AMEREN CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AMEREN CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,076	6,174	6,291	5,910	5,794	6,394	7,957	7,500	7,623	8,799
Operating expenses	4,754	4,764	4,934	4,643	4,494	5,061	6,442	5,942	6,107	6,773
Operating income	1,322	1,410	1,357	1,267	1,300	1,333	1,515	1,558	1,516	2,026
Interest expense	382	391	401	381	419	383	486	566	663	776
Interest income	40	34	33	33	29	27	35	33	41	41
Other non-operating income	101	86	102	130	151	202	226	348	417	347
Pre-tax income	1,041	1,105	1,058	1,016	1,032	1,152	1,255	1,340	1,270	1,597
Income tax	382	576	237	182	155	157	176	183	83	136
Income from continuing operations	653	523
Net income to minority interests	6	6	6	6	6	5	5	5	5	5
Net income	653	523	815	828	871	990	1,074	1,152	1,182	1,456
EBITDA	2,157	2,286	2,295	2,269	2,453	2,552	2,888	2,990	3,040	3,638
EPS, basic	2.69	2.16	3.34	3.37	3.53	3.86	4.16	4.39	4.43	5.38
EPS, diluted	2.68	2.14	3.32	3.35	3.50	3.84	4.14	4.38	4.42	5.35
Shares, basic (weighted)	243	243	244	246	247	256	258	263	267	271
Shares, diluted (weighted)	243	244	246	247	249	258	260	263	267	272
Dividend per share	1.72	1.78	1.85	1.92	2.00	2.20	2.36	2.52	2.68	2.84

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9	10	16	16	139	8	10	25	7	13
Receivables	437	445	463	393	415	434	600	494	525	665
Inventory	527	522	483	494	521	592	667	733	762	774
Other current assets	113	98	63	118	135	155	155	139	162	210
Total current assets	1,593	1,612	1,533	1,431	1,653	1,968	2,668	2,181	2,264	2,571
Property, plant and equipment	20,113	21,466	22,810	24,376	26,807	29,261	31,262	33,776	36,304	39,313
Lease right-of-use assets				36					72	76
Goodwill	411	411	411	411	411	411	411	411	411	411
Other non-current assets	538	522	650	876	789	891	768	921	1,123	1,154
Total assets	24,699	25,945	27,215	28,933	32,030	35,735	37,904	40,830	44,598	48,476
Accounts payable	805	902	817	874	958	1,095	1,159	1,136	1,059	1,254
Deferred revenue		108	116	111			115	176	223	238
Short-term debt	681	841	580	442	8	505	340	849	317	973
Total current liabilities	2,674	2,940	2,687	2,505	2,180	2,826	3,366	3,345	3,413	3,907
Long-term debt	6,595	7,094	7,859	8,915	11,078	12,562	13,685	15,121	17,262	18,214
Lease liabilities				29					67	73
Other non-current liabilities	477	460	408	467	503	414	340	426	487	540
Total liabilities	17,454	18,619	19,442	20,732	22,950	25,906	27,267	29,352	32,355	34,946
Total debt	7,326	7,995	8,509	9,442	11,190	13,182	14,147	16,107	17,799	19,431
Paid-in capital	5,556	5,540	5,627	5,694	6,179	6,502	6,860	7,216	7,513	8,106
Retained earnings	1,568	1,660	2,024	2,380	2,757	3,182	3,646	4,136	4,604	5,292
Other comprehensive income	-23	-18	-22	-17	-1	13	-1	-6	-6	0
Shareholders' equity	7,103	7,184	7,631	8,059	8,938	9,700	10,508	11,349	12,114	13,401
Minority interests	142	142	142	142	142	129	129	129	129	129
Total equity	7,245	7,326	7,773	8,201	9,080	9,829	10,637	11,478	12,243	13,530
Total liabilities and equity	24,699	25,945	27,215	28,933	32,030	35,735	37,904	40,830	44,598	48,476
Shares outstanding	243	243	245	246	253	258	262	266	270	276

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	659	529	821	834	877	995	1,079	1,157	1,187	1,461
Depreciation and amortization	835	876	938	1,002	1,153	1,219	1,373	1,432	1,524	1,612
Stock-based compensation	17	17	20	20	21	22	24	26	28	28
Deferred income tax	386	539	224	167	148	156	170	229	127	253
Change in receivables	-71	-53	-24	79	-47	-74	-317	144	-91	-272
Change in inventory	11	17	39	-10	-25	-71	-77	-67	-31	-12
Change in payables	19	32	-22	-3	40	28	136	-104	4	42
Cash from operations	2,117	2,118	2,170	2,170	1,727	1,661	2,263	2,564	2,763	3,353
Capital expenditures	-2,076	-2,132	-2,286	-2,411	-3,233	-3,479	-3,351	-3,597	-4,319	-4,128
Purchases of investments		0	0	-207	0	0
Sales and maturities of investments		0	0	207	0	0
Cash from investing	-2,158	-2,204	-2,336	-2,435	-3,329	-3,528	-3,370	-3,798	-4,456	-4,145
Debt issued	396	1,345	1,352	1,527	2,183	1,997	1,467	2,295	2,535	1,960
Stock issued	0	0	74	68	476	308	333	346	273	574
Share buybacks	-51	-24	0	0
Dividends paid	-416	-431	-451	-472	-494	-565	-610	-662	-714	-768
Cash from financing	-258	102	205	334	1,727	1,721	1,168	1,290	1,749	884
Net change in cash	-283	1	39	69	125	-146	61	56	56	92
Free cash flow	41	-14	-116	-241	-1,506	-1,818	-1,088	-1,033	-1,556	-775
Interest paid	358	370	387	367	383	426	476	546	611	755
Income taxes paid	-12	-19	21	13	13	-1	-8	-24	-92	-312

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $99.39 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	24.9%	Operating income / revenue.
EBITDA margin	43.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.7%	Pre-tax income / revenue.
Net margin	17.9%	Net income / revenue.
FCF margin	-16.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	37.2%	Cash from operations / revenue.
Effective tax rate	9.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.1%	Net income / average total assets.
Return on invested capital (ROIC)	5.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	53.2%	Capital expenditures / revenue.
D&A / revenue	19.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	33.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	9.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	19.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	23.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	10.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	21.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	21.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.53x	Current assets / current liabilities.
Quick ratio	0.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.00x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.50x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.2%	Total debt / total assets.
Liabilities / assets	73.0%	Total liabilities / total assets.
Net debt	$20.58B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.36x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.63x	Operating income / interest expense.
Working capital	-$2.33B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$13.28B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.
Fixed asset turnover	0.21x	Revenue / average property, plant and equipment.
Receivables turnover	14.6x	Revenue / average receivables.
Days sales outstanding	25 days	365 x average receivables / revenue.
FCF conversion	-89.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	143.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.61	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$31.39	Revenue / diluted weighted shares.
FCF per share	-$5.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.66	Cash from operations / diluted weighted shares.
Book value per share	$49.45	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$47.96	Tangible book value / shares outstanding.
Cash per share	$0.04	(Cash + short-term investments) / shares outstanding.
Payout ratio	51.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$27.52B	Share price x shares outstanding.
Enterprise value	$48.09B	Market cap + total debt - cash - short-term investments.
P/E	17.6x	Market cap / net income. Only when net income is positive.
P/S	3.14x	Market cap / revenue.
P/B	2.01x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.07x	Market cap / tangible book value, when positive.
P/OCF	8.46x	Market cap / cash from operations, when positive.
EV/Sales	5.50x	Enterprise value / revenue.
EV/EBIT	22.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.5x	Enterprise value / EBITDA, when both are positive.
FCF yield	-5.1%	Free cash flow / market cap.
Earnings yield	5.7%	Net income / market cap (the inverse of P/E).
Dividend yield	2.9%	Dividends paid over the period / market cap.
Shareholder yield	2.9%	(Dividends paid + share buybacks) / market cap.
PEG	1.97x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was AMEREN CORP's revenue in fiscal 2025?

AMEREN CORP reported revenue of $8.80B for fiscal 2025, 15.4% higher than the year before.

Was AMEREN CORP profitable in fiscal 2025?

Yes. Net income was $1.46B, a net margin of 16.5%.

How much free cash flow did AMEREN CORP generate in fiscal 2025?

Cash from operations of $3.35B minus capital expenditures of $4.13B left free cash flow of -$775.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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