AEE Ameren Corporation Common Stock

NYSE · Utilities · View on SEC EDGAR ↗
$110.43
Price · Aug 19, 2026
Fundamentals as of Aug 3, 2026

About Ameren Corporation Common Stock Company overview from Wikipedia

Ameren Corporation is an American power company created December 31, 1997, by the merger of Union Electric Company of St. Louis, Missouri and the neighboring Central Illinois Public Service Company of Springfield, Illinois. It is now a holding company for several power companies and energy companies. The company is based in St. Louis, with 2.4 million electric, and 900,000 natural gas customers across 64,000 square miles in central and eastern Missouri and the southern four-fifths of Illinois by area.

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Ameren Corporation is an American power company created December 31, 1997, by the merger of Union Electric Company (formerly NYSE: UEP) of St. Louis, Missouri and the neighboring Central Illinois Public Service Company (CIPSCO Inc. holding, formerly NYSE: CIP) of Springfield, Illinois. It is now a holding company for several power companies and energy companies. The company is based in St. Louis, with 2.4 million electric, and 900,000 natural gas customers across 64,000 square miles in central and eastern Missouri and the southern four-fifths of Illinois by area.

Ameren is the holding company for the following:

Ameren Missouri

Ameren Illinois

Ameren Transmission Company

Ameren Services

The Ameren Missouri subsidiary owns Bagnell Dam on the Osage River, which forms the Lake of the Ozarks. Ameren Missouri is responsible for managing water levels on the lake according to federal regulations.

History

Origins

Prior to the formation of Ameren, the first major development in the history of its constituent parts occurred in 1929, when the Bagnell Dam was completed on the Osage River and generated almost 175 megawatts of hydroelectricity for Missouri's Union Electric Company. The dam also created the Lake of the Ozarks with 1,400 miles (2,300 km) of shoreline.

In 1931, Union Electric Light and Power sought additional generating sources (interurbans being one need) and the company began buying power from the Keokuk, IA dam, 150 miles (240 km) north of St. Louis. Union Electric later bought the dam, providing 134 megawatts of hydroelectricity carried over a longer distance than had ever been achieved before.

By the 1950s Union Electric owned gas operations in and around Alton, Illinois, and acquired other utilities to become the third largest distributor of natural gas in Missouri.

In 1952, Ameren's second major constituent, the Central Illinois Public Service Company, became a major pooled energy power distributor with its future Ameren mate, Union Electric Company. The arrangement formed the Midwest Power Pool system. The CIPS Meredosia, Illinois Power Station became a key contributor to the pool, which also included the later Ameren subsidiary Illinois Power Company.

In 1963 Union Electric completed construction of one of the largest pumped storage plants at that time, the then-350-megawatt Taum Sauk Plant, in Reynolds County, Missouri. In 1984 Union Electric added nuclear energy to the mix, when the Callaway Nuclear Generating Station began providing 1,143 megawatts of power from Callaway County, Missouri.

Ameren history

In 1995 shareholders of both CIPSCO Inc. and of its neighboring utility of twice its size, the S&P 500-listed Union Electric Company, approved the merger of the two companies, which were to then be combined as Ameren Corporation. Both of those former utilities had traded publicly on the New York Stock Exchange, under ticker symbol CIP and UEP, respectively. At the time of the merger, Union Electric had assets of nearly US$600 million, but still carried nearly US$1.8 billion in long-term debt, although down from US$2.5 billion which it had accumulated by the 1980s. CIPSCO had assets of about US$210 million, but still carried nearly half of US$1 billion in long-term debt, which it had also accumulated by the 1980s.

The merger was completed on December 31, 1997, when the two public companies became one, as Ameren Corporation, which then began to trade publicly on the New York Stock Exchange with the ticker symbol AEE. The name Ameren comes from the combination of American energy/ Following the merger, Union Electric began doing business as AmerenUE, now known as Ameren Missouri. Today, with nine power plants Ameren Missouri serves 1.2 million power customers and 110,000 gas customers, primarily in Missouri, where more than half of its customers reside in the St. Louis metropolitan area. It also served Iowa as well through the mid-1990s, and served adjoining parts of Illinois until 2010. The former CIPSCO Inc. utility, Central Illinois Public Service Company, became Ameren's other operating company, doing business as AmerenCIPS.

In 2000, Ameren formed the holding company, AmerenEnergy Resources. It contained two further subsidiaries, AmerenEnergy Marketing, and AmerenEnergy Generating. In 2002, Ameren Corporation announced a voluntary retirement program, which was offered to approximately 1,000 of Ameren's 7,400 current employees, expecting to realize significant long-term savings.

In 2003, Ameren acquired Peoria-based CILCORP, Inc. and its leading subsidiary, Central Illinois Light Company, from AES Corporation. CILCORP had traded on the NYSE with ticker symbol CER prior to its acquisition by AES, and by the mid-1990s had become a member of the S&P Small Cap 600 index. CILCO had been another pioneer utility in the region, which had paid a dividend since 1921. By 1996, it had grown to over US$150 million in assets, and carried US$330 million in long-term debt. Following the 2003 Ameren acquisition, that utility began doing business as AmerenCILCO.

At the end of 2003, Ameren's chairman and chief executive, Charles Mueller, retired and was succeeded in both positions by Gary Rainwater, the company's president and chief operating officer the past two years.

In 2004, Ameren acquired the third partner from the 1952 Midwest Power Pool system, Illinois Power Company, from Dynegy Inc. That utility had traded publicly on the NYSE under the ticker symbol IPC through the 1980s, and paid dividends since 1947. As of the late 1980s, the company generated electricity and natural gas, almost entirely from coal plants, with less than 1% fueled from oil and gas. By then, with about $360 million in assets, it carried long-term debt of over US$2 billion.

In 1991, Illinois Power reorganized as a holding company, Illinova Corporation, which traded on the NYSE with ticker symbol ILN. Illinova had grown to an S&P Midcap 400 stock by 1996, with over US$415 million in assets, and had brought the IP utility's debt down to US$1.8 billion by then. In a merger completed February 1, 2000, Illinova became a wholly owned subsidiary of Dynegy Inc. (NYSE: DYN), in which Chevron Corporation also took a 28% stake. Dynegy in turn had been created in June 1998, from the merger of Chevron's natural gas and natural gas liquids businesses with Dynegy's predecessor, NGC Corp. (former ticker NGL). NGC had been an integrated natural gas services company around since 1994. Following Ameren's acquisition of Illinois Power, that subsidiary began doing business as AmerenIP. The IP acquisition made Ameren the major investor-owned power company in downstate Illinois.

In December 2004, Ameren announced that Patrick T. Stokes, the president and chief executive officer of Anheuser-Busch Cos., Inc., was elected to the Ameren board of directors. In 2009, AmerenUE signed an agreement to purchase 102 megawatts (MW) of wind power from phase II of Horizon Wind Energy's Pioneer Prairie Wind Farm in Iowa, which is enough to power 26,000 households. The power AmerenUE is purchasing will tie into the Midwest Independent System Operator (MISO) transmission grid, of which the company is a member, fulfilling AmerenUE's commitment to add 100 megawatts of renewable capacity to serve its Missouri customers by 2010. On October 1, 2010 Ameren's three Illinois operating companies merged to become Ameren Illinois Company. The merger resulted in a single operating company providing power to most of downstate Illinois. However, the Ameren Illinois service territory is split into three rate zones corresponding to the service territories of the three former Illinois operating companies—Zone I (the former AmerenCIPS), Zone II (the former AmerenCILCO) and Zone III (the former AmerenIP). On the same date, AmerenUE changed its name to Ameren Missouri Company. The former Illinois portion of the AmerenUE territory was transferred to Ameren Illinois Zone I. In 2015, Ameren became the first major energy company to open an Innovation Center at the Research Park, University of Illinois at Urbana-Champaign. In 2016, Ameren was named 10th on Business Insider’s 10 best energy companies to work for in America list. In the report, seventy four percent of employees said their job has high meaning.

Ameren Transmission

Ameren owns and operates transmission lines at the following voltages: 345kV, 230kV, 161kV, 138kV, 69kV and 34.5kV.

Service area

As of 2021, Ameren Illinois and Ameren Missouri distribute electricity and natural gas to most of central and southern Illinois and to much of northern and eastern Missouri. This service area includes the cities of St. Louis and East Saint Louis and surrounding suburbs. It excludes almost all of the Chicago metropolitan area, where about three quarters of Illinois's population resides.

Ownership

As of 2017 Ameren shares are mainly held by institutional investors (Vanguard group, BlackRock, State Street Corporation, among others).

Taum Sauk pumped storage plant

Ameren Missouri owns the Taum Sauk pumped storage plant, which failed on December 14, 2005, causing extensive damage to the east fork of the Black River and to Johnson's Shut-Ins State Park. Consequently, FERC fined Ameren $15 million. The State of Missouri has sued Ameren for actual and punitive damages, alleging Ameren recklessly operated the plant and put financial considerations from sale of power to other companies over safety, maintenance and engineering. The plant was operated by remote control with no one onsite during pumping operations. Rebuilding the upper reservoir of the AmerenUE Taum Sauk pumped-storage hydroelectric plant cost $450 million. The upper reservoir was constructed with roller compacted concrete (RCC); and online in 2010, this 54.5-acre (221,000 m2) reservoir is the largest RCC dam in North America. The 450-megawatt Taum Sauk pumped storage hydroelectric plant began generating electricity again on April 21, 2010.

Environmental issues

Clean Air Act

In 2011 the United States Environmental Protection Agency (EPA) filed suit (Case No. 4:11 CV 77 RWS) against Ameren Missouri concerning excess sulfur (SO2) emissions from the Rush Island Plant in Festus, Missouri United States v. Ameren Missouri, 229 F.Supp.3d 906 (2017) 48295 (D.C., E.D. Missouri, Eastern Division. January 23, 2017).

EPA alleged Ameren violated the Clean Air Act, the Missouri State Implementation Plan, and Ameren's Rush Island Plant Title V Permit when it undertook major modifications at the Rush Island Plant in 2007 through 2010 without obtaining the required permits under the Prevention of Significant Deterioration (PSD) provisions of the New Source Review (NSR) program.

In January 2017 the District Court found that Ameren "...violated the Clean Air Act without obtaining the necessary permits, installing best-available pollution technology, and otherwise meeting applicable requirements." Judge Rodney Sippel entered a finding of liability in January 2017 and ordered a remedy that called for the company to equip its Rush Island coal plant in Jefferson County, Missouri, with scrubbers. Ameren instead decided to close the plant in 2024, 15 years ahead of schedule. Sippel also ordered Ameren to install sulfur dioxide scrubbers on its Labadie plant, also in Missouri, but a federal appeals court overturned that condition even though “the government never provided notice of or alleged” that the plant committed a Clean Air Act violation.

Electric vehicles

Ameren has a history of supporting the adoption of electric vehicles. In 2016, the company attempted to launch a pilot program to install electric vehicle charging stations but state utility regulators turned down oversight of the project. As a result, Ameren canceled the program because it would not recover its investments. However, in early 2018 Ameren tried again, this time launching a program called "Charge Ahead" which incentivizes the installation of around 1,200 charging stations. In addition, the program creates incentives for the adoption of commercial electric vehicles.

Former manufactured gas plant

In the nineteenth and twentieth centuries a local utility company operated a coal gasification plant at the corner of Ash and Orr streets in Columbia, Missouri, that was subsequently demolished. The company was purchased by the Ameren Corporation. The gasification process contaminated the soil and some groundwater in the area with carcinogenic chemicals. In June 2014 Ameren was removing contaminated soil from the area, and expected to finish by September 2014. As of 2019 the city is considering purchasing the lot to create a public park. Ameren has been criticized by the North Village Board of Directors for owning "a whole city block that is in disrepair and for an aversion to commerce."

Lake of the Ozarks

Ameren Missouri sponsors the Adopt-the-Shoreline program, which enables people to “adopt” portions of the shoreline for litter control. They also control other shoreline activities in the Lake of the Ozarks such as the regulation of boat docks, seawalls and other structures within the Osage Project boundary on the lake and downstream from Bagnell Dam. The company maintains the Lake and Shoreline Protection Hotline that anyone who wishes can use to report neglected docks or other concerns they may have about the lake.

Labadie Energy Center

Ameren UE Tower

The Ameren UE Tower is a unique combination of an electricity pylon and a radio tower located near Ameren's headquarters in St. Louis, Missouri, USA at 38.623313 N 90.210840 W. It is a 106.5-metres (with antennas on top 111 metres) tall lattice steel structure, which was built in 2009. It carries two 138 kV circuits on three crossbars approximately in half height.

Unlike other electricity pylons that carries antennas, the height of the Ameren UE Tower is not determined by its function as electricity pylon, but rather by its task as radio tower, which requires a significantly greater height than a pour use as an electricity pylon. The design of the Ameren UE Tower has the disadvantage that the installation of larger antennas with a crane or pulley is significantly hampered by the crossbars and power conductors, requiring the shutdown of the high-voltage circuits.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

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AEE Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$110.42
Market Cap
$30.55B
P/E (TTM)
20.7
EPS (TTM)
$5.35
Revenue (TTM)
$8.80B
Div Yield
2.5%
ROE
11.5%
Debt/Equity
1.5
52W Range
$97 – $118

AEE Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $8.80B
10-point trend, +44.8%
2016-12-31 2025-12-31
EPS $5.35
10-point trend, +99.6%
2016-12-31 2025-12-31
Free Cash Flow $-775M
10-point trend, -1748.9%
2016-12-31 2025-12-31
Margins 16.6%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
AEE
Peer Median
P/E (TTM)
5-point trend, -19.5%
20.7
21.6
P/S (TTM)
5-point trend, -12.6%
3.5
3.3
P/B
5-point trend, -12.9%
2.3
2.1
EV / EBITDA
5-point trend, -9.0%
13.8
Price / FCF
5-point trend, -100.8%
-39.4

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
AEE
Peer Median
Operating Margin
5-point trend, +10.5%
23.0%
Net Profit Margin
5-point trend, +6.7%
16.6%
15.5%
ROA
5-point trend, +6.8%
3.1%
2.8%
ROE
5-point trend, +7.2%
11.5%
10.4%
ROIC
5-point trend, +13.0%
5.6%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
AEE
Peer Median
Debt / Equity
5-point trend, +5.4%
1.5
Current Ratio
5-point trend, -5.5%
0.7
0.9
Quick Ratio
5-point trend, +10.9%
0.2

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
AEE
Peer Median
Revenue YoY
5-point trend, +37.6%
15.4%
Revenue CAGR 3Y
5-point trend, +37.6%
3.4%
Revenue CAGR 5Y
5-point trend, +37.6%
8.7%
EPS YoY
5-point trend, +39.3%
21.0%
Net Income YoY
5-point trend, +46.8%
23.1%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
AEE
Peer Median
EPS (Diluted)
5-point trend, +39.3%
$5.35

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
AEE
Peer Median
Payout Ratio
5-point trend, -7.4%
52.6%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
2.5%
Payout Ratio
52.6%
5Y Div CAGR
Ex-dateAmount
June 9, 2026$0.7500
March 10, 2026$0.7500
Dec. 9, 2025$0.7100
Sept. 9, 2025$0.7100
June 10, 2025$0.7100
March 11, 2025$0.7100
Dec. 11, 2024$0.6700
Sept. 11, 2024$0.6700
June 12, 2024$0.6700
March 12, 2024$0.6700
Dec. 12, 2023$0.6300
Sept. 12, 2023$0.6300
June 13, 2023$0.6300
March 14, 2023$0.6300
Dec. 6, 2022$0.5900
Sept. 6, 2022$0.5900
June 7, 2022$0.5900
March 8, 2022$0.5900
Dec. 7, 2021$0.5500
Sept. 7, 2021$0.5500

AEE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 22 analysts
  • Strong Buy 5 22.7%
  • Buy 9 40.9%
  • Hold 8 36.4%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

16 analysts · 2026-08-15
Median target $121.00 +9.6%
Mean target $121.50 +10.0%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.03%
Period EPS Actual EPS Est Surprise
June 30, 2026 $1.13 $1.10 0.03%
March 31, 2026 $1.28 $1.19 0.09%
Dec. 31, 2025 $0.78 $0.78 -0.00%
Sept. 30, 2025 $2.17 $2.13 0.04%
June 30, 2025 $1.01 $0.99 0.02%
March 31, 2025 $1.07 $1.08 -0.01%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
AEE $27.60B 18.7 15.4% 16.6% 11.5%
D $51.50B 17.0 14.2% 18.2% 10.7%
SRE
ED $35.85B 17.6 10.9% 12.0% 8.4%
PEG $39.99B 19.0 18.2% 17.3% 12.6%
WEC $34.32B 21.9 14.0% 15.9% 11.2%
DTE
CNP $25.03B 24.0 8.3% 11.2% 9.5%
CMS $21.43B 19.8 13.6% 12.5% 12.3%
NI $19.98B 21.4 23.5% 14.2% 10.2%
BKH $5.24B 17.4 8.6% 12.6% 8.0%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 13
Annual Income Statement data for AEE
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +45.4% $8.80B $7.62B $7.50B $7.96B $6.39B $5.79B $5.91B $6.29B $6.17B $6.08B $6.10B $6.05B
Operating Expenses 12-point trend, +41.1% $6.77B $6.11B $5.94B $6.44B $5.06B $4.49B $4.64B $4.93B $4.76B $4.75B $4.84B $4.80B
Operating Income 12-point trend, +61.6% $2.03B $1.52B $1.56B $1.51B $1.33B $1.30B $1.27B $1.36B $1.41B $1.32B $1.26B $1.25B
Interest Expense 12-point trend, +127.6% $776M $663M $566M $486M $383M $419M $381M $401M $391M $382M $355M $341M
Other Non-op 12-point trend, +508.8% $347M $417M $348M $226M $202M $151M $130M $102M $86M $101M $44M $57M
Pretax Income 12-point trend, +64.6% $1.60B $1.27B $1.34B $1.25B $1.15B $1.03B $1.02B $1.06B $1.10B $1.04B $948M $970M
Income Tax 12-point trend, -63.9% $136M $83M $183M $176M $157M $155M $182M $237M $576M $382M $363M $377M
Net Income 12-point trend, +149.3% $1.46B $1.19B $1.16B $1.08B $995M $877M $834M $821M $529M $659M $630M $586M
EPS (Basic) 12-point trend, +122.3% $5.38 $4.43 $4.39 $4.16 $3.86 $3.53 $3.37 $3.34 $2.16 $2.69 $2.60 $2.42
EPS (Diluted) 12-point trend, +122.9% $5.35 $4.42 $4.38 $4.14 $3.84 $3.50 $3.35 $3.32 $2.14 $2.68 $2.59 $2.40
Shares (Basic) 12-point trend, +11.5% 270,500,000 266,800,000 262,800,000 258,400,000 256,300,000 247,000,000 245,600,000 243,800,000 242,600,000 242,600,000 242,600,000 242,600,000
Shares (Diluted) 12-point trend, +11.4% 272,200,000 267,400,000 263,400,000 259,500,000 257,600,000 248,700,000 247,100,000 245,800,000 244,200,000 243,400,000 243,600,000 244,400,000
EBITDA 12-point trend, +85.2% $3.64B $3.04B $2.99B $2.95B $2.55B $2.38B $2.27B $2.29B $2.33B $2.22B $2.04B $1.96B
Balance Sheet 26
Annual Balance Sheet data for AEE
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +160.0% $13M $7M $25M $10M $8M $139M $16M $16M $10M $9M $292M $5M
Receivables 12-point trend, +57.2% $665M $525M $494M $600M $434M $415M $393M $463M $445M $437M $388M $423M
Inventory 12-point trend, +47.7% $774M $762M $733M $667M $592M $521M $494M $483M $522M $527M $538M $524M
Other Current Assets 12-point trend, +144.2% $210M $162M $139M $155M $155M $135M $118M $63M $98M $113M $88M $86M
Current Assets 12-point trend, +51.8% $2.57B $2.26B $2.18B $2.67B $1.97B $1.65B $1.43B $1.53B $1.61B $1.59B $1.92B $1.69B
PP&E (Net) 12-point trend, +125.6% $39.31B $36.30B $33.78B $31.26B $29.26B $26.81B $24.38B $22.81B $21.47B $20.11B $18.80B $17.42B
PP&E (Gross) 10-point trend, +80.1% · · $47.18B $43.84B $41.60B $39.72B $36.65B $34.00B $32.03B $30.12B $27.60B $26.20B
Accum. Depreciation 12-point trend, +69.8% $16.57B $16.50B $15.43B $14.46B $14.21B $13.77B $13.01B $12.27B $11.63B $10.96B $10.35B $9.76B
Goodwill Flat — no change across 12 periods $411M $411M $411M $411M $411M $411M $411M $411M $411M $411M $411M $411M
Other Non-current Assets 12-point trend, +83.5% $1.15B $1.12B $921M $768M $891M $789M $876M $650M $522M $538M $575M $629M
Total Assets 12-point trend, +117.5% $48.48B $44.60B $40.83B $37.90B $35.73B $32.03B $28.93B $27.21B $25.95B $24.70B $23.64B $22.29B
Accounts Payable 12-point trend, +76.4% $1.25B $1.06B $1.14B $1.16B $1.09B $958M $874M $817M $902M $805M $777M $711M
Short-term Debt 12-point trend, -9.9% $643M $1.14B $536M $1.07B $545M $490M $440M $597M $484M $558M $301M $714M
Current Liabilities 12-point trend, +73.7% $3.91B $3.41B $3.35B $3.37B $2.83B $2.18B $2.50B $2.69B $2.94B $2.67B $2.09B $2.25B
Capital Leases 3-point trend, +151.7% $73M $67M · · · · $29M · · · · ·
Deferred Tax 6-point trend, -19.4% · · · · · · $2.88B $2.62B $2.51B $4.26B $3.88B $3.57B
Other Non-current Liabilities 12-point trend, +5.1% $540M $487M $426M $340M $414M $503M $467M $408M $460M $477M $531M $514M
Long-term Debt 12-point trend, +210.8% $19.43B $17.80B $16.11B $14.15B $13.18B $11.19B $9.44B $8.51B $8.00B $7.33B $7.33B $6.25B
Total Debt 12-point trend, +185.2% $19.83B $18.72B $16.51B $15.10B $13.61B $11.58B $9.80B $9.04B $8.42B $7.83B $7.58B $6.95B
Common Stock 12-point trend, +50.0% $3M $3M $3M $3M $3M $3M $2M $2M $2M $2M $2M $2M
Paid-in Capital 12-point trend, +44.3% $8.11B $7.51B $7.22B $6.86B $6.50B $6.18B $5.69B $5.63B $5.54B $5.56B $5.62B $5.62B
Retained Earnings 12-point trend, +379.8% $5.29B $4.60B $4.14B $3.65B $3.18B $2.76B $2.38B $2.02B $1.66B $1.57B $1.33B $1.10B
AOCI 12-point trend, +100.0% $0 $-6M $-6M $-1M $13M $-1M $-17M $-22M $-18M $-23M $-3M $-9M
Stockholders' Equity 12-point trend, +99.6% $13.40B $12.11B $11.35B $10.51B $9.70B $8.94B $8.06B $7.63B $7.18B $7.10B $6.95B $6.71B
Liabilities + Equity 12-point trend, +117.5% $48.48B $44.60B $40.83B $37.90B $35.73B $32.03B $28.93B $27.21B $25.95B $24.70B $23.64B $22.29B
Shares Outstanding 12-point trend, +13.9% 276,400,000 269,900,000 266,300,000 262,000,000 257,700,000 253,300,000 246,200,000 244,500,000 242,600,000 242,600,000 242,600,000 242,600,000
Cash Flow 17
Annual Cash Flow data for AEE
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +127.0% $1.61B $1.52B $1.43B $1.37B $1.22B $1.15B $1.00B $938M $876M $835M $777M $710M
Stock-based Comp 12-point trend, +12.0% $28M $28M $26M $24M $22M $21M $20M $20M $17M $17M $24M $25M
Other Non-cash 12-point trend, +9.6% $252M $24M $-51M $-278M $-575M $-256M $314M $391M $688M $618M $586M $230M
Operating Cash Flow 12-point trend, +114.2% $3.35B $2.76B $2.56B $2.26B $1.66B $1.73B $2.17B $2.17B $2.12B $2.12B $2.03B $1.56B
CapEx 12-point trend, +131.3% $4.13B $4.32B $3.60B $3.35B $3.48B $3.23B $2.41B $2.29B $2.13B $2.08B $1.92B $1.78B
Investing Cash Flow 12-point trend, -141.4% $-4.14B $-4.46B $-3.80B $-3.37B $-3.53B $-3.33B $-2.44B $-2.34B $-2.20B $-2.16B $-1.98B $-1.72B
Debt Issued 12-point trend, +118.3% $1.96B $2.54B $2.29B $1.47B $2.00B $2.18B $1.53B $1.35B $1.34B $396M $1.20B $898M
Net Debt Issued 12-point trend, +118.3% $1.96B $2.54B $2.29B $1.47B $2.00B $2.18B $1.53B $1.35B $1.34B $389M $1.20B $898M
Stock Issued 10-point trend, +574000000.00 $574M $273M $346M $333M $308M $476M $68M $74M $0 $0 · ·
Stock Repurchased 4-point trend, -100.0% · · · · · · $0 $0 $24M $51M · ·
Net Stock Activity 8-point trend, +675.7% $574M $273M $346M $333M $308M $476M $68M $74M · · · ·
Dividends Paid 12-point trend, +96.9% $768M $714M $662M $610M $565M $494M $472M $451M $431M $416M $402M $390M
Financing Cash Flow 12-point trend, +596.1% $884M $1.75B $1.29B $1.17B $1.72B $1.73B $334M $205M $102M $-258M $232M $127M
Net Change in Cash 11-point trend, +468.0% $92M $56M $56M $61M $-146M $125M $69M · $1M $-283M $287M $-25M
Taxes Paid 12-point trend, -1055.6% $-312M $-92M $-24M $-8M $-1M $13M $13M $21M $-19M $-12M $-15M $-27M
Free Cash Flow 12-point trend, -231.2% $-775M $-1.56B $-1.03B $-1.09B $-1.29B $-942M $-241M $-116M $-28M $47M $100M $-234M
Levered FCF 12-point trend, -235.6% $-1.48B $-2.18B $-1.52B $-1.51B $-1.62B $-1.30B $-554M $-427M $-215M $-195M $-119M $-442M
Profitability 7
Annual Profitability data for AEE
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 12-point trend, +11.1% 23.0% 19.9% 20.8% 19.0% 20.8% 22.4% 21.4% 21.6% 23.6% 22.7% 20.6% 20.7%
Net Margin 12-point trend, +71.5% 16.6% 15.6% 15.4% 13.6% 15.6% 15.1% 14.1% 13.1% 8.5% 10.8% 10.3% 9.7%
Pretax Margin 12-point trend, +13.2% 18.1% 16.7% 17.9% 15.8% 18.0% 17.8% 17.2% 16.8% 17.9% 17.1% 15.6% 16.0%
EBITDA Margin 12-point trend, +27.4% 41.3% 39.9% 39.9% 37.1% 39.9% 41.2% 38.4% 36.5% 37.8% 36.5% 33.4% 32.5%
ROA 12-point trend, +17.2% 3.1% 2.8% 2.9% 2.9% 2.9% 2.9% 3.0% 3.1% 2.1% 2.7% 2.7% 2.7%
ROE 12-point trend, +29.5% 11.5% 10.1% 10.6% 10.7% 10.7% 10.3% 10.6% 11.1% 7.3% 9.3% 9.2% 8.8%
ROIC 12-point trend, -0.5% 5.6% 4.6% 4.8% 5.1% 4.9% 5.4% 5.8% 6.3% 4.5% 5.9% 5.3% 5.6%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for AEE
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, -27.7% 0.7 0.7 0.7 0.8 0.7 0.8 0.6 0.6 0.5 0.6 0.9 0.9
Quick Ratio 12-point trend, -8.8% 0.2 0.2 0.2 0.2 0.2 0.3 0.2 0.2 0.2 0.2 0.3 0.2
Debt / Equity 12-point trend, +42.8% 1.5 1.5 1.5 1.4 1.4 1.3 1.2 1.2 1.2 1.1 1.1 1.0
LT Debt / Equity 12-point trend, +49.1% 1.4 1.4 1.3 1.3 1.3 1.2 1.1 1.0 1.0 0.9 1.0 0.9
Interest Coverage 12-point trend, -29.0% 2.6 2.3 2.8 3.1 3.5 3.1 3.3 3.4 3.7 3.6 3.5 3.7
Efficiency 2
Annual Efficiency data for AEE
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -31.7% 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3
Receivables Turnover 12-point trend, +1.0% 14.8 15.0 13.7 15.4 15.1 14.3 13.8 13.9 14.0 14.7 15.0 14.6
Per Share 6
Annual Per Share data for AEE
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, +75.2% $48.48 $44.88 $42.62 $40.11 $37.64 $35.29 $32.73 $31.21 $29.61 $29.28 $28.63 $27.67
Revenue / Share 12-point trend, +30.5% $32.33 $28.51 $28.47 $30.66 $24.82 $23.30 $23.92 $25.59 $25.29 $24.96 $25.03 $24.77
Cash Flow / Share 12-point trend, +94.1% $12.32 $10.33 $9.73 $8.72 $6.45 $6.94 $8.78 $8.83 $8.62 $8.72 $8.28 $6.35
Cash / Share 12-point trend, +128.2% $0.05 $0.03 $0.09 $0.04 $0.03 $0.55 $0.07 $0.07 $0.04 $0.04 $1.20 $0.02
Dividend Paid / Share 12-point trend, +76.4% $3 $3 $3 $2 $2 $2 $2 $2 $2 $2 $2 $2
EPS (TTM) 12-point trend, +122.9% $5.35 $4.42 $4.38 $4.14 $3.84 $3.50 $3.35 $3.32 $2.14 $2.68 $2.59 $2.40
Growth Rates 10
Annual Growth Rates data for AEE
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, +48.9% 15.4% 1.6% -5.7% 24.4% 10.4% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -62.0% 3.4% 6.0% 9.0% · · · · · · · · ·
Revenue CAGR 5Y 8.7% · · · · · · · · · · ·
EPS YoY 5-point trend, +116.7% 21.0% 0.91% 5.8% 7.8% 9.7% · · · · · · ·
EPS CAGR 3Y 3-point trend, +14.9% 8.9% 4.8% 7.8% · · · · · · · · ·
EPS CAGR 5Y 8.9% · · · · · · · · · · ·
Net Income YoY 5-point trend, +71.6% 23.1% 2.6% 7.2% 8.4% 13.5% · · · · · · ·
Net Income CAGR 3Y 3-point trend, +9.8% 10.6% 6.1% 9.7% · · · · · · · · ·
Net Income CAGR 5Y 10.8% · · · · · · · · · · ·
Dividend CAGR 5Y 9.2% · · · · · · · · · · ·
Valuation (TTM) 17
Annual Valuation (TTM) data for AEE
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +45.4% $8.80B $7.62B $7.50B $7.96B $6.39B $5.79B $5.91B $6.29B $6.17B $6.08B $6.10B $6.05B
Net Income TTM 12-point trend, +149.3% $1.46B $1.19B $1.16B $1.08B $995M $877M $834M $821M $529M $659M $630M $586M
Market Cap 12-point trend, +146.6% $27.60B $24.06B $19.26B $23.30B $22.94B $19.77B $18.91B $15.95B $14.31B $12.73B $10.49B $11.19B
Enterprise Value 12-point trend, +161.4% $47.42B $42.77B $35.75B $38.38B $36.54B $31.21B $28.69B $24.97B $22.72B $20.55B $17.77B $18.14B
P/E 12-point trend, -2.9% 18.7 20.2 16.5 21.5 23.2 22.3 22.9 19.6 27.6 19.6 16.7 19.2
P/S 12-point trend, +69.7% 3.1 3.2 2.6 2.9 3.6 3.4 3.2 2.5 2.3 2.1 1.7 1.8
P/B 12-point trend, +23.5% 2.1 2.0 1.7 2.2 2.4 2.2 2.3 2.1 2.0 1.8 1.5 1.7
P / Tangible Book 6-point trend, -8.4% 2.1 2.1 1.8 2.3 2.5 2.3 · · · · · ·
P / Cash Flow 12-point trend, +14.1% 8.2 8.7 7.5 10.3 13.8 11.4 8.7 7.3 6.8 6.0 5.2 7.2
P / FCF 12-point trend, +25.5% -35.6 -15.5 -18.6 -21.4 -17.7 -21.0 -78.5 -137.5 -511.1 270.8 104.9 -47.8
EV / EBITDA 12-point trend, +41.1% 13.0 14.1 12.0 13.0 14.3 13.1 12.6 10.9 9.7 9.3 8.7 9.2
EV / FCF 12-point trend, +21.1% -61.2 -27.5 -34.6 -35.3 -28.3 -33.1 -119.0 -215.2 -811.4 437.3 177.7 -77.5
EV / Revenue 12-point trend, +79.8% 5.4 5.6 4.8 4.8 5.7 5.4 4.9 4.0 3.7 3.4 2.9 3.0
Dividend Yield 12-point trend, -20.1% 2.8% 3.0% 3.4% 2.6% 2.5% 2.5% 2.5% 2.8% 3.0% 3.3% 3.8% 3.5%
Earnings Yield 12-point trend, +3.1% 5.4% 5.0% 6.0% 4.7% 4.3% 4.5% 4.4% 5.1% 3.6% 5.1% 6.0% 5.2%
Payout Ratio 12-point trend, -21.0% 52.6% 60.2% 57.2% 56.5% 56.8% 56.3% 56.6% 54.9% 82.4% 63.7% 63.8% 66.5%
Annual Payout 12-point trend, +96.9% $768M $714M $662M $610M $565M $494M $472M $451M $431M $416M $402M $390M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $8.80B$7.62B$7.50B$7.96B$6.39B
Operating Margin % 23.0%19.9%20.8%19.0%20.8%
Net Income $1.46B$1.19B$1.16B$1.08B$995M
Diluted EPS $5.35$4.42$4.38$4.14$3.84
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 1.51.51.51.41.4
Current Ratio 0.70.70.70.80.7
Quick Ratio 0.20.20.20.20.2
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $-775M$-1.56B$-1.03B$-1.09B$-1.29B

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Institutional owners (13F) 1,008 filers · $14.9B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
105 (-34 vs prior Q) 72 (+12 vs prior Q) 380 (+10 vs prior Q) 238 (+20 vs prior Q) +31.6M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $2,040,465,258 18,050,825 13.73% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $1,809,972,741 16,011,790 12.18% Shares
STATE STREET CORP $1,715,000,603 15,171,626 11.54% Shares
GEODE CAPITAL MANAGEMENT, LLC $777,123,139 6,903,692 5.23% Shares
AMERIPRISE FINANCIAL INC $626,943,411 5,546,171 4.22% Shares
FMR LLC $417,885,082 3,696,789 2.81% Shares
ALLIANCEBERNSTEIN L.P. $380,746,832 3,463,854 2.56% Shares
Pictet Asset Management Holding SA $272,977,131 2,414,872 1.84% Shares
BARCLAYS PLC $257,465,329 2,277,648 1.73% Shares
Point72 Asset Management, L.P. $241,863,775 2,139,630 1.63% Shares
CITADEL ADVISORS LLC $200,609,375 1,774,676 1.35% Shares
VANGUARD FIDUCIARY TRUST CO $175,730,288 1,554,585 1.18% Shares
JENNISON ASSOCIATES LLC $154,338,599 1,365,345 1.04% Shares
VANGUARD GROUP INC $150,780,611 1,509,920 1.01% Shares
ANTIPODES PARTNERS Ltd $145,282,738 1,285,233 0.98% Shares
Soroban Capital Partners LP $141,098,902 1,248,221 0.95% Shares
Maple-Brown Abbott Ltd $136,933,494 1,363,770 0.92% Shares
DUFF & PHELPS INVESTMENT MANAGEMENT CO $136,334,831 1,206,076 0.92% Shares
Qube Research & Technologies Ltd $113,835,010 1,007,033 0.77% Shares
AQR CAPITAL MANAGEMENT LLC $105,834,275 936,255 0.71% Shares
DIMENSIONAL FUND ADVISORS LP $105,492,902 933,235 0.71% Shares
MILLENNIUM MANAGEMENT LLC $99,279,302 878,267 0.67% Shares
Nuveen Asset Management, LLC $93,609,390 1,050,139 0.63% Shares
GOLDMAN SACHS GROUP INC $92,230,828 815,913 0.62% Shares
Swiss National Bank $88,193,808 780,200 0.59% Shares
ExodusPoint Capital Management, LP $86,434,566 764,637 0.58% Shares
BANK OF AMERICA CORP /DE/ $85,260,533 754,251 0.57% Shares
BlackRock, Inc. $83,436,180 738,112 0.56% Shares
LAZARD ASSET MANAGEMENT LLC $81,653,540 722,342 0.55% Shares
Clark Capital Management Group, Inc. $79,425,907 702,635 0.53% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $75,588,718 668,690 0.51% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $75,325,900 666,365 0.51% Shares
Sumitomo Mitsui Trust Group, Inc. $73,719,036 652,150 0.50% Shares
Homestead Advisers Corp $72,282,185 639,439 0.49% Shares
Covalis Capital LLP $71,186,488 629,746 0.48% Shares
Nuveen, LLC $70,344,227 622,295 0.47% Shares
Vanguard Global Advisers, LLC $67,554,513 597,616 0.45% Shares
VANGUARD ASSET MANAGEMENT, Ltd $66,507,649 588,355 0.45% Shares
Caisse de depot et placement du Quebec $62,247,172 550,665 0.42% Shares
UniSuper Management Pty Ltd $62,238,015 550,584 0.42% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $61,468,891 543,780 0.41% Shares
Balyasny Asset Management L.P. $61,336,634 542,610 0.41% Shares
Quantinno Capital Management LP $61,187,047 541,286 0.41% Shares
ROYAL BANK OF CANADA $57,770,000 511,055 0.39% Shares
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS $56,883,310 503,214 0.38% Shares
BNP PARIBAS FINANCIAL MARKETS $54,860,234 485,317 0.37% Shares
California Public Employees Retirement System $54,673,944 483,669 0.37% Shares
GABELLI FUNDS LLC $54,507,888 482,200 0.37% Shares
Energy Income Partners, LLC $53,928,897 477,078 0.36% Shares
RHUMBLINE ADVISERS $52,475,436 464,221 0.35% Shares
RENAISSANCE TECHNOLOGIES LLC $49,534,128 438,200 0.33% Shares
HITE Hedge Asset Management LLC $47,061,491 416,326 0.32% Shares
Legal & General Group Plc $45,368,150 401,346 0.31% Shares
WORLDQUANT MILLENNIUM ADVISORS LLC $45,242,564 400,235 0.30% Shares
National Pension Service $44,537,195 393,995 0.30% Shares
Aventail Capital Group, LP $44,100,973 390,136 0.30% Shares
REAVES W H & CO INC $41,425,317 366,466 0.28% Shares
MIZUHO MARKETS AMERICAS LLC $40,016,160 354,000 0.27% Shares
CIBC Private Wealth Group LLC $39,445,724 377,905 0.27% Shares
Hudson Bay Capital Management LP $38,601,690 341,487 0.26% Shares
VICTORY CAPITAL MANAGEMENT INC $37,133,640 328,500 0.25% Shares
PRINCIPAL FINANCIAL GROUP INC $36,671,307 324,410 0.25% Shares
CHILTON CAPITAL MANAGEMENT LLC $34,825,703 308,083 0.23% Shares
Magellan Asset Management Ltd $34,551,128 305,654 0.23% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $34,502,459 313,887 0.23% Shares
LPL Financial LLC $33,761,701 298,671 0.23% Shares
GATEWAY INVESTMENT ADVISERS LLC $33,116,862 292,966 0.22% Shares
Yaupon Capital Management LP $32,110,708 284,065 0.22% Shares
Gotham Asset Management, LLC $31,574,672 279,323 0.21% Shares
Vanguard Investments Australia, Ltd. $31,210,570 276,102 0.21% Shares
Lighthouse Investment Partners, LLC $29,342,471 259,576 0.20% Shares
MILFORD FUNDS LTD $27,789,528 245,838 0.19% Shares
CIBC Asset Management Inc $27,699,209 245,039 0.19% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $27,143,617 240,124 0.18% Shares
BANK OF MONTREAL /CAN/ $25,287,613 223,705 0.17% Shares
JANUS HENDERSON GROUP PLC $24,684,075 224,564 0.17% Shares
MARTINGALE ASSET MANAGEMENT L P $22,805,820 201,750 0.15% Shares
Northwest & Ethical Investments L.P. $22,769,421 201,428 0.15% Shares
STATE OF WISCONSIN INVESTMENT BOARD $22,611,052 200,027 0.15% Shares
ENVESTNET ASSET MANAGEMENT INC $22,368,454 197,889 0.15% Shares
MACQUARIE GROUP LTD $21,825,989 193,082 0.15% Shares
BRAUN STACEY ASSOCIATES INC $21,409,550 189,398 0.14% Shares
NATIXIS $20,917,487 185,045 0.14% Shares
Verition Fund Management LLC $20,812,020 184,112 0.14% Shares
Mitsubishi UFJ Trust & Banking Corp $20,372,634 180,225 0.14% Shares
MORGAN STANLEY $20,303,959 179,617 0.14% Shares
SummitTX Capital, L.P. $19,427,846 171,867 0.13% Shares
APG Asset Management N.V. $18,859,675 190,749 0.13% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $18,465,241 167,988 0.12% Shares
JONES FINANCIAL COMPANIES LLLP $18,182,493 153,672 0.12% Shares
Asset Management One Co., Ltd. $18,149,551 165,116 0.12% Shares
COMMERCE BANK $17,952,447 158,815 0.12% Shares
Korea Investment CORP $17,951,091 158,803 0.12% Shares
Stack Financial Management, Inc $17,647,127 156,114 0.12% Shares
AMERICAN CENTURY COMPANIES INC $17,493,376 154,753 0.12% Shares
MONETA GROUP INVESTMENT ADVISORS LLC $17,313,187 153,160 0.12% Shares
RAYMOND JAMES FINANCIAL INC $17,043,577 150,775 0.11% Shares
UBS Group AG $17,025,633 150,616 0.11% Shares
ADAMS DIVERSIFIED EQUITY FUND, INC. $16,526,448 146,200 0.11% Shares
Squarepoint Ops LLC $16,374,635 144,857 0.11% Shares

Company insiders 84 insiders · 15 officers · 32 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Martin J Lyons Chairman, President & CEO March 3, 2026 S 282,681 0 1 $-2,999,325
Thomas R Voss Chairman & CEO March 10, 2014 M 132,624 0 0 $0
Andrew M Serri President & CEO of Subsidiary March 1, 2011 F 11,331 0 0 $0
Aaron P Melda Chairman & President of Sub July 1, 2026 A 6,251 0 0 $0
Patrick E Smith Chairman & President of Sub July 1, 2026 A 20,275 0 0 $0
Ajay K Arora EVP of Subsidiary July 1, 2026 A 23,119 0 0 $0
Chonda J Nwamu Executive Vice President March 4, 2025 S 43,344 0 0 $0
Stephen C Lee VP, INTERIM GC & SECRETARY Feb. 28, 2025 F 5,704 0 0 $0
Warner L Baxter Executive Chairman March 2, 2023 S 207,272 0 0 $0
Bruce A Steinke SVP, Finance & CAO March 1, 2021 S 54,617 0 0 $0
Gregory L Nelson SVP, GC & Secretary March 1, 2019 S 42,759 0 0 $0
Jerre E Birdsong Vice President & Treasurer March 8, 2013 M 18,996 0 0 $0
Michael G Mueller Vice President of Subsidiary March 1, 2011 F 9,115 0 0 $0
Karen C Foss Sr. Vice Pres. of Subsidiary Feb. 24, 2011 A 0 0 $0
Gary L Rainwater Exec. Chmn March 1, 2010 F 65,842 0 0 $0
Catherine S Brune Director March 5, 2026 G 26,628 0 0 $0
Steven O Vondran Director Jan. 5, 2026 A 3,597 0 0 $0
Ellen M Fitzsimmons Director Jan. 5, 2026 A 53,026 0 0 $0
Richard J Harshman Director Jan. 5, 2026 A 22,135 0 1 $-262,250
Rafael Flores Director Feb. 19, 2025 S 14,107 0 0 $0
Noelle K Eder Director Jan. 3, 2025 A 16,609 0 0 $0
Ward H. Dickson Director Jan. 3, 2025 A 16,778 0 0 $0
Leo S. Mackay Jr. Director Jan. 3, 2025 A 9,865 0 0 $0
Steven H Lipstein Director Jan. 3, 2025 A 38,476 0 0 $0
James C Johnson Director Jan. 3, 2025 A 60,196 0 0 $0
Kimberly J Harris Director Jan. 3, 2025 A 3,939 0 0 $0
Edward J Coleman Director Jan. 3, 2024 A 23,252 0 0 $0
Gayle P W Jackson Director Jan. 2, 2019 A 30,449 0 0 $0
Walter J Galvin Director Jan. 2, 2019 A 30,683 0 0 $0
Jackie D Woodard Director Dec. 31, 2015 A 29,714 0 0 $0
Patrick T Stokes Director Jan. 9, 2015 A 29,328 0 0 $0
Stephen F Brauer Director Jan. 10, 2013 A 19,206 0 0 $0
Charles W Mueller Director Jan. 10, 2011 A 56,364 0 0 $0
Harvey Saligman Director Jan. 10, 2011 A 24,068 0 0 $0
Susan S Elliott Director Jan. 13, 2010 A 11,729 0 0 $0
Douglas R Oberhelman Director Jan. 13, 2010 A 12,155 0 0 $0
Richard A Liddy Director Jan. 11, 2008 A 15,555 0 0 $0
LOHMAN GORDON R Director Jan. 11, 2008 A 9,434 0 0 $0
Richard Anthony Lumpkin Director Jan. 12, 2007 A 12,243 0 0 $0
Paul L Miller JR Director July 1, 2005 S 4,617 0 0 $0
Thomas A Hays Director Jan. 6, 2005 A 14,657 0 0 $0
GREENWALT CLIFFORD L Director Jan. 6, 2005 A 20,769 0 0 $0
CORNELIUS WILLIAM E Director June 30, 2003 L 4,510 0 0 $0
MERRIMAN HANNE M Director March 31, 2003 L 5,180 0 0 $0
Theresa A Shaw Aug. 14, 2026 S 32,340 0 1 $-35,402
Michael L Moehn Aug. 3, 2026 S 199,689 0 4 $-2,779,595
Shawn E Schukar March 3, 2026 S 56,830 0 1 $-556,404
David Matthew Feinberg Feb. 5, 2026 A 8,260 0 0 $0
Craig S Ivey Jan. 5, 2026 A 16,597 0 0 $0
Cynthia J Brinkley Jan. 5, 2026 A 13,494 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 163 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
UTES · ETFis Series Trust I 3.79% 530,340 NS April 30, 2026 N-PORT
FXU · First Trust Exchange-Traded AlphaDE… 2.58% 203,436 NS April 30, 2026 N-PORT
FUTY · FIDELITY COVINGTON TRUST 1.92% 414,435 NS April 30, 2026 N-PORT
FPWR · First Trust Exchange-Traded Fund IV 1.75% 4,126 NS April 30, 2026 N-PORT
UPW · ProShares Trust 1.61% 2,874 NS May 31, 2026 N-PORT
LOWV · AB Active ETFs, Inc. 1.36% 25,789 NS May 31, 2026 N-PORT
UTSL · Direxion Shares ETF Trust 1.34% 5,130 NS April 30, 2026 N-PORT
ALTL · Pacer Funds Trust 1.34% 11,350 NS April 30, 2026 N-PORT
MMID · MFS Active Exchange Traded Funds Tr… 1.22% 3,857 NS May 31, 2026 N-PORT
HUSV · First Trust Exchange-Traded Fund III 1.16% 7,386 NS April 30, 2026 N-PORT
VRAI · ETFis Series Trust I 1.09% 1,761 NS April 30, 2026 N-PORT
EMLP · First Trust Exchange-Traded Fund IV 0.97% 346,253 NS April 30, 2026 N-PORT
TGLB · T. Rowe Price Exchange-Traded Funds… 0.92% 1,790 NS April 30, 2026 N-PORT
EIPX · First Trust Exchange-Traded Fund IV 0.71% 33,075 NS April 30, 2026 N-PORT
LRGC · AB Active ETFs, Inc. 0.69% 79,519 NS May 31, 2026 N-PORT
QLV · FlexShares Trust 0.54% 8,099 NS April 30, 2026 N-PORT
SMIZ · Zacks Trust 0.54% 12,841 NS May 31, 2026 N-PORT
FTA · First Trust Exchange-Traded AlphaDE… 0.52% 59,971 NS April 30, 2026 N-PORT
EIPI · First Trust Exchange-Traded Fund VI… 0.51% 49,432 NS May 31, 2026 N-PORT
JPUS · J.P. Morgan Exchange-Traded Fund Tr… 0.39% 15,252 NS April 30, 2026 N-PORT
REVS · Columbia ETF Trust I 0.36% 8,945 NS April 30, 2026 N-PORT
EQIN · Columbia ETF Trust I 0.33% 8,125 NS April 30, 2026 N-PORT
JPME · J.P. Morgan Exchange-Traded Fund Tr… 0.30% 11,720 NS April 30, 2026 N-PORT
ESLG · Strategy Shares 0.29% 489 NS April 30, 2026 N-PORT
CSM · ProShares Trust 0.27% 13,143 NS May 31, 2026 N-PORT
JMOM · J.P. Morgan Exchange-Traded Fund Tr… 0.27% 50,981 NS April 30, 2026 N-PORT
FAB · First Trust Exchange-Traded AlphaDE… 0.26% 3,173 NS April 30, 2026 N-PORT
FEX · First Trust Exchange-Traded AlphaDE… 0.25% 33,529 NS April 30, 2026 N-PORT
AVMC · AMERICAN CENTURY ETF TRUST 0.24% 9,086 NS May 31, 2026 N-PORT
DEUS · DBX ETF Trust 0.23% 5,878 NS May 29, 2026 N-PORT
FDLO · FIDELITY COVINGTON TRUST 0.23% 27,688 NS April 30, 2026 N-PORT
SGLC · RBB Fund, Inc. 0.20% 3,546 NS May 31, 2026 N-PORT
GSEW · Goldman Sachs ETF Trust 0.19% 31,874 NS May 31, 2026 N-PORT
RECS · Columbia ETF Trust I 0.17% 83,136 NS April 30, 2026 N-PORT
ROUS · Lattice Strategies Trust 0.16% 8,199 NS April 30, 2026 N-PORT
SCHV · SCHWAB STRATEGIC TRUST 0.10% 139,065 NS May 31, 2026 N-PORT
EQL · ALPS ETF Trust 0.09% 11,790 NS May 31, 2026 N-PORT
GVUS · Goldman Sachs ETF Trust 0.09% 3,250 NS May 31, 2026 N-PORT
GSLC · Goldman Sachs ETF Trust 0.08% 119,558 NS May 31, 2026 N-PORT
SPXT · ProShares Trust 0.07% 1,849 NS May 31, 2026 N-PORT
QRFT · Exchange Listed Funds Trust 0.07% 97 NS April 30, 2026 N-PORT
XMAG · Tidal Trust II 0.07% 900 NS May 31, 2026 N-PORT
SPXD · DBX ETF Trust 0.06% 40 NS May 31, 2026 N-PORT
AVLC · AMERICAN CENTURY ETF TRUST 0.06% 6,853 NS May 31, 2026 N-PORT
DSPY · Tema ETF Trust 0.06% 4,775 NS May 31, 2026 N-PORT
FNDX · SCHWAB STRATEGIC TRUST 0.06% 135,907 NS May 31, 2026 N-PORT
USCA · DBX ETF Trust 0.06% 16,687 NS May 29, 2026 N-PORT
AVUS · AMERICAN CENTURY ETF TRUST 0.06% 67,773 NS May 31, 2026 N-PORT
FNDB · SCHWAB STRATEGIC TRUST 0.05% 6,505 NS May 31, 2026 N-PORT
SPXN · ProShares Trust 0.05% 386 NS May 31, 2026 N-PORT