eps diluted
5.25–5.45 $per share
FY 2026
official guidance
AMEREN CORPORATION
Last · NYSE$104.60+0.28 (+0.27%)close · yahoo · 15h ago
Market cap$28.96B276.8M sh
P/E · TTM18.4fwd 18.0 · eps 5.68
Beta0.45vs S&P 500
Div yield2.80%annual · TTM
52w range
$96.57$118.32
Volume896.5Ksession
| Revenue | $8.7B |
|---|---|
| Operating income | $2.2B |
| Net income | $1.6B |
| Free cash flow | $-1.4B |
| Operating margin | 24.9% |
| Net margin | 17.9% |
| Return on equity | 11.4% |
| Period | TTM 2026-06-30 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong regulated growth platform, but the most exciting upside remains conditional and dilution is material.
Ameren’s Q1 EPS rose to $1.28 from $1.07, while 2026 EPS guidance was reaffirmed at $5.25-$5.45 and the plan targets roughly 6%-8% annual EPS growth with 10.6% rate-base growth.
The 2.2 GW of signed data-center ESAs and more than $70 billion of investment offer meaningful upside, but that upside is not yet in the base plan; $4 billion of planned equity issuance and unresolved generation, regulatory, and project-ramp risks argue for waiting for the September IRP and customer groundbreakings.
Themes
- Data Center Load
- Energy Services Agreements
- Missouri Irp
- Rate Base Growth
- Generation Capex
- Transmission
Near term
Second-quarter data-center announcements, groundbreakings, and construction starts for the 2.2 GW under ESAs are the key near-term catalysts.
The Missouri rate-review filing expected in mid-2026 could clarify recovery of recent infrastructure investment.
Higher reliability and tree-trimming costs, particularly in Q2, may pressure near-term earnings comparisons.
MISO is expected to select developers for two Illinois competitive transmission projects by mid-2026; additional bids are due by the end of May.
Longer term
The investment case is supported by more than $70 billion of planned capital through 2035, a 10.6% expected rate-base CAGR, and large-load demand that could drive incremental generation and transmission investment.
The 2.2 GW of signed ESAs and potential conversion of 1.2 GW of construction agreements could lift sales above the current assumption of 1.2 GW by 2030, but ramp timing remains confidential and construction must precede revenue.
Ameren has more than 5 GW of generation and capacity resources planned through 2030, including Castle Bluff, Big Hollow, battery storage, and additional resources subject to regulatory approval.
September’s Missouri IRP should be a major thesis test because it will reset long-term sales, generation, capital, and potentially rate-base expectations.
Red flags
Management did not commit to fuel cells or new nuclear; both remain under study, highlighting uncertainty around how Ameren will serve faster-than-planned load growth.
The remaining 1.2 GW of construction agreements is not yet fully converted to ESAs, and management acknowledged that only a subset may move forward near term.
Data-center ramps, customer announcements, and construction schedules remain conditional despite management’s optimism; the upside is not embedded in the current plan.
Ameren expects approximately $4 billion of equity issuance from 2026 through 2030, including roughly $600 million of forward equity for 2026 and another $600 million sold forward for 2027 and beyond.
Wind deployment may be pushed beyond the five-year period in favor of solar, while incremental generation spending is expected to be additive to the capital plan, increasing execution and financing demands.
Forward outlook
revenue growth
6.2 pct
FY 2030
management framework
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-02-18
- Regulated Rate Base Growth
- Illinois Myrp
- Missouri Pisa
- Regulatory Recovery Caps
- Environmental Compliance
- Utility Liquidity
- Coal Generation
Red flags
- Ameren Illinois’ MYRP reconciliation is capped at 105% of the ICC-approved annual revenue requirement; spending above the cap can be unrecovered unless specifically excluded, while the company’s appeal of the 2024–2027 ROE remains unresolved.
- Ameren Missouri’s PISA annual revenue-requirement limit fell from 2.5% to 2.25%; incremental deferrals above the limit may be excluded from future recovery.
- Ameren operates coal-fired and gas-fired facilities subject to Clean Air Act, Clean Water Act, and coal-ash requirements; the filing states combined compliance could cause significant capital expenditures, higher operating costs, or closure or alteration of energy centers.
- The parent’s liquidity and dividend capacity depend on distributions from legally separate subsidiaries, and subsidiary borrowings under the credit agreements are generally not guaranteed by Ameren parent.
Upcoming earnings
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
$2.36
Est. revenue
2.9B
Earnings transcripts
- Issuer IR
Q2 2026 earnings call transcript
AMEREN CORPORATION
- Issuer webcast
Q2 2026 earnings call transcript
AMEREN CORPORATION
- Issuer webcast
Q1 2026 earnings call transcript
AMEREN CORPORATION
- Issuer IR
Q1 2026 earnings call transcript
AMEREN CORPORATION
- Issuer IR
First Quarter 2020 Earnings Conference Call
AMEREN CORPORATION
- Issuer IR
Q1 2020 earnings call transcript
AMEREN CORPORATION
Documents
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