Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Ameren's free cash flow remained negative for the quarter ended June 30, 2025, as capital expenditure exceeded operating cash flow. The free cash flow margin improved compared to both the prior quarter and the same quarter last year.
- Revenue was higher than the previous quarter and the prior year quarter, while operating cash flow was also higher than both comparison periods. Capital expenditure was similar to the previous quarter and higher than the prior year quarter, resulting in a less negative free cash flow and an improved free cash flow margin.
- Compared to the previous quarter, free cash flow improved and the margin was considerably less negative. Relative to the same quarter last year, free cash flow also improved and the margin was less negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$1.6B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$204.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$862.0M
Cash generated by operations before capital spending.
CapEx
$1.1B
Capital spending and related asset purchases.
FCF margin
-9.2%
The share of revenue converted into free cash flow.
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2024-09-30 | $2.2B | $897.0M | $1.1B | -$240.0M | -11.0% |
| 2024-12-31 | $1.9B | $817.0M | $1.3B | -$473.0M | -24.4% |
| 2025-03-31 | $2.1B | $431.0M | $1.1B | -$633.0M | -30.2% |
| 2025-06-30 | $2.2B | $862.0M | $1.1B | -$204.0M | -9.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -73.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 48.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$18.8B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating Cash Flow Improvement
Higher operating cash flow compared to both the previous quarter and the prior year quarter was the strongest observable positive driver for the improved free cash flow position.
Increased operating cash flow reduced the free cash flow deficit despite stable capital expenditure.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than the previous quarter and the prior year quarter, while operating cash flow was also higher than both comparison periods. Capital expenditure was similar to the previous quarter and higher than the prior year quarter, resulting in a less negative free cash flow and an improved free cash flow margin.
Compared to the previous quarter, free cash flow improved and the margin was considerably less negative. Relative to the same quarter last year, free cash flow also improved and the margin was less negative.
Monitor the ongoing level of capital expenditure in relation to operating cash flow, as the company's free cash flow remains negative.