01—Abstract
Summary
Summary of the 10-Q filed August 8, 2025. Cited figures are marked; the original filing is the authoritative source.
Alliant Energy Corporation (LNT) filed this Form 10-Q for the quarter ended June 30, 2025, a combined report covering Alliant Energy, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL).
For the three months ended June 30, 2025, Alliant Energy reported revenues of $961 milliona (vs. $894 million) and net income attributable to common shareowners of $174 million (vs. $87 million), or $0.68 diluted EPS (vs. $0.34). For the six months, net income was $387 million ($1.50 diluted EPS) versus $245 million ($0.95) in 2024. The 2024 comparison periods included a $60 million pre-tax non-cash Lansing Generating Station asset valuation charge at IPL and a $20 million ARO charge tied to IPL's steam business.
Management attributes the quarterly improvement mainly to higher revenue requirements from IPL and WPL capital investments and to the absence of those 2024 charges, partly offset by higher depreciation and financing expenses. Capital spending and financing remain large. Alliant Energy's construction and acquisition expenditures for 2025 through 2028 are currently anticipated at $2,510 millionb, $2,755 million, $3,205 million and $3,040 million per year, with a focus on generation to meet growing demand, including data center load under executed electric service agreements totaling about 2.1 gigawatts.
Liquidity at June 30, 2025 included $329 millionc of cash and $1,008 million of available revolver capacity. Long-term debt, including current maturities, was $11,015 million. Alliant Energy entered an at-the-market program of up to $1.3 billion of common stock through 2028, with forward sale agreements covering 2,913,023 shares at a weighted-average forward price of $60.84 per share, and it issued $575 million of 3.25% convertible senior notes due 2028 in May 2025.
Regulatory and policy items are significant. WPL filed a 2026/2027 retail electric and gas rate review requesting increases of $120 milliond and $9 million for 2026, with a PSCW decision expected by the end of 2025. The filing also notes that the One Big Beautiful Bill Act, enacted in July 2025, accelerates the phase-out of clean energy tax credits for certain projects, which could reduce expected credits if projects do not meet construction-start or in-service timelines.
02—Key points
Key Highlights
- Q2 2025 net income attributable to Alliant Energy common shareowners was $174 million ($0.68 diluted EPS), up from $87 million ($0.34) in Q2 2024.
- Six-month 2025 net income was $387 million ($1.50 diluted EPS), compared with $245 million ($0.95) in the first half of 2024.
- Q2 2025 total revenues were $961 million, up from $894 million, with electric utility revenues at $851 million versus $789 million.
- Planned 2025 through 2028 construction and acquisition expenditures total about $2.5 billion to $3.2 billion per year at Alliant Energy, focused on generation and grid resiliency.
- Alliant Energy issued $575 million of 3.25% convertible senior notes due 2028 and established a $1.3 billion at-the-market common stock program, with forward sales of 2,913,023 shares to date.
- WPL's 2026/2027 rate review requests annual increases of $120 million (electric) and $9 million (gas) for 2026, with a PSCW decision expected by the end of 2025.
- Cash flow from operations was $492 million for the first six months of 2025, versus $562 million in 2024, while investing outflows rose to $894 million.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2025, Alliant Energy kept $0.18.
- Revenue$961.0M100.0%
- Cost of revenue−$151.0M15.7%
- Gross profit$810.0M84.3%
- Operating costs−$587.0M61.1%
- Operating income$223.0M23.2%
- Interest, other & tax−$49.0M5.1%
- Net income$174.0M18.1%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed August 8, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $961.00M$894.00M | +7.5% |
| Cost of Revenue | $151.00M$147.00M | +2.7% |
| Gross Profit | $810.00M$747.00M | +8.4% |
| Operating Expenses | $738.00M$764.00M | −3.4% |
| Operating Income | $223.00M$130.00M | +71.5% |
| Interest Expense | $124.00M$108.00M | +14.8% |
| Net Income | $174.00M$87.00M | +100.0% |
| EPS (Basic) | $0.68$0.34 | +100.0% |
| EPS (Diluted) | $0.68$0.34 | +100.0% |
| Shares Outstanding (Basic) | 256.90M256.40M | +0.2% |
| Shares Outstanding (Diluted) | 257.30M256.70M | +0.2% |
05—Questions
Frequently Asked Questions
Why did Alliant Energy's earnings rise so sharply in the second quarter of 2025?
Net income attributable to common shareowners more than doubled to $174 million from $87 million. Management cited higher revenue requirements from IPL's and WPL's capital investments and the absence of the 2024 charges, including the $60 million Lansing Generating Station asset valuation charge and the $20 million steam-business ARO charge. Higher depreciation and financing expenses partly offset these gains.
How is Alliant Energy funding its large capital program?
The company is using a mix of debt, equity and tax-credit transfers. In 2025 it issued $575 million of 3.25% convertible senior notes due 2028, and IPL issued $600 million of 5.6% senior debentures due 2035. It has an at-the-market program of up to $1.3 billion of common stock through 2028, and it expects to issue up to $25 million of common stock annually through its Shareowner Direct Plan. The filing also cites $97 million of renewable tax credit transfer proceeds at Alliant Energy in the first six months of 2025.
What are the main growth drivers mentioned in the filing?
The filing highlights data center demand, with IPL and WPL executed electric service agreements totaling approximately 2.1 gigawatts of maximum demand. It also points to planned new generation, including about 1,500 MW of natural gas, 1,200 MW of wind and 800 MW of energy storage over the next six years, along with pending regulatory approvals for specific projects.
What regulatory and policy risks could affect future results?
WPL's 2026/2027 rate review decision is expected by the end of 2025, and IPL's retail electric base rate moratorium is noted as a factor. The One Big Beautiful Bill Act, enacted in July 2025, accelerates the phase-out of clean energy tax credits for some projects. If projects miss construction-start or in-service timelines, the company says the amount of clean energy tax credits could be significantly reduced, which could adversely affect financial condition and results.
How strong is the company's liquidity position at June 30, 2025?
Alliant Energy had $329 million of cash and cash equivalents and $1,008 million of available capacity under its revolving credit facility, which includes $550 million at the parent level, $350 million at IPL and $108 million at WPL. It also had $4 million of available capacity at IPL under its sales of accounts receivable program. Long-term debt including current maturities was $11,015 million.
06—Continue