AMEREN CORP FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $8.8B |
| Gross margin | — not reported |
| Operating income | $2.0B |
| Net income | — not reported |
| Diluted EPS | $5.35 |
| Cash & equivalents | $13.0M |
| Total assets | $48.5B |
| Long-term debt | $19.4B |
Key takeaway
Ameren delivered $8.8B in revenue and $5.35 diluted EPS in 2025, with performance driven by rate base growth to $29.8B and regulatory investments in electric distribution and renewable generation infrastructure.
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Beneath the surface
Reported earnings are significantly boosted by an 8.5% effective tax rate versus 21% statutory, driven by IRA production credits and tax-eligible renewable investments; however, Ameren carries a $5.3B deferred tax liability on property/plant/equipment that will ultimately reverse into future cash obligations or rate-base adjustments.
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This is the free preview. The full analysis explains every line item above and includes 7 more findings — plus insider trades, activist stakes, and 8-K events for AEE.
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