AEE Ameren
FY2025 10-K
Ameren (AEE) filed its fiscal year 2025 10-K annual report with the SEC on Feb 18, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
Business Overview
- • Core business: Rate-regulated electric generation, transmission, and natural gas distribution primarily through subsidiaries Ameren Missouri, Ameren Illinois, and ATXI
- • New emphasis on large load customer agreements adding 2.2 GW demand under large load customer rate plan executed February 2026
Management Discussion & Analysis
- • Revenue electric $7.668B in 2025 vs $6.540B in 2024; net income $1.456B (+$274M YoY), EPS $5.35 vs $4.42
- • Operating margin approx. 26.4% in 2025 ($2.026B operating income on $7.668B revenue) vs 23.2% in 2024 ($1.516B/$6.540B)
Risk Factors
- • Regulatory risk from Ameren Illinois’ MYRP reconciliation cap limiting electric distribution rate adjustments to 105% through 2027, subject to ongoing ICC appeal
- • Geopolitical exposure to Illinois emissions limits forcing closure of Ameren Missouri’s Venice Energy Center by 2029 and other gas-fired centers by 2040 under CEJA
Financial SummaryXBRL
Revenue
$8.8B
Net Income
$1.5B
Operating Margin
23.0%
Net Margin
16.5%
ROE
10.9%
Total Assets
$48.5B
EPS (Diluted)
$5.35
Operating Cash Flow
$3.4B
Source: XBRL data from Ameren FY2025 10-K filing on SEC EDGAR. All figures in USD.
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