Filing Flows › Ameren (AEE) › Q4 2025
Ameren (AEE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Ameren (AEE) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -34% from the quarter before. Operating margin was 20.2%, net earnings $253M (14.2% of revenue).
Ameren, Q4 2025: revenue $1.8B (-8% year over year), operating margin 20.2%, net earnings $253M, operating cash flow $956M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | -34% | -8% |
| Operating profit | $360M | -56% | +82% |
| Net earnings | $253M | -61% | +22% |
| Operating cash flow | $956M | -13% | +17% |
What changed
Revenue was $1.8B in Q4 2025, down 8% year over year and down 34% from the previous quarter. Electric was the largest line at 81% of revenue.
Operating profit was $0.36B, a 20.2% margin (up 10.0 points year over year). Total costs fell 18% while revenue fell 8%. Net earnings were $0.25B, up 22% year over year. The effective tax rate was -3.7%.
Operating cash flow was $1.0B (up 17% year over year), 378% of net earnings. Non-cash charges added back $0.41B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.28B. Capital expenditures of $1.0B exceeded it, leaving free cash flow of −$0.05B.
Questions
What was Ameren's revenue in the fourth quarter 2025?
Ameren (AEE) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -34% from the quarter before.
Was Ameren profitable in the fourth quarter 2025?
Operating profit was $360M (20.2% of revenue) and net earnings $253M.
Source: Ameren 10-K on SEC EDGAR.