01—Abstract
Summary
Summary of the 10-Q filed November 7, 2025. Cited figures are marked; the original filing is the authoritative source.
Alliant Energy Corporation reported third-quarter 2025 net income attributable to common shareowners of $281 milliona, or $1.09 per diluted share, compared with $295 million, or $1.15 per diluted share, in the third quarter of 2024.
For the nine months ended September 30, 2025, net income rose to $668 millionb ($2.59 per diluted share) from $540 million ($2.10 per diluted share), and total revenues increased to $3.30 billion from $3.01 billion. The filing attributes the quarterly decline in Utilities and Corporate Services net income mainly to higher other operation and maintenance expenses, the timing of income tax expense, and higher depreciation and financing costs, partly offset by higher revenue requirements from capital investments. The company is building out its generation and grid.
Planned construction and acquisition expenditures for 2025 through 2029 total $2.47 billionc, $3.05 billion, $3.67 billion, $3.80 billion and $2.91 billion by year, focused on renewables, energy storage, gas generation and distribution. Long-term debt, net, rose to $10.66 billion from $8.68 billion at December 31, 2024, reflecting several 2025 debt issuances. Alliant also sold common stock under an at-the-market program that allows up to $1.3 billion through 2028.
Under forward sale agreements, $686 milliond of gross sales proceeds were not yet received as of September 30, 2025. Growth drivers include executed electric service agreements with customers planning data centers, which the filing says carry aggregate peak demand of approximately 3 gigawatts across IPL and WPL.
Wisconsin Power and Light's solar construction costs exceeded PSCW-approved estimates by approximately $205 million, but a November 2025 oral PSCW decision on a 2026/2027 rate settlement includes full recovery of those costs, with a written order expected by the end of 2025. The company also announced a 5% increase in its targeted 2026 annual dividend to $2.14 per share.
02—Key points
Key Highlights
- Net income attributable to Alliant Energy common shareowners was $281 million ($1.09 diluted EPS) for the third quarter of 2025, versus $295 million ($1.15) a year earlier; nine-month net income was $668 million ($2.59 diluted EPS) versus $540 million ($2.10).
- Nine-month operating income increased to $828 million from $665 million, and nine-month total revenues rose to $3.30 billion from $3.01 billion, with electric utility revenues of $2.83 billion versus $2.58 billion.
- Capital plan of $2.47 billion (2025), $3.05 billion (2026), $3.67 billion (2027), $3.80 billion (2028) and $2.91 billion (2029) for construction and acquisitions, including roughly 2,000 MW of natural gas resources, 1,300 MW of energy storage and 1,100 MW of new renewable generation over the next six years.
- Long-term debt, net, increased to $10.66 billion from $8.68 billion, including $725 million of 5.75% junior subordinated notes due 2056 and $575 million of 3.25% convertible senior notes due 2028 issued in 2025.
- Equity issuance: at-the-market program of up to $1.3 billion through 2028, with 10,764,103 shares sold under forward sale agreements for $686 million aggregate gross sales price in the nine months; Alliant expects to settle these in 2026. Company expects to issue up to $2.4 billion of common stock from 2026 through 2029.
- Regulatory: WPL's 2026/2027 settlement provides incremental retail electric rate increases of $79 million in 2026 and $73 million in 2027, with a 9.8% return on common equity and a 54.5% common equity component, subject to a written PSCW order expected by the end of 2025.
- Dividend: Alliant announced a 5% increase in its targeted 2026 annual common stock dividend to $2.14 per share, or $0.535 quarterly, beginning with the February 2026 payment.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Alliant Energy kept $0.23.
- Revenue$1.21B100.0%
- Cost of revenue−$166.0M13.7%
- Gross profit$1.04B86.3%
- Operating costs−$695.0M57.4%
- Operating income$349.0M28.8%
- Interest, other & tax−$68.0M5.6%
- Net income$281.0M23.2%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 7, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $1.21B$1.08B | +11.9% |
| Cost of Revenue | $166.00M$165.00M | +0.6% |
| Gross Profit | $1.04B$916.00M | +14.0% |
| Operating Expenses | $861.00M$768.00M | +12.1% |
| Operating Income | $349.00M$313.00M | +11.5% |
| Interest Expense | $128.00M$114.00M | +12.3% |
| Net Income | $281.00M$295.00M | −4.7% |
| EPS (Basic) | $1.09$1.15 | −5.2% |
| EPS (Diluted) | $1.09$1.15 | −5.2% |
| Shares Outstanding (Basic) | 257.00M256.60M | +0.2% |
| Shares Outstanding (Diluted) | 257.80M256.90M | +0.4% |
05—Questions
Frequently Asked Questions
Why did third-quarter 2025 earnings decline even though revenues increased?
Total revenues rose to $1.21 billion from $1.08 billion, but operating expenses grew faster, including higher electric production fuel and purchased power ($239 million vs. $192 million), higher other operation and maintenance expense ($204 million vs. $174 million) and higher depreciation ($211 million vs. $195 million). Interest expense also rose to $128 million from $114 million. The filing says the Utilities and Corporate Services net income decline of $16 million was driven mainly by higher O&M, the timing of income tax expense, and higher depreciation and financing expenses, partly offset by higher revenue requirements from capital investments.
How is Alliant funding its large capital program?
The filing describes several sources: IPL issued $600 million of 5.6% debentures due 2035 and $300 million of 5.6% debentures due 2055; Alliant issued $725 million of junior subordinated notes and $575 million of 3.25% convertible notes; and the at-the-market equity program has sold shares under forward agreements. Alliant expects to issue up to $2.4 billion of common stock from 2026 through 2029, and in 2026 expects IPL and WPL to issue up to $500 million and $300 million of long-term debt, respectively.
What is the status of WPL's solar cost overrun?
WPL's approximately 1,100 MW of new solar generation cost about $205 million more than the construction estimates previously approved by the PSCW. In September 2025 WPL filed a settlement for the 2026/2027 Test Period, and in November 2025 the PSCW issued an oral decision approving it, including full return of and on these construction costs from retail electric customers. Alliant and WPL concluded there was not a probable disallowance as of September 30, 2025, and a written order is expected by the end of 2025.
What is driving expected load growth?
WPL has entered into electric service agreements with two new customers who expect to build data centers in its territory, and IPL and WPL have executed electric service agreements with aggregate peak demand of approximately 3 gigawatts. The filing says the timing and amount of load increases depend on interconnections, siting approvals and actual customer demand, and that these agreements are not expected to produce immediate load increases. The IUC and PSCW have also issued or are considering individual customer rate approvals for data centers.
How does recent federal tax legislation affect Alliant's clean energy plans?
The One Big Beautiful Bill Act, enacted in July 2025, accelerates the phase-out of clean energy tax credits for projects that begin construction more than 12 months after enactment or are placed in service after 2027, and restricts credits for projects receiving certain foreign construction support. Alliant, IPL and WPL currently expect their planned clean energy projects to remain eligible, but the filing states that if projects do not meet timing or eligibility requirements, the amount of tax credits could be significantly reduced, adversely affecting financial condition and results of operations.
06—Continue