Ameren (AEE) reported net income attributable to common shareholders of $676 million in the third quarter of 2026, compared with $640 million in the same period of 2025. Diluted earnings per share (EPS) was $2.42, versus $2.35 a year earlier.
In Q3 2025, adjusted earnings per share (non-GAAP, which excludes items the company considers non-recurring) was $2.17, with adjusted earnings of $592 million, after excluding a $48 million tax benefit tied to a FERC decision. In 2026 there were no adjustments. The company attributed the increase to higher earnings from infrastructure investments and energy technology investments, as well as higher retail electricity sales at Ameren Missouri, driven by warmer temperatures. Higher operations and maintenance expenses offset part of the gain.
Operating revenue totaled $2.9 billion in the quarter ($2,882 million), versus $2.7 billion ($2,699 million) in Q3 2025. Operating income was $900 million, versus $825 million. In the first nine months of 2026, net income was $1.3 billion ($1,347 million), with EPS of $4.83, versus $1.2 billion ($1,204 million) and $4.43 in the same period of 2025.
Ameren raised its 2026 EPS guidance to a range of $5.35 to $5.55, from $5.25 to $5.45 previously. For 2027, the target is $5.70 to $5.90 per share, an increase of 8.4% over the midpoint of the original 2026 guidance. From 2027 to 2031, the company expects compound annual EPS growth of 8% to 10%, based on the $5.80 midpoint, supported by $38.1 billion in planned infrastructure investments. Ameren expects to continue raising its dividend annually, with a payout ratio between 45% and 55% of annual earnings per share.
