01—Abstract
Summary
Summary of the 10-Q filed May 1, 2026. Cited figures are marked; the original filing is the authoritative source.
Alliant Energy Corporation, together with Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL), reported first-quarter 2026 net income attributable to Alliant Energy common shareowners of $224 milliona, or $0.87 per diluted share, compared with $213 million, or $0.83 per share, in the first quarter of 2025.
Operating income was $249 millionb versus $257 million, with interest expense rising to $142 million from $119 million. Management attributed the decline in Utilities and Corporate Services net income ($215 million, $0.83 per share, versus $225 million) mainly to higher other operation and maintenance, financing and depreciation expenses, partially offset by higher revenue requirements from capital investments and higher AFUDC, while Non-utility and Parent results improved on a state income tax apportionment benefit. Cash and capital activity was significant during the quarter.
Alliant Energy repaid $575 millionc of 3.875% convertible notes at maturity in cash and issued 834,811 shares for the conversion excess, retired $200 million of AEF senior notes and a $300 million term loan, and entered into a $400 million variable rate term loan maturing March 2027. Equity was raised through at-the-market programs: the $1.3 billion 2025 program was fully utilized, and a new program allowing up to $1 billion of common stock sales through 2029 was established. Forward sale agreements covering 19,598,207 shares under the 2025 program, with a weighted-average forward price of $65.99 per share, remain outstanding and are expected to settle in 2026 and 2027.
Alliant Energy's debt-to-total-capitalization ratio was 61% on an actual basis and 60% on an adjusted basis. Regulatory and growth developments include IUC advance rate-making principles for up to 1,000 MW of new Iowa wind generation with a fixed cost cap of $3,020d per kilowatt, a 720 MW natural gas-fired EGU application at IPL with a decision expected in the first quarter of 2027, and an April 2026 electric service agreement with IPL for a data center with contracted peak demand of approximately 370 MW. The filing also notes that tariff-related cost recoveries have not been recognized because recovery is not considered probable, and that Alliant Energy's Standard & Poor's ratings were updated for IPL and that Alliant Energy's corporate rating is BBB+.
02—Key points
Key Highlights
- Alliant Energy net income attributable to common shareowners rose to $224 million ($0.87 per diluted share) from $213 million ($0.83 per share) in Q1 2025, driven by a $12 million reduction in income tax expense from a state apportionment remeasurement and a $20 million improvement in Non-utility and Parent results.
- Utilities and Corporate Services net income declined to $215 million ($0.83 per share) from $225 million, reflecting higher O&M, financing and depreciation expenses, partly offset by higher revenue requirements and AFUDC.
- Interest expense increased to $142 million from $119 million, and operating income fell to $249 million from $257 million.
- Alliant Energy repaid $575 million of convertible notes in cash at maturity and retired $200 million of AEF 1.4% senior notes and a $300 million term loan, while entering a new $400 million term loan maturing March 2027.
- A new at-the-market program allows up to $1 billion of common stock sales through 2029 after the $1.3 billion 2025 program was fully utilized; forward sale agreements on 19,598,207 shares ($1,293 million potential cash) remain outstanding under the 2025 program.
- IPL received IUC advance rate-making principles for up to 1,000 MW of Iowa wind generation with a $3,020/kW fixed cost cap, and signed an April 2026 data center service agreement with contracted peak demand of about 370 MW.
- Alliant Energy's debt-to-total-capitalization ratio was 61% actual, and its S&P corporate rating is BBB+ with a stable outlook.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q1 FY2026, Alliant Energy kept $0.19.
- Revenue$1.18B100.0%
- Cost of revenue−$159.0M13.4%
- Gross profit$1.02B86.6%
- Operating costs−$776.0M65.5%
- Operating income$249.0M21.0%
- Interest, other & tax−$25.0M2.1%
- Net income$224.0M18.9%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed May 1, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $1.18B$1.13B | +5.0% |
| Cost of Revenue | $159.00M$158.00M | +0.6% |
| Gross Profit | $1.02B$970.00M | +5.7% |
| Operating Expenses | $935.00M$871.00M | +7.3% |
| Operating Income | $249.00M$257.00M | −3.1% |
| Interest Expense | $142.00M$119.00M | +19.3% |
| Net Income | $224.00M$213.00M | +5.2% |
| EPS (Basic) | $0.87$0.83 | +4.8% |
| EPS (Diluted) | $0.87$0.83 | +4.8% |
| Shares Outstanding (Basic) | 257.40M256.80M | +0.2% |
| Shares Outstanding (Diluted) | 258.80M257.20M | +0.6% |
05—Questions
Frequently Asked Questions
How did Alliant Energy's earnings change in the first quarter of 2026?
Net income attributable to Alliant Energy common shareowners was $224 million, or $0.87 per diluted share, compared with $213 million, or $0.83 per share, in the first quarter of 2025. The Utilities and Corporate Services segment declined to $215 million from $225 million, while Non-utility and Parent improved, aided by a state income tax apportionment benefit.
What drove higher interest expense and what debt actions did the company take?
Interest expense rose to $142 million from $119 million, with the filing citing financings completed in 2025. In the quarter, Alliant Energy paid $575 million in cash to settle its 3.875% convertible notes at maturity, retired $200 million of AEF 1.4% senior notes and a $300 million variable rate term loan, and borrowed $400 million under a new term loan maturing in March 2027.
How is Alliant Energy funding its capital needs through equity?
In March 2026, Alliant Energy fully used the remaining capacity of its $1.3 billion 2025 at-the-market program and set up a new program for up to $1 billion of common stock through 2029, including a forward sale component. Under the 2025 program, forward agreements covering 19,598,207 shares are outstanding at a weighted-average forward price of $65.99 per share, and the company expects to settle them in 2026 and 2027. No proceeds have been received yet from these forward agreements.
What major growth projects and customer developments were disclosed?
IPL received advance rate-making principles from the IUC for up to 1,000 MW of new Iowa wind generation with a fixed cost cap of $3,020 per kilowatt. IPL also filed for a roughly 720 MW simple-cycle natural gas EGU in Linn County, Iowa, with a decision expected in the first quarter of 2027. In April 2026, IPL signed an electric service agreement with a customer planning a data center with approximately 370 MW of contracted peak demand.
Are there any notable uncertainties or contingencies for investors?
The filing states that recovery of tariff-related costs capitalized in generation and energy storage construction is not considered probable, so no amounts have been recognized. The EPA proposed in April 2026 to significantly narrow the CCR Rule, which is expected to be finalized by the end of 2026, and the company said it cannot predict the outcome with certainty. Wisconsin Act 193, enacted in April 2026, requires capacity costs and revenues to be included in fuel cost plans for filings on or after January 1, 2027.
06—Continue