01—Abstract
Summary
Summary of the 10-Q filed May 9, 2025. Cited figures are marked; the original filing is the authoritative source.
Alliant Energy Corporation, together with its subsidiaries Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL), reported first-quarter 2025 consolidated net income attributable to Alliant Energy common shareowners of $213 milliona, or $0.83 per diluted share, compared with $158 million, or $0.62 per share, in the first quarter of 2024.
Total revenues rose to $1.128 billionb from $1.031 billion, driven by higher electric utility revenues ($853 million vs. $791 million) and gas utility revenues ($240 million vs. $205 million). The filing attributes the increase in Utilities and Corporate Services net income primarily to higher revenue requirements from IPL and WPL capital investments, estimated temperature impacts on sales, and the timing of income tax expense, partly offset by higher depreciation and financing expenses. Alliant Energy's income tax benefit was $47 million in the quarter, versus $10 million a year earlier, and its effective tax rate was lower due to additional tax credits from renewable generation and energy storage projects.
The balance sheet shows total assets of $22.851 billionc at March 31, 2025, with property, plant and equipment, net of $19.022 billion. Total long-term debt including current maturities was $9.951 billion, and commercial paper outstanding was $678 million. Cash flow from operating activities was $249 million, versus $307 million a year earlier, while utility construction and acquisition expenditures were $554 million.
Alliant Energy's convertible senior notes due 2026 ($572 milliond net carrying amount) were reclassified to current maturities of long-term debt. The company's 2025 through 2028 construction and acquisition plan totals $2.51 billion in 2025, rising to $3.04 billion in 2028, with the filing noting that the plan is subject to change as management evaluates tariffs and potential large load growth. Regulatory and growth developments include WPL's March 2025 retail electric and gas rate review requesting annual increases of $120 million (electric) and $9 million (gas) in 2026, a 9.9% requested return on common equity, and an electric service agreement with a new data center customer in Beaver Dam, Wisconsin.
IPL and WPL's executed electric service agreements carry aggregate maximum demands of approximately 2.1 gigawatts. Management also expects to issue up to $1.3 billion of common stock through 2025 through 2028 and up to $1.3 billion of long-term debt at AEF and/or the parent for the remainder of 2025.
02—Key points
Key Highlights
- Consolidated net income of $213 million, or $0.83 per diluted share, versus $158 million, or $0.62 per share, in Q1 2024.
- Total revenues of $1.128 billion, up from $1.031 billion, led by electric utility revenues of $853 million and gas utility revenues of $240 million.
- Income tax benefit of $47 million, compared with $10 million a year earlier, reflecting additional tax credits from renewable generation and energy storage projects.
- WPL filed a retail electric and gas rate review requesting annual increases of $120 million (electric) and $9 million (gas) in 2026, with a 9.9% requested return on common equity; a decision is expected by the end of 2025.
- Executed electric service agreements at IPL and WPL carry aggregate maximum demands of approximately 2.1 gigawatts, including a new data center customer at Beaver Dam, Wisconsin.
- Construction and acquisition plans for 2025 through 2028 total $2.51 billion in 2025 rising to $3.04 billion in 2028, with planned generation including approximately 1,500 MW of new natural gas and 1,200 MW of new wind.
- Alliant Energy's $572 million convertible senior notes due 2026 were classified as current maturities of long-term debt at March 31, 2025.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q1 FY2025, Alliant Energy kept $0.19.
- Revenue$1.13B100.0%
- Cost of revenue−$158.0M14.0%
- Gross profit$970.0M86.0%
- Operating costs−$713.0M63.2%
- Operating income$257.0M22.8%
- Interest, other & tax−$44.0M3.9%
- Net income$213.0M18.9%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2025filed May 9, 2025Financial Statements
Q1 FY2025 against Q1 FY2024
| Line item | Q1 FY2025Q1 FY2024 | Change |
|---|---|---|
| Revenue | $1.13B$1.03B | +9.4% |
| Cost of Revenue | $158.00M$152.00M | +3.9% |
| Gross Profit | $970.00M$879.00M | +10.4% |
| Operating Expenses | $871.00M$809.00M | +7.7% |
| Operating Income | $257.00M$222.00M | +15.8% |
| Interest Expense | $119.00M$107.00M | +11.2% |
| Net Income | $213.00M$158.00M | +34.8% |
| EPS (Basic) | $0.83$0.62 | +33.9% |
| EPS (Diluted) | $0.83$0.62 | +33.9% |
| Shares Outstanding (Basic) | 256.80M256.20M | +0.2% |
| Shares Outstanding (Diluted) | 257.20M256.50M | +0.3% |
05—Questions
Frequently Asked Questions
What drove the increase in Alliant Energy's quarterly earnings?
Utilities and Corporate Services net income rose $66 million, primarily due to higher revenue requirements from IPL and WPL capital investments, estimated temperature impacts on retail electric and gas sales, and the timing of income tax expense. These gains were partially offset by higher depreciation and financing expenses.
How much capital is the company planning to invest?
The filing projects total construction and acquisition expenditures of $2.51 billion in 2025, $2.755 billion in 2026, $3.205 billion in 2027 and $3.04 billion in 2028 for Alliant Energy. Management notes these figures may change as it evaluates tariffs and potential additional large load growth customers.
What regulatory decisions are pending that could affect future earnings?
WPL's 2026/2027 retail electric and gas rate review, which requested increases of $120 million and $9 million in 2026 and an additional $82 million and $5 million in 2027, is expected to be decided by the end of 2025. IPL and WPL's data center customer rate requests are also expected to be decided by the end of the third quarter of 2025.
What financing is the company expecting to complete?
For the remainder of 2025, IPL and WPL expect to issue up to $1.0 billion and $300 million of long-term debt, respectively, and AEF and/or the parent expect to issue up to $1.3 billion in aggregate. Alliant Energy also expects to issue up to $1.3 billion of common stock in aggregate over 2025 through 2028.
How is the company's liquidity position at quarter-end?
At March 31, 2025, Alliant Energy had $25 million of cash and cash equivalents and $522 million of available capacity under its revolving credit facility, comprising $193 million at the parent, $141 million at IPL and $188 million at WPL. IPL had no available capacity under its accounts receivable sales program.
06—Continue