01—Abstract
Summary
Summary of the 10-K filed February 20, 2026. Cited figures are marked; the original filing is the authoritative source.
Alliant Energy Corporation is a regulated investor-owned public utility holding company serving approximately 1,010,000 electric and approximately 435,000 natural gas customers in the Midwest through its two utility subsidiaries, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL).
For 2025, Alliant Energy reported consolidated net income attributable to common shareowners of $810 milliona, or $3.14 per diluted share, up from $690 million, or $2.69 per diluted share, in 2024. Utilities and Corporate Services net income rose $153 million, driven mainly by higher revenue requirements from capital investments, estimated temperature impacts and the absence of 2024 charges, partly offset by higher O&M, depreciation and financing expenses. Non-utility and Parent results declined, with a 2025 asset valuation charge for the non-utility business.
The company plans heavy capital spending, with construction and acquisition expenditures of $3.13 billion in 2026 rising to $3.63 billionb in 2028 and totaling roughly $13 billion over the next four years. Growth is tied to data center and other large load customers, with executed electric service agreements covering aggregate peak demands of approximately 3 gigawatts. The company expects to fund this through debt and equity, including up to $2.4 billion of common stock issuance from 2026 through 2029, and its Board raised the targeted 2026 annual dividend to $2.14 per share.
Key risks include regulatory outcomes, tax credit legislation under the One Big Beautiful Bill Act, environmental rules, and capital market access. The filing notes that IPL has a retail electric base rate moratorium through September 2029 and that WPL received PSCW approval for a 2026 base rate increase of $69 millionc for electric and $7 million for gas. Balance sheet leverage is elevated, with a consolidated debt-to-total-capitalization ratio of 62% on the actual basis, compared with 60% on the adjusted basis that treats 50% of junior subordinated notes as equity.
Alliant Energy's credit ratings are BBB+ (S&P) and Baa2 (Moody's), both stable outlooks. Operating cash flow was $1.17 billiond in 2025, roughly flat with 2024, while investing outflows of $1.90 billion exceeded it.
02—Key points
Key Highlights
- Consolidated 2025 net income attributable to common shareowners was $810 million, or $3.14 per diluted share, versus $690 million, or $2.69 per diluted share, in 2024.
- Utilities and Corporate Services net income increased $153 million in 2025, while Non-utility and Parent net income decreased $34 million, including a 2025 asset valuation charge for the non-utility business.
- Planned construction and acquisition expenditures are $3.13 billion in 2026, $3.58 billion in 2027, $3.63 billion in 2028 and $3.07 billion in 2029, and the filing cites approximately $13 billion of capital expenditures over the next four years.
- Executed electric service agreements with three new data center customers across IPL and WPL include aggregate peak demands of approximately 3 gigawatts.
- The Board increased the targeted 2026 annual common stock dividend to $2.14 per share, equivalent to $0.535 per quarter, beginning with the February 2026 payment.
- Alliant Energy expects to issue up to $2.4 billion of common stock from 2026 through 2029, and its debt-to-total-capitalization ratio was 62% on an actual basis at December 31, 2025.
- WPL's PSCW order authorized annual base rate increases of $69 million for electric and $7 million for gas effective January 1, 2026, with further increases of $75 million and $5 million in 2027.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Alliant Energy kept $0.19.
- Revenue$4.36B100.0%
- Cost of revenue−$625.0M14.3%
- Gross profit$3.74B85.7%
- Operating costs−$2.71B62.2%
- Operating income$1.02B23.5%
- Interest, other & tax−$215.0M4.9%
- Net income$810.0M18.6%
Where FY2025 revenue went
$4.36B- Operating costs: $2.71B, 62% of revenue
- Net income: $810.0M, 19% of revenue
- Cost of revenue: $625.0M, 14% of revenue
- Interest, other & tax: $215.0M, 4.9% of revenue
Kept 19% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 20, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $4.36B$3.98B | +9.6% |
| Cost of Revenue | $625.00M$613.00M | +2.0% |
| Gross Profit | $3.74B$3.37B | +11.0% |
| Operating Expenses | $3.34B$3.10B | +7.8% |
| Operating Income | $1.02B$886.00M | +15.7% |
| Interest Expense | $512.00M$449.00M | +14.0% |
| Net Income | $810.00M$690.00M | +17.4% |
| EPS (Basic) | $3.15$2.69 | +17.1% |
| EPS (Diluted) | $3.14$2.69 | +16.7% |
| Shares Outstanding (Basic) | 257.00M256.50M | +0.2% |
| Shares Outstanding (Diluted) | 257.80M256.80M | +0.4% |
05—Questions
Frequently Asked Questions
How did Alliant Energy's earnings change in 2025?
Consolidated net income attributable to common shareowners rose to $810 million, or $3.14 per diluted share, from $690 million, or $2.69 per diluted share, in 2024. The Utilities and Corporate Services segment increased $153 million, mainly from higher revenue requirements on capital investments, estimated temperature impacts and the absence of 2024 charges, partly offset by higher operation and maintenance, depreciation and financing expenses.
What is driving the company's capital spending and growth outlook?
Planned generation investments include approximately 1,600 MW of new natural gas resources, 1,000 MW of new energy storage and 1,300 MW of new renewable generation over the next five years. The company also expects increased retail electric sales in 2026 from new data center customers, with executed agreements covering approximately 3 gigawatts of aggregate peak demand. Management notes that customer timing and load are subject to interconnection and actual demand, and that agreements are not expected to produce immediate load increases.
What are the main regulatory items affecting IPL and WPL?
IPL's Iowa retail electric base rate moratorium runs from October 2025 through September 2029, and IPL can request updated rates only if its actual return on equity falls 100 or more basis points below the authorized level for a year, or 50 or more basis points below for two consecutive years. WPL's PSCW order sets earnings sharing above a 10.05% return on common equity for 2026 and 2027, with deferrals of 50% between 10.05% and 10.55% and 100% above 10.55%.
How significant are tax credits to the company's financial results?
Tax credits are a substantial component of the income tax line. In 2025, production tax credits totaled $206 million and investment tax credits totaled $156 million for Alliant Energy. The company received $285 million of proceeds from transferring renewable tax credits to other corporate taxpayers in 2025. The filing notes that the One Big Beautiful Bill Act accelerates the phase-out of certain clean energy credits, which could limit future credit sales and production tax credit eligibility for new projects.
How leveraged is Alliant Energy and what are its credit ratings?
Total debt was $12.12 billion at December 31, 2025, representing a debt-to-total-capitalization ratio of 62% on an actual basis and 60% on an adjusted basis that treats 50% of junior subordinated notes as equity. Credit ratings are BBB+ from S&P and Baa2 from Moody's at the corporate level, with stable outlooks. The filing states that a downgrade could increase borrowing costs and require credit support to counterparties.
06—Continue