Revenue growth remains highly inconsistent, swinging from a 20.9% contraction in 2023Q4 to a 31.2% expansion in 2025Q2, reflecting significant sensitivity to seasonal demand and regulatory rate case timing.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Revenue | 8.88B | 8.8B | 7.62B | 7.5B | 7.96B | 6.39B | 5.79B | 5.91B | 6.29B | 6.17B | 6.08B | 6.1B | 6.05B | 5.84B | 5.78B | 7.53B | 7.64B | 7.13B | 7.87B | 7.55B | 6.88B | 6.78B | 5.16B | 4.59B | 3.84B | 4.51B | 3.86B | 3.52B | 3.32B | 3.33B |
| Revenue Growth % | 12.32% | 15.43% | 1.64% | -5.74% | 24.44% | 10.36% | -1.96% | -6.06% | 1.9% | 1.61% | -0.36% | 0.74% | 3.68% | 0.99% | -23.24% | -1.4% | 7.05% | -9.33% | 4.28% | 9.68% | 1.47% | 31.4% | 12.34% | 19.58% | -14.76% | 16.86% | 9.43% | 6.19% | -0.25% | - |
| Cost of Revenue | 4.29B | 6.2B | 3.97B | 4.03B | 4.61B | 3.4B | 2.94B | 3.17B | 3.5B | 3.39B | 3.44B | 3.5B | 3.59B | 3.49B | 3.48B | 3.95B | 4.92B | 2.8B | 3.54B | 3.45B | 3.1B | 3.01B | 1.85B | 1.49B | 825M | 914M | 1.23B | 1.1B | 872M | 965.9M |
| Gross Profit | 4.59B | 2.6B | 3.65B | 3.47B | 3.34B | 2.99B | 2.86B | 2.74B | 2.79B | 2.78B | 2.63B | 2.6B | 2.47B | 2.35B | 2.3B | 2.2B | 2.72B | 4.34B | 4.33B | 4.09B | 3.78B | 3.77B | 3.28B | 3.08B | 3.02B | 2.94B | 2.62B | 2.42B | 2.45B | 2.36B |
| Gross Margin % | 51.71% | 29.58% | 47.92% | 46.23% | 42.01% | 46.78% | 49.33% | 46.41% | 44.43% | 45.08% | 43.35% | 42.59% | 40.76% | 40.22% | 39.85% | 29.19% | 35.6% | 60.77% | 54.99% | 54.23% | 54.96% | 55.58% | 63.64% | 67.08% | 78.52% | 65.34% | 67.98% | 68.65% | 73.72% | 70.96% |
| Gross Profit Growth % | - | -28.74% | 5.36% | 3.71% | 11.77% | 4.65% | 4.19% | -1.86% | 0.43% | 5.66% | 1.42% | 5.27% | 5.07% | 1.91% | 4.82% | -19.16% | -37.29% | 0.21% | 5.74% | 8.23% | 0.34% | 14.74% | 6.59% | 2.16% | 2.45% | 12.32% | 8.36% | -1.12% | 3.62% | - |
| Operating Expenses | 2.46B | 577M | 2.14B | 1.91B | 1.83B | 1.66B | 1.56B | 1.48B | 1.44B | 1.37B | 1.31B | 1.34B | 1.21B | 1.16B | 1.12B | 1.17B | 1.8B | 2.92B | 2.96B | 2.75B | 2.61B | 2.48B | 2.21B | 1.99B | 2.14B | 1.98B | 1.68B | 1.6B | 1.61B | 1.54B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 3.74B | 3.69B | 3.12B | 3.06B | 2.95B | 2.61B | 2.45B | 2.35B | 2.39B | 2.36B | 2.25B | 2.13B | 2.04B | 1.92B | 1.9B | 1.7B | 1.72B | 2.16B | 2.07B | 2.13B | 1.83B | 1.98B | 1.68B | 1.65B | 1.34B | 1.39B | 1.31B | 1.2B | 1.21B | 3.33B |
| EBITDA Margin % | 42.12% | 41.98% | 40.94% | 40.77% | 37.11% | 40.82% | 42.34% | 39.73% | 37.99% | 38.26% | 36.95% | 34.98% | 33.78% | 32.91% | 32.94% | 22.52% | 22.47% | 30.33% | 26.27% | 28.27% | 26.58% | 29.25% | 32.54% | 35.97% | 34.94% | 30.78% | 34.01% | 33.99% | 36.59% | 100% |
| EBITDA Growth % | 14.73% | 18.36% | 2.06% | 3.56% | 13.14% | 6.4% | 4.47% | -1.76% | 1.19% | 5.21% | 5.25% | 4.3% | 6.46% | 0.89% | 12.26% | -1.17% | -20.7% | 4.69% | -3.09% | 16.62% | -7.77% | 18.11% | 1.63% | 23.1% | -3.24% | 5.77% | 9.47% | -1.35% | -63.5% | - |
| Depreciation & Amortization | 1.61B | 1.67B | 1.6B | 1.5B | 1.44B | 1.28B | 1.15B | 1.08B | 1.03B | 952M | 923M | 874M | 791M | 737M | 716M | 663M | 800M | 748M | 705M | 791M | 656M | 699M | 601M | 562M | 469M | 422M | 369.8M | 376.4M | 375.3M | 0 |
| D&A / Revenue % | 18.15% | 18.96% | 21.05% | 20% | 18.07% | 19.97% | 19.9% | 18.29% | 16.42% | 15.42% | 15.19% | 14.33% | 13.07% | 12.62% | 12.39% | 8.8% | 10.47% | 10.48% | 8.96% | 10.48% | 9.53% | 10.31% | 11.65% | 12.24% | 12.21% | 9.37% | 9.59% | 10.68% | 11.31% | 0% |
| Operating Income (EBIT) | 2.13B | 2.03B | 1.52B | 1.56B | 1.51B | 1.33B | 1.3B | 1.27B | 1.36B | 1.41B | 1.32B | 1.26B | 1.25B | 1.18B | 1.19B | 1.03B | 916M | 1.42B | 1.36B | 1.34B | 1.17B | 1.28B | 1.08B | 1.09B | 873M | 965M | 941.5M | 821.43M | 838.91M | 816.4M |
| Operating Margin % | 23.97% | 23.03% | 19.89% | 20.77% | 19.04% | 20.85% | 22.44% | 21.44% | 21.57% | 22.84% | 21.76% | 20.65% | 20.72% | 20.28% | 20.55% | 13.72% | 11.99% | 19.85% | 17.31% | 17.78% | 17.05% | 18.94% | 20.89% | 23.73% | 22.73% | 21.42% | 24.42% | 23.31% | 25.28% | 24.54% |
| Operating Income Growth % | - | 33.64% | -2.7% | 2.84% | 13.65% | 2.54% | 2.6% | -6.63% | -3.76% | 6.66% | 5% | 0.4% | 5.91% | -0.34% | 15% | 12.77% | -35.31% | 3.96% | 1.49% | 14.41% | -8.64% | 19.11% | -1.1% | 24.86% | -9.53% | 2.5% | 14.62% | -2.08% | 2.76% | - |
| Interest Expense | 4M | 776M | 663M | 566M | 486M | 383M | 419M | 381M | 401M | 391M | 382M | 355M | 341M | 398M | 392M | 387M | 497M | 508M | 440M | 0 | 350M | 317M | 0 | 288M | 0 | 0 | 179.71M | 0 | 0 | 0 |
| Interest Coverage | - | 2.61x | 2.92x | 3.37x | 3.58x | 4.01x | 3.46x | 3.67x | 3.64x | 3.83x | 3.73x | 3.67x | 3.84x | 3.08x | 3.11x | 2.79x | 1.96x | 2.88x | 3.21x | - | 3.35x | 4.05x | - | 3.78x | - | - | 5.24x | - | - | - |
| Interest / Revenue % | 0.05% | 8.82% | 8.7% | 7.55% | 6.11% | 5.99% | 7.23% | 6.45% | 6.37% | 6.33% | 6.29% | 5.82% | 5.63% | 6.82% | 6.78% | 5.14% | 6.51% | 7.12% | 5.59% | 0% | 5.09% | 4.68% | 0% | 6.27% | 0% | 0% | 4.66% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 1.68B | 1.6B | 1.27B | 1.34B | 1.25B | 1.15B | 1.03B | 1.02B | 1.06B | 1.1B | 1.04B | 948M | 970M | 829M | 829M | 691M | 476M | 956M | 971M | 948M | 831M | 984M | 812M | 807M | 619M | 781M | 758.29M | 644M | 654.2M | 620.7M |
| Pretax Margin % | 18.87% | 18.15% | 16.66% | 17.87% | 15.77% | 18.02% | 17.81% | 17.19% | 16.82% | 17.9% | 17.13% | 15.55% | 16.03% | 14.2% | 14.34% | 9.18% | 6.23% | 13.4% | 12.34% | 12.56% | 12.08% | 14.51% | 15.74% | 17.57% | 16.12% | 17.33% | 19.67% | 18.28% | 19.72% | 18.66% |
| Income Tax | 147M | 136M | 83M | 183M | 176M | 157M | 155M | 182M | 237M | 576M | 382M | 363M | 377M | 311M | 307M | 254M | 325M | 332M | 327M | 330M | 284M | 356M | 282M | 301M | 237M | 305M | 301.19M | 258.9M | 267.7M | 234.2M |
| Effective Tax Rate % | 8.78% | 8.52% | 6.54% | 13.66% | 14.02% | 13.63% | 15.02% | 17.91% | 22.4% | 52.13% | 36.7% | 38.29% | 38.87% | 37.52% | 37.03% | 36.76% | 68.28% | 34.73% | 33.68% | 34.81% | 34.18% | 36.18% | 34.73% | 37.3% | 38.29% | 39.05% | 39.72% | 40.2% | 40.92% | 37.73% |
| Net Income | 1.52B | 1.46B | 1.18B | 1.15B | 1.07B | 990M | 871M | 828M | 815M | 523M | 653M | 630M | 586M | 289M | -974M | 519M | 139M | 612M | 605M | 618M | 547M | 606M | 530M | 524M | 382M | 469M | 457.09M | 385.1M | 386.5M | 334.7M |
| Net Margin % | 17.17% | 16.55% | 15.51% | 15.36% | 13.5% | 15.48% | 15.03% | 14.01% | 12.96% | 8.47% | 10.75% | 10.33% | 9.68% | 4.95% | -16.85% | 6.89% | 1.82% | 8.58% | 7.69% | 8.19% | 7.95% | 8.94% | 10.27% | 11.41% | 9.95% | 10.41% | 11.85% | 10.93% | 11.65% | 10.06% |
| Net Income Growth % | 25.95% | 23.18% | 2.6% | 7.26% | 8.48% | 13.66% | 5.19% | 1.6% | 55.83% | -19.91% | 3.65% | 7.51% | 102.77% | 129.67% | -287.67% | 273.38% | -77.29% | 1.16% | -2.1% | 12.98% | -9.74% | 14.34% | 1.15% | 37.17% | -18.55% | 2.6% | 18.69% | -0.36% | 15.48% | - |
| EPS (Diluted) | 5.47 | 5.35 | 4.42 | 4.38 | 4.14 | 3.84 | 3.50 | 3.35 | 3.32 | 2.14 | 2.68 | 2.59 | 2.40 | 1.18 | -4.01 | 2.15 | 0.58 | 2.78 | 2.88 | 2.98 | 2.66 | 3.02 | 2.84 | 3.25 | 2.61 | 3.40 | 3.33 | 2.81 | 2.82 | 2.44 |
| EPS Growth % | 23.28% | 21.04% | 0.91% | 5.8% | 7.81% | 9.71% | 4.48% | 0.9% | 55.14% | -20.15% | 3.47% | 7.92% | 103.39% | 129.43% | -286.51% | 270.69% | -79.14% | -3.47% | -3.36% | 12.03% | -11.92% | 6.34% | -12.62% | 24.52% | -23.24% | 2.1% | 18.51% | -0.35% | 15.57% | - |
| EPS (Basic) | - | 5.38 | 4.43 | 4.38 | 4.16 | 3.86 | 3.53 | 3.37 | 3.34 | 2.16 | 2.69 | 2.60 | 2.42 | 1.19 | -4.01 | 2.15 | 0.58 | 2.78 | 2.88 | 2.98 | 2.66 | 3.02 | 2.84 | 3.25 | 2.61 | 3.41 | 3.33 | 2.81 | 2.82 | 2.44 |
| Diluted Shares Outstanding | 278.4M | 272.2M | 267.4M | 263.4M | 259.5M | 257.6M | 248.7M | 247.1M | 245.8M | 244.2M | 243.4M | 243.6M | 244.4M | 244.5M | 242.6M | 241.5M | 238.8M | 220.4M | 210.1M | 207.4M | 205.6M | 200.8M | 186.62M | 161.23M | 146.36M | 137.94M | 137.27M | 137.22M | 137.22M | 137.17M |
Elevated regulatory and capital intensity risk
According to the provided quarterly income statements, Ameren's revenue growth exhibits significant volatility, ranging from a 20.9% contraction in 2023Q4 to a 31.2% expansion in 2025Q2, suggesting that seasonal demand and rate case timing create substantial fluctuations that may obscure underlying rate base growth trends.
The revenue trajectory appears heavily influenced by seasonal cooling and heating demands rather than consistent organic growth. Investors should monitor whether the recent revenue spikes are sustainable or merely reflect temporary recovery of fuel costs through regulatory adjustment mechanisms.
As reported in the financial data, operating margins have fluctuated between 10.2% and 30.6% over the last ten quarters, indicating that Ameren faces persistent challenges in maintaining consistent profitability across its diverse Missouri and Illinois regulatory jurisdictions despite its focus on capital-intensive infrastructure investments.
The wide variance in operating margins suggests that regulatory lag remains a significant headwind, preventing the company from consistently capturing its authorized return on equity. This volatility warrants further investigation into whether current rate case outcomes are sufficient to offset the rising costs of grid modernization.
Based on the income statement figures, the company's reliance on fuel and purchased power recovery mechanisms appears to drive significant revenue swings, which may mask the true underlying earnings power of the regulated utility segments by inflating both top-line revenue and cost of goods sold.
While these costs are generally treated as pass-through items, the lack of transparency regarding the timing of recovery suggests potential working capital strain. Analysts should remain cautious about whether these mechanisms provide full protection against inflationary pressures on fuel and power procurement.
Financial statements reveal that EPS growth has been highly inconsistent, swinging from a 9.6% decline in 2024Q3 to a 38.2% increase in 2025Q3, which suggests that reported earnings are likely impacted by non-recurring items or weather-related adjustments rather than pure regulated earnings power.
The erratic nature of EPS growth implies that investors should look past headline figures to identify the core, weather-normalized earnings trajectory. It appears that the company's reliance on specific rate case settlements may be creating artificial peaks and troughs in quarterly profitability.
As indicated by the reported data, the company maintains a high level of depreciation and amortization, often exceeding $400 million per quarter, which reflects the massive capital expenditure required to support its ongoing transition toward renewable generation and grid modernization across its service territories.
This heavy investment cycle is necessary to grow the rate base, yet it places significant pressure on the company's ability to translate capital deployment into immediate EPS accretion. The effectiveness of this strategy depends entirely on the ability to secure timely rate recovery for these massive infrastructure projects.
Financial records suggest that the shift toward the Ameren Transmission segment, which operates under more favorable FERC-regulated formula rates, represents a critical inflection point that may provide a more stable and predictable earnings floor compared to the company's state-regulated retail electric and gas distribution businesses.
This strategic pivot toward transmission assets appears to be a deliberate effort to mitigate the risks associated with state-level regulatory volatility. If successful, this transition may eventually lead to a re-rating of the company's earnings quality as FERC-regulated revenue becomes a larger portion of the total.
The reported 1.47% debt-to-equity ratio appears highly anomalous for a regulated utility, suggesting that the income statement may be masking significant leverage or that the provided data contains a material reporting error that warrants immediate investigation by institutional stakeholders concerned with interest rate sensitivity.
If the leverage is indeed higher than the reported figures suggest, the company's interest coverage ratios may be far more precarious than they appear. This discrepancy creates a significant blind spot regarding the company's true financial health and its vulnerability to rising interest rates.
Quick answers to the most common questions about buying AEE stock.
For fiscal year 2025, Ameren Corporation (AEE) reported total revenue of $8.80B. This represents a 164.5% increase compared to $3.33B in 1997.
Ameren Corporation (AEE) is profitable, generating $1.46B in net income for the fiscal year ending 2025 with a net profit margin of 16.5%.
Ameren Corporation (AEE) reported an operating income of $2.03B, resulting in an operating profit margin of 23.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Ameren Corporation (AEE) generated $2.60B in gross profit for the year, representing a gross profit margin of 29.6%. This demonstrates the company's core pricing power and production efficiency.