AEE US S&P 500Russell 1000 Earnings call
Ameren (AEE) · Q2 2026 results and valuation
Share price: $113.28 · 2026-11-11
Ameren is a public utility holding company that operates electric generation, transmission, and distribution as well as natural gas distribution. The company serves customers in Missouri and Illinois and operates in the MISO region. Source: 10-K annual report (2026-02-18)
Results Q2 2026 vs Q1 2026 · previous quarter · published 31 Jul 2026 and 6 May 2026
Net income down 11.7% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
1 · Numbers
−11.7%
Net income vs Q1 2026
Outlook given
Net income 316.0M vs 358.0M
Revenue −3.9%
Against the same quarter last year (Q2 2025) it is +14.1%, so the move on last quarter looks seasonal or timing-related rather than a trend.
Why Against the same quarter last year (+14.1%), net income increased because earnings on infrastructure investments partially offset by the costs of increased tree trimming and energy center maintenance to improve system reliability and resiliency.
2 · How management spoke
Typical
More upbeat than 54% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Ameren's pipeline now includes more than $71 billion of investment opportunity through 2035, including planned investment associated with the recently won competitive LRTP project.
Valuation
Is Ameren undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$113.28
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+15.9% for 10 yrs
Fair value / share
$-1.95
Buy below
$-1.46
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Guidance
The 2.8 gigawatts of assigned ESAs provide potential upside to sales and earnings forecasts if customer load by 2030 ramps faster than current planning assumptions.
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Key theme
If you look at the 2.8 gigawatts of ESAs that Ameren has, that does represent upside or an increase to sales relative to that baseline expectation that it had incorporated last year.
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Figure
Regulators approved 2.25 thousand megawatts of simple cycle gas, solar, and battery storage resources under construction that will begin serving customers in 2027 and 2028.
Source quote
“Another 2.25 thousand megawatts of simple cycle gas, solar, and battery storage resources have been approved by regulators, are under construction, and will begin serving customers in 2027 and 2028.”
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Figure
The pipeline now includes more than $71 billion of investment opportunity through 2035 because of the recently won competitive LRTP project.
Source quote
“The pipeline now includes more than $71 billion of investment opportunity through 2035, including planned investment associated with the competitive LRTP project recently won.”
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Figure
Ameren Missouri customers are projected to realize approximately $21 million in base rate savings over the two years following the rate review.
Source quote
“Specifically, We estimate Ameren Missouri's customers will realize approximately $21 million in projected base rate savings over the 2 years following the rate review compared to what they otherwise would have paid.”
4 more
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Figure
Ameren's request for a $343 million revenue increase is designed to recover the cost of significant system reliability and resiliency investments.
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Figure
Earnings rose to $1.13 per share in the second quarter of 2026 compared to $1.10 per share in the second quarter of 2025.
Source quote
“Yesterday, we reported second quarter 26 earnings of $1.13 per share compared to earnings of $1.10 per share the second quarter of 25.”
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Figure
AEE invested more than $2.6 billion in energy infrastructure during the first 6 months of the year to maintain and enhance quality of service.
Source quote
“As shown on the right, we invested more than $2.6 billion energy infrastructure during the first 6 months of the year to maintain and enhance our quality of service.”
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Key theme
AEE updated its 5-year growth plan to target annual earnings per share growth near the upper end of a 6% to 8% compound annual growth rate from 2026 through 2030.
Source quote
“In February, we updated our 5 year growth plan, which included our expectation to deliver annual earnings per share growth consistently near the upper end of our 6% to 8% compound annual earnings growth rate from 2026 through 2030.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Our financial outlook remains strong, supported by robust yet conservative sales growth assumption, solid rate based growth, disciplined cost management, and a strong pipeline of customer value driven investment opportunities.”
“And across both states, a diversified pipeline of economic development opportunities continues to expand beyond the large load growth opportunities.”
“We expect this earnings growth will be primarily driven by strong compound annual rate base growth of 10.6% reflecting strategic capital allocation across our constructive regulatory frameworks and conservative sales...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.09B | 2.18B | −3.9% | 2.22B | −5.8% |
| Operating income | 459.0M | 532.0M | −13.7% | 411.0M | +11.7% |
| Net income | 316.0M | 358.0M | −11.7% | 277.0M | +14.1% |
| EPS | 1.13 | 1.28 | −11.7% | 1.01 | +11.9% |
| P/E today 19.9 | 19.9 | 19.8 | +0.1 | 21.1 | −1.2 |
Topics
Most discussed now
- This call contains time sensitive data that is accurate only as of the date of today's live broadcast, and redistribution...
- The year over year increase reflected earnings on infrastructure investments, partially offset by the cost of increased tree trimming and...
- Ameren continues to experience solid customer growth at Ameren Missouri where total normalized retail sales over the trailing...
- Ameren is seeing really good momentum as it talked about today.
- Ameren, last quarter, it had talked about the expectation of soon signing additional gigawatts of ESAs.
Faded since Q1 2026
- Dropped To those places where Ameren has construction agreements, beyond that there are several gigawatts of interest in both...
- Fading Year-over-year increase of $0.21 per share reflected increased infrastructure investments across all operating segments that will drive…
- Fading Drilling down on Missouri, that 3.4 gigawatts of construction agreements—back in February, Ameren moved 2.2 of that to energy services...
- Fading As Ameren looks at different project opportunities like it is really looking at whether it thinks it can put forward...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Other events · SEC 8-K
- Other events · SEC 8-K
On September 28, 2026, Union Electric Company filed its non-binding integrated resource plan, known as the 2026 IRP, with the Missouri Public Service Commission.
- Other events · SEC 8-K
Ameren Corporation sold $900 million principal amount of its Junior Subordinated Notes due 2057, receiving net offering proceeds of $891.0 million before expenses.
- Other events · SEC 8-K
On August 24, 2026, Ameren Illinois Company sold $400 million principal amount of its 5.50% First Mortgage Bonds due 2036.
- Other events · SEC 8-K
Ameren Corporation delivered a notice pursuant to Section 3(x) of its Equity Distribution Sales Agreement on July 31, 2026.
- Results of operations; Other events · SEC 8-K
Ameren reported second quarter 2026 net income of $314 million, or $1.13 per diluted share, compared to $275 million, or $1.01 per diluted share, in the second quarter of 2025.
- Other events · SEC 8-K
On June 29, 2026, Union Electric Company sold $500 million principal amount of its 5.75% First Mortgage Bonds due 2056.
- Other events · SEC 8-K
On June 26, 2026, Union Electric Company filed a request with the Missouri Public Service Commission to increase its annual revenues for electric service by $34 million.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-18.
Cash & runway
Cash & equivalents
$12.0M
2026-06-30
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: +2.4% YoY, +0.1% QoQ.
| Quarter | Shares |
|---|---|
| Q3 2024 | 266.8M |
| Q1 2025 | 270.0M |
| Q2 2025 | 270.3M |
| Q3 2025 | 270.4M |
| Q1 2026 | 276.5M |
| Q2 2026 | 276.8M |
Shares outstanding: 276.8M (2026-07-30)
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 61 filings; 50 filings parsed.
Sold by insiders
66.5K shares
$7.4M · 17 transactions
Bought by insiders
0 shares
0 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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2026
strategic objectives
Source quote
“Good morning, everyone, and thank you for joining us to cover our second quarter performance and progress toward achieving our 2026 strategic objectives.”
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2026 and beyond
strong results
Source quote
“Overall, our operating performance has been strong year to date, and our earnings and strategic accomplishments provide a solid foundation for strong results for 2026 and beyond.”
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2026
strategic priorities
Source quote
“Here, we reiterate our strategic priorities for 2026.”
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first 6 months of the year
investment in energy infrastructure
Source quote
“As shown on the right, we invested more than $2.6 billion energy infrastructure during the first 6 months of the year to maintain and enhance our quality of service.”
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second quarter of 26
reduction of customer outage frequency and duration
Source quote
“Importantly, our infrastructure investments continue to perform well, reducing customer outage frequency and duration during multiple instances of severe weather in the second quarter of 26.”