Schedule I - Condensed Financial Information Of Parent

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information Of Parent


SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT AMEREN CORPORATION CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Years Ended December 31, 2025, 2024, and 2023
(In millions)	2025		2024		2023
Operating revenues	$	—	$	—	$	—
Operating expenses	19		17		22
Operating loss	(19)		(17)		(22)
Equity in earnings of subsidiaries	1,596		1,271		1,245
Interest income from affiliates	11		14		10
Total other income (expense), net	—		3		(11)
Interest charges	(196)		(162)		(119)
Income tax benefit	59		61		49


Net Income Attributable to Ameren Common Shareholders	$	1,451	$	1,170	$	1,152

Net Income Attributable to Ameren Common Shareholders	$	1,451	$	1,170	$	1,152
Other Comprehensive Income (Loss), Net of Taxes:
Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $1, $—, and $(2), respectively	3		(3)		(5)
Unrealized net gain on derivative hedging instruments, net of income taxes of $2, $—, and $—, respectively	3		3		—




Comprehensive Income Attributable to Ameren Common Shareholders	$	1,457	$	1,170	$	1,147


SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT AMEREN CORPORATION CONDENSED BALANCE SHEET
(In millions, except per share amounts)	December 31, 2025		December 31, 2024
Assets:
Cash and cash equivalents	$	—	$	—
Advances to money pool	177		103
Accounts receivable – affiliates	11		41

Miscellaneous accounts receivable	32		35
Mark-to-market derivative assets	8		3


Total current assets	228		182

Investments in subsidiaries	17,360		16,262
Investments in subsidiary debt securities	69		44

Accumulated deferred income taxes, net	85		98
Other assets	114		155
Total assets	$	17,856	$	16,741
Liabilities and Shareholders’ Equity:
Current maturities of long-term debt	$	950	$	—
Short-term debt	155		1,055


Taxes accrued	6		7
Accounts payable – affiliates	24		49
Other current liabilities	66		54
Total current liabilities	1,201		1,165
Long-term debt, net	3,181		3,383
Pension and other postretirement benefits	19		18
Other deferred credits and liabilities	71		73
Total liabilities	4,472		4,639
Commitments and Contingencies (Note 4)
Shareholders’ Equity:
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 276.4 and 269.9, respectively	3		3
Other paid-in capital, principally premium on common stock	8,106		7,513
Retained earnings	5,275		4,592
Accumulated other comprehensive loss	—		(6)
Total shareholders’ equity	13,384		12,102
Total liabilities and shareholders’ equity	$	17,856	$	16,741


SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT AMEREN CORPORATION CONDENSED STATEMENT OF CASH FLOWS For the Years Ended December 31, 2025, 2024, and 2023
(In millions)	2025		2024		2023
Net cash provided by (used in) operating activities	$	451	$	(65)	$	171
Cash flows from investing activities:
Money pool advances, net	(74)		495		(530)

Investments in subsidiaries	(51)		(557)		(109)
Investments in subsidiary debt securities	(24)		(44)		—


Other	62		1		5
Net cash used in investing activities	(87)		(105)		(634)
Cash flows from financing activities:
Dividends on common stock	(768)		(714)		(662)
Short-term debt, net	(899)		1,054		(475)

Maturities of long-term debt	—		(450)		—
Issuances of long-term debt	749		—		1,298
Issuances of common stock	574		273		346

Employee payroll taxes related to stock-based compensation	(13)		(8)		(20)
Debt issuance costs	(7)		(1)		(8)

Net cash provided by (used in) financing activities	(364)		154		479
Net change in cash, cash equivalents, and restricted cash	$	—	$	(16)	$	16
Cash, cash equivalents, and restricted cash at beginning of year	—		16		—
Cash, cash equivalents, and restricted cash at end of year	$	—	$	—	$	16
Supplemental information:
Cash dividends received from consolidated subsidiaries	$	550	$	140	$	173


Noncash financing activity – Issuance of common stock for stock-based compensation	25		16		40
Noncash financing activity – Issuance of common stock under the DRPlus	7		7		7

AMEREN CORPORATION (parent company only)

NOTES TO CONDENSED FINANCIAL STATEMENTS December 31, 2025

NOTE 1 – BASIS OF PRESENTATION

Ameren Corporation (parent company only) is a public utility holding company that conducts substantially all of its business operations through its subsidiaries. Ameren Corporation (parent company only) has accounted for its subsidiaries using the equity method. These financial statements are presented on a condensed basis.

See Note 1 – Summary of Significant Accounting Policies and Note 15 – Supplemental Information under Part II, Item 8, of this report for additional information.

NOTE 2 – SHORT-TERM DEBT AND LIQUIDITY

Ameren, Ameren Services, and other non-state-regulated Ameren subsidiaries have the ability, subject to Ameren parent company and applicable regulatory short-term borrowing authorizations, to access funding from the Credit Agreements and the commercial paper programs through a non-state-regulated subsidiary money pool agreement. All participants may borrow from or lend to the non-state-regulated money pool. The total amount available to pool participants from the non-state-regulated subsidiary money pool at any given time is reduced by the amount of borrowings made by participants, but is increased to the extent that the pool participants advance surplus funds to the non-state-regulated subsidiary money pool or remit funds from other external sources. The non-state-regulated subsidiary money pool was established to coordinate and to provide short-term cash and working capital for the participants. Participants receiving a loan under the non-state-regulated subsidiary money pool agreement must repay the principal amount of such loan, together with accrued interest. The rate of interest depends on the composition of internal and external funds in the non-state-regulated subsidiary money pool. Interest revenues related to non-state-regulated money pool advances were immaterial in 2025, 2024 and 2023, respectively. Interest charges related to non-state-regulated money pool borrowings were immaterial in 2025, 2024, and 2023.

See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, of this report for a description and details of short-term debt and liquidity needs of Ameren Corporation (parent company only).

NOTE 3 – LONG-TERM OBLIGATIONS

See Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, of this report for additional information on Ameren Corporation’s (parent company only) long-term debt, indenture provisions, forward sale agreements related to common stock, and ATM program.

NOTE 4 – COMMITMENTS AND CONTINGENCIES

See Note 14 – Commitments and Contingencies under Part II, Item 8, of this report for a description of all material contingencies of Ameren Corporation (parent company only).

NOTE 5 – TOTAL OTHER INCOME (EXPENSE), NET

The following table presents the components of “Total Other Expense, Net” in the Condensed Statement of Income and Comprehensive Income for the years ended December 31, 2025, 2024, and 2023:


(In millions)	2025		2024		2023
Total other income (expense), net
Non-service cost components of net periodic benefit income	$	1	$	4	$	8
Donations	—		—		(18)
Other expense, net	(1)		(1)		(1)
Total other income (expense), net	$	—	$	3	$	(11)

Other Income And Expenses

OTHER INCOME, NET

The following table presents the components of “Other Income, Net” in the Ameren Companies’ statements of income for the years ended December 31, 2025, 2024, and 2023:


	2025		2024		2023
Ameren:
Other Income, Net
Allowance for equity funds used during construction	$	88	$	76	$	54
Other interest income	41		41		33
Non-service cost components of net periodic benefit income(a)	247		304		295
Miscellaneous income	17		9		7
Gain on extinguishment of debt(b)	8		16		—
Earnings (losses) related to equity method investments	(19)		(4)		1
Donations	(12)		(5)		(24)
Miscellaneous expense	(23)		(20)		(18)
Total Other Income, Net	$	347	$	417	$	348
Ameren Missouri:
Other Income, Net
Allowance for equity funds used during construction	$	56	$	58	$	30
Other interest income	9		8		11
Non-service cost components of net periodic benefit income(a)	126		139		97
Miscellaneous income	6		4		3
Donations	(7)		(2)		(2)
Miscellaneous expense	(10)		(11)		(9)
Total Other Income, Net	$	180	$	196	$	130
Ameren Illinois:
Other Income, Net
Allowance for equity funds used during construction	$	30	$	17	$	19
Other Interest income	32		32		21
Non-service cost components of net periodic benefit income	81		105		124
Miscellaneous income	9		4		4
Donations	(5)		(3)		(4)
Miscellaneous expense	(11)		(8)		(8)
Total Other Income, Net	$	136	$	147	$	156

(a)For the years ended December 31, 2025, 2024, and 2023, the non-service cost components of net periodic benefit income were adjusted by amounts deferred of $(53) million, $(41) million, and $27 million, respectively, due to a regulatory tracking mechanism for the difference between the level of such costs incurred by Ameren Missouri under GAAP and the level of such costs included in rates. See Note 10 – Retirement Benefits for additional information.

(b)See Note 5 – Long-term Debt and Equity Financings for additional information on Ameren (parent)’s repurchase of Ameren Missouri’s senior secured notes and first mortgage bonds and Ameren Illinois’ first mortgage bonds that were accounted for as a debt extinguishment.

The following table presents the components of “Total Other Expense, Net” in the Condensed Statement of Income and Comprehensive Income for the years ended December 31, 2025, 2024, and 2023:


(In millions)	2025		2024		2023
Total other income (expense), net
Non-service cost components of net periodic benefit income	$	1	$	4	$	8
Donations	—		—		(18)
Other expense, net	(1)		(1)		(1)
Total other income (expense), net	$	—	$	3	$	(11)