Ameren is a utility holding company based in St. Louis. Its 10-K names four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas and Ameren Transmission. In its July 30, 2026 release Ameren says it serves 2.5 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area.

How much revenue did Ameren make in 2025?

Operating revenues were $8,799 million in 2025, compared with $7,623 million in 2024 and $7,500 million in 2023, according to its 10-K. Of the 2025 total, electric operating revenues were $7,668 million and natural gas operating revenues $1,131 million.

How much did Ameren earn in 2025?

Net income attributable to Ameren common shareholders was $1,456 million in 2025, or $5.35 per diluted share, against $1,182 million, or $4.42, in 2024 (10-K). Excluding certain 2025 tax benefits and 2024 charges, Ameren reported adjusted (non-GAAP) earnings of $5.03 per diluted share for 2025 against $4.63 in 2024 (February 11, 2026 release).

Which Ameren segment is the largest?

By 2025 revenues, Ameren Missouri, with revenues of $4,795 million and net income available to common shareholders of $747 million. Ameren Illinois Electric Distribution had revenues of $2,399 million and net income of $281 million, Ameren Illinois Natural Gas $968 million and $158 million, and Ameren Transmission $862 million and $415 million (10-K, segment details).

What were Ameren's latest quarterly results?

For the quarter ended June 30, 2026, its 10-Q (unaudited) reports operating revenues of $2,092 million, against $2,221 million a year earlier, and net income attributable to Ameren common shareholders of $314 million, or $1.13 per diluted share, against $275 million, or $1.01.

What is Ameren's outlook for 2026?

In its July 30, 2026 release Ameren reaffirmed its 2026 earnings guidance range of $5.25 to $5.45 per diluted share. In February 2026 it issued EPS compound annual growth rate guidance of 6% to 8% for 2026 through 2030, using the 2026 guidance midpoint as the base. These are the company's own projections, not reported results.

Does Ameren pay a dividend?

Yes. Common stock dividends paid were $2.84 per share in 2025, and dividends on common stock totaled $768 million that year (10-K). Dividends per common share were $0.75 for the quarter ended June 30, 2026, against $0.71 a year earlier (10-Q).

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Ameren $AEE

Utilities · Multi-Utilities · NYSE/NASDAQ

Profile updated Oct 14, 2026

S&P 500 Russell 1000 Missouri

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$106.08

+2.07 (+1.99%)

As of Oct 20, 2026, 12:44 PM EDT

Price history

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Today's analyst average Analyst average over timeIndividual analyst targets Analyst history starts Jul 23, 2026, the first target we tracked for AEE.

Key facts

52-week range (closes): $97.25 – $118.32 Lowest close Dec 11, 2025, highest Jun 26, 2026; 251 daily closes to Oct 13, 2026 from Dalsna Finance's price archive
Fiscal year ends: December Fiscal 2025 ended Dec 31, 2025, from SEC filings
In the S&P 500 since: Sep 19, 1991 · All S&P 500 changes
Analyst coverage: 3 open price targets from 3 firms: KeyBanc Capital Markets, Mizuho, RBC Capital Markets Approved targets tracked here; see the analyst section below

Ameren (AEE) is trading up at $106.08 (+1.99%) on NYSE/NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Utilities sector.

Analyst price targets on AEE

Current price targets from 3 firms average $114, median $113, ranging from $107 to $122 — the average is 7% above the current $106. Each is tracked to its date and scored the same way a member's call is.

Mizuho $99.4 → $113 by Sep 2027 Outperform Sep 30, 2026 via Investing.com · Mizuho's track record
RBC Capital Markets $99.4 → $107 by Sep 2027 Sector Perform Sep 25, 2026 via Investing.com · RBC Capital Markets's track record
KeyBanc Capital Markets $113 → $122 by Jul 2027 Overweight Jul 23, 2026 via Investing.com · KeyBanc Capital Markets's track record

Targets published by research firms, extracted from the news, checked against independent reporting, and linked to their source. Where a firm did not state a horizon the target is tracked as 12 months, the industry convention; the rows where the firm set its own horizon are marked. Reported here as facts about what was published — not recommendations from Dalsna Finance, and no firm listed is affiliated with this site.

Ameren revenue & net income history (FY2016–FY2025)

RevenueNet incomeNet margin (right axis, %)

Ameren annual financial statements
	FY2016Dec 2016	FY2017Dec 2017	FY2018Dec 2018	FY2019Dec 2019	FY2020Dec 2020	FY2021Dec 2021	FY2022Dec 2022	FY2023Dec 2023	FY2024Dec 2024	FY2025Dec 2025
Income statement
Revenue	$6.08B	$6.17B	$6.29B	$5.91B	$5.79B	$6.39B	$7.96B	$7.50B	$7.62B	$8.80B
Growth (year over year)	−0.4%	+1.6%	+1.9%	−6.1%	−2.0%	+10.4%	+24.4%	−5.7%	+1.6%	+15.4%
Operating income	$1.32B	$1.41B	$1.36B	$1.27B	$1.30B	$1.33B	$1.51B	$1.56B	$1.52B	$2.03B
Operating margin	21.8%	22.8%	21.6%	21.4%	22.4%	20.8%	19.0%	20.8%	19.9%	23.0%
Net income	$653.0M	$523.0M	$815.0M	$828.0M	$871.0M	$990.0M	$1.07B	$1.15B	$1.18B	$1.46B
Net margin	10.7%	8.5%	13.0%	14.0%	15.0%	15.5%	13.5%	15.4%	15.5%	16.5%
EPS (diluted)	$2.68	$2.14	$3.32	$3.35	$3.50	$3.84	$4.14	$4.38	$4.42	$5.35
Balance sheet
Cash and equivalents	$9.00M	$10.0M	$16.0M	$16.0M	$139.0M	$8.00M	$10.0M	$25.0M	$7.00M	$13.0M
Total assets	$24.7B	$25.9B	$27.2B	$28.9B	$32.0B	$35.7B	$37.9B	$40.8B	$44.6B	$48.5B
Total liabilities	$17.5B	$18.6B	$19.4B	$20.7B	$22.9B	$25.9B	$27.3B	$29.4B	$32.4B	$34.9B
Long-term debt	$6.59B	$7.09B	$7.86B	$8.91B	$11.1B	$12.6B	$13.7B	$15.1B	$17.3B	$18.2B
Shareholders' equity	$7.10B	$7.18B	$7.63B	$8.06B	$8.94B	$9.70B	$10.5B	$11.3B	$12.1B	$13.4B
Cash flow
Operating cash flow	$2.12B	$2.12B	$2.17B	$2.17B	$1.73B	$1.66B	$2.26B	$2.56B	$2.76B	$3.35B
Capital expenditure	$2.08B	$2.13B	$2.29B	$2.41B	$3.23B	$3.48B	$3.35B	$3.60B	$4.32B	$4.13B
Free cash flow	$41.0M	−$14.0M	−$116.0M	−$241.0M	−$1.51B	−$1.82B	−$1.09B	−$1.03B	−$1.56B	−$775.0M
Dividends paid	$416.0M	$431.0M	$451.0M	$472.0M	$494.0M	$565.0M	$610.0M	$662.0M	$714.0M	$768.0M
Share buybacks	$51.0M	$24.0M	$0	$0	—	—	—	—	—	—

RevenueNet incomeNet margin (right axis, %)

Ameren quarterly financial statements
	Q3 FY24Sep 2024	Q4 FY24^†Dec 2024	Q1 FY25Mar 2025	Q2 FY25Jun 2025	Q3 FY25Sep 2025	Q4 FY25^†Dec 2025	Q1 FY26Mar 2026	Q2 FY26Jun 2026
Income statement
Revenue	$2.17B	$1.94B	$2.10B	$2.22B	$2.70B	$1.78B	$2.18B	$2.09B
Growth (year over year)	+5.5%	+20.0%	+15.5%	+31.2%	+24.2%	−8.2%	+3.8%	−5.8%
Operating income	$586.0M	$198.0M	$430.0M	$411.0M	$825.0M	$360.0M	$532.0M	$459.0M
Operating margin	27.0%	10.2%	20.5%	18.5%	30.6%	20.2%	24.4%	21.9%
Net income	$456.0M	$207.0M	$289.0M	$275.0M	$640.0M	$252.0M	$357.0M	$314.0M
Net margin	21.0%	10.7%	13.8%	12.4%	23.7%	14.1%	16.4%	15.0%
EPS (diluted)	$1.70	$0.77	$1.07	$1.01	$2.35	$0.92	$1.28	$1.13
Balance sheet
Cash and equivalents	$17.0M	$7.00M	$23.0M	$11.0M	$9.00M	$13.0M	$13.0M	$12.0M
Total assets	$43.3B	$44.6B	$45.7B	$46.6B	$47.4B	$48.5B	$49.8B	$51.2B
Total liabilities	$31.3B	$32.4B	$33.3B	$34.2B	$34.5B	$34.9B	$36.2B	$37.4B
Long-term debt	$16.4B	$17.3B	$18.4B	$18.8B	$19.2B	$18.2B	$19.0B	$19.1B
Shareholders' equity	$11.8B	$12.1B	$12.2B	$12.3B	$12.8B	$13.4B	$13.6B	$13.7B
Cash flow
Operating cash flow	$897.0M	$817.0M	$431.0M	$862.0M	$1.10B	$956.0M	$421.0M	$770.0M
Capital expenditure	$1.14B	$1.29B	$1.06B	$1.07B	$988.0M	$1.01B	$1.57B	$1.08B
Free cash flow	−$240.0M	−$473.0M	−$633.0M	−$204.0M	$116.0M	−$54.0M	−$1.15B	−$309.0M
Dividends paid	$179.0M	$179.0M	$191.0M	$193.0M	$192.0M	$192.0M	$208.0M	$206.0M

From Ameren's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →

Ameren vs the Utilities sector and the S&P 500

Ameren's latest reported figures next to the median of the other 30 S&P 500 Utilities companies and of the other 502 S&P 500 companies; each median is taken over the companies with a comparable figure (counts in the footnote). A median is the middle value, not an average, so one very large company does not move it.

Ameren compared with the median Utilities company and the median S&P 500 company
Measure	Ameren	Utilities (30 other S&P 500 companies)	S&P 500 (502 other companies)
Revenue growth, latest fiscal year	+15.4%	+9.6%	+7.0%
Net margin, latest fiscal year	16.5%	13.5%	12.9%
Dividend per share, latest fiscal year	$2.84	$2.48	$2.40
Share price change, 1 year	−1.6%	−7.7%	+5.9%

Ameren: fiscal year ended December 2025, from its 10-K and 10-Q filings with the SEC. Medians computed October 20, 2026 from each company's latest annual filing (fiscal years ending between July 2025 and September 2026) and our price archive. Prices for every company, Ameren included, are the last regular-session prices of October 19, 2026; the 1-year change compares that price with each company's last close on or before October 20, 2025. Net margin and price change are our calculations from reported figures. Each median counts only the companies with a comparable figure (sector / S&P 500): revenue growth 30/496, net margin 30/496, dividend per share 28/349, 1-year price change 30/490; the reasons below can overlap. 12 are left out of the price figure because our archive holds no comparable close for them; dividend medians are among the 28 sector and 349 S&P 500 companies reporting a per-share dividend. The S&P 500 price figure is the middle company's change, not the index's return.

About Ameren

Ameren Corporation is an American power company created December 31, 1997, by the merger of Union Electric Company of St. Louis, Missouri and the neighboring Central Illinois Public Service Company of Springfield, Illinois. It is now a holding company for several power companies and energy companies. The company is based in St. Louis, with 2.4 million electric, and 900,000 natural gas customers across 64,000 square miles in central and eastern Missouri and the southern four-fifths of Illinois by area.

Source: Wikipedia — Ameren

Headquarters: St Louis, Missouri From SEC filings, Oct 2026

Company profile

Ameren Corporation, a Missouri corporation based at 1901 Chouteau Avenue in St. Louis, files its annual report (Form 10-K) together with two subsidiary registrants, Union Electric Company (Ameren Missouri) and Ameren Illinois Company. Its fiscal year ends December 31 and its common stock, $0.01 par value, trades on the New York Stock Exchange as AEE; 276,424,515 shares were outstanding on January 30, 2026 (10-K cover). The 10-K's segment note names four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas and Ameren Transmission, with a category called Other that primarily includes Ameren (parent) activities and Ameren Services. In its earnings releases Ameren describes itself as serving 2.5 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries.

For 2025 the consolidated statement of income reports operating revenues of $8,799 million, against $7,623 million in 2024, operating income of $2,026 million against $1,516 million, and net income attributable to Ameren common shareholders of $1,456 million, or $5.35 per diluted share, against $1,182 million, or $4.42. Excluding certain 2025 tax benefits and 2024 charges, the February 11, 2026 earnings release reports adjusted (non-GAAP) earnings of $5.03 per diluted share for 2025 against $4.63 in 2024. Net cash provided by operating activities was $3,353 million and capital expenditures were $4,128 million in 2025. At December 31, 2025 total assets were $48,476 million and long-term debt, excluding current maturities, was $18,214 million (10-K).

According to its 10-Q for the quarter ended June 30, 2026 (unaudited), operating revenues were $2,092 million for the second quarter, against $2,221 million a year earlier, and $4,268 million for the first six months, against $4,318 million. Net income attributable to Ameren common shareholders was $314 million for the quarter, or $1.13 per diluted share, against $275 million, or $1.01, and $671 million for the six months, or $2.41, against $564 million, or $2.08. In its July 30, 2026 release Ameren reaffirmed its 2026 earnings guidance range of $5.25 to $5.45 per diluted share (a company projection). Martin J. Lyons, Jr. is Chairman, President and Chief Executive Officer and Leonard P. Singh is Executive Vice President and Chief Financial Officer (10-Q, Exhibits 31.1 and 31.2).

Summary sources:¹²³⁴⁵⁶⁷⁸⁹¹⁰

$8,799 million³

Operating revenues, 2025 (year ended December 31, 2025)

$7,668 million³

Electric operating revenues, 2025

$1,131 million³

Natural gas operating revenues, 2025

$2,026 million³

Operating income, 2025

$1,461 million³

Net income, 2025

$1,456 million³

Net income attributable to Ameren common shareholders, 2025

$5.35³

Earnings per common share, diluted, 2025

$5.03⁶

Adjusted earnings per diluted share, 2025 (non-GAAP, as reported by Ameren)

$3,353 million⁴

Net cash provided by operating activities, 2025

$4,128 million⁴

Capital expenditures, 2025

$768 million⁴

Dividends on common stock, 2025

$2.84¹¹

Common stock dividends per share, cash paid, 2025

$48,476 million⁵

Total assets, December 31, 2025

$18,214 million⁵

Long-term debt, excluding current maturities, December 31, 2025

$13,530 million⁵

Total equity, December 31, 2025

2.5 million electric and more than 900,000 natural gas⁸

Customers (as stated by Ameren, July 30, 2026)

276,843,251¹²

Common shares outstanding, July 30, 2026

$2,092 million⁷

Operating revenues, quarter ended June 30, 2026 (unaudited)

$4,268 million⁷

Operating revenues, six months ended June 30, 2026 (unaudited)

$314 million⁷

Net income attributable to Ameren common shareholders, quarter ended June 30, 2026 (unaudited)

$1.13⁷

Earnings per common share, diluted, quarter ended June 30, 2026 (unaudited)

$1,191 million¹³

Net cash provided by operating activities, six months ended June 30, 2026 (unaudited)

$2,653 million¹³

Capital expenditures, six months ended June 30, 2026 (unaudited)

$0.75¹⁴

Dividends per common share, quarter ended June 30, 2026 (unaudited)

$51,216 million¹⁵

Total assets, June 30, 2026 (unaudited)

$19,064 million¹⁵

Long-term debt, net, June 30, 2026 (unaudited)

$5.25 to $5.45 per diluted share⁸

2026 earnings guidance (company projection, reaffirmed July 30, 2026)

$31.8 billion⁶

Infrastructure investments behind projected rate base growth through 2030 (company plan, as of February 11, 2026)

Revenue by fiscal year, as reported in 10-K

Fiscal year	Revenue (as reported in 10-K)	Reported as	Filed
2021	$6,394 million¹⁶	Form 10-K for fiscal year 2021 (year ended December 31, 2021), operating revenues, in millions as filed	Feb 23, 2022
2022	$7,957 million¹⁷	Form 10-K for fiscal year 2022 (year ended December 31, 2022), operating revenues, in millions as filed	Feb 22, 2023
2023	$7,500 million¹⁸	Form 10-K for fiscal year 2023 (year ended December 31, 2023), operating revenues, in millions as filed	Feb 29, 2024
2024	$7,623 million¹⁹	Form 10-K for fiscal year 2024 (year ended December 31, 2024), operating revenues, in millions as filed	Feb 18, 2025
2025	$8,799 million³	Form 10-K for fiscal year 2025 (year ended December 31, 2025), operating revenues, in millions as filed	Feb 18, 2026

Segments and products

Ameren Missouri: Includes all of the operations of Ameren Missouri (10-K, segment note). Revenues as filed: $4,795 million in 2025, $3,993 million in 2024 and $3,859 million in 2023, including intersegment revenues of $32 million, $33 million and $34 million; net income available to common shareholders $747 million, $559 million and $545 million; capital expenditures $2,502 million in 2025 (10-K, segment details).²⁰
Ameren Illinois Electric Distribution: Consists of the electric distribution business of Ameren Illinois (10-K, segment note). Revenues as filed: $2,399 million in 2025, $2,089 million in 2024 and $2,218 million in 2023; net income available to common shareholders $281 million, $234 million and $258 million; capital expenditures $635 million in 2025 (10-K, segment details).²⁰
Ameren Illinois Natural Gas: Consists of the natural gas business of Ameren Illinois (10-K, segment note). Revenues as filed: $968 million in 2025, $938 million in 2024 and $897 million in 2023; net income available to common shareholders $158 million, $149 million and $134 million; capital expenditures $283 million in 2025 (10-K, segment details).²⁰
Ameren Transmission: Primarily consists of the aggregated electric transmission businesses of Ameren Illinois and ATXI (10-K, segment note). Revenues as filed: $862 million in 2025, $781 million in 2024 and $677 million in 2023, including intersegment revenues of $187 million, $144 million and $116 million; net income available to common shareholders $415 million, $323 million and $296 million; capital expenditures $717 million in 2025 (10-K, segment details).²⁰
Other and intersegment eliminations: Other is not a segment; the 10-K says it primarily includes Ameren (parent) activities and Ameren Services. Net income available to common shareholders for these segment reconciling items was a loss of $145 million in 2025, $83 million in 2024 and $81 million in 2023. Intersegment eliminations of revenues were $(225) million, $(178) million and $(151) million, giving consolidated revenues of $8,799 million, $7,623 million and $7,500 million (10-K, segment details).²⁰
Segment results, second quarter of 2026: As reported in the 10-Q (unaudited), in millions, quarter ended June 30, 2026 against a year earlier. Revenues: Ameren Missouri $1,124 against $1,340; Ameren Illinois Electric Distribution $629 against $573; Ameren Illinois Natural Gas $176 against $158; Ameren Transmission $229 against $208. Net income available to common shareholders: $157 against $150, $70 against $64, $9 against $10 and $96 against $86; Other $(18) against $(35).²¹

Risks

Rate and regulatory proceedings: The 10-K's rate note covers proceedings before the Missouri Public Service Commission (MoPSC), the Illinois Commerce Commission (ICC) and the FERC, and says Ameren cannot predict their ultimate outcome. It describes an April 2025 MoPSC order authorizing a $355 million increase in Ameren Missouri's annual electric revenue requirement, an ICC order of November 2025 that raised Ameren Illinois' natural gas delivery revenues by $79 million based on a 9.60% ROE and reflected a $75 million reduction of planned capital investments (which Ameren Illinois has appealed), and an October 2024 FERC order lowering the MISO allowed base ROE from 10.02% to 9.98% with refunds, which is under appeal (10-K, Rate And Regulatory Matters note).²²
Environmental and legal matters: Ameren and Ameren Missouri estimate environmental compliance capital costs of $70 million to $100 million from 2026 through 2030, and say costs beyond 2030 could be required. A December 2024 order resolving the Clean Air Act case over the Rush Island Energy Center requires Ameren Missouri to fund a program providing electric buses and charging stations; $36 million was recorded in other current liabilities at the end of 2025. Ameren Illinois recorded a $45 million liability for remediating former manufactured gas plant sites, against an estimated range of $45 million to $90 million (10-K, Commitments And Contingencies note).²³
Nuclear generation: Ameren Missouri owns the Callaway Energy Center, whose operating license currently expires in 2044. The fair value of its nuclear decommissioning trust fund was $1,526 million at December 31, 2025, against $1,342 million a year earlier. The 10-K says that if losses from a nuclear incident at Callaway exceed the limits of, or are not covered by, insurance, Ameren Missouri is at risk for any uninsured losses (10-K, Callaway Energy Center note).²⁴
Capital program and debt: In its February 11, 2026 release Ameren said its multi-year earnings growth is expected to be driven by $31.8 billion of infrastructure investments underpinning projected rate base growth of approximately 10.6% compounded annually from 2025 through 2030 (company projection). Its 10-Q shows long-term debt, net, of $19,064 million and short-term debt of $1,220 million at June 30, 2026, against $18,214 million and $643 million at December 31, 2025 (unaudited).¹⁵
Cybersecurity: The 10-K says Ameren's board maintains a standing Cybersecurity and Digital Technology Committee, that the cybersecurity program and team are led by the Chief Information Security Officer, who reports to the risk management steering committee, and that Ameren is not aware of any cybersecurity events that have materially affected it (10-K, Item 1C).²⁵

Frequently asked questions

What does Ameren do?: Ameren is a utility holding company based in St. Louis. Its 10-K names four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas and Ameren Transmission. In its July 30, 2026 release Ameren says it serves 2.5 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area.
How much revenue did Ameren make in 2025?: Operating revenues were $8,799 million in 2025, compared with $7,623 million in 2024 and $7,500 million in 2023, according to its 10-K. Of the 2025 total, electric operating revenues were $7,668 million and natural gas operating revenues $1,131 million.
How much did Ameren earn in 2025?: Net income attributable to Ameren common shareholders was $1,456 million in 2025, or $5.35 per diluted share, against $1,182 million, or $4.42, in 2024 (10-K). Excluding certain 2025 tax benefits and 2024 charges, Ameren reported adjusted (non-GAAP) earnings of $5.03 per diluted share for 2025 against $4.63 in 2024 (February 11, 2026 release).
Which Ameren segment is the largest?: By 2025 revenues, Ameren Missouri, with revenues of $4,795 million and net income available to common shareholders of $747 million. Ameren Illinois Electric Distribution had revenues of $2,399 million and net income of $281 million, Ameren Illinois Natural Gas $968 million and $158 million, and Ameren Transmission $862 million and $415 million (10-K, segment details).
What were Ameren's latest quarterly results?: For the quarter ended June 30, 2026, its 10-Q (unaudited) reports operating revenues of $2,092 million, against $2,221 million a year earlier, and net income attributable to Ameren common shareholders of $314 million, or $1.13 per diluted share, against $275 million, or $1.01.
What is Ameren's outlook for 2026?: In its July 30, 2026 release Ameren reaffirmed its 2026 earnings guidance range of $5.25 to $5.45 per diluted share. In February 2026 it issued EPS compound annual growth rate guidance of 6% to 8% for 2026 through 2030, using the 2026 guidance midpoint as the base. These are the company's own projections, not reported results.
Does Ameren pay a dividend?: Yes. Common stock dividends paid were $2.84 per share in 2025, and dividends on common stock totaled $768 million that year (10-K). Dividends per common share were $0.75 for the quarter ended June 30, 2026, against $0.71 a year earlier (10-Q).
Who runs Ameren?: Martin J. Lyons, Jr. is Chairman, President and Chief Executive Officer and Leonard P. Singh is Executive Vice President and Chief Financial Officer; both certified Ameren's 10-Q for the quarter ended June 30, 2026.