Alliant Energy Announces 2025 Results

MADISON, Wis.--( BUSINESS WIRE)--Alliant Energy Corporation (NASDAQ: LNT) today announced U.S. generally accepted accounting principles (GAAP) consolidated unaudited earnings per share (EPS) of $3.14 for 2025, compared to $2.69 for 2024. Ongoing EPS for 2025 was $3.22, compared to $3.04 for 2024.

Alliant Energy affirmed its consolidated ongoing EPS guidance for 2026 of $3.36 - $3.46, continuing its over a decade strong track record of compound annual earnings growth of more than 6%.

“In 2025, we delivered another solid year of financial and operational results. We’re executing well while investing to meet growing customer demand,” said Lisa Barton, Alliant Energy President and CEO. “We have renegotiated an electric service agreement with QTS based on a new project location and our investment plan reinforces our flexibility and balanced generation portfolio as we continue to execute on our customer and community-focused strategy.”

Alliant Energy Consolidated EPS:

GAAP EPS

Non-GAAP EPS

2025

2024

2025

2024

Twelve months ended December 31

$3.14

$2.69

$3.22

$3.04

Three months ended December 31

$0.55

$0.58

$0.60

$0.70

In 2025, the primary drivers of Alliant Energy’s results were higher EPS due to increased revenue requirements from authorized rate base increases, reflecting ongoing capital investments in generation and energy storage, non-GAAP adjustments in 2024, and estimated temperature impacts on retail electric and gas sales. These items were partially offset by higher other operation and maintenance expenses, driven by increased generation costs from planned maintenance activities and the addition of new energy resources, as well as higher development costs to support long-term growth. Higher depreciation and financing expenses related to capital investments and non-GAAP adjustments in 2025 also partially offset the higher earnings.

Alliant Energy’s Non-GAAP, or ongoing, EPS for 2025 excludes $0.05 per share of an asset valuation charge for Alliant Energy’s non-utility business, and a $0.03 per share charge related to the remeasurement of deferred tax assets, reflecting an increase in estimated state income tax apportionment. This adjustment is driven by higher projected electric utility revenues from commercial and industrial customers, including data center agreements in IPL’s and WPL’s service areas. These non-GAAP adjustments are presented to supplement GAAP results and highlight material charges not typically associated with ongoing operations.

Alliant Energy’s Non-GAAP, or ongoing, EPS for 2024 excludes the $0.17 per share asset valuation charge for IPL’s Lansing Generating Station as a result of the Iowa Utilities Commission (IUC) order for IPL’s retail electric rate review, $0.08 per share of restructuring and voluntary separation charges, a $0.06 per share asset retirement obligation initial charge for steam assets at IPL due to the revised Coal Combustion Residuals Rule, and a $0.04 per share adjustment of deferred tax assets due to Iowa tax reform.

Projected Capital Expenditures

Alliant Energy has updated its projected capital expenditures for 2026 through 2029 (in millions). The projected capital expenditures exclude allowance for funds used during construction and capitalized interest, if applicable. Cost estimates represent Alliant Energy’s estimated portion of total construction expenditures.

2026

2027

2028

2029

Generation:

Renewables and energy storage projects

$1,055

$1,035

$1,465

$1,495

Gas projects

970

1,515

1,135

460

Other

175

125

120

105

Distribution:

Electric systems

545

540

565

605

Gas systems

145

135

105

Other

240

230

235

295

Total Capital Expenditures

$3,130

$3,580

$3,625

$3,065

Earnings Conference Call

A conference call to review the 2025 results is scheduled for Friday, February 20, 2026 at 9 a.m. central time. Alliant Energy President and Chief Executive Officer Lisa Barton, and Executive Vice President and Chief Financial Officer Robert Durian will host the call. The conference call is open to the public and can be accessed in two ways. Interested parties may listen to the call by dialing 800-549-8228 (Toll-Free) or 289-819-1520 (International), conference ID 89157. Interested parties may also listen to a webcast at www.alliantenergy.com/investors. In conjunction with the information in this earnings announcement and the conference call, Alliant Energy posted supplemental materials on its website. An archive of the webcast will be available on the Company’s website at www.alliantenergy.com/investors for 12 months.

About Alliant Energy Corporation

Alliant Energy is the parent company of two public utility companies - Interstate Power and Light Company and Wisconsin Power and Light Company - and of Alliant Energy Finance, LLC, the parent company of Alliant Energy’s non-utility operations. Alliant Energy, whose core purpose is to serve customers and build stronger communities, is an energy-services provider with utility subsidiaries serving approximately 1,010,000 electric and 435,000 natural gas customers. Providing its customers in the Midwest with regulated electricity and natural gas service is the Company’s primary focus. Alliant Energy, headquartered in Madison, Wisconsin, is a component of the S&P 500 and is traded on the Nasdaq Global Select Market under the symbol LNT. For more information, visit the Company’s website at www.alliantenergy.com.

Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements can be identified by words such as “forecast,” “expect,” “guidance,” or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Actual results could be materially affected by the following factors, among others:

For more information about potential factors that could affect Alliant Energy’s business and financial results, refer to Alliant Energy’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC), including the sections therein titled “Risk Factors,” and its other filings with the SEC.

Without limitation, the expectations with respect to 2026 earnings guidance and 2026-2029 capital expenditures guidance in this press release are forward-looking statements and are based in part on certain assumptions made by Alliant Energy, some of which are referred to in the forward-looking statements. Alliant Energy cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to be correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on Alliant Energy’s ability to achieve the estimates or other targets included in the forward-looking statements. The forward-looking statements included herein are made as of the date hereof and, except as required by law, Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances.

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding Alliant Energy’s financial results, this press release includes reference to certain non-GAAP financial measures. These measures include income and EPS for the fourth quarter and year ended December 31, 2025 excluding an asset valuation charge for Alliant Energy’s non-regulated business, and for the year ended December 31, 2025 excluding the state income tax apportionment charge at the Parent. These measures also include income and EPS for the fourth quarter and year ended December 31, 2024 excluding charges related to restructuring and voluntary employee separation charges and the adjustment of deferred tax assets due to Iowa tax reform, and for the year ended December 31, 2024 excluding the asset valuation charge related to IPL’s Lansing Generating Station and asset retirement obligation charges for steam assets at IPL. Alliant Energy believes these non-GAAP financial measures are useful to investors because they provide an alternate measure to better understand and compare across periods the operating performance of Alliant Energy without the distortion of items that management believes are not normally associated with ongoing operations, and also provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance. Alliant Energy’s management also uses income, as adjusted, to determine performance-based compensation.

In addition, Alliant Energy included in this press release IPL; WPL; Corporate Services; Utilities and Corporate Services; ATC Holdings; and Non-utility and Parent EPS for the fourth quarter and year ended December 31, 2025 and 2024. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends, and provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance.

The tax impact adjustments represent the impact of the tax effect of the pre-tax non-GAAP adjustments excluded from non-GAAP net income. The tax impact of the non-GAAP adjustments is calculated based on the estimated consolidated statutory tax rate.

Reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable GAAP financial measures are included in the earnings summaries that follow.

Note: Unless otherwise noted, all “per share” references in this release refer to earnings per diluted share.

ALLIANT ENERGY CORPORATION

FULL YEAR EARNINGS SUMMARY (Unaudited)

The following tables provide a summary of Alliant Energy’s results for the twelve months ended December 31:

EPS:

GAAP EPS

Adjustments

Non-GAAP EPS

2025

2024

2025

2024

2025

2024

IPL

$1.77

$1.41

$—

$0.27

$1.77

$1.68

WPL

1.56

1.34

—

0.04

1.56

1.38

Corporate Services

0.06

—

0.06

Subtotal for Utilities and Corporate Services

3.39

2.81

—

0.31

3.39

3.12

ATC Holdings

0.16

—

0.16

Non-utility and Parent

(0.41)

(0.28)

0.08

0.04

(0.33)

(0.24)

Alliant Energy Consolidated

$3.14

$2.69

$0.08

$0.35

$3.22

$3.04

Earnings (in millions):

GAAP Income (Loss)

Adjustments

Non-GAAP Income (Loss)

2025

2024

2025

2024

2025

2024

IPL

$457

$362

$—

$69

$457

$431

WPL

401

345

—

401

355

Corporate Services

—

Subtotal for Utilities and Corporate Services

875

722

—

875

801

ATC Holdings

—

Non-utility and Parent

(106)

(72)

(86)

(60)

Alliant Energy Consolidated

$810

$690

$20

$91

$830

$781

Adjusted, or non-GAAP, earnings for the twelve months ended December 31 do not include the following items that were included in the reported GAAP earnings:

Non-GAAP Income

Non-GAAP

Adjustments (in millions)

EPS Adjustments

2025

2024

2025

2024

Utilities and Corporate Services:

Asset valuation charge related to IPL’s Lansing Generating Station, net of tax impacts of ($16) million

$—

$44

$—

$0.17

Restructuring and voluntary employee separation charges, net of tax impacts of ($7) million

—

0.08

Asset retirement obligation charge for steam assets at IPL, net of tax impacts of ($5) million

—

0.06

Non-utility and Parent:

Asset valuation charge for Alliant Energy’s non-utility business, net of tax impacts of ($4) million

—

0.05

—

State income tax apportionment charge

—

0.03

—

Adjustment of deferred tax assets due to Iowa tax reform

—

0.04

Restructuring and voluntary employee separation charges, net of tax impacts of ($1) million

—

Total Alliant Energy Consolidated

$20

$91

$0.08

$0.35

ALLIANT ENERGY CORPORATION

FOURTH QUARTER EARNINGS SUMMARY (Unaudited)

The following tables provide a summary of Alliant Energy’s results for the fourth quarter:

EPS:

GAAP EPS

Adjustments

Non-GAAP EPS

2025

2024

2025

2024

2025

2024

IPL

$0.32

$0.35

$—

$0.04

$0.32

$0.39

WPL

0.31

0.30

—

0.04

0.31

0.34

Corporate Services

0.02

0.01

—

0.02

0.01

Subtotal for Utilities and Corporate Services

0.65

0.66

—

0.08

0.65

0.74

ATC Holdings

0.04

0.05

—

0.04

0.05

Non-utility and Parent

(0.14)

(0.13)

0.05

0.04

(0.09)

Alliant Energy Consolidated

$0.55

$0.58

$0.05

$0.12

$0.60

$0.70

Earnings (in millions):

GAAP Income (Loss)

Adjustments

Non-GAAP Income (Loss)

2025

2024

2025

2024

2025

2024

IPL

$83

$91

$—

$10

$83

$101

WPL

—

Corporate Services

—

Subtotal for Utilities and Corporate Services

168

170

—

168

190

ATC Holdings

—

Non-utility and Parent

(37)

(33)

(25)

(21)

Alliant Energy Consolidated

$142

$150

$12

$32

$154

$182

Adjusted, or non-GAAP, earnings do not include the following items that were included in the reported GAAP earnings:

Non-GAAP Income

Non-GAAP

Adjustments (in millions)

EPS Adjustments

2025

2024

2025

2024

Utilities and Corporate Services:

Restructuring and voluntary employee separation charges, net of tax impacts of ($7) million

$—

$20

$—

$0.08

Non-utility and Parent:

Asset valuation charge for Alliant Energy’s non-utility business, net of tax impacts of ($4) million

—

0.05

—

Adjustment of deferred tax assets due to Iowa tax reform

—

0.04

Restructuring and voluntary employee separation charges, net of tax impacts of ($1) million

—

Total Alliant Energy Consolidated

$12

$32

$0.05

$0.12

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Quarter Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

(in millions, except per share amounts)

Revenues:

Electric utility

$870

$793

$3,697

$3,372

Gas utility

159

143

525

465

Other utility

Non-utility

Total revenues

1,064

976

4,362

3,981

Operating expenses:

Electric production fuel and purchased power

178

135

742

628

Electric transmission service

151

148

625

613

Cost of gas sold

263

224

Other operation and maintenance:

Energy efficiency costs

Non-utility Travero

Asset valuation charge for IPL’s Lansing Generating Station

—

Restructuring and voluntary employee separation charges

—

Asset retirement obligation charge for steam assets at IPL

—

Other

156

107

603

514

Depreciation and amortization

215

201

846

772

Taxes other than income taxes

121

122

Total operating expenses

868

754

3,337

3,095

Operating income

196

222

1,025

886

Other (income) and deductions:

Interest expense

140

120

512

449

Equity income from unconsolidated investments, net

(19)

(17)

(60)

(61)

Allowance for funds used during construction

(24)

(18)

(89)

(75)

Other

(3)

Total other (income) and deductions

364

310

Income before income taxes

102

140

661

576

Income tax benefit

(40)

(10)

(149)

(114)

Net income attributable to Alliant Energy common shareowners

$142

$150

$810

$690

Weighted average number of common shares outstanding:

Basic

257.1

256.6

257.0

256.5

Diluted

258.8

257.2

257.8

256.8

Earnings per weighted average common share attributable to Alliant Energy common shareowners:

Basic

$0.55

$0.58

$3.15

$2.69

Diluted

$0.55

$0.58

$3.14

$2.69

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

December 31,

2025

December 31,

2024

(in millions)

ASSETS:

Current assets:

Cash and cash equivalents

$556

$81

Other current assets

1,141

1,103

Property, plant and equipment, net

20,344

18,701

Investments

694

639

Other assets

2,256

2,190

Total assets

$24,991

$22,714

LIABILITIES AND EQUITY:

Current liabilities:

Current maturities of long-term debt

$1,074

$1,171

Commercial paper

558

Other current liabilities

961

986

Long-term debt, net (excluding current portion)

10,954

8,677

Other liabilities

4,580

4,318

Alliant Energy Corporation common equity

7,334

7,004

Total liabilities and equity

$24,991

$22,714

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Year Ended December 31,

2025

2024

(in millions)

Cash flows from operating activities:

Cash flows from operating activities excluding accounts receivable sold to a third party

$1,760

$1,707

Accounts receivable sold to a third party

(591)

(540)

Net cash flows from operating activities

1,169

1,167

Cash flows used for investing activities:

Construction and acquisition expenditures:

Utility business

(2,277)

(2,052)

Other

(206)

(197)

Cash receipts on sold receivables

628

593

Proceeds from sales of partial ownership interests in West Riverside

—

123

Other

(41)

(14)

Net cash flows used for investing activities

(1,896)

(1,547)

Cash flows from financing activities:

Common stock dividends

(521)

(492)

Proceeds from issuance of common stock, net

Proceeds from issuance of long-term debt

2,470

1,613

Payments to retire long-term debt

(300)

(809)

Net change in commercial paper

(470)

Other

—

(20)

Net cash flows from financing activities

1,202

398

Net increase in cash, cash equivalents and restricted cash

475

Cash, cash equivalents and restricted cash at beginning of period

Cash, cash equivalents and restricted cash at end of period

$556

$81

KEY FINANCIAL AND OPERATING STATISTICS

December 31,

2025

December 31,

2024

Common shares outstanding (000s)

257,137

256,690

Book value per share

$28.52

$27.29

Quarterly common dividend rate per share

$0.5075

$0.48

Quarter Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Utility electric sales (000s of megawatt-hours)

Residential

1,737

1,649

7,393

7,104

Commercial

1,600

1,556

6,492

6,304

Industrial

2,552

2,572

10,461

10,469

Industrial - co-generation customers

159

157

776

692

Retail subtotal

6,048

5,934

25,122

24,569

Sales for resale:

Wholesale

510

669

2,565

2,783

Bulk power and other

1,335

1,499

5,386

5,620

Other

Total

7,907

8,116

33,129

33,029

Utility retail electric customers (at December 31)

Residential

860,197

854,374

Commercial

146,825

146,111

Industrial

2,365

2,482

Total

1,009,387

1,002,967

Utility gas sold and transported (000s of dekatherms)

Residential

9,417

8,306

27,945

24,243

Commercial

6,177

5,417

19,264

16,974

Industrial

580

639

2,154

2,272

Retail subtotal

16,174

14,362

49,363

43,489

Transportation / other

30,384

30,137

123,141

123,386

Total

46,558

44,499

172,504

166,875

Utility retail gas customers (at December 31)

Residential

387,672

385,190

Commercial

45,358

45,194

Industrial

314

315

Total

433,344

430,699

Estimated operating income increases (decreases) from impacts of temperatures (in millions) -

Quarter Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Electric

($10)

$16

($29)

Gas

—

(7)

(5)

(22)

Total temperature impact

($17)

$11

($51)

Quarter Ended December 31,

Year Ended December 31,

2025

2024

Normal

2025

2024

Normal

Heating degree days (HDDs) (a)

Cedar Rapids, Iowa (IPL)

2,367

2,049

2,448

6,215

5,450

6,684

Madison, Wisconsin (WPL)

2,528

2,165

2,470

6,841

5,801

6,929

Cooling degree days (CDDs) (a)

Cedar Rapids, Iowa (IPL)

1,054

890

831

Madison, Wisconsin (WPL)

755

742

716

HDDs and CDDs are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base. Normal degree days are calculated using a rolling 20-year average of historical HDDs and CDDs.