EarningsQ2 2026 Earnings Report
DE:AE4 Q2 2026 EPS Results
Actual EPS€1.01
Consensus EPS€0.96
Beat/MissBeat by +€0.05
One Year Ago EPS€0.90
DE:AE4 Q2 2026 Revenue Results
Actual Revenue€1.86B
Expected Revenue€2.03B
Beat/MissMissed by -€162.81M
YoY Revenue Growth-5.81%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
DE:AE4 Upcoming Earnings
Ameren's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:AE4 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Ameren reported year-over-year EPS growth, reaffirmed 2026 guidance, highlighted more than $2.6 billion of first-half infrastructure investment, top-quartile reliability, a substantial economic-development pipeline, major Google and Amazon projects, expanding generation and transmission plans, stable credit ratings, and more than $71 billion of investment opportunity through 2035. The principal challenges were higher reliability-related operating costs, a nonrecurring investment gain, pending regulatory decisions and adjustments, and the inability to accelerate the 2.1-gigawatt combined-cycle project. Highlights significantly outweighed lowlights.Company Guidance
Second-Quarter Earnings Increased and 2026 Guidance Reaffirmed
Second-quarter 2026 earnings were $1.13 per share, compared with $1.10 per share in the second quarter of 2025. Ameren reaffirmed its 2026 earnings-per-share guidance range of $5.25 to $5.45 and remains focused on delivering earnings at or above the midpoint.
Infrastructure Investment Supported Reliability
Ameren invested more than $2.6 billion in energy infrastructure during the first six months of 2026. The company said these investments reduced customer outage frequency and duration during multiple severe-weather events in the second quarter.
Top-Quartile Reliability and Below-Average Rates
Ameren said its strategy has improved average reliability performance to the top quartile, enhanced customer service satisfaction, and kept average rates below national and Midwest averages. Ameren Missouri residential rates have grown less than inflation since 2017, and Missouri rates are approximately 25% below the national average.
Robust Economic Development Pipeline
In Missouri, Ameren has executed construction agreements representing 3.4 gigawatts, including 2.8 gigawatts of projects with executed electric service agreements. An additional 4 gigawatts of Missouri projects have completed interconnection studies, and approximately 600 megawatts of additional construction agreements have not yet been converted to ESAs.
Google and Amazon Announced $25 Billion of Missouri Investment
Google and Amazon announced projects in Ameren Missouri's service territory representing a combined planned investment of $25 billion. The projects are part of the 2.8 gigawatts of electric service agreements signed earlier in the year, with construction already beginning.
Large-Load Customers to Fund Their Power and Infrastructure Costs
Consistent with Missouri Senate Bill 4, the announced large-load customers will pay for 100% of the power and infrastructure costs driven by their operations. Once operational, they are expected to contribute to fixed grid costs, while the projects are also expected to create thousands of construction jobs, directly employ hundreds of people, generate billions of dollars in local tax revenues, and provide millions of dollars through community benefit agreements.
Significant Expected Missouri Sales Growth
The 2.8 gigawatts of executed ESAs represent upside to Ameren's existing sales and earnings forecast. Sales under those agreements are expected to begin materializing in the second half of 2027, and annual electricity sales are expected to increase by 60% from 2025 levels by the end of 2029.
Positive Current Customer Growth
Ameren Missouri total normalized retail sales over the trailing 12 months through June increased approximately 1%, primarily driven by the commercial customer class.
Expansion of Generation Portfolio
A total of 350 megawatts of new solar generation was placed in service during 2026, including the 300-megawatt Split Rail Renewable Energy Center, which began providing low-cost energy for customers in June, one month ahead of schedule.
More Than 5 Gigawatts of Resources Under Development
Another 2.25 gigawatts of simple-cycle gas, solar, and battery-storage resources have been approved by regulators or are under construction and are expected to begin serving customers in 2027 and 2028. Ameren also filed requests for nearly 1 gigawatt of additional solar and storage resources for service in 2028 and 2029, and filed a request for the 2.1-gigawatt West Alton natural-gas combined-cycle facility, expected to enter service in 2031.
Generation Project Readiness and Supply Secured
Ameren has procured turbines for three gas projects, secured critical long-lead components for all highlighted planned energy resources, executed gas-supply contracts, and awarded labor contracts for both simple-cycle natural-gas facilities.
Transmission Project Wins
MISO selected Ameren's joint proposals for the WIL and STU tranche 2 competitive projects in Illinois. Ameren said it has now won the opportunity to develop all competitive long-range transmission projects in its service territory within the tranche 1 and tranche 2 portfolios.
Large Long-Term Investment Opportunity
Ameren's investment pipeline now includes more than $71 billion of investment opportunity through 2035, including planned investment associated with recently won competitive long-range transmission projects.
Strong Long-Term Earnings and Rate-Base Growth Framework
Ameren expects annual earnings-per-share growth consistently near the upper end of its 6% to 8% compound annual earnings growth rate from 2026 through 2030. The company expects this to be primarily driven by compound annual rate-base growth of 10.6%.
Missouri Rate Review Request Includes Customer Savings Measures
Ameren Missouri filed a request for a $343 million revenue increase to recover significant system reliability and resiliency investments. The request includes projected data-center revenues, a new income-eligible discount rate, and an estimate that customers will realize approximately $21 million in projected base-rate savings over the two years following the rate review compared with what they otherwise would have paid.
Illinois Regulatory and Grid Investment Plans
Ameren Illinois requested a $31 million adjustment under its annual performance-based rate reconciliation, reflecting 2025 actual costs, year-end rate base, and the allowed return on equity and common-equity ratio. Ameren also proposed a $2.75 billion electric distribution grid investment plan for 2028 through 2031.
Financing Progress and Stable Credit Outlook
Ameren said it continues to feel good about its financial position and is focused on maintaining a strong balance sheet and supporting its credit ratings. The company expects approximately $4 billion of equity needs from 2026 through 2030, sold forward approximately $600 million of equity for its 2026 needs, and had sold forward approximately $1.2 billion of common stock year to date. S&P and Moody's reaffirmed stable outlooks and BBB+ and Baa1 ratings, respectively.
Disciplined and Flexible Financing Strategy
Management said it plans to use a balanced mix of debt and equity, operating cash flow, long-term debt financing, annual equity issuance through its at-the-market program, and potentially hybrid securities. The stated objectives are to maintain strong credit metrics, preserve flexibility, and pursue the lowest reasonable cost of capital.
Existing Generation Optimization
Ameren is evaluating investments in existing energy centers to improve availability during winter and summer peak periods and is considering smaller peaking assets, fuel cells, solar, and batteries to help meet near-term peak-generation needs.
Regulatory Planning Updates Expected in the Fall
Ameren remains on track to file an update to Ameren Missouri's integrated resource plan in late September and plans to update sales, capital-investment forecasts, financing plans, generation and transmission expectations, and long-term earnings-growth expectations on its third-quarter earnings call.
DE:AE4 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed