | $8.9B | $9.7B | $10.5B | $11.3B | $12.1B | $13.4B |
| Net debt | $7.3B | $7.9B | $8.4B | $9.3B | $10.9B | $13.1B | $14.0B | $15.9B | $17.6B | $19.2B |
Cash flow
Fiscal years, from Ameren's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.1B | $2.1B | $2.2B | $2.2B | $1.7B | $1.7B | $2.3B | $2.6B | $2.8B | $3.4B |
| Capital spending | $2.1B | $2.1B | $2.3B | $2.4B | $3.2B | $3.5B | $3.4B | $3.6B | $4.3B | $4.1B |
| Free cash flow | $41M | -$14M | -$116M | -$241M | -$1.5B | -$1.8B | -$1.1B | -$1.0B | -$1.6B | -$775M |
| Stock-based compensation | $17M | $17M | $20M | $20M | $21M | $22M | $24M | $26M | $28M | $28M |
| Dividends paid | $416M | $431M | $451M | $472M | $494M | $565M | $610M | $662M | $714M | $768M |
| Share buybacks (net) | -$51M | -$24M | $0 | $0 | — | — | — | — | — | — |
| Net borrowing | $653M | $1.3B | $1.5B | $1.4B | $2.2B | $2.1B | $2.0B | $1.8B | $3.1B | $1.5B |
| Free cash flow margin | 0.7% | -0.2% | -1.8% | -4.1% | -26.0% | -28.4% | -13.7% | -13.8% | -20.4% | -8.8% |
| Dividends per share | $1.71 | $1.76 | $1.83 | $1.91 | $1.99 | $2.19 | $2.35 | $2.51 | $2.67 | $2.82 |
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Open AEE in InvestinglyQuestions
What was Ameren's revenue in 2025?
$8.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Ameren generate?
-$775M in fiscal 2025 (operating cash flow minus capital spending).
From Ameren's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.