01—Abstract
Summary
Summary of the 8-K filed May 1, 2026. Cited figures are marked; the original filing is the authoritative source.
Alliant Energy Corporation furnished a press release (Exhibit 99.1) dated April 30, 2026, announcing unaudited first-quarter 2026 results.
GAAP earnings per diluted share were $0.87a, up from $0.83 in the first quarter of 2025, and GAAP net income attributable to common shareowners was $224 million, compared with $213 million. Ongoing (non-GAAP) EPS was $0.82, versus $0.83 a year earlier. The non-GAAP adjustment removes a $0.05 per share ($12 million) benefit from a remeasurement of deferred tax assets tied to estimated state income tax apportionment.
The company said this quarter's ongoing EPS represented approximately 25% of the midpoint of its 2026 ongoing EPS guidance, and it reaffirmed that guidance of $3.36 to $3.46b per share. The main drivers cited were higher revenue requirements from increasing rate base at IPL ($0.05 per share) and WPL ($0.10 per share), and higher allowance for funds used during construction ($30 million, compared with $18 million). These were offset by higher financing and depreciation expense tied to capital investment, and higher other operation and maintenance expense from distribution and generation costs, including planned maintenance.
Total revenues rose to $1,184 millionc from $1,128 million, while operating income declined to $249 million from $257 million and interest expense rose to $142 million from $119 million. Weather reduced retail electric and gas sales, which the company estimated at $0.04 and $0.03 per share in 2026 and 2025, respectively. Data center growth was the headline commercial development.
Alliant signed an electric service agreement for approximately 370 MW of contracted demand in Iowa, bringing total contracted data center demand to approximately 3.4 GW across five executed agreements. The filing notes that a data center customer that had signed with WPL in the third quarter of 2025 chose an IPL location in the first quarter of 2026, so that agreement was terminated and renegotiated with IPL.
02—Key points
Key Highlights
- GAAP EPS of $0.87 for Q1 2026, up from $0.83 in Q1 2025; ongoing EPS of $0.82 versus $0.83 a year earlier
- Reaffirmed 2026 ongoing EPS guidance of $3.36 to $3.46 per share; Q1 ongoing EPS represented approximately 25% of the guidance midpoint
- GAAP net income attributable to common shareowners of $224 million, versus $213 million in Q1 2025, including a $12 million ($0.05 per share) state income tax apportionment benefit excluded from ongoing results
- Signed an approximately 370 MW electric service agreement in Iowa; total contracted data center demand is now approximately 3.4 GW across five executed agreements
- Total revenues rose to $1,184 million from $1,128 million, while operating income fell to $249 million from $257 million
- Interest expense increased to $142 million from $119 million, and depreciation and amortization rose to $223 million from $211 million
- Quarterly common dividend rate increased to $0.535 per share from $0.5075 a year earlier
03—Questions
Frequently Asked Questions
Did Alliant Energy change its 2026 earnings outlook?
No. The company reaffirmed its consolidated 2026 ongoing EPS guidance of $3.36 to $3.46 per diluted share. The guidance assumes, among other things, normal temperatures, execution of capital expenditure plans, and a consolidated effective tax rate of (29%).
Why is GAAP EPS higher than ongoing EPS this quarter?
GAAP EPS of $0.87 includes a $0.05 per share benefit from remeasuring deferred tax assets to reflect estimated state income tax apportionment. Excluding this item, ongoing EPS was $0.82, compared with $0.83 in the first quarter of 2025.
What drove earnings and what offset them?
Higher revenue requirements from increasing rate base added $0.05 per share at IPL and $0.10 per share at WPL, and higher allowance for funds used during construction also contributed. These were offset by higher financing and depreciation expense from capital investments and higher other operation and maintenance expense from distribution and generation costs, including planned maintenance. Weather reduced retail electric and gas sales, which the company estimated at $0.04 and $0.03 per share in 2026 and 2025, respectively.
What is the significance of the new Iowa data center agreement?
The approximately 370 MW electric service agreement in Iowa brings total contracted data center demand to approximately 3.4 GW across five executed agreements. The company described this as translating customer demand into long-term growth. A separate data center customer moved its project from WPL's territory to IPL's territory in the first quarter, so its earlier WPL agreement was terminated and renegotiated with IPL.
04—Continue