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Ameren vs PG&E: revenue, profit, margins and growth compared

Ameren brought in $8.8B of revenue in fiscal 2025, PG&E $24.9B in fiscal 2025. Revenue changed by +15.4% at Ameren and +2.1% at PG&E on the year before, so Ameren grew faster. Ameren kept 16.5% of its revenue as net profit, PG&E 10.4%. Free cash flow was -$775M at Ameren and -$3.1B at PG&E.

Side by side, latest fiscal year

AEEPCG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$8.8B$24.9B
Revenue growth+15.4%+2.1%
Net income$1.5B$2.6B
Net margin16.5%10.4%
Free cash flow-$775M-$3.1B
Free cash flow margin-8.8%-12.3%
Earnings per share (diluted)$5.35$1.18
Cash$13M$713M
Debt$19.4B$57.4B
Price to earnings18.610.5
Market value$27.5B$33.1B
Dividend yield2.86%n/a
Rank by revenue in sector#33 of 109 · Utilities#9 of 109 · Utilities

Over the years

Revenue
AEE FY2018: $6.3BAEE FY2019: $5.9BAEE FY2020: $5.8BAEE FY2021: $6.4BAEE FY2022: $8BAEE FY2023: $7.5BAEE FY2024: $7.6BAEE FY2025: $8.8BPCG FY2018: $16.8BPCG FY2019: $17.1BPCG FY2020: $18.5BPCG FY2021: $20.6BPCG FY2022: $21.7BPCG FY2023: $24.4BPCG FY2024: $24.4BPCG FY2025: $24.9BFY18FY19FY20FY21FY22FY23FY24FY25
AEE $8.8BPCG $24.9B
Net income
AEE FY2018: $815MAEE FY2019: $828MAEE FY2020: $871MAEE FY2021: $990MAEE FY2022: $1.1BAEE FY2023: $1.2BAEE FY2024: $1.2BAEE FY2025: $1.5BPCG FY2018: -$6.9BPCG FY2019: -$7.7BPCG FY2020: -$1.3BPCG FY2021: -$102MPCG FY2022: $1.8BPCG FY2023: $2.2BPCG FY2024: $2.5BPCG FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25
AEE $1.5BPCG $2.6B
Net margin
AEE FY2018: 13.0%AEE FY2019: 14.0%AEE FY2020: 15.0%AEE FY2021: 15.5%AEE FY2022: 13.5%AEE FY2023: 15.4%AEE FY2024: 15.5%AEE FY2025: 16.5%PCG FY2018: -40.9%PCG FY2019: -44.7%PCG FY2020: -7.1%PCG FY2021: -0.5%PCG FY2022: 8.3%PCG FY2023: 9.2%PCG FY2024: 10.1%PCG FY2025: 10.4%FY18FY19FY20FY21FY22FY23FY24FY25
AEE 16.5%PCG 10.4%
Revenue growth
AEE FY2019: -6.1%AEE FY2020: -2.0%AEE FY2021: +10.4%AEE FY2022: +24.4%AEE FY2023: -5.7%AEE FY2024: +1.6%AEE FY2025: +15.4%PCG FY2019: +2.2%PCG FY2020: +7.8%PCG FY2021: +11.8%PCG FY2022: +5.0%PCG FY2023: +12.7%PCG FY2024: -0.0%PCG FY2025: +2.1%FY19FY20FY21FY22FY23FY24FY25
AEE +15.4%PCG +2.1%
Free cash flow
AEE FY2018: -$116MAEE FY2019: -$241MAEE FY2020: -$1.5BAEE FY2021: -$1.8BAEE FY2022: -$1.1BAEE FY2023: -$1BAEE FY2024: -$1.6BAEE FY2025: -$775MPCG FY2018: -$1.8BPCG FY2019: -$1.5BPCG FY2020: -$26.8BPCG FY2021: -$5.4BPCG FY2022: -$5.9BPCG FY2023: -$5BPCG FY2024: -$2.3BPCG FY2025: -$3.1BFY18FY19FY20FY21FY22FY23FY24FY25
AEE -$775MPCG -$3.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Ameren and PG&E

Which is bigger by revenue, Ameren or PG&E?

PG&E is bigger by revenue: $24.9B in fiscal 2025, against $8.8B for Ameren in fiscal 2025.

Which keeps more of its revenue as profit, Ameren or PG&E?

Ameren had a net margin of 16.5% in fiscal 2025; PG&E had 10.4% in fiscal 2025.

Which grew revenue faster, Ameren or PG&E?

In their latest fiscal years revenue changed by +15.4% at Ameren and +2.1% at PG&E.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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