AEEHIGH SIGNALFINANCIAL10-K

AEE delivered exceptional financial performance with net income surging 82% to $523M and operating income jumping 34% to $2.0B, while maintaining strong balance sheet growth.

The dramatic improvement in profitability, particularly the 82% net income increase, represents a material positive development that likely reflects successful operational execution and potentially favorable regulatory outcomes. The strong revenue growth of 15% to $8.8B combined with even stronger operating leverage demonstrates effective cost management and business momentum.

Comparing 2026-02-18 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

AEE showed robust financial performance across all key metrics, with revenue growing 15% to $8.8B, operating income surging 34% to $2.0B, and net income nearly doubling with an 82% increase to $523M. The balance sheet strengthened significantly with stockholders' equity rising 11% to $13.4B and operating cash flow improving 21% to $3.4B, while current liabilities increased 15% likely supporting business expansion. This comprehensive financial improvement signals strong operational execution and positions the utility favorably for continued growth and shareholder returns.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+85.7%
$7.0M→$13.0M

Cash position surged 85.7% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
+81.6%
$288.0M→$523.0M

Net income grew 81.6% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+33.6%
$1.5B→$2.0B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Accounts Receivable
Balance Sheet
+26.7%
$525.0M→$665.0M

Receivables grew 26.7% — monitor days sales outstanding for collection efficiency.

Operating Cash Flow
Cash Flow
+21.4%
$2.8B→$3.4B

Operating cash flow grew 21.4% — strong conversion of earnings to cash, healthy business fundamentals.

Revenue
P&L
+15.4%
$7.6B→$8.8B

Revenue growing 15.4% — solid top-line momentum, watch margins for quality of growth.

Current Liabilities
Balance Sheet
+14.5%
$3.4B→$3.9B

Current liabilities rose 14.5% — increased short-term obligations, watch current ratio.

Current Assets
Balance Sheet
+13.6%
$2.3B→$2.6B

Current assets grew 13.6% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
+10.6%
$12.1B→$13.4B

Equity base grew 10.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-18
ADDED
All of the shares of common stock of the other registrants were held by Ameren Corporation as of June 30, 2025.
Management s Discussion and Analysis of Financial Condition and Results of Operations 38 Overview 39 Results of Operations 42 Liquidity and Capital Resources 57 Outlook 67 Regulatory Matters 73 Accounting Matters 73 Item 7A.
2023 PRP Ameren Missouri s preferred resource plan for meeting customers projected long-term energy needs, which was filed with the MoPSC in September 2023 as a part of its integrated resource plan.
Illinois Credit Agreement Ameren s and Ameren Illinois $1.3 billion senior unsecured credit agreement, which expires in December 2030, unless extended.
Missouri Credit Agreement Ameren s and Ameren Missouri s $1.9 billion senior unsecured credit agreement, which expires in December 2030, unless extended.
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REMOVED
All of the shares of common stock of the other registrants were held by Ameren Corporation as of June 28, 2024.
Management s Discussion and Analysis of Financial Condition and Results of Operations 35 Overview 36 Results of Operations 41 Liquidity and Capital Resources 57 Outlook 67 Regulatory Matters 73 Accounting Matters 73 Item 7A.
2023 PRP Preferred Resource Plan, a nonbinding plan that Ameren Missouri filed with the MoPSC in September 2023 that includes Ameren Missouri s preferred plan for meeting customers projected long-term energy needs.
CDP A not-for-profit entity that administers a global disclosure system related to environmental matters, among other things.
FEJA Future Energy Jobs Act, an Illinois law that allows Ameren Illinois to earn a return on its electric energy-efficiency investments, decouples electric distribution revenues from sales volumes, offers customer rebates for installing distributed generation, and includes extensions and modifications of certain IEIMA performance-based framework provisions, among other things.
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