01—Abstract
Summary
Summary of the 10-Q filed July 31, 2026. 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), filed this combined Form 10-Q for the quarter ended June 30, 2026.
For the three months ended June 30, 2026, Alliant Energy reported total revenues of $971 milliona (versus $961 million in 2025) and net income attributable to common shareowners of $170 million (versus $174 million), with diluted EPS of $0.65 compared with $0.68. For the six months, net income was $394 million versus $387 million, and diluted EPS was $1.52 versus $1.50. Higher revenue requirements from capital investments and higher equity income from corporate venture investments were offset by higher operation and maintenance, interest and depreciation expenses.
Operating income for the quarter declined to $185 millionb from $223 million. Capital structure and financing activity were significant during the period. Alliant Energy repaid $575 million of 3.875% convertible notes at maturity in cash and issued 834,811 shares for the conversion excess, and it entered into a $400 million term loan due March 2027.
It also established a 2026 at-the-market program of up to $1 billionc, under which forward sale agreements covering 6,550,857 shares were entered into during the quarter, with no proceeds yet received. Total debt was $12.12 billion at June 30, 2026, with a debt-to-total-capitalization ratio of 62% at the parent level. Credit ratings were unchanged in substance, though S&P changed certain IPL ratings in March 2026.
The filing also highlights large-load and generation growth. IPL signed an electric service agreement for a data center with approximately 370 MW of contracted peak demand, and the PSCW approved an individual customer rate for a WPL data center customer subject to a requirement to file a large load tariff. Several generation projects are pending regulatory decisions, including a roughly 720 MW gas-fired unit and a roughly 1,200 MW Riverhawk Energy Center.
Note 12(e) discloses that WPL's collective bargaining agreement with IBEW Local 965 expired in May 2026, with a tentative agreement reached but not yet finalized. Legal proceedings are reported as none.
02—Key points
Key Highlights
- Alliant Energy Q2 2026 net income attributable to common shareowners was $170 million, or $0.65 diluted EPS, versus $174 million and $0.68 in Q2 2025; six-month diluted EPS was $1.52 versus $1.50.
- Quarterly operating income fell to $185 million from $223 million, driven by higher other operation and maintenance expense ($209 million vs. $168 million) and depreciation and amortization ($220 million vs. $208 million).
- Interest expense rose to $143 million in Q2 2026 from $124 million, reflecting financings completed in 2025.
- Alliant Energy launched a 2026 at-the-market program of up to $1 billion; forward sale agreements covered 6,550,857 shares at a $482 million gross sales price, with no proceeds yet received.
- Total debt at Alliant Energy was $12.12 billion at June 30, 2026, with a 62% debt-to-total-capitalization ratio; the company repaid $575 million of convertible notes in cash in March 2026.
- IPL signed an electric service agreement for a data center with approximately 370 MW of contracted peak demand, and the PSCW approved an individual customer rate for a WPL data center customer, requiring a future large load tariff for customers of 100 MW or greater.
- WPL's collective bargaining agreement with IBEW Local 965 expired in May 2026; a tentative agreement has been reached but its outcome is not yet final.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2026, Alliant Energy kept $0.18.
- Revenue$971.0M100.0%
- Cost of revenue−$155.0M16.0%
- Gross profit$816.0M84.0%
- Operating costs−$631.0M65.0%
- Operating income$185.0M19.1%
- Interest, other & tax−$15.0M1.5%
- Net income$170.0M17.5%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed July 31, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $971.00M$961.00M | +1.0% |
| Cost of Revenue | $155.00M$151.00M | +2.6% |
| Gross Profit | $816.00M$810.00M | +0.7% |
| Operating Expenses | $786.00M$738.00M | +6.5% |
| Operating Income | $185.00M$223.00M | −17.0% |
| Interest Expense | $143.00M$124.00M | +15.3% |
| Net Income | $170.00M$174.00M | −2.3% |
| EPS (Basic) | $0.66$0.68 | −2.9% |
| EPS (Diluted) | $0.65$0.68 | −4.4% |
| Shares Outstanding (Basic) | 258.50M256.90M | +0.6% |
| Shares Outstanding (Diluted) | 260.90M257.30M | +1.4% |
05—Questions
Frequently Asked Questions
How did Alliant Energy's earnings perform in the second quarter of 2026?
Net income attributable to Alliant Energy common shareowners was $170 million, or $0.65 per diluted share, compared with $174 million, or $0.68 per diluted share, in the second quarter of 2025. Utilities and Corporate Services net income fell by $42 million, primarily due to higher other operation and maintenance, financing and depreciation expenses, while Non-utility and Parent net income rose $36 million, mainly from higher equity earnings from corporate venture investments.
What major financing actions did Alliant Energy take in 2026?
In March 2026, Alliant Energy settled its $575 million 3.875% convertible senior notes in cash and issued 834,811 shares for the conversion excess. It entered into a $400 million variable rate term loan maturing in March 2027, and it established a 2026 at-the-market offering program of up to $1 billion. Forward sale agreements covering 6,550,857 shares were entered into during the quarter, and no proceeds from that program had been received as of June 30, 2026.
What large-load growth developments are disclosed in the filing?
IPL entered into an electric service agreement in April 2026 with a customer expected to build a data center, with contracted peak demand of approximately 370 MW. In June 2026, the PSCW approved an individual customer rate for a data center customer in WPL's territory, subject to conditions, and directed WPL to file a large load tariff for customers of 100 MW or greater. The filing notes that these agreements are not expected to produce immediate increases in load.
What pending regulatory decisions could affect future generation investment?
IPL filed for a GCU Certificate for an approximately 720 MW simple-cycle natural gas unit in Linn County, Iowa, with a decision expected in the first quarter of 2027. IPL also filed in July 2026 for an approximately 1,200 MW Riverhawk Energy Center near its Emery Generating Station, with a decision expected in the second quarter of 2027. WPL filed for approval of Riverside Energy Center capacity upgrades, with a decision expected in the second quarter of 2027, and IPL requested to expand the Whispering Willow - North energy storage to approximately 200 MW, with a decision expected in the fourth quarter of 2026.
Are there labor or tariff-related uncertainties disclosed?
WPL's collective bargaining agreement with IBEW Local 965, covering 85% of WPL's employees, expired in May 2026. A tentative agreement has been reached, but the companies are currently unable to predict the outcome. Separately, the company is evaluating potential recovery of tariff-related costs after the Supreme Court ruled in February 2026 that IEEPA does not authorize tariffs; because recovery is not yet probable, no amounts have been recognized.
06—Continue