Filing Flows › Ameren (AEE) › Q3 2025
Ameren (AEE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Ameren (AEE) reported revenue of $2.7B for the third quarter 2025 (Q3 2025), +24% from a year earlier and +22% from the quarter before. Operating margin was 30.6%, net earnings $641M (23.7% of revenue).
Ameren, Q3 2025: revenue $2.7B (+24% year over year), operating margin 30.6%, net earnings $641M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.7B | +22% | +24% |
| Operating profit | $825M | +101% | +41% |
| Net earnings | $641M | +131% | +40% |
| Operating cash flow | $1.1B | +28% | +23% |
| Free cash flow | $116M | — | — |
What changed
Revenue was $2.7B in Q3 2025, up 24% year over year and up 22% from the previous quarter. Electric was the largest line at 95% of revenue. Electric added $0.53B year over year (up 26%), 100% of the total change. Natural gas declined 1%.
Operating profit was $0.82B, a 30.6% margin (up 3.6 points year over year). Of the extra revenue versus a year earlier, 45% reached operating profit, above the 27% margin then. Total costs grew 18% against revenue growth of 24%. Net earnings were $0.64B, up 40% year over year. The effective tax rate was 7.5%.
Operating cash flow was $1.1B (up 23% year over year), 172% of net earnings. Non-cash charges added back $0.41B of depreciation and amortization and $0.01B of share-based compensation. Capital expenditures of $1.0B left free cash flow of $0.12B.
Questions
What was Ameren's revenue in the third quarter 2025?
Ameren (AEE) reported revenue of $2.7B for the third quarter 2025 (Q3 2025), +24% from a year earlier and +22% from the quarter before.
Was Ameren profitable in the third quarter 2025?
Operating profit was $825M (30.6% of revenue) and net earnings $641M.
Source: Ameren 10-Q on SEC EDGAR.