Why did third-quarter EPS decline year over year?

The filing attributes the decline mainly to higher other operation and maintenance expenses, driven by increased generation costs from planned maintenance, the addition of new energy resources, and higher development costs for long-term growth. Higher depreciation, higher financing costs and the timing of income tax expense also contributed. These were partly offset by higher revenue requirements from authorized base rate increases tied to solar and energy storage investments. The company says the income tax timing variances will reverse by year-end.

What is the basis for the 2026 earnings and dividend targets?

The 2026 ongoing EPS guidance of $3.36 to $3.46 assumes IPL and WPL earn their authorized rates of return, that capital expenditure plans are executed on schedule, that expected revenues from new data center demand are realized, and that temperatures are normal. It also assumes a consolidated effective tax rate of (30%). The $2.14 dividend target is subject to quarterly board declarations, with the first 2026 quarterly dividend expected to be declared in January 2026.

What is driving the capital expenditure increase?

The company attributes the increase to growing demand, including data center load. It says the energy resources needed to serve expected load, while maintaining safe and reliable service for all customers, raised its 2026 through 2029 capital expenditure forecast to $13.4 billion. The forecast calls for $3,045 million in 2026, $3,665 million in 2027, $3,795 million in 2028 and $2,905 million in 2029, with generation projects, including renewables, energy storage and gas, making up a large share.

What items are excluded from the non-GAAP results?

For the third quarter and nine months of 2025, ongoing results exclude an $8 million state income tax apportionment charge at the parent, which equals $0.03 per share. The company says this charge reflects higher projected electric utility revenues from commercial and industrial customers, including new data center agreements. Nine-month 2024 ongoing results also excluded an asset valuation charge for IPL's Lansing Generating Station and an asset retirement obligation charge for IPL steam assets.

LNT 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed November 7, 2025. Cited figures are marked; the original filing is the authoritative source.

Alliant Energy Corporation furnished a press release (Exhibit 99.1) reporting unaudited third-quarter 2025 results.

GAAP EPS was $1.09^a for the quarter, compared with $1.15 in the same quarter of 2024, and ongoing (non-GAAP) EPS was $1.12 versus $1.15. For the first nine months of 2025, GAAP EPS was $2.59, up 23.3% from $2.10, and ongoing EPS was $2.62, up 12.4% from $2.33. The company narrowed its 2025 ongoing EPS guidance to $3.17 to $3.23 (previously $3.15 to $3.25) and said full-year results are trending toward the upper half of that range.

The third-quarter ongoing figure excludes an $8 million^b, or $0.03 per share, state income tax apportionment charge at the parent level. The company issued 2026 ongoing EPS guidance of $3.36 to $3.46, which it describes as 6.6% growth over 2025 at the midpoint. It also raised its 2026 annual common stock dividend target to $2.14 per share from $2.03.

The growth outlook is supported by data center demand: IPL and WPL now have 3 GW of contracted data center demand, including a recently executed 900 MW electric service agreement for the QTS Madison site, and the company expects peak energy demand to grow 50% by 2030. To serve that demand, Alliant raised its 2025 through 2029 capital expenditure forecast by 17% to $13.4 billion^c.

Projected total capital expenditures are $2,470 million^d for 2025, $3,045 million for 2026, $3,665 million for 2027, $3,795 million for 2028 and $2,905 million for 2029. Investors should weigh the earnings and dividend targets against the scale of this spending and the forward-looking risks the filing lists, including rate recovery, construction timing and cost, and regulatory approval for large-load customers.

02—Key points

Key Highlights

Q3 2025 GAAP EPS was $1.09 versus $1.15 a year earlier; ongoing EPS was $1.12 versus $1.15.
Nine-month 2025 GAAP EPS was $2.59, up 23.3% from $2.10; ongoing EPS was $2.62, up 12.4% from $2.33.
2025 ongoing EPS guidance narrowed to $3.17 to $3.23 from $3.15 to $3.25, with results trending toward the upper half of the range.
2026 ongoing EPS guidance of $3.36 to $3.46, representing 6.6% growth over 2025 at the midpoint.
2026 annual common stock dividend target raised to $2.14 per share from $2.03, a 5.4% increase over 2025.
Contracted data center demand increased to 3 GW, including a 900 MW agreement for the QTS Madison site; peak demand expected to grow 50% by 2030.
Four-year capital expenditure forecast increased 17% to $13.4 billion for 2026 through 2029.

03—Questions

Frequently Asked Questions

Why did third-quarter EPS decline year over year?
The filing attributes the decline mainly to higher other operation and maintenance expenses, driven by increased generation costs from planned maintenance, the addition of new energy resources, and higher development costs for long-term growth. Higher depreciation, higher financing costs and the timing of income tax expense also contributed. These were partly offset by higher revenue requirements from authorized base rate increases tied to solar and energy storage investments. The company says the income tax timing variances will reverse by year-end.
What is the basis for the 2026 earnings and dividend targets?
The 2026 ongoing EPS guidance of $3.36 to $3.46 assumes IPL and WPL earn their authorized rates of return, that capital expenditure plans are executed on schedule, that expected revenues from new data center demand are realized, and that temperatures are normal. It also assumes a consolidated effective tax rate of (30%). The $2.14 dividend target is subject to quarterly board declarations, with the first 2026 quarterly dividend expected to be declared in January 2026.
What is driving the capital expenditure increase?
The company attributes the increase to growing demand, including data center load. It says the energy resources needed to serve expected load, while maintaining safe and reliable service for all customers, raised its 2026 through 2029 capital expenditure forecast to $13.4 billion. The forecast calls for $3,045 million in 2026, $3,665 million in 2027, $3,795 million in 2028 and $2,905 million in 2029, with generation projects, including renewables, energy storage and gas, making up a large share.
What items are excluded from the non-GAAP results?
For the third quarter and nine months of 2025, ongoing results exclude an $8 million state income tax apportionment charge at the parent, which equals $0.03 per share. The company says this charge reflects higher projected electric utility revenues from commercial and industrial customers, including new data center agreements. Nine-month 2024 ongoing results also excluded an asset valuation charge for IPL's Lansing Generating Station and an asset retirement obligation charge for IPL steam assets.

04—Continue

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