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Ameren (AEE) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Ameren (AEE) Q3 2026 earnings results →
Q3 2026 Revenue up 7% year over year to $2.9B · 23¢ of every $1 of revenue kept as net profit · operating margin 31.2%
Ameren made $2.9B in Q3 2026 (+7% Y/Y): Electric $2.7B, Natural gas $160M. Operating margin 31.2%, net earnings $677M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $2.9B in Q3 2026, up 7% year over year and up 38% from the previous quarter. Electric was the largest line at 94% of revenue. Electric added $0.16B year over year (up 6%), 87% of the total change.
Operating profit was $0.90B, a 31.2% margin (up 0.7 points year over year). Of the extra revenue versus Q3 2025, 41% reached operating profit, above the 31% margin then. Total costs grew 6% against revenue growth of 7%. Net earnings were $0.68B, up 6% year over year. The effective tax rate was 14.9%.
Operating cash flow was $1.0B (down 9% year over year), 148% of net earnings. Non-cash charges added back $0.44B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.12B. Capital expenditures of $1.4B exceeded it, leaving free cash flow of −$0.43B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $2.9B | +7% | 31.2% | $677M | $1.0B |
| Q2 2026 | 10-Q | Aug 3, 2026 | $2.1B | -6% | 21.9% | $316M | $770M |
| Q1 2026 | 10-Q | May 8, 2026 | $2.2B | +4% | 24.4% | $358M | $421M |
| Q4 2025 | 10-K | Feb 18, 2026 | $1.8B | -8% | 20.2% | $253M | $956M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $2.7B | +24% | 30.6% | $641M | $1.1B |
| Q2 2025 | 10-Q | Aug 4, 2025 | $2.2B | +31% | 18.5% | $275M | $862M |
| Q1 2025 | 10-Q | May 5, 2025 | $2.1B | +16% | 20.5% | $290M | $431M |
Charts
In supply chains and themes
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- AILIH — 28% of its revenue · Stated in 10-K (sentence) · source
About Ameren
Ameren, formed in 1997 and headquartered in St. Louis, Missouri, is a public utility holding company whose primary assets are its equity interests in its subsidiaries. Ameren’s subsidiaries are separate, independent legal entities with separate businesses, assets, and liabilities. Dividends on Ameren’s common stock and the payment of expenses by Ameren depend on distributions made to it by its subsidiaries. Below is a summary description of Ameren’s principal subsidiaries – Ameren Missouri, Ameren Illinois, and ATXI. Ameren also has other subsidiaries that conduct other activities, such as providing shared services. A more detailed description can be found in Note 1 – Summary of Significant Accounting Policies under Part II, Item 8, of this report.
In its own words, from its 10-K, filed Feb 18, 2026.
Ameren against its Electric & Other Services Combined peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +7%. Operating margin: 31.2% against the peers' median 22.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AEE Ameren | Q3 2026 | $2.9B | +7% | 31.2% |
| DUK Duke Energy | Q3 2026 | $9.1B | +7% | 30.2% |
| Pepco Holdings LLC | Q3 2026 | $7.3B | +9% | 18.8% |
| EXC Exelon | Q1 2026 | $7.2B | +8% | 22.2% |
| PCG PG&E | Q3 2026 | $6.2B | -1% | 20.2% |
| ED Consolidated Edison | Q3 2026 | $4.9B | +8% | 23.8% |
| XEL Xcel Energy | Q3 2026 | $4.2B | +7% | 28.5% |
| Consolidated Edison Co of New York | Q2 2026 | $4.1B | +13% | 13.6% |
| PEG Public Service Enterprise Group | Q3 2026 | $3.0B | -6% | 20.6% |
Source: Ameren 10-Q on SEC EDGAR · CIK 1002910 · Electric & Other Services Combined
Guidance and outlook
13F: who owns AEE and who is buying
More on AEE
- How Ameren makes money: revenue by segment
- Ameren next earnings date and what analysts expect
- Ameren stock forecast, price target and fair value
- Who owns Ameren stock: holders, funds and Congress trades
- Ameren guidance and outlook
- Is Ameren a takeover target? LBO and rumors
- Ameren recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results