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Ameren cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$434M in Q3 2026 · −$1.9B over twelve months

Operating cash flow$1.0B
Capital spending−$1.4B
Free cash flow−$434M
Cash / net income1.5×

Analysis

In Q3 2026, Ameren generated $1.0B of operating cash flow and spent $1.4B on capital projects, leaving free cash flow of −$434M. That is $550M less than in Q3 2025 ($116M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.1B; the largest uses were capital spending ($5.1B), dividends ($814M), other financing ($436M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.8B), shares issued ($570M); the cash balance rose by $90.0M.

Operating cash flow was $1.0B against net income of $677M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$436M, receivables −$338M, deferred taxes +$154M.

Free cash flow

Ameren: free cash flow by quarterAmeren: free cash flow by quarter−$473MQ4 2024−$633MQ1 2025−$204MQ2 2025$116MQ3 2025−$54.0MQ4 2025−$1.2BQ1 2026−$309MQ2 2026−$434MQ3 2026
Operating cash flow less capital spending.
Ameren: operating cash flow against capital spendingAmeren: operating cash flow against capital spendingOperating cash flowCapital spending$817M$1.3BQ4 2024$431M$1.1BQ1 2025$862M$1.1BQ2 2025$1.1B$988MQ3 2025$956M$1.0BQ4 2025$421M$1.6BQ1 2026$770M$1.1BQ2 2026$1.0B$1.4BQ3 2026
Latest (Q3 2026): Operating cash flow $1.0B, Capital spending $1.4B.

Capital allocation, year by year

Ameren: where the cash came from (up) and went (down), by fiscal yearAmeren: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2021: Operating cash flow $1.7BFY2021: Net borrowing $2.1BFY2021: Shares issued $308MFY2021: Capital spending −$3.5BFY2021: Dividends −$565M$4.0BFY2021FY2022: Operating cash flow $2.3BFY2022: Net borrowing $1.5BFY2022: Shares issued $333MFY2022: Capital spending −$3.4BFY2022: Dividends −$610M$4.1BFY2022FY2023: Operating cash flow $2.6BFY2023: Net borrowing $1.8BFY2023: Shares issued $346MFY2023: Capital spending −$3.6BFY2023: Dividends −$662M$4.7BFY2023FY2024: Operating cash flow $2.8BFY2024: Net borrowing $3.1BFY2024: Shares issued $273MFY2024: Capital spending −$4.3BFY2024: Dividends −$714M$6.2BFY2024FY2025: Operating cash flow $3.4BFY2025: Net borrowing $1.5BFY2025: Shares issued $574MFY2025: Capital spending −$4.1BFY2025: Dividends −$768M$5.4BFY2025
Over these 5 years operating cash flow totalled $12.6B; the largest uses were capital spending ($18.9B) and dividends ($3.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$40.0M
Debt$19.9B
Net debt$19.9B
Due within a year$973M

Ameren's operations bring cash in ($3.1B over twelve months), and it spends more than that on capital projects: a gap of $1.9B funded from its $40.0M of cash and investments and from borrowing ($19.9B of debt, $973M due within a year). That is a choice to invest, not a cash runway running down.

Ameren: debt maturities by year (FY2025)Ameren: debt maturities by year (FY2025)$973MYear 1$974MYear 2$966MYear 3$1.2BYear 4$917MYear 5$14.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $40.0M of cash and investments now.

Where the cash came from and went

Ameren: sources (+) and uses (−) of cash, Q3 2026Ameren: sources (+) and uses (−) of cash, Q3 2026Capital spending−$1.4BOperating cash flow$1.0BNet borrowing (+) / repaid (−)$716MDividends−$208MCash drawn (+) / kept (−)−$55.0MOther financing−$15.0MOther investing−$12.0MShares issued$9.0MPartners−$1.0M
Ameren: sources (+) and uses (−) of cash, TTM to Q3 2026Ameren: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$5.1BOperating cash flow$3.1BNet borrowing (+) / repaid (−)$2.8BDividends−$814MShares issued$570MOther financing−$436MCash drawn (+) / kept (−)−$90.0MOther investing−$88.0MTaxes on employees’ shares−$14.0MPartners−$5.0M

From profit to cash

Ameren: net income to operating cash flow, Q3 2026Ameren: net income to operating cash flow, Q3 2026Net income$677MDepreciation & amortization$436MStock-based pay$8.0MDeferred taxes$154MGains on investments$2.0MOther non-cash$6.0MReceivables−$338MInventory−$73.0MPayables$87.0MPrepaid and other assets−$46.0MOther liabilities−$19.0MIncome taxes payable$33.0MOperating cash flow$1.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.0B−$1.4B−$208M$716M$9.0M−$55.0M−$434M
Q2 2026$770M−$1.1B−$206M$512M$10.0M$15.0M−$309M
Q1 2026$421M−$1.6B−$208M$1.5B$12.0M−$65.0M−$1.2B
Q4 2025$956M−$1.0B−$192M−$260M$539M$15.0M−$54.0M
Q3 2025$1.1B−$988M−$192M$124M$10.0M−$41.0M$116M
Q2 2025$862M−$1.1B−$193M$366M$12.0M−$18.0M−$204M
Q1 2025$431M−$1.1B−$191M$907M$13.0M−$48.0M−$633M
Q4 2024$817M−$1.3B−$179M$530M$243M−$4.0M−$473M

Ameren: income statement and cash flow

Ameren, Q3 2026: revenue $2.9B (+7% year over year), operating margin 31.2%. The chart follows the revenue to costs, profit and cash.

Ameren: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.