Ameren raises 2026 profit forecast, tops Q3 estimates

Ameren (AEE) beat third-quarter profit estimates and raised its 2026 earnings guidance range to $5.35 to $5.55 per diluted share, from $5.25 to $5.45. Adjusted earnings per share were $2.42, above the $2.32 consensus estimate. Shares were little changed at 9:50 a.m. ET, from a $112.81 close.

Revenue was $2.88 billion, above the $2.84 billion estimate. GAAP net income attributable to common shareholders was $676 million, or $2.42 per diluted share, compared with $640 million, or $2.35 per diluted share, a year earlier.

Here's how the company did:

• Adjusted EPS: $2.42 vs. $2.17 a year earlier, $2.32 expected
• Revenue: $2.88 billion vs. $2.70 billion a year earlier, $2.84 billion expected
• Nine-month GAAP EPS: $4.83 vs. $4.43 a year earlier

2026 and 2027 guidance

The company now expects 2026 diluted EPS of $5.35 to $5.55. The new range assumes normal temperatures for the last three months of the year.

Ameren expects 2027 diluted EPS of $5.70 to $5.90, which represents 8.4% growth from the original 2026 guidance midpoint.

For 2027 through 2031, the company expects EPS to grow at an 8% to 10% compound annual rate, using the 2027 guidance midpoint of $5.80 per share as the base.

Growth is expected to come from $38.1 billion of planned infrastructure investments, underpinning projected rate base growth of about 13.3% compounded annually from 2026 through 2031.

Segment results

Ameren Missouri earned $582 million, compared with $518 million a year earlier, on higher infrastructure investments and higher electric retail sales, driven mainly by warmer weather.

Ameren Transmission earned $110 million, compared with $103 million adjusted a year earlier. Ameren Illinois Electric Distribution earned $72 million, up from $57 million.

Ameren Illinois Natural Gas posted a $7 million loss, narrower than the $13 million loss a year earlier. The parent segment lost $81 million, compared with a $73 million loss, mainly on higher income tax and interest expense.

Costs and capital plan

Other operations and maintenance expenses rose to $535 million from $502 million, driven mainly by reliability-focused tree trimming and energy center maintenance.

Capital expenditures for the first nine months were $4.09 billion, up from $3.12 billion a year earlier.

The company expects to keep growing its common dividend each year, with a payout ratio of 45% to 55% of annual earnings per share.