Alliant Energy Announces Third Quarter 2025 Results and 2026 Guidance

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 $1.09 for the third quarter of 2025, compared to $1.15 for the same quarter in 2024. The ongoing EPS for the third quarter was $1.12, compared to $1.15 in the same quarter in 2024.

For the first nine months of 2025, Alliant Energy reported EPS of $2.59, a 23.3% increase from $2.10 for the same period in 2024. The ongoing EPS for the first nine months of 2025 were $2.62, a 12.4% increase from $2.33 in the same period in 2024. Based on results for the first nine months of 2025, ongoing earnings per share guidance was narrowed to $3.17 to $3.23, with full year 2025 earnings trending toward the upper-half of this range.

Alliant Energy’s utilities Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL) now have 3 gigawatts of contracted demand from data centers with the inclusion of the recently executed electric service agreement (ESA) for 900 megawatts for the QTS Madison site. With the signed agreement Alliant Energy expects its peak energy demand to grow an industry leading 50% by 2030. The energy resources to serve this expected load, while maintaining safe and reliable service to all customers, have increased the Company’s forecasted capital expenditures for 2026-2029 to $13.4 billion.

The Company announced 2026 earnings guidance at $3.36 to $3.46 per share, continuing its strong 10-year track record of compound annual earnings growth of 6%. Also, Alliant Energy has increased its 2026 expected annual common stock dividend target to $2.14 per share.

“We delivered another solid quarter of operating performance and remain on track to achieve our full-year earnings and dividend targets,” said Lisa Barton, Alliant Energy President and CEO. “With four data center agreements now secured, and an active pipeline of additional load growth opportunities, we are well-positioned to accelerate our growth rate and foster meaningful economic development in the communities we serve. As we strategically increase our capital expenditure plan to meet growing demand for energy, we’re leveraging our momentum to sustain a balanced strategy that prioritizes customer-focused investments and long-term affordability.”

Alliant Energy Consolidated EPS:

GAAP EPS

Non-GAAP EPS

2025

2024

2025

2024

Three months ended September 30

$1.09

$1.15

$1.12

$1.15

Nine months ended September 30

$2.59

$2.10

$2.62

$2.33

In the third quarter of 2025, the primary drivers of Alliant Energy’s results were higher EPS primarily due to increased revenue requirements from authorized base rate increases, reflecting ongoing capital investments in solar generation and energy storage. This was 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. Additionally, higher depreciation, higher financing, and the timing of income tax expense contributed to quarterly earnings fluctuations. The income tax timing variances will reverse by the end of the year.

Alliant Energy’s Non-GAAP, or ongoing, EPS for 2025 excludes 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 new data center agreements in IPL’s and WPL’s service areas. The non-GAAP adjustment, totaling $8 million, is presented to supplement GAAP results and highlights material charges not typically associated with ongoing operations.

2025 Earnings Guidance

Alliant Energy is narrowing its ongoing 2025 EPS guidance as follows.

Narrowed

Alliant Energy Consolidated

$3.17 - $3.23

$3.15 - $3.25

Drivers for Alliant Energy’s 2025 EPS guidance include, but are not limited to:

2026 Earnings Guidance and Annual Stock Dividend Target

Alliant Energy is issuing consolidated ongoing EPS guidance for 2026 of $3.36 - $3.46, which at the midpoint represents 6.6% growth over 2025.

Assumptions for Alliant Energy’s 2026 EPS guidance include, but are not limited to:

Alliant Energy has increased its 2026 expected annual common stock dividend target to $2.14 per share from the current annual common stock dividend target of $2.03 per share. Payment of the 2026 quarterly dividend is subject to the actual dividend declaration by the Board of Directors each quarter, which is expected in January 2026 for the first quarter dividend.

The 2025 and 2026 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, future changes in laws, regulations or regulatory policies, adjustments made to deferred tax assets and liabilities from changes in forecasted state apportionment and valuation allowances including further corporate tax rate changes in Iowa, changes in credit loss liabilities related to guarantees, pending lawsuits and disputes, settlement charges related to pension and other postretirement benefit plans, federal and state income tax audits and other Internal Revenue Service proceedings, impacts from changes to the authorized return on equity for ATC LLC, or changes in GAAP and tax methods of accounting that may impact the reported results of Alliant Energy.

Projected Capital Expenditures

Alliant Energy has updated its projected capital expenditures for 2025 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.

2025

2026

2027

2028

2029

Generation:

Renewables and energy storage projects

$940

$875

$1,135

$1,545

$820

Gas projects

400

1,055

1,505

1,180

985

Other

155

180

135

175

100

Distribution:

Electric systems

620

550

545

570

615

Gas systems

110

135

145

105

Other

245

250

200

220

280

Total Capital Expenditures

$2,470

$3,045

$3,665

$3,795

$2,905

Earnings Conference Call

A conference call to review the third quarter 2025 results is scheduled for Friday, November 7, 2025 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 646-564-2877 (International), conference ID 65147. 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 430,000 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 2025 and 2026 earnings guidance, 2026 annual common stock dividend target, and 2025-2029 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 three and nine months ended 2025 excluding the state income tax apportionment charge at the Parent and the nine months ended September 30, 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 provides 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 three and nine months ended September 30, 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.

Reconciliation 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

EARNINGS SUMMARY (Unaudited)

The following tables provide a summary of Alliant Energy’s results for the three months ended September 30:

EPS:

GAAP EPS

Adjustments

Non-GAAP EPS

2025

2024

2025

2024

2025

2024

IPL

$0.64

$0.74

$—

$0.64

$0.74

WPL

0.48

0.44

—

0.48

0.44

Corporate Services

0.01

0.02

—

0.01

0.02

Subtotal for Utilities and Corporate Services

1.13

1.20

—

1.13

1.20

ATC Holdings

0.04

—

0.04

Non-utility and Parent

(0.08)

(0.09)

0.03

—

(0.05)

(0.09)

Alliant Energy Consolidated

$1.09

$1.15

$0.03

$—

$1.12

$1.15

Earnings (in millions):

GAAP Income (Loss)

Adjustments

Non-GAAP Income (Loss)

2025

2024

2025

2024

2025

2024

IPL

$165

$190

$—

$165

$190

WPL

123

114

—

123

114

Corporate Services

—

Subtotal for Utilities and Corporate Services

292

308

—

292

308

ATC Holdings

—

Non-utility and Parent

(21)

(22)

—

(13)

(22)

Alliant Energy Consolidated

$281

$295

$—

$289

$295

Adjusted, or non-GAAP, earnings for the three months ended September 30 do not include the following item that was included in the reported GAAP earnings:

Non-GAAP Income

Non-GAAP

Adjustments (in millions)

EPS Adjustments

2025

2024

2025

2024

Non-utility and Parent:

State income tax apportionment charge

$—

$0.03

$—

Total Alliant Energy Consolidated

$—

$0.03

$—

The following tables provide a summary of Alliant Energy’s results for the nine months ended September 30:

EPS:

GAAP EPS

Adjustments

Non-GAAP EPS

2025

2024

2025

2024

2025

2024

IPL

$1.45

$1.06

$—

$0.23

$1.45

$1.29

WPL

1.25

1.05

—

1.25

1.05

Corporate Services

0.05

0.04

—

0.05

0.04

Subtotal for Utilities and Corporate Services

2.75

2.15

—

0.23

2.75

2.38

ATC Holdings

0.12

0.11

—

0.12

0.11

Non-utility and Parent

(0.28)

(0.16)

0.03

—

(0.25)

(0.16)

Alliant Energy Consolidated

$2.59

$2.10

$0.03

$0.23

$2.62

$2.33

Earnings (in millions):

GAAP Income (Loss)

Adjustments

Non-GAAP Income (Loss)

2025

2024

2025

2024

2025

2024

IPL

$374

$272

$—

$59

$374

$331

WPL

321

270

—

321

270

Corporate Services

—

Subtotal for Utilities and Corporate Services

707

552

—

707

611

ATC Holdings

—

Non-utility and Parent

(70)

(39)

—

(62)

(39)

Alliant Energy Consolidated

$668

$540

$59

$676

$599

Adjusted, or non-GAAP, earnings for the nine months ended September 30 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

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

—

0.06

Non-utility and Parent:

State income tax apportionment charge

—

0.03

—

Total Alliant Energy Consolidated

$59

$0.03

$0.23

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in millions, except per share amounts)

Revenues:

Electric utility

$1,124

$999

$2,828

$2,579

Gas utility

366

322

Other utility

Non-utility

Total revenues

1,210

1,081

3,298

3,005

Operating expenses:

Electric production fuel and purchased power

239

192

564

493

Electric transmission service

166

165

474

464

Cost of gas sold

180

152

Other operation and maintenance:

Energy efficiency costs

Non-utility Travero

Asset valuation charge for IPL’s Lansing Generating Station

—

Asset retirement obligation charge for steam assets at IPL

—

Other

172

148

447

408

Depreciation and amortization

211

195

631

571

Taxes other than income taxes

Total operating expenses

861

768

2,470

2,340

Operating income

349

313

828

665

Other (income) and deductions:

Interest expense

128

114

372

329

Equity income from unconsolidated investments, net

(18)

(14)

(41)

(44)

Allowance for funds used during construction

(24)

(20)

(65)

(58)

Other

—

Total other (income) and deductions

269

229

Income before income taxes

263

233

559

436

Income tax benefit

(18)

(62)

(109)

(104)

Net income attributable to Alliant Energy common shareowners

$281

$295

$668

$540

Weighted average number of common shares outstanding:

Basic

257.0

256.6

256.9

256.4

Diluted

257.8

256.9

257.5

256.7

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

Basic

$1.09

$1.15

$2.60

$2.11

Diluted

$1.09

$1.15

$2.59

$2.10

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

September 30,

2025

December 31,

2024

(in millions)

ASSETS:

Current assets:

Cash and cash equivalents

$503

$81

Short-term investments

250

—

Other current assets

1,091

1,103

Property, plant and equipment, net

19,813

18,701

Investments

689

639

Other assets

2,281

2,190

Total assets

$24,627

$22,714

LIABILITIES AND EQUITY:

Current liabilities:

Current maturities of long-term debt

$1,074

$1,171

Commercial paper

192

558

Other current liabilities

968

986

Long-term debt, net (excluding current portion)

10,655

8,677

Other liabilities

4,431

4,318

Alliant Energy Corporation common equity

7,307

7,004

Total liabilities and equity

$24,627

$22,714

ALLIANT ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Nine Months Ended September 30,

2025

2024

(in millions)

Cash flows from operating activities:

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

$1,300

$1,308

Accounts receivable sold to a third party

(400)

(395)

Net cash flows from operating activities

900

913

Cash flows used for investing activities:

Construction and acquisition expenditures:

Utility business

(1,487)

(1,280)

Other

(161)

(154)

Cash receipts on sold receivables

332

399

Purchases of short-term investments

(250)

—

Proceeds from sales of partial ownership interests in West Riverside Energy Center and Solar Facility

—

123

Other

(39)

(28)

Net cash flows used for investing activities

(1,605)

(940)

Cash flows from financing activities:

Common stock dividends

(391)

(369)

Proceeds from issuance of long-term debt

2,174

1,613

Payments to retire long-term debt

(300)

(305)

Net change in commercial paper

(366)

(145)

Other

—

Net cash flows from financing activities

1,127

794

Net increase in cash, cash equivalents and restricted cash

422

767

Cash, cash equivalents and restricted cash at beginning of period

Cash, cash equivalents and restricted cash at end of period

$503

$830

KEY FINANCIAL AND OPERATING STATISTICS

September 30, 2025

September 30, 2024

Common shares outstanding (000s)

257,054

256,599

Book value per share

$28.43

$27.16

Quarterly common dividend rate per share

$0.5075

$0.48

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Utility electric sales (000s of megawatt-hours)

Residential

2,154

2,071

5,656

5,455

Commercial

1,778

1,728

4,893

4,748

Industrial

2,825

2,730

7,909

7,895

Industrial - co-generation customers

217

168

617

535

Retail subtotal

6,974

6,697

19,075

18,633

Sales for resale:

Wholesale

713

782

2,055

2,115

Bulk power and other

1,497

1,363

4,050

4,120

Other

Total

9,197

8,856

25,221

24,911

Utility retail electric customers (at September 30)

Residential

857,408

851,352

Commercial

146,763

146,131

Industrial

2,353

2,410

Total

1,006,524

999,893

Utility gas sold and transported (000s of dekatherms)

Residential

1,298

1,276

18,527

15,938

Commercial

1,586

1,556

13,087

11,557

Industrial

368

449

1,574

1,633

Retail subtotal

3,252

3,281

33,188

29,128

Transportation / other

34,593

30,239

92,758

93,248

Total

37,845

33,520

125,946

122,376

Utility retail gas customers (at September 30)

Residential

385,164

382,438

Commercial

44,988

44,794

Industrial

312

316

Total

430,464

427,548

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

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Electric

$10

$12

($18)

Gas

—

(2)

(5)

(15)

Total temperature impact

$10

($1)

($33)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

Normal

2025

2024

Normal

Heating degree days (HDDs) (a)

Cedar Rapids, Iowa (IPL)

110

3,848

3,401

4,236

Madison, Wisconsin (WPL)

105

134

4,313

3,636

4,459

Cooling degree days (CDDs) (a)

Cedar Rapids, Iowa (IPL)

690

576

558

1,008

866

816

Madison, Wisconsin (WPL)

501

516

503

725

726

706

(a)

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.