Income StatementBalance SheetCash FlowSegments
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Ameren Business Segments

Business, geographic, and product segment breakdowns

Ameren generates $8.9B in annual revenue across 4 key segments: Ameren Illinois Electric Distribution ($2.5B), Ameren Illinois Natural Gas ($436.0M), Ameren Illinois Transmission ($647.0M), and Ameren Transmission ($879.0M). The company-wide operating margin is 23.97%. Based on the Q1 2026 filing.

Ameren Illinois Electric Distribution (TTM)$2.5BAmeren Illinois Natural Gas$436.0MAmeren Illinois Transmission (TTM)$647.0MAmeren Transmission (TTM)$879.0MUnion Electric Company (TTM)-$35.0M
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$29.7B
P/E Ratio19.44
ROE11.86%

Products & Services

External revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric$1.6B$1.6B$2.0B$2.6B$1.4B$1.7B
Natural gas$321.0M$475.0M$183.0M$136.0M$337.0M$515.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electricity$1.6B$1.6B$2.0B$2.6B$1.4B$1.7B
Natural gas$321.0M$475.0M$183.0M$136.0M$337.0M$515.0M
Electric$455.0M$335.0M$655.0M$455.0M$125.0M$289.0M

Business Segments

CapEx

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$873.0M$658.0M$667.0M$548.0M$629.0M$1.1B
Ameren Transmission$243.0M$173.0M$158.0M$174.0M$212.0M$204.0M
Ameren Illinois Electric Distribution$111.0M$167.0M$153.0M$163.0M$152.0M$196.0M
Ameren Illinois Transmission$203.0M$137.0M$138.0M$144.0M$144.0M$120.0M
Ameren Illinois Natural Gas—$59.0M$88.0M$78.0M—$72.0M

Cost, Depreciation, Amortization and Depletion

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$294.0M$194.0M$209.0M$239.0M$218.0M$214.0M
Ameren Illinois Electric Distribution—$91.0M$93.0M$92.0M—$96.0M
Ameren Transmission—$48.0M$49.0M$49.0M—$53.0M
Ameren Illinois Transmission—$36.0M$37.0M$37.0M—$40.0M
Ameren Illinois Natural Gas—$32.0M$33.0M$33.0M—$34.0M

External revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$980.0M$950.0M$1.3B$1.7B$785.0M$920.0M
Ameren Illinois Electric Distribution—$572.0M$573.0M$699.0M—$643.0M
Ameren Illinois Natural Gas—$411.0M$158.0M$117.0M—$436.0M
Ameren Transmission—$166.0M$161.0M$188.0M—$177.0M
Ameren Illinois Transmission—$117.0M$112.0M$130.0M—$120.0M

Fuel and purchased power

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Electric Distribution—$212.0M$223.0M$330.0M—$266.0M
Union Electric Company$382.0M$330.0M$614.0M$487.0M$107.0M$214.0M
Ameren Illinois Natural Gas—$0.0$0.0$0.0—$0.0
Ameren Transmission—$0.0$0.0$0.0—$0.0

Income Taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Natural Gas—$38.0M$3.0M-$4.0M—$44.0M
Ameren Transmission—$31.0M$33.0M-$16.0M—$32.0M
Ameren Illinois Electric Distribution—$16.0M$13.0M$19.0M—$24.0M
Ameren Illinois Transmission—$22.0M$25.0M$2.0M—$23.0M
Union Electric Company-$83.0M$4.0M$7.0M$32.0M$0.0$3.0M

Interest Charges

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$57.0M$60.0M$70.0M$85.0M$82.0M$82.0M
Ameren Transmission—$29.0M$29.0M$31.0M—$30.0M
Ameren Illinois Electric Distribution—$26.0M$26.0M$28.0M—$28.0M
Ameren Illinois Transmission—$21.0M$21.0M$23.0M—$24.0M
Ameren Illinois Natural Gas—$15.0M$16.0M$16.0M—$16.0M

Interest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Electric Distribution—$8.0M$8.0M$6.0M—$6.0M
Union Electric Company$1.0M$2.0M$2.0M$3.0M$2.0M$3.0M
Ameren Illinois Natural Gas—$0.0$0.0$0.0—$0.0
Ameren Illinois Transmission—$1.0M$0.0$1.0M—$0.0
Ameren Transmission—$1.0M$0.0$1.0M—$0.0

Natural gas purchased for resale

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Natural Gas—$139.0M$30.0M$19.0M—$137.0M
Union Electric Company$19.0M$30.0M$9.0M$6.0M$20.0M$34.0M
Ameren Illinois Electric Distribution$0.0$0.0$0.0$0.0$0.0$0.0
Ameren Illinois Transmission—$0.0$0.0$0.0—$0.0
Ameren Transmission$0.0$0.0$0.0$0.0$0.0$0.0

Net Income Available to Common Shareholder

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Natural Gas—$108.0M$10.0M-$13.0M—$122.0M
Ameren Transmission—$89.0M$86.0M$151.0M—$98.0M
Union Electric Company—$42.0M$150.0M$518.0M—$76.0M
Ameren Illinois Transmission—$65.0M$63.0M$104.0M—$68.0M
Ameren Illinois Electric Distribution—$63.0M$64.0M$57.0M—$66.0M

Other Income, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$52.0M$43.0M$47.0M$45.0M$45.0M$53.0M
Ameren Illinois Electric Distribution$25.0M$23.0M$23.0M$20.0M$23.0M$19.0M
Ameren Illinois Transmission$10.0M$6.0M$9.0M$6.0M$7.0M$7.0M
Ameren Transmission$12.0M$7.0M$10.0M-$3.0M$10.0M$7.0M
Ameren Illinois Natural Gas—$5.0M$5.0M$4.0M—$3.0M

Other operations and maintenance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$261.0M$250.0M$238.0M$260.0M$281.0M$264.0M
Ameren Illinois Electric Distribution$167.0M$166.0M$156.0M$171.0M$163.0M$160.0M
Ameren Illinois Natural Gas—$55.0M$55.0M$55.0M—$57.0M
Ameren Transmission$16.0M$19.0M$18.0M$19.0M$18.0M$19.0M
Ameren Illinois Transmission$14.0M$15.0M$14.0M$15.0M$12.0M$15.0M

Other revenues not from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Electric Distribution—$3.0M$5.0M$3.0M—$3.0M
Union Electric Company$3.0M$1.0M$2.0M$2.0M$1.0M$2.0M
Ameren Illinois Natural Gas—$1.0M$1.0M$0.0—$1.0M
Ameren Illinois Transmission—$0.0$0.0$0.0—$0.0
Ameren Transmission—$0.0$0.0$0.0—$0.0

Preferred Stock Dividends

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$0.0$1.0M$1.0M$1.0M$0.0$1.0M
Ameren Illinois Electric Distribution$0.0$0.0$1.0M$0.0$0.0$0.0
Ameren Illinois Natural Gas—$0.0$0.0$0.0—$0.0
Ameren Transmission$1.0M$0.0$0.0$0.0$1.0M$0.0

Purchased Power

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Electric Distribution$176.0M$212.0M$223.0M$330.0M$176.0M$266.0M
Ameren Illinois Natural Gas—$0.0$0.0$0.0—$0.0
Ameren Illinois Transmission—$0.0$0.0$0.0—$0.0

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Electric Distribution$522.0M$572.0M$573.0M$699.0M$555.0M$643.0M
Ameren Illinois Natural Gas—$411.0M$158.0M$117.0M—$436.0M
Ameren Transmission$195.0M$210.0M$208.0M$240.0M$204.0M$227.0M
Ameren Illinois Transmission$495.0M$154.0M$152.0M$176.0M$155.0M$164.0M
Union Electric Company-$8.0M-$7.0M-$8.0M-$9.0M-$8.0M-$10.0M

Revenues from alternative revenue programs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Electric Distribution—$21.0M-$8.0M-$187.0M—$46.0M
Ameren Illinois Natural Gas—$3.0M$1.0M-$10.0M—$17.0M
Ameren Transmission$22.0M-$1.0M-$8.0M-$12.0M-$5.0M-$4.0M
Ameren Illinois Transmission$20.0M-$1.0M-$7.0M-$12.0M$0.0-$3.0M
Union Electric Company$11.0M-$5.0M$1.0M$0.0-$1.0M-$3.0M

Taxes other than income taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$85.0M$89.0M$89.0M$122.0M$93.0M$95.0M
Ameren Illinois Natural Gas—$29.0M$16.0M$15.0M—$29.0M
Ameren Illinois Electric Distribution$18.0M$21.0M$20.0M$22.0M$19.0M$22.0M
Ameren Transmission$3.0M$1.0M$3.0M$3.0M$2.0M$2.0M
Ameren Illinois Transmission$0.0$1.0M$1.0M$1.0M$2.0M$1.0M