Ameren earns $676 million in third quarter, raises 2026 guidance
Key Facts
Ameren said on November 5, 2026, that net income attributable to common shareholders was $676 million in the third quarter, or $2.42 per diluted share, according to its earnings release. In the same period of 2025, it reported $640 million and $2.35 per share under generally accepted accounting principles. The adjusted comparison shows a larger gap, however, because 2025 earnings included a $48 million tax benefit. Excluding it, adjusted net income for that quarter was $592 million, or $2.17 per share, compared with $676 million and $2.42 in the third quarter of 2026. The company said results were supported by infrastructure and energy technology investments and higher electricity sales in Missouri, partly offset by increased operating and maintenance expenses.
Ameren said infrastructure investment strengthened system reliability, resilience and service quality, alongside its investments in innovative energy technologies. Retail electric sales in Missouri also increased, which the company attributed primarily to warmer temperatures. Weather remains a factor in the business; the 2026 guidance assumed normal temperatures during the year's final three months. Operating and maintenance expenses rose from the year-earlier period, particularly costs for tree trimming and power plant maintenance. Infrastructure investment and demand thus contributed to earnings, while operating expenses partly limited their effect.
By segment, Ameren Missouri earned about $582 million in the third quarter, up from $518 million a year earlier. Ameren Transmission reported earnings of $110 million, compared with adjusted earnings of $103 million in the third quarter of 2025. Earnings for that business in the year-earlier period were $151 million under GAAP, according to the company release; the adjusted figure allows for a comparison that excludes reconciliation items. In Illinois, electric distribution earnings rose to $72 million from $57 million. The natural gas business posted a loss of $7 million, narrower than the $13 million loss in the same period last year.
The company raised its 2026 earnings-per-share guidance range to $5.35–$5.55 from a previous range of $5.25 to $5.45. It also set expected earnings per share for 2027 at $5.70 to $5.90. Ameren said its 2027 forecast represents growth of 8.4% compared with the midpoint of its original 2026 guidance. This year's guidance assumes normal temperatures in the final three months, as do the 2027 guidance and the multi-year growth outlook. The range revision puts the company's estimates for this year above its previous range, while retaining the weather assumption in its calculations.
For 2027 to 2031, Ameren expects compound annual earnings-per-share growth of 8% to 10%, using $5.80 per share, the midpoint of its 2027 guidance range, as the basis for the calculation. The company tied this outlook to an infrastructure investment plan totaling $38.1 billion. It expects its rate base to grow at a compound annual rate of about 13.3% between 2026 and 2031. These figures frame the company's outlook for earnings and assets in the coming years, with the trajectory dependent on execution of the plan and the assumption of normal temperatures. Ameren scheduled a call for financial analysts on November 6 at 9 a.m. Central Time to discuss third-quarter results, guidance and other matters.
After the results were announced on November 5, Investing.com reported that Ameren shares rose 0.2%. EL7 data showed the stock closing at $113.08 on November 4 and $112.81 on November 5. The closing prices provide context for the stock's daily movement around the announcement, while differing from the trading gain reported by Investing.com after the results. The report described a rise following the announcement without linking it to later performance or future expectations. The company's call scheduled for the following day is the next opportunity to discuss results and guidance with analysts.