Ameren Corporation (AEE) raised its 2026 earnings guidance to $5.35 to $5.55 a share from $5.25 to $5.45 after two quarters of reaffirming the lower range, and established 2027 guidance of $5.70 to $5.90 a share.

The St. Louis-based utility reported third-quarter GAAP net income attributable to common shareholders of $676 million, or $2.42 a diluted share, compared with $640 million, or $2.35 a share, a year earlier. Excluding a 2025 tax benefit from a FERC order on net operating loss carryforwards, adjusted earnings were $2.42 a share versus $2.17 a share.

Chairman, president and chief executive officer Martin J. Lyons, Jr., said third-quarter results were driven by continued execution of the company’s strategy and disciplined investment in energy infrastructure. The company said third-quarter 2026 results, compared with adjusted third-quarter 2025 results, reflected increased earnings on infrastructure investments to improve system reliability, resiliency and service quality, increased earnings on investments in innovative energy technologies, and higher Ameren Missouri electric retail sales, primarily from warmer temperatures. Those contributions were partially offset by higher Ameren Missouri operations and maintenance expenses, primarily from increased reliability-focused tree trimming and energy-center maintenance. Weighted-average basic common shares outstanding were higher in the third quarter of 2026.

Ameren Missouri, the largest reportable segment, earned $582 million in the third quarter, up from $518 million a year earlier. The company said the increase reflected earnings on increased infrastructure investments, higher electric retail sales primarily from warmer weather, and lower income tax expense due in part to timing differences, partially offset by higher operations and maintenance and interest expense.

Ameren Missouri retail electric sales were 9,328 million kilowatthours, compared with 8,982 million a year earlier. Residential sales were 4,171 million kilowatthours and commercial 4,046 million. Industrial sales were 1,098 million kilowatthours. Retail electric revenues were $1,495 million, versus $1,385 million. Off-system electric sales rose to 881 million kilowatthours from 581 million, while off-system sales and capacity revenue fell to $262 million from $300 million.

Ameren Transmission earned $110 million, compared with $151 million GAAP and $103 million adjusted a year earlier, which the company attributed to earnings on increased infrastructure investments. Transmission electric revenues were $266 million, versus $240 million.

Ameren Illinois Electric Distribution earned $72 million, versus $57 million a year earlier, on increased infrastructure investments. Electric sales were 9,377 million kilowatthours, compared with 9,446 million, with industrial sales down to 2,558 million from 2,791 million. Segment electric revenues were $777 million, versus $699 million.

Ameren Illinois Natural Gas posted a $7 million loss, narrower than a $13 million loss a year earlier, after infrastructure investments in natural gas service rates that became effective December 2, 2025. Gas sales were 27 million dekatherms, versus 25 million, and gas revenues were $136 million, versus $117 million.

Ameren Parent, which includes items not reported in a business segment, recorded an $81 million loss, versus a $73 million loss a year earlier. The company said the comparison primarily reflected higher income tax expense due in part to timing differences and higher interest expense, partially offset by higher earnings from investments in innovative energy technologies.

Consolidated operating revenues were $2,882 million, versus $2,699 million a year earlier. Operating income was $900 million, versus $825 million. Interest charges were $216 million, versus $208 million.

Lyons said strong year-to-date performance gave the company confidence to raise 2026 guidance. Ameren expects 2027 diluted earnings of $5.70 to $5.90 a share, which the company said represents 8.4% growth from the original 2026 guidance midpoint. The company expects diluted earnings to grow at an 8% to 10% compound annual rate from 2027 through 2031, using the 2027 midpoint of $5.80 a share as the base. It said that multi-year growth is expected to be driven by $38.1 billion of planned infrastructure investments underpinning projected rate-base growth of approximately 13.3% compounded annually from 2026 through 2031. Ameren expects to continue to grow its common dividend annually, with a payout ratio ranging between 45% and 55% of annual earnings per share. 2026 guidance assumes normal temperatures for the last three months of the year; 2027 and multi-year expectations assume normal temperatures.