Short answer
Ameren (AEE) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $8.8B (+15.4% year over year) and net income of $1.5B.
- Top risk flagged: Regulatory risk from Ameren Illinois’ MYRP reconciliation cap limiting electric distribution rate adjustments to 105% through 2027, subject to ongoing ICC appeal
FY2025 key financial metrics · XBRL
- Revenue
- $8.8B
- +15.4% YoY
- Net income
- $1.5B
- +23.2% YoY
- Operating margin
- 23.0%
- +3.1 pp YoY
- EPS (diluted)
- $5.35
- +21.0% YoY
- ROE
- 10.9%
- +1.1 pp YoY
- Operating cash flow
- $3.4B
- +21.4% YoY
Source: XBRL data from the Ameren (AEE) FY2025 10-K on SEC EDGAR. USD.
Ameren FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- Strategic shift: Planned addition by 2040 of 3.2 GW renewable, 2.8 GW natural gas-fired, 1.5 GW nuclear capacity; complete coal-fired plant retirements by 2042
- Notable metric: Ameren Missouri’s 2025 peak transmission demand 7,487 MW; Ameren Illinois 8,027 MW; rate base $4.6B electric distribution Illinois (2026 projection)
- Regulatory development: Missouri’s PPRA effective August 2025 mandates integrated resource plans every 4 years starting 2027 with streamlined approval and construction cost recovery
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)
- Best performing segment: Ameren Missouri net income $747M (+$188M YoY); worst: Other/Intersegment net loss $(145)M (increased loss by $62M)
- Capital expenditures $4.1B in 2025; projected $30.5B-$33.1B for 2026-2030; dividends increased to $3.00/share annualized in 2026
- Management highlights regulatory rate increases adding $355M (electric Missouri), $32M (natural gas Missouri), and challenges in Illinois appeals; key risks: regulatory uncertainties and rising financing costs
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
- Operational risk of up to $33.1B capital expenditures 2026-2030 facing supplier delays, labor shortages, and regulatory approval uncertainties
- Competitive risk from MISO capacity accreditation rule changes reducing renewable/battery capacity credits, requiring more investments and increasing costs
- Financial risk of potential unrecovered environmental compliance costs due to MoPSC disallowance, leading to asset impairments and liquidity pressures
Generated from the filing text; verify against the original. How to read a 10-K
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