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Ameren's Q3 2026 earnings rose 11.5% year over year to $2.42 per share, beating estimates by 5.7%.
Higher infrastructure investments and electric retail sales boosted segment earnings.
Ameren raised 2026 EPS guidance to $5.35-$5.55 and set 2027 guidance at $5.70-$5.90.
Ameren Corporation (AEE - Free Report) reported third-quarter 2026 earnings of $2.42 per share, which beat the Zacks Consensus Estimate of $2.29 by 5.7%. Earnings increased 11.5% from adjusted earnings of $2.17 in the year-ago quarter, supported by infrastructure investments, higher electric retail sales and gains from innovative energy technology investments.
AEE’s Revenues
Quarterly revenues of $2.88 billion increased 6.8% year over year and marginally surpassed the consensus estimate by 0.01%. Total electricity sales increased 3% to 19,586 million kilowatt-hours, supported by higher Ameren Missouri volumes.
Ameren Corporation Price, Consensus and EPS Surprise
Total operating expenses increased 5.8% year over year to $1.98 billion. Fuel and purchased power expenses increased to $809 million from $768 million, while natural gas purchased for resale expenses rose to $28 million from $25 million.
Other operations and maintenance expenses increased to $535 million from $502 million, primarily reflecting reliability-focused tree trimming and energy center maintenance. Depreciation and amortization expenses rose to $436 million from $415 million.
Despite higher costs, operating income improved 9.1% to $900 million. Operating margin expanded to 31.2% from 30.6% in the prior-year quarter. Interest charges increased to $216 million from $208 million.
AEE's Segment Earnings Show Broad Improvement
Ameren Missouri generated third-quarter earnings of $582 million, up from $518 million a year earlier. Higher infrastructure investment earnings, weather-driven electric retail sales and lower income tax expenses supported growth. Increased maintenance costs and interest expenses partially offset these benefits.
Ameren Transmission reported earnings of $110 million compared with adjusted earnings of $103 million in the prior-year quarter, reflecting additional infrastructure investments. Ameren Illinois Electric Distribution earnings increased to $72 million from $57 million.
Ameren Illinois Natural Gas reported a loss of $7 million, narrower than the year-ago loss of $13 million, benefiting from infrastructure investments included in new service rates. Ameren Parent's loss widened to $81 million from $73 million, primarily due to higher income tax and interest expenses, partially offset by innovative energy technology investment gains.
AEE’s Financial Condition
Ameren reported cash and cash equivalents of $40 million as of Sept. 30, 2026, compared with $13 million as of Dec. 31, 2025.
Long-term debt totaled $20.44 billion, up from $18.21 billion at the end of 2025.
For the first nine months of 2026, net cash provided by operating activities declined to $2.19 billion from $2.40 billion a year earlier. Capital expenditures increased to $4.09 billion from $3.12 billion, reflecting continued investment in utility infrastructure.
Ameren’s Guidance
Ameren raised its 2026 earnings guidance to $5.35-$5.55 per share from $5.25-$5.45. The Zacks Consensus Estimate for 2026 earnings is pegged at $5.41, which is lower that the midpoint of the company’s guided range.
The company expects 2027 earnings to be in the band of $5.70-$5.90 per share. The midpoint of $5.80 represents 8.4% growth from the original 2026 guidance midpoint of $5.35.
Management expects higher infrastructure investments and increased weather-normalized retail sales to support 2027 earnings. Higher interest expenses, operating costs and weighted-average shares outstanding are expected to partially offset these benefits.
Entergy Corporation (ETR - Free Report) reported third-quarter 2026 earnings of $1.98 per share, which beat the Zacks Consensus Estimate of $1.71 by 15.8%. The bottom line increased 29.4% from the year-ago quarter's figure of $1.53.
ETR’s revenues rose 14.5% year over year to $4.37 billion and surpassed the consensus mark of $4.16 billion by 5.1%.
Edison International (EIX - Free Report) reported third-quarter 2026 core earnings of $1.92 per share, beating the Zacks Consensus Estimate of $1.83 by 4.9%. However, the bottom line declined 17.9% from $2.34 in the year-ago quarter.
EIX’s operating revenues totaled $4.89 billion, missing the Zacks Consensus Estimate of $5.53 billion by 11.7%. The top line also declined 15% from the year-ago quarter's figure of $5.75 billion.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2026 adjusted earnings of $1.44 per share, which surpassed the Zacks Consensus Estimate of $1.34 by 7.5%. The bottom line increased 54.8% from 93 cents in the year-ago quarter.
Operating revenues totaled $2.183 billion, which beat the Zacks Consensus Estimate of $2.178 billion by 0.2%. The top line also rose 8% from $2.02 billion in the prior-year quarter.
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Ameren Q3 Earnings Surpass Estimates, Revenues Increase Y/Y
Key Takeaways
Ameren Corporation (AEE - Free Report) reported third-quarter 2026 earnings of $2.42 per share, which beat the Zacks Consensus Estimate of $2.29 by 5.7%. Earnings increased 11.5% from adjusted earnings of $2.17 in the year-ago quarter, supported by infrastructure investments, higher electric retail sales and gains from innovative energy technology investments.
AEE’s Revenues
Quarterly revenues of $2.88 billion increased 6.8% year over year and marginally surpassed the consensus estimate by 0.01%. Total electricity sales increased 3% to 19,586 million kilowatt-hours, supported by higher Ameren Missouri volumes.
Ameren Corporation Price, Consensus and EPS Surprise
Ameren Corporation price-consensus-eps-surprise-chart | Ameren Corporation Quote
Ameren's Operating Expenses Rise in Q3
Total operating expenses increased 5.8% year over year to $1.98 billion. Fuel and purchased power expenses increased to $809 million from $768 million, while natural gas purchased for resale expenses rose to $28 million from $25 million.
Other operations and maintenance expenses increased to $535 million from $502 million, primarily reflecting reliability-focused tree trimming and energy center maintenance. Depreciation and amortization expenses rose to $436 million from $415 million.
Despite higher costs, operating income improved 9.1% to $900 million. Operating margin expanded to 31.2% from 30.6% in the prior-year quarter. Interest charges increased to $216 million from $208 million.
AEE's Segment Earnings Show Broad Improvement
Ameren Missouri generated third-quarter earnings of $582 million, up from $518 million a year earlier. Higher infrastructure investment earnings, weather-driven electric retail sales and lower income tax expenses supported growth. Increased maintenance costs and interest expenses partially offset these benefits.
Ameren Transmission reported earnings of $110 million compared with adjusted earnings of $103 million in the prior-year quarter, reflecting additional infrastructure investments. Ameren Illinois Electric Distribution earnings increased to $72 million from $57 million.
Ameren Illinois Natural Gas reported a loss of $7 million, narrower than the year-ago loss of $13 million, benefiting from infrastructure investments included in new service rates. Ameren Parent's loss widened to $81 million from $73 million, primarily due to higher income tax and interest expenses, partially offset by innovative energy technology investment gains.
AEE’s Financial Condition
Ameren reported cash and cash equivalents of $40 million as of Sept. 30, 2026, compared with $13 million as of Dec. 31, 2025.
Long-term debt totaled $20.44 billion, up from $18.21 billion at the end of 2025.
For the first nine months of 2026, net cash provided by operating activities declined to $2.19 billion from $2.40 billion a year earlier. Capital expenditures increased to $4.09 billion from $3.12 billion, reflecting continued investment in utility infrastructure.
Ameren’s Guidance
Ameren raised its 2026 earnings guidance to $5.35-$5.55 per share from $5.25-$5.45. The Zacks Consensus Estimate for 2026 earnings is pegged at $5.41, which is lower that the midpoint of the company’s guided range.
The company expects 2027 earnings to be in the band of $5.70-$5.90 per share. The midpoint of $5.80 represents 8.4% growth from the original 2026 guidance midpoint of $5.35.
Management expects higher infrastructure investments and increased weather-normalized retail sales to support 2027 earnings. Higher interest expenses, operating costs and weighted-average shares outstanding are expected to partially offset these benefits.
AEE’s Zacks Rank
Ameren currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Entergy Corporation (ETR - Free Report) reported third-quarter 2026 earnings of $1.98 per share, which beat the Zacks Consensus Estimate of $1.71 by 15.8%. The bottom line increased 29.4% from the year-ago quarter's figure of $1.53.
ETR’s revenues rose 14.5% year over year to $4.37 billion and surpassed the consensus mark of $4.16 billion by 5.1%.
Edison International (EIX - Free Report) reported third-quarter 2026 core earnings of $1.92 per share, beating the Zacks Consensus Estimate of $1.83 by 4.9%. However, the bottom line declined 17.9% from $2.34 in the year-ago quarter.
EIX’s operating revenues totaled $4.89 billion, missing the Zacks Consensus Estimate of $5.53 billion by 11.7%. The top line also declined 15% from the year-ago quarter's figure of $5.75 billion.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2026 adjusted earnings of $1.44 per share, which surpassed the Zacks Consensus Estimate of $1.34 by 7.5%. The bottom line increased 54.8% from 93 cents in the year-ago quarter.
Operating revenues totaled $2.183 billion, which beat the Zacks Consensus Estimate of $2.178 billion by 0.2%. The top line also rose 8% from $2.02 billion in the prior-year quarter.