Ameren Corporation (NYSE:AEE) reported third quarter 2026 GAAP net income of $676 million, or $2.42 per diluted share, and raised its full-year 2026 earnings guidance range, according to a press release filed November 5, 2026.

Key Highlights

  • Q3 2026 GAAP EPS of $2.42 compared to $2.35 in the third quarter of 2025, with net income of $676 million versus $640 million a year earlier.
  • Adjusted (non-GAAP) Q3 2026 EPS of $2.42 compared to adjusted Q3 2025 EPS of $2.17, after excluding a 2025 tax benefit of $48 million, or $0.18 per diluted share, related to a FERC order on net operating loss carryforwards.
  • 2026 earnings guidance raised to a range of $5.35 to $5.55 per diluted share, up from the prior range of $5.25 to $5.45.
  • 2027 earnings guidance established at $5.70 to $5.90 per diluted share, representing 8.4% growth from the original 2026 guidance midpoint, according to the filing.
  • EPS compound annual growth rate guidance of 8% to 10% issued for 2027 through 2031, using the 2027 guidance range midpoint of $5.80 per share as the base.
  • $38.1 billion of planned infrastructure investments expected to drive projected rate base growth of approximately 13.3% compounded annually from 2026 through 2031, as disclosed in the filing.

Ameren's Third Quarter 2026 Results and Guidance Update

Ameren Corporation reported third quarter 2026 GAAP net income attributable to common shareholders of $676 million, or $2.42 per diluted share, according to the filing. For the nine months ended September 30, 2026, the company reported GAAP net income of $1,347 million, or $4.83 per diluted share, compared to GAAP net income of $1,204 million, or $4.43 per diluted share, for the same period in 2025. On an adjusted basis, Ameren's nine-month 2025 net income was $1,156 million, or $4.25 per diluted share, after removing the $48 million FERC-related tax benefit.

The filing attributed the year-over-year improvement in third quarter results primarily to increased earnings on infrastructure investments, higher Ameren Missouri electric retail sales driven by warmer temperatures, and earnings on investments in innovative energy technologies. These gains were partially offset by higher operations and maintenance expenses at Ameren Missouri, described in the filing as "primarily driven by increased reliability-focused tree trimming and energy center maintenance," as well as the effect of higher weighted-average basic common shares outstanding. By segment, Ameren Missouri posted Q3 2026 earnings of $582 million versus $518 million a year earlier; Ameren Transmission earned $110 million versus adjusted earnings of $103 million; Ameren Illinois Electric Distribution earned $72 million versus $57 million; and Ameren Illinois Natural Gas recorded a loss of $7 million versus a loss of $13 million.

On the guidance update, the company disclosed that the 2027 guidance and multi-year growth expectations assume normal temperatures and are subject to regulatory, judicial, and legislative actions; energy operations; capital and credit market conditions; and other risks outlined in the filing's forward-looking statements section. Ameren also disclosed that it expects to continue growing its common dividend annually, with a payout ratio ranging between 45% and 55% of annual earnings per share.

What Was Disclosed

Ameren filed third quarter 2026 earnings results showing GAAP EPS of $2.42, raised its 2026 full-year guidance range, introduced 2027 guidance, and issued an 8% to 10% EPS compound annual growth rate target for 2027 through 2031 based on $38.1 billion in planned infrastructure investments.