Alliant Energy Corporation

What they do

Through its two public utility subsidiaries, IPL and WPL, Alliant Energy provides regulated electric and natural gas service to approximately 1,010,000 electric and 435,000 natural gas customers in Iowa and Wisconsin. It also owns a 16% interest in ATC, a transmission-only company, plus non-utility assets including a 50% interest in a 225 MW wind farm, a leased gas-fired plant, and logistics operations under AEF. The company operates as an investor-owned holding company with corporate headquarters in Madison, Wisconsin.

Revenue drivers

• IPL electric and gas utility operations — Retail electric and gas service to about 505,000 electric and 230,000 gas customers in Iowa; revenues driven by base rates and fuel cost recovery, with rate moratoriums and tax benefit riders affecting customer bills.
• WPL electric and gas utility operations — Retail electric and gas service to about 505,000 electric and 205,000 gas customers in Wisconsin; benefits from higher capacity revenues starting in 2025 and a large load tariff for new industrial customers.
• Wholesale sales and transmission investments — IPL and WPL sell electricity to wholesale customers; Alliant also holds a 16% stake in ATC Holdings, which provides equity earnings from transmission investments.
• Non-utility portfolio (AEF) — Includes corporate venture investments, a 50% interest in a 225 MW Oklahoma wind farm, the Sheboygan Falls Energy Facility leased to WPL, and Travero supply chain services; adds diversification but smaller relative to regulated utility revenue.

Recent performance

For Q2 2026, GAAP EPS was $0.65 versus $0.68 a year earlier; six-month GAAP EPS was $1.52 versus $1.50. Full-year 2025 revenue was $4.36B with net income of $810M and diluted EPS of $3.14. Operating cash flow was $1.17B in both 2024 and 2025. Q1 2026 revenue was $1.18B; the latest balance sheet (March 31, 2026) shows total assets of $24.81B, shareholder equity of $7.42B, and long-term debt of $11.01B.

Strategy

Alliant Energy's stated strategy is to invest in a balanced mix of natural gas, energy storage, new renewables, and upgrades to existing facilities to meet expected load growth, including from data centers. Management highlights a projected 60% load growth by 2031, supported by three data centers under construction. The company is pursuing federal loan guarantees of approximately $1.4B (IPL) and $1.6B (WPL) for construction projects. It also emphasizes customer protections such as IPL's retail electric rate moratorium through September 2029, and uses renewable tax credit transfers to reduce customer costs.

Risks

• Regulatory and rate risk — IPL's retail electric base rate moratorium from October 2025 through September 2029 could limit revenue growth, and the ability to obtain timely rate relief for WPL is uncertain.
• Project execution and cost overruns — Construction of generation and energy storage projects faces risks from material costs, tariffs, supply chain disruptions, and regulatory approvals that could raise costs or delay in-service dates.
• Weather and demand variability — Retail electric and gas sales are sensitive to temperature; Q2 2026 EPS was negatively impacted by an estimated $0.03 from temperature effects.
• Cybersecurity and third-party risks — The company cites risks from cybersecurity incidents affecting its own or suppliers' operations, which could disrupt utility services and financial performance.

Outlook

Management reaffirmed 2026 ongoing EPS guidance of $3.36–$3.46, currently trending in the upper half of the range. Guidance assumes normal temperatures, execution of capital plans, and a consolidated effective tax rate of (35%). The company expects significant load growth from data centers and other large customers to materialize as forecasted in 2026, supporting accelerated earnings growth.