01—Abstract
Summary
Summary of the 10-Q filed October 30, 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), reported third-quarter 2026 results in this combined Form 10-Q.
Alliant Energy's net income attributable to common shareowners was $398 milliona, or $1.52 diluted EPS, for the three months ended September 30, 2026, up from $281 million, or $1.09 diluted EPS, a year earlier. For the nine months, net income was $792 million, or $3.04 diluted EPS, compared with $668 million, or $2.59, in 2025. Total revenues for the nine months were $3.44 billion, and the company reported operating cash flow of $909 million for that period.
Management attributes much of the higher utility earnings to revenue requirements from capital investments, higher allowance for funds used during construction, and higher retail electric sales, partly offset by higher operation and maintenance, financing and depreciation expenses. Capital investment and financing remain central. Alliant Energy's total debt was $12.56 billionb at September 30, 2026, and its debt-to-total-capitalization ratio was 62% on an actual basis.
The company's 2026-2030 construction and acquisition plan totals $2.86 billion in 2026 rising to $4.74 billionc in 2028, focused on renewables, energy storage, thermal generation and LNG. Alliant Energy has an at-the-market program under which it may sell up to $1 billion of common stock through 2029, and it announced a targeted 2027 annual dividend of $2.25 per share. In October 2026, IPL and WPL entered into DOE loan guarantee agreements covering up to $3.5 billion and $1.6 billion of borrowings, respectively, and no amounts have been borrowed.
Regulatory and data center developments are also significant. Large load growth customers, including data centers, drive expected higher retail electric sales in 2027, and WPL has filed a large load tariff with the Public Service Commission of Wisconsin.
Several generation projects are pending regulatory approval, including a proposed 1,200 MW natural gas plant at IPL with a decision expected in the second quarter of 2027. The filing also notes EPA actions in September 2026 repealing Section 111(d) emission guidelines for existing fossil-fueled generation, and in 2026 the company recorded $61 milliond of tariff cost recoveries tied to IEEPA tariff refunds.
02—Key points
Key Highlights
- Alliant Energy Q3 2026 net income of $398 million ($1.52 diluted EPS), up from $281 million ($1.09) in Q3 2025; nine-month net income of $792 million ($3.04 diluted EPS) versus $668 million ($2.59).
- Nine-month total revenues of $3.44 billion, up from $3.30 billion, with electric utility revenues of $2.95 billion.
- Total debt of $12.56 billion at September 30, 2026, with a debt-to-total-capitalization ratio of 62% on an actual basis; Alliant Energy issued $500 million of IPL senior debentures in August 2026 and retired $575 million of convertible notes in March 2026.
- Planned 2026-2030 construction and acquisition expenditures total about $2.86 billion in 2026 rising to $4.74 billion in 2028, centered on renewables, energy storage and thermal generation.
- The company plans to issue up to $2.7 billion of common stock from 2027 through 2030 and announced a 5% increase in its targeted 2027 annual dividend to $2.25 per share.
- In October 2026, IPL and WPL entered into DOE loan guarantee agreements of up to $3.5 billion and $1.6 billion, respectively, with no borrowings yet.
- Large load growth, including a roughly 370 MW data center contract at IPL and WPL's large load tariff filing, is expected to drive higher retail electric sales in 2027.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2026, Alliant Energy kept $0.31.
- Revenue$1.28B100.0%
- Cost of revenue−$176.0M13.7%
- Gross profit$1.11B86.3%
- Operating costs−$720.0M56.0%
- Operating income$389.0M30.3%
- Interest, other & tax$9.0M0.7%
- Net income$398.0M31.0%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed October 30, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $1.28B$1.21B | +6.2% |
| Cost of Revenue | $176.00M$166.00M | +6.0% |
| Gross Profit | $1.11B$1.04B | +6.2% |
| Operating Expenses | $896.00M$861.00M | +4.1% |
| Operating Income | $389.00M$349.00M | +11.5% |
| Interest Expense | $145.00M$128.00M | +13.3% |
| Net Income | $398.00M$281.00M | +41.6% |
| EPS (Basic) | $1.53$1.09 | +40.4% |
| EPS (Diluted) | $1.52$1.09 | +39.4% |
| Shares Outstanding (Basic) | 259.30M257.00M | +0.9% |
| Shares Outstanding (Diluted) | 261.00M257.80M | +1.2% |
05—Questions
Frequently Asked Questions
What drove the increase in Alliant Energy's third-quarter 2026 earnings?
Net income attributable to Alliant Energy common shareowners rose to $398 million from $281 million. Management cited higher Utilities and Corporate Services earnings, driven by the timing of income taxes, higher revenue requirements from IPL and WPL capital investments, higher allowance for funds used during construction and higher retail electric sales. Equity income from unconsolidated investments also increased, including corporate venture investments that benefited from an initial public offering by an onsite power solutions company.
How much debt does Alliant Energy carry and how is its capital structure positioned?
Alliant Energy had total debt of $12.56 billion at September 30, 2026, including $11.46 billion of long-term debt including current maturities and $1.10 billion of short-term debt. Its actual debt-to-total-capitalization ratio was 62%, and an adjusted presentation that treats junior subordinated notes 50% as equity showed 60%.
What are the main capital spending plans and how will they be funded?
Construction and acquisition expenditures are planned at $2.86 billion in 2026, $4.31 billion in 2027, $4.74 billion in 2028, $4.29 billion in 2029 and $2.61 billion in 2030. Funding is expected through common stock issuances of up to $2.7 billion from 2027 through 2030, long-term debt issuances including up to $1.3 billion for IPL and $500 million for WPL in 2027, and potential DOE-guaranteed borrowings.
What regulatory developments could affect future results?
IPL has pending certificate applications, including a 720 MW gas-fired plant in Linn County, Iowa, with a decision expected in the first quarter of 2027, and a 1,200 MW Riverhawk Energy Center with a decision expected in the second quarter of 2027. WPL filed a large load tariff in September 2026 with a decision expected in the first half of 2027, and plans a retail rate review filing in the second quarter of 2027. The EPA finalized repeal of Section 111(d) emission guidelines in September 2026.
Are there significant contingent obligations or guarantees?
Yes. Alliant Energy's guarantee related to Whiting Petroleum abandonment obligations is estimated at $92 million as maximum exposure, and IPL and WPL provided indemnifications of $391 million and $310 million, respectively, for renewable tax credit transfers. Electric transmission infrastructure guarantees for data center projects total about $199 million at IPL and $125 million at WPL. The filing states that material payments under these arrangements are considered remote or not probable.
06—Continue