Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Ameren’s second-quarter fiscal 2026 results demonstrated the resilience of its regulated utility model, as earnings increased despite a revenue decline caused by lower pass-through fuel and purchased power costs. The company attributed the improvement to increased infrastructure investments reflected in new electric and natural gas rates at Ameren Missouri and Ameren Illinois, along with higher equity returns on transmission assets. These gains were partially offset by higher operations and maintenance expenses, milder weather, and a significant drop in off-system capacity revenues due to lower MISO auction prices. Management continued to execute a large capital plan, investing $2.7 billion year-to-date, and filed for a $343 million electric rate increase at Ameren Missouri to support reliability and growth. The quarter also saw progress on large load customer agreements representing 2.8 GW of future demand, though no material financial impact is expected until late 2027.
Revenue
$2.09B
-5.81% YoY
EPS (Diluted)
$1.13
+11.88% YoY
Operating Income
$459M
+11.68% YoY
Source: SEC XBRL
Ameren (AEE) reported Q2 FY2026 revenue of $2.09B, down 5.8% year over year. Operating margin was 21.9%, up 3.4 points from 18.5% a year earlier. AEE's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 2 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 1.13 | 1.19 | Miss -5.3% |
| Mar 2026 | 1.28 | 0.78 | Beat +64.0% |
| Dec 2025 | 0.78 | 0.78 | Miss -0.0% |
| Sep 2025 | 2.17 | 2.13 | Beat +2.0% |
Reported EPS of $1.13 versus the $1.19 analyst consensus — a -5.3% miss for Jun 2026.
4 reported segments · SEC XBRL
Segment revenue totals $2.16B; with -$66M of reconciling items (corporate, unallocated and eliminations) it ties to the $2.09B of consolidated revenue on the income statement.
Profit above is reported as net income, the measure AEE itself discloses in this filing. Each company chooses its own measure here, so these margins are not comparable with another company's.
Compiled by AI from 10-Q Item 2 of this filing
In June 2026, Ameren Missouri filed an electric rate review seeking a $343 million annual revenue increase, based on a 10.25% ROE and $16.7 billion rate base, with new rates expected by June 2027.
Source: 10-Q Item 2 MD&A
Ameren invested $2.7 billion in its regulated businesses in the first six months of fiscal 2026, part of a five-year $20.8 billion Smart Energy Plan to upgrade electric infrastructure.
Source: 10-Q Item 2 MD&A
Ameren Missouri executed electric service agreements representing 2.8 GW of demand from large load customers, expected to begin materializing in the second half of 2027 and reach full capacity by the end of 2029, with no material near-term financial impact.
Source: 10-Q Item 2 MD&A
Ameren Missouri’s off-system sales and capacity revenues fell sharply as MISO capacity auction prices dropped from $720 per MW-day in spring 2025 to $70 per MW-day in 2026, impacting revenue but not underlying earnings.
Source: 10-Q Item 2 MD&A
Ameren Illinois filed a reconciliation adjustment for its 2025 electric distribution revenue requirement, with ICC staff recommending recovery of $31 million, expected to be decided by December 2026.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 0 high, 4 medium, 1 low
Ameren's debt-to-equity ratio of 1.39 and significant long-term debt of $19.1 billion heighten sensitivity to interest rate increases and refinancing risk, potentially raising financing costs and pressuring earnings.
Source: 10-Q Balance Sheet (XBRL)
The company’s heavy infrastructure spending, evidenced by negative free cash flow of approximately $1.5 billion for the first six months, requires continuous access to capital markets; any disruption could delay critical projects and affect future earnings growth.
Source: 10-Q Cash Flow Statement (XBRL)
Revenues and earnings are sensitive to weather conditions; milder temperatures in the first half of 2026 reduced electric revenues by an estimated $13 million quarterly and $30 million year-to-date, highlighting dependence on normalized weather patterns.
Source: 10-Q Income Statement (XBRL)
With $19.1 billion in long-term debt and floating-rate exposure, a sustained rise in interest rates could materially increase interest expense, which already rose to $209 million quarterly in Q2 2026 from $187 million a year earlier.
Source: 10-Q Income Statement (XBRL)
Earnings are heavily dependent on timely regulatory rate actions; the pending $343 million Missouri electric rate case will not yield new rates until mid-2027, potentially delaying recovery of rising costs and affecting near-term returns.
Source: 10-Q Income Statement (XBRL)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 2.09 $B | 2.22 $B | -5.81% |
Operating Income $M | 459.00 $M | 411.00 $M | +11.68% |
EPS (Basic) $ | 1.14 $ | 1.02 $ | +11.76% |
EPS (Diluted) $ | 1.13 $ | 1.01 $ | +11.88% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
AEE (Ameren) delivered strong Q1 FY2026 results with revenue up 3.8% to $2.18B and operating income surging 23.7% to $532M, driven by improved operating margins, though liquidity remains tight with a current ratio below 1.0 and heavy capital investment activity.
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.
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