UELMO
Union Electric Company60.82
+0.00+0%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
6.21BP/E (TTM)
11.92Basic EPS (TTM)
5.10Dividend Yield
0%Recent Filings
10-K
FY2025 results
Ameren Corporation's FY2025 10-K reveals robust annual electric revenues of $7.7B, up 17% y/y, driven by Q4 capacity auction prices surging to $667/MW-day from $30/MW-day amid MISO demand pressures, while retail sales grew 3% y/y on warmer summer and colder winter weather. Q4 accelerated topline momentum with $784M Ameren Missouri electric revenue gain (20% y/y), fueled by $355M base rate hikes effective June and securitized Rush Island bonds, yet margins compressed from higher fuel costs and $53M interest uptick on new debt. Key drivers included PISA/RESRAM deferrals boosting infrastructure returns, though storm costs and vegetation management rose; liquidity stayed solid at $2.5B with $4.1B capex focused on renewables and grid upgrades. No annual guidance disclosed in the 10-K. Regulatory lag risks could stall quarterly momentum.
8-K
Credit lines expanded, extended to 2030
Ameren and its Missouri and Illinois utilities amended revolving credit agreements on December 10, 2025, boosting total capacity to $3.2 billion from $2.6 billion while extending maturity to 2030 (with two one-year extensions possible). Missouri facility grew $500 million to $1.9 billion; Illinois added $100 million to $1.3 billion. Debt covenants cap leverage at 67.5% for Ameren, 65% for subsidiaries. Stronger liquidity bolsters funding flexibility.
8-K
MoPSC approves large load plan
Ameren Missouri secured MoPSC approval on November 24, 2025, for its amended Large Load Customer Rate Plan, targeting new facilities or expansions hitting 75 megawatts monthly demand. ESAs mandate 12-year terms plus up to five-year ramps, 80% minimum demand charges, and steep exit fees—two years' collateral required. Earnings sharing kicks in above 9.74% ROE midpoint; 65% excess deferred to customers. Locks in long-term revenue stability.
10-Q
Q3 FY2025 results
Ameren powered through Q3 with electric revenues up 26% y/y to $2.6B, driven by Missouri's new rates and MISO capacity auction windfall, while operating income jumped 41% to $825M on lower opex excluding prior-year litigation charges. Diluted EPS climbed to $2.35 from $1.70, backed by 272M shares; YTD EPS of $4.43 reflects consistent momentum yet reconciles cleanly to $1.2B net income. Cash from operations hit $2.4B YTD, funding $3.1B capex amid $19.2B long-term debt, but $1.6B revolver availability holds firm. Solid liquidity supports infrastructure push. Capacity auction volatility poses risks.
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