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Long-Term Debt And Equity Financings (Tables)
 12 Months Ended
Dec. 31, 2025
Long-Term Debt And Equity Financings [Abstract]  
Schedule of Long-term Debt Instruments
The following table presents long-term debt outstanding, including maturities due within one year, as of December 31, 2025 and 2024:
20252024
Ameren (Parent):
3.65% Senior unsecured notes due 2026
350 350 
5.70% Senior unsecured notes due 2026
600 600 
1.95% Senior unsecured notes due 2027
500 500 
1.75% Senior unsecured notes due 2028
450 450 
5.00% Senior unsecured notes due 2029
700 700 
3.50% Senior unsecured notes due 2031
800 800 
5.375% Senior unsecured debt due 2035
750 — 
Total long-term debt, gross4,150 3,400 
Less: Unamortized discount and premium(3)(3)
Less: Unamortized debt issuance costs(16)(14)
Less: Maturities due within one year(950)— 
Long-term debt, net$3,181 $3,383 
Ameren Missouri:
Bonds and notes:
2.95% Senior secured notes due 2027(a)
$400 $400 
3.50% First mortgage bonds due 2029(b)
450 450 
2.95% First mortgage bonds due 2030(b)
465 465 
2.15% First mortgage bonds due 2032(b)
525 525 
2.90% 1998 Series A bonds due 2033(c)
60 60 
2.90% 1998 Series B bonds due 2033(c)
50 50 
2.75% 1998 Series C bonds due 2033(c)
50 50 
5.20% First mortgage bonds due 2034(b)
500 500 
5.50% Senior secured notes due 2034(a)
184 184 
5.25% First mortgage bonds due 2035(b)
500 — 
5.30% Senior secured notes due 2037(a)
300 300 
8.45% Senior secured notes due 2039(a)(d)
350 350 
4.85% Securitized utility tariff bonds due 2039(e)
459 476 
3.90% Senior secured notes due 2042(a)(d)
485 485 
3.65% Senior secured notes due 2045(a)
400 400 
4.00% First mortgage bonds due 2048(b)
425 425 
3.25% First mortgage bonds due 2049(b)
330 330 
2.625% First mortgage bonds due 2051(b)
550 550 
3.90% First mortgage bonds due 2052(b)
525 525 
5.45% First mortgage bonds due 2053(b)
500 500 
5.25% First mortgage bonds due 2054(b)
350 350 
5.125% First mortgage bonds due 2055(b)
450 450 
Total long-term debt, gross8,308 7,825 
Less: Long-term debt – related parties, gross
(88)(58)
Less: Unamortized discount and premium(15)(17)
Less: Unamortized debt issuance costs(62)(62)
Less: Maturities due within one year(23)(17)
Long-term debt, net$8,120 $7,671 
20252024
Ameren Illinois:
Bonds and notes:
3.25% Senior secured notes due 2025(f)
— 300 
6.125% Senior secured notes due 2028(f)
60 60 
3.80% First mortgage bonds due 2028(g)
430 430 
1.55% First mortgage bonds due 2030(g)
375 375 
3.85% First mortgage bonds due 2032(g)
500 500 
4.95% First mortgage bonds due 2033(g)
500 500 
6.70% Senior secured notes due 2036(f)
61 61 
6.70% Senior secured notes due 2036(f)
42 42 
4.80% Senior secured notes due 2043(f)
280 280 
4.30% Senior secured notes due 2044(f)
250 250 
4.15% Senior secured notes due 2046(f)
490 490 
3.70% First mortgage bonds due 2047(g)
500 500 
4.50% First mortgage bonds due 2049(g)
500 500 
3.25% First mortgage bonds due 2050(g)
300 300 
2.90% First mortgage bonds due 2051(g)
350 350 
5.90% First mortgage bonds due 2052(g)
350 350 
5.55% First mortgage bonds due 2054(g)
625 625 
5.625% First mortgage bonds due 2055(g)
700 — 
Total long-term debt, gross6,313 5,913 
Less: Long-term debt – related parties, gross
(5)(3)
Less: Unamortized discount and premium2 (10)
Less: Unamortized debt issuance costs(56)(51)
Less: Maturities due within one year— (300)
Long-term debt, net$6,254 $5,549 
ATXI:
2.45% Senior unsecured notes due 2036(h)
$75 $75 
5.17% Senior unsecured notes due 2039
70 70 
3.43% Senior unsecured notes due 2050(i)
351 351 
2.96% Senior unsecured notes due 2052(j)
95 95 
5.42% Senior unsecured notes due 2053
70 70 
Total long-term debt, gross661 661 
Less: Unamortized debt issuance costs(2)(2)
Long-term debt, net$659 $659 
Ameren consolidated long-term debt, net$18,214 $17,262 
(a)These notes are collaterally secured by first mortgage bonds issued by Ameren Missouri under the Ameren Missouri mortgage indenture. The notes have a fall-away lien provision and will remain secured only as long as any first mortgage bonds issued under the Ameren Missouri mortgage indenture remain outstanding. Redemption, purchase, or maturity of all first mortgage bonds, including first mortgage bonds currently outstanding and any that may be issued in the future, would result in a release of the first mortgage bonds currently securing these notes, at which time these notes would become unsecured obligations. Considering the 2055 maturity date of the 5.125% first mortgage bonds and the restrictions preventing a release date to occur that are attached to certain senior secured notes described in footnote (d) below, Ameren Missouri does not expect the first mortgage lien protection associated with these notes to fall away.
(b)These bonds are first mortgage bonds issued by Ameren Missouri under the Ameren Missouri mortgage indenture. They are secured by substantially all Ameren Missouri property and franchises.
(c)These bonds are collaterally secured by first mortgage bonds issued by Ameren Missouri under the Ameren Missouri mortgage indenture and have a fall-away lien provision similar to that of Ameren Missouri’s senior secured notes.
(d)Ameren Missouri has agreed that so long as any of the 3.90% senior secured notes due 2042 are outstanding, Ameren Missouri will not permit a release date to occur, and so long as any of the 8.45% senior secured notes due 2039 are outstanding, Ameren Missouri will not optionally redeem, purchase, or otherwise retire in full the outstanding first mortgage bonds not subject to release provisions.
(e)These bonds were issued by AMF. The bondholders of AMF have no recourse to Ameren Missouri’s assets. Ameren Missouri collects securitization surcharges to cover the principal and interest on the bonds as well as certain other qualified costs. The surcharges collected by Ameren Missouri on behalf of AMF are remitted to AMF and are not available to creditors of Ameren Missouri. Principal and interest payments on these bonds are payable semiannually on April 1 and October 1 of each year, which began on October 1, 2025, with final principal and interest payment due October 1, 2039.
(f)These notes are collaterally secured by first mortgage bonds issued by Ameren Illinois under the Ameren Illinois mortgage indenture. The notes have a fall-away lien provision and will remain secured only as long as any first mortgage bonds issued under the Ameren Illinois mortgage indenture remain outstanding. Redemption, purchase, or maturity of all first mortgage bonds, including first mortgage bonds currently outstanding and any that may be issued in the future, would result in a release of the first mortgage bonds currently securing these notes, at which time these notes would become unsecured obligations. Considering the 2055 maturity date of the 5.625% first mortgage bonds, Ameren Illinois does not expect the first mortgage lien protection associated with these notes to fall away.
(g)These bonds are first mortgage bonds issued by Ameren Illinois under the Ameren Illinois mortgage indenture. They are secured by substantially all Ameren Illinois property and franchises.
The following table presents Ameren Missouri’s and Ameren Illinois’ “Long-term Debt, Net - Related Parties” as of December 31, 2025 and 2024:
20252024
Ameren Missouri:
3.65% Senior secured notes due 2045
$29 $7 
4.00% First mortgage bonds due 2048
4 — 
3.25% First mortgage bonds due 2049
33 33 
2.625% First mortgage bonds due 2051
7 4 
3.90% First mortgage bonds due 2052
15 14 
Total long-term debt - related parties, gross88 58 
Less: Unamortized debt issuance costs(1)(1)
Long-term debt - related parties, net$87 $57 
Ameren Illinois:
3.70% First mortgage bonds due 2047
$1 $1 
3.25% First mortgage bonds due 2050
2 2 
2.90% First mortgage bonds due 2051
2 — 
Long-term debt - related parties, net$5 $3 
Schedule Of Maturities Of Long-Term Debt The following table presents the principal maturities schedule for the 2.45% senior unsecured notes due 2036:
Payment DatePrincipal Payment
November 2029$30
November 203645
Total$75
(i)The following table presents the principal maturities schedule for the 3.43% senior unsecured notes due 2050:
Payment DatePrincipal Payment
August 2027$50
August 203049
August 203250
August 203849
August 204377
August 205076
Total$351
(j)The following table presents the principal maturities schedule for the 2.96% senior unsecured notes due 2052:
Payment DatePrincipal Payment
August 2040$45
August 205250
Total$95
The following table presents the aggregate maturities of long-term debt, including current maturities, at December 31, 2025:
Ameren
(parent)(a)
 Ameren
Missouri(a)
 Ameren
Illinois(a)
 ATXI(a)
Ameren
Consolidated(a)
2026$950 $23 $— $— $973 
2027500 424 — 50 974 
2028450 26 490 — 966 
2029700 477 — 30 1,207 
2030— 493 375 49 917 
Thereafter1,550 6,864 5,448 532 14,394 
Total$4,150 $8,307 $6,313 $661 $19,431 
(a)Excludes unamortized discount, premium, and debt issuance costs of $19 million, $77 million, $54 million, and $2 million at Ameren (parent), Ameren Missouri, Ameren Illinois, and ATXI, respectively.
Schedule Of Outstanding Preferred Stock The following table presents the outstanding preferred stock of Ameren Missouri and Ameren Illinois, which is redeemable at the option of the issuer, at the prices shown below as of December 31, 2025 and 2024:
Shares OutstandingRedemption Price (per share)20252024
Ameren Missouri:
Without par value and stated value of $100 per share, 25 million shares authorized
$3.50 Series
130,000 shares$110.00 $13 $13 
$3.70 Series
40,000 shares104.75 4 4 
$4.00 Series
150,000 shares105.625 15 15 
$4.30 Series
40,000 shares105.00 4 4 
$4.50 Series
213,595 shares110.00 
(a)
21 21 
$4.56 Series
200,000 shares102.47 20 20 
$4.75 Series
20,000 shares102.176 2 2 
$5.50 Series A
14,000 shares110.00 1 1 
Total$80 $80 
Ameren Illinois:
With par value of $100 per share, 2 million shares authorized
4.00% Series
144,275 shares$101.00 $14 $14 
4.08% Series
45,224 shares103.00 5 5 
4.20% Series
23,655 shares104.00 2 2 
4.25% Series
50,000 shares102.00 5 5 
4.26% Series
16,621 shares103.00 2 2 
4.42% Series
16,190 shares103.00 2 2 
4.70% Series
18,429 shares104.30 2 2 
4.90% Series
73,825 shares102.00 7 7 
4.92% Series
49,289 shares103.50 5 5 
5.16% Series
50,000 shares102.00 5 5 
Total$49 $49 
Total Ameren$129 $129 
(a)In the event of voluntary liquidation, $105.50.
Schedule of Required and Actual Debt Ratios The following table summarizes the required and actual interest coverage ratios for interest charges, dividend coverage ratios, and bonds and preferred stock issuable as of December 31, 2025, at an assumed interest rate of 7% and dividend rate of 8%.
Required Interest
Coverage Ratio(a)
Actual Interest
Coverage Ratio
Bonds Issuable(b)
Required Dividend
Coverage Ratio(c)
Actual Dividend
Coverage Ratio		Preferred Stock
Issuable
Ameren Missouri
>2.0
3.2$3,777
>2.5
219.0$3,702
Ameren Illinois
>2.0
6.69,482
>1.5
3.6203
(d)
(a)Coverage required on the annual interest charges on first mortgage bonds outstanding and to be issued. Coverage is not required in certain cases when additional first mortgage bonds are issued on the basis of retired bonds.
(b)Amount of bonds issuable based either on required coverage ratios or unfunded property additions, whichever is more restrictive. The amounts shown also include bonds issuable based on retired bond capacity of $895 million and $1,093 million at Ameren Missouri and Ameren Illinois, respectively.
(c)Coverage required on the annual dividend on preferred stock outstanding and to be issued, as required in the respective company’s articles of incorporation.
(d)Preferred stock issuable is restricted by the amount of preferred stock that is currently authorized by Ameren Illinois’ articles of incorporation.