AI Takeaway
AEE (Ameren) delivered strong FY2025 results with revenue rising 15.4% to $8.80B and operating income surging 33.6% to $2.03B, driven by robust utility operations and rate-base growth.
Revenue
$8.8B
++15.43% YoY
EPS (Basic)
$5.38
++21.44% YoY
Operating Income
$2.03B
++33.64% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue increased 15.4% year-over-year from $7.62B to $8.80B, reflecting higher electric and gas utility revenues likely supported by rate increases and increased customer demand across Ameren's regulated service territories.
Source: Source: 10-K Financial Data (Income Statement)
Operating margin expanded approximately 310 basis points from 19.9% to 23.0%, with operating income growing 33.6% to $2.03B, indicating improved cost efficiency and favorable regulatory outcomes relative to revenue growth.
Source: Source: 10-K Financial Data (Income Statement)
Operating cash flow grew 21.4% to $3.35B, providing substantial internal funding capacity for the company's capital investment program, though investing outflows of $4.15B reflect continued heavy infrastructure spending.
Source: Source: 10-K Financial Data (Cash Flow Statement)
2 more insights available
Upgrade to unlockLong-term debt increased 9.2% to $19.43B against stockholders' equity of $13.40B, resulting in a debt-to-equity ratio of approximately 1.45x. As a capital-intensive regulated utility, Ameren relies heavily on debt markets; rising interest rates could materially increase financing costs and pressure earnings.
Source: Source: 10-K Financial Data (Balance Sheet)
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Upgrade to unlockReported EPS of $0.78 versus the $0.78 analyst consensus — a -0.0% miss for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $8.8B | $7.62B | +15.43% |
Operating Income | $2.03B | $1.52B | +33.64% |
EPS (Basic) | $5.38 | $4.43 | +21.44% |
EPS (Diluted) | $5.35 | $4.42 | +21.04% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $48.48B | $44.6B | +8.70% |
Current Assets | $2.57B | $2.26B | +13.56% |
Current Liabilities | $3.91B | $3.41B | +14.47% |
Stockholders' Equity | $13.4B | $12.11B | +10.62% |
Cash & Equivalents | $13M | $7M | +85.71% |
Long-Term Debt | $19.43B | $17.8B | +9.17% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $3.35B | $2.76B | +21.35% |
Investing Cash Flow | $-4.14B | $-4.46B | +6.98% |
Financing Cash Flow | $884M | $1.75B | -49.46% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 23.0% | 19.9% | +3.14% |
Current Ratio | $0.658 | — | — |
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AEE's revenue grew 15.4% to $8.80B in FY2025, while operating income surged 33.6% to $2.03B. Diluted EPS rose 21.0% to $5.35, reflecting strong performance across its regulated utility operations.
The standout takeaways from AEE's FY2025 10-K are significant margin expansion (operating margin up to 23.0% from 19.9%), robust operating cash flow of $3.35B, and continued heavy capital investment of $4.15B in infrastructure. The company also carries elevated long-term debt of $19.43B to fund its growth program.
Key risks for AEE include high financial leverage with long-term debt of $19.43B, a tight current ratio of 0.66 indicating limited short-term liquidity, and regulatory risk as a rate-regulated utility dependent on favorable rate case outcomes. Capital expenditure execution risk is also notable given $4.15B in annual investing outflows.
AEE shows strong earnings quality with operating cash flow of $3.35B and expanding margins, but its financial health has some pressure points: cash on hand is minimal at $13M, the current ratio is below 1.0 at 0.66, and long-term debt rose to $19.43B. The company's regulated utility model provides earnings stability, but it remains highly dependent on capital markets access.
AEE's operating margin improved significantly to 23.0% in FY2025 from 19.9% in the prior year, an expansion of approximately 310 basis points. This improvement reflects operating income growing faster (33.6%) than revenue (15.4%), indicating meaningful operating leverage in the business.