olivLaw · US equity research
Alliant Energy Corporation LNT
Electric & Other Services Combined · SIC 4931 · Vertical: Electric & Other Services Combined (SIC 4931)
Alliant Energy is a regulated Midwest utility holding company that supplies electricity and natural gas to customers in Iowa and Wisconsin through its subsidiaries IPL and WPL. The company is in a heavy investment phase in generation and load growth, driven largely by data centers, and it has reaffirmed its 2026 earnings guidance. It serves customers on its electric system numbering around 1,010,000, with 2026 ongoing EPS guidance of 3.36 to 3.46 dollars per share.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Alliant Energy Corporation (LNT) stock was 73.77 USD (+2.29% on the day), with market capitalisation 19.1 bn USD, P/E 23.1 on diluted EPS of 3.19 USD over the last 12 months, dividend yield 2.79%, beta 0.12, 52-week range 63.21–78.03 USD. Latest reported quarter (Q1 2026): revenue of 1.2 bn USD (+5.0% YoY), net income of 224.0 m USD (+5.2% YoY), diluted EPS 0.87 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 71.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 64.45 – 73.68
- above the upper band · %B 1.01 · band width 13.4%
- SMA 50 / 200
- 67.25 / 70.64
- mixed trend
- MACD (12, 26, 9)
- 1.66 / 1.15
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.7% | −1.1% | +15.8 pp | — |
| 3 months | +5.1% | −0.5% | +5.5 pp | — |
| 6 months | +2.0% | +4.4% | −2.4 pp | — |
| Year to date | +13.5% | +12.3% | +1.2 pp | — |
| 1 year | +10.8% | +13.5% | −2.8 pp | +2.6% |
| 3 years | +44.4% | +76.4% | −32.0 pp | +33.5% |
| 5 years | +30.8% | +63.7% | −32.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2026 · 31 Mar 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 894.0 m | 1.1 bn | 976.0 m | 1.1 bn | 961.0 m | 1.2 bn | 1.1 bn | 1.2 bn |
| Cost of revenue | 147.0 m | 165.0 m | 149.0 m | 158.0 m | 151.0 m | 166.0 m | 151.0 m | 159.0 m |
| Operating income | 130.0 m | 313.0 m | 221.0 m | 257.0 m | 223.0 m | 349.0 m | 197.0 m | 249.0 m |
| Depreciation & amortisation | 188.0 m | 195.0 m | 201.0 m | 211.0 m | 208.0 m | 211.0 m | 215.0 m | 223.0 m |
| Interest expense | 108.0 m | 114.0 m | 120.0 m | 119.0 m | 124.0 m | 128.0 m | 140.0 m | 142.0 m |
| Pre-tax income | 54.0 m | 233.0 m | 140.0 m | 166.0 m | 131.0 m | 263.0 m | 102.0 m | 163.0 m |
| Income tax | -33.0 m | -62.0 m | -10.0 m | -47.0 m | -43.0 m | -18.0 m | -40.0 m | -61.0 m |
| Net income | 87.0 m | 295.0 m | 150.0 m | 213.0 m | 174.0 m | 281.0 m | 142.0 m | 224.0 m |
| Diluted EPS | 0.34 | 1.15 | 0.58 ≈ | 0.83 | 0.68 | 1.09 | 0.55 ≈ | 0.87 |
| Operating cash flow | 255.0 m ≈ | 351.0 m ≈ | 254.0 m | 249.0 m | 243.0 m ≈ | 408.0 m ≈ | 269.0 m | 368.0 m |
| Capex | 392.0 m ≈ | 410.0 m ≈ | — | 554.0 m | 422.0 m ≈ | 511.0 m ≈ | — | 342.0 m |
| Dividends paid | 123.0 m ≈ | 123.0 m ≈ | 123.0 m | 130.0 m | 131.0 m ≈ | 130.0 m ≈ | 130.0 m | 137.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 83 percentile of its own 42-quarter history (min 17.7, median 21.3, max 25.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.5 bn | 3.6 bn | 3.4 bn | 3.7 bn | 4.2 bn | 4.0 bn | 4.0 bn | 4.4 bn |
| Revenue YoY | +4.5% | +3.2% | −6.4% | +7.4% | +14.6% | −4.2% | −1.1% | +9.6% |
| Net income | 522.0 m | 567.0 m | 624.0 m | 674.0 m | 686.0 m | 703.0 m | 690.0 m | 810.0 m |
| Net income YoY | +11.7% | +8.6% | +10.1% | +8.0% | +1.8% | +2.5% | −1.8% | +17.4% |
| Diluted EPS | 2.19 | 2.33 | 2.47 | 2.63 | 2.73 | 2.78 | 2.69 | 3.14 |
| Diluted EPS YoY | +10.1% | +6.4% | +6.0% | +6.5% | +3.8% | +1.8% | −3.2% | +16.7% |
| net % | 14.8% | 15.5% | 18.3% | 18.4% | 16.3% | 17.5% | 17.3% | 18.6% |
| Free cash flow | -1.1 bn | -980.0 m | -865.0 m | -587.0 m | -998.0 m | unavailable | unavailable | unavailable |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 556.0 m USD
- Financial debt
- 12.0 bn USD
- Net debt
- 11.5 bn USD
- Equity
- 7.3 bn USD
- Total assets
- 25.0 bn USD
- Debt / equity
- 1.64x
- Current ratio
- 0.80x
- ROE
- 11.3%
- ROA
- 3.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.4 bn | 3.7 bn | 4.2 bn | 4.0 bn | 4.0 bn | 4.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 449.0 m | 537.0 m | 573.0 m | 583.0 m | 613.0 m | 625.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 3.0 bn ≈ | 3.1 bn ≈ | 3.6 bn ≈ | 3.4 bn ≈ | 3.4 bn ≈ | 3.7 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Operating income | 740.0 m | 795.0 m | 928.0 m | 943.0 m | 886.0 m | 1.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 615.0 m | 657.0 m | 671.0 m | 676.0 m | 772.0 m | 846.0 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 1.4 bn ≈ | 1.5 bn ≈ | 1.6 bn ≈ | 1.6 bn ≈ | 1.7 bn ≈ | 1.9 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 275.0 m | 277.0 m | 325.0 m | 394.0 m | 449.0 m | 512.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 567.0 m | 600.0 m | 708.0 m | 707.0 m | 576.0 m | 661.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | -57.0 m | -74.0 m | 22.0 m | 4.0 m | -114.0 m | -149.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 624.0 m | 674.0 m | 686.0 m | 703.0 m | 690.0 m | 810.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 2.47 | 2.63 | 2.73 | 2.78 | 2.69 | 3.14 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 248.7 m | 250.7 m | 251.2 m | 253.3 m | 256.8 m | 257.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 1.52 | 1.61 | 1.71 | 1.81 | 1.92 | 2.03 | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 54.0 m | 39.0 m | 20.0 m | 62.0 m | 81.0 m | 556.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 412.0 m | 440.0 m | 516.0 m | 475.0 m | 427.0 m | 476.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 887.0 m | 1.1 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 14.3 bn | 15.0 bn | 16.2 bn | 17.2 bn | 18.7 bn | 20.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 17.7 bn | 18.6 bn | 20.2 bn | 21.2 bn | 22.7 bn | 25.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 377.0 m | 436.0 m | 756.0 m | 611.0 m | 532.0 m | 498.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 8.0 m | 633.0 m | 408.0 m | 809.0 m | 1.2 bn | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 6.8 bn | 6.7 bn | 7.7 bn | 8.2 bn | 8.7 bn | 11.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 1.3 bn | 2.1 bn | 2.4 bn | 2.3 bn | 2.7 bn | 2.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 5.9 bn | 6.0 bn | 6.3 bn | 6.8 bn | 7.0 bn | 7.3 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 501.0 m | 582.0 m | 486.0 m | 867.0 m | 1.2 bn | 1.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 1.4 bn | 1.2 bn | 1.5 bn | — | — | — | SEC (XBRL)· 24 Feb 2023verified |
| Free cash flow | -865.0 m ≈ | -587.0 m ≈ | -998.0 m ≈ | — | — | — | SEC (XBRL)· 24 Feb 2023derived |
| Investing cash flow | -951.0 m | -728.0 m | -933.0 m | -1.4 bn | -1.5 bn | -1.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | 488.0 m | 130.0 m | 431.0 m | 573.0 m | 398.0 m | 1.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 377.0 m | 403.0 m | 428.0 m | 456.0 m | 492.0 m | 521.0 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 29 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 19.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation5
- Balance sheet16
- Quality65
- Growth41
- Returns42
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 26.68 – 68.19 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Dividend discount (DDM)26.68 – 35.88 (Mid 30.60)
- Peers: EV/EBITDA34.07 – 56.33 (Mid 49.16)8 companies used · median multiple 12.8x · quartiles 10.7x – 13.8xAEE, CMS, DUK, EVRG, EXC, NI, WEC, XEL
- Peers: P/E60.61 – 68.19 (Mid 64.01)10 companies used · median multiple 20.1x · quartiles 19.0x – 21.4xAEE, CMS, DUK, ED, EVRG, EXC, NI, PEG, WEC, XEL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 29/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.9% | 30 (vs peers) | 6% |
| Net margin · Quality | 18.6% | 100 (vs peers) | 6% |
| Revenue CAGR 3Y · Growth | 1.2% | 32 (on a fixed band) | 6% |
| EPS CAGR 3Y · Growth | 4.8% | 48 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 6.0x | 25 (vs peers) | 13% |
| Interest coverage · Balance sheet | 1.9x | 12 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 23.1x | 9 (vs peers) | 13% |
| EV/EBITDA · Valuation | 16.2x | 0 (vs peers) | 11% |
| Dividend yield · Returns | 2.8% | 27 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 64.5% | 76 (on a fixed band) | 6% |
Score groups
- Balance sheet16/100 · 3/3 factors with a value
- Growth41/100 · 2/2 factors with a value
- Quality65/100 · 2/2 factors with a value
- Returns42/100 · 2/2 factors with a value
- Valuation5/100 · 2/2 factors with a value
Memo
ALLIANT ENERGY CORP (LNT). Latest full fiscal year: 2025; data up to 2026-03-31.
Figures computed from the financial statements: revenue 4.4 bn USD in 2025; YoY growth 9.6%; net margin 18.6%; ROE 11.3%; net debt/EBITDA 6.0x.
The estimated value range is 34.07–56.33 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 49.16 USD, the price of 73.77 USD leaves a potential of -33.4% (value / price − 1) and a margin of safety of -50.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 29/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 18.6%
- Payout ratio (EPS): 64.5%
What contradicts it
- ROIC: 4.9%
- Net debt / EBITDA: 6.0x
- Interest coverage: 1.9x
- Current ratio: 0.7x
- P/E (TTM): 23.1x
- EV/EBITDA: 16.2x
- Dividend yield: 2.8%
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Electric & Other Services Combined (SIC 4931) · same industry (4-digit SIC) · compared with 11 companies
Only companies with a capitalisation between 2.3 bn and 145.3 bn (within 8× of the company's); 6 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DUKDuke Energy CORP | 101.0 bn | 19.8 | 9.8% | 15.8% | +5.6% | +5% / +40% |
| XELXcel Energy Inc | 51.7 bn | 18.8 | 11.4% | — | +1.2% | −2% / +32% |
| EXCExelon Corporation | 47.3 bn | 16.9 | 9.8% | 11.2% | +5.3% | −2% / +20% |
| EDConsolidated Edison Inc | 44.3 bn | 20.3 | 8.7% | 12.5% | +10.9% | +20% / +34% |
| WECWec Energy Group, Inc. | 38.9 bn | 21.4 | 12.5% | 17.6% | +14.0% | +5% / +41% |
| PEGPublic Service Enterprise Group Incorporated | 36.5 bn | 18.2 | 11.8% | 16.0% | +18.3% | −12% / +17% |
| PCGPg&E Corp | 35.9 bn | 9.6 | 9.7% | 12.3% | +2.1% | −17% / −22% |
| AEEAmeren Corp | 31.3 bn | 19.9 | 12.1% | 17.9% | +15.4% | +6% / +46% |
| CMSCms Energy Corp | 22.3 bn | 21.3 | 11.3% | 11.6% | +13.6% | −6% / +25% |
| NINiSource Inc. | 21.7 bn | 23.1 | 10.1% | 8.2% | +23.5% | +3% / +77% |
| EVRGEvergy, Inc. | 19.9 bn | 22.9 | 8.8% | 14.6% | +2.0% | +11% / +69% |
| LNTAlliant Energy Corp | 19.1 bn | 23.1 | 11.3% | 18.6% | +9.6% | +11% / +44% |
1- and 3-year price returns: for LNT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 42.04 Total return -41% · Per year -41% | 74.44 Total return 4% · Per year 4% | 112.29 Total return 56% · Per year 56% |
| 3 years | 38.16 Total return -42% · Per year -17% | 76.28 Total return 12% · Per year 4% | 126.72 Total return 83% · Per year 22% |
| 5 years | 34.64 Total return -43% · Per year -11% | 78.17 Total return 20% · Per year 4% | 143.00 Total return 113% · Per year 16% |
- Exit P/E± 19.07
- Net margin± 13.35
- Annual revenue growth± 11.31
- Annual dilution± 1.12
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (30 Oct 2026 · results).
In brief
Alliant Energy is a regulated Midwest utility holding company that supplies electricity and natural gas to customers in Iowa and Wisconsin through its subsidiaries IPL and WPL. The company is in a heavy investment phase in generation and load growth, driven largely by data centers, and it has reaffirmed its 2026 earnings guidance 13. It serves customers on its electric system numbering around 1,010,000, with 2026 ongoing EPS guidance of 3.36 to 3.46 dollars per share 13.
SWOT
Strengths
- The company has a stable, regulated customer base with predictable revenues from rates approved by regulators, and an extensive portfolio of generation and renewable assets 1.
- The 2026 guidance has been reaffirmed, and quarterly results point toward the upper half of the range 3.
- The company has access to conditional federal loan guarantee commitments that could lower the cost of financing large projects 1.
Weaknesses
- Quarterly results were affected by higher operating, financing and depreciation costs, showing sensitivity to cost pressure 2.
- Reliance on a few large data center customers increases revenue volatility and counterparty risk 1.
- Revenues are limited by rules on authorized returns and by refund mechanisms for excess earnings, which can cap upside 1.
Opportunities
- Growth in data center and industrial load could expand the regulated investment base if projects proceed as planned 12.
- Investments in gas, storage and renewables can add assets to rates, which could support future earnings growth 12.
- Development of prepared industrial sites and fiber infrastructure may attract new customers and investment 1.
Threats
- Community opposition to data centers or legislative restrictions could delay projects and reduce expected load growth 1.
- Regulatory or legislative changes allowing large customers to self-generate could reduce retail sales 12.
- Legal uncertainty and environmental rule changes may generate additional compliance costs and affect existing assets 2.
Risks
- Dependence on data center customershigh
Large contracts may require investment before revenue is realized, and a customer could reduce or delay consumption, affecting results 1. Concentration risk increases revenue volatility 1.
- Regulatory decisions and cost recoveryhigh
Delays or conditions imposed by regulators may limit cost recovery and achievement of authorized returns, which could affect financial results 1.
- Construction costs and delaysmedium
Higher material prices, supply chain problems and tariffs may raise the cost of generation projects and delay in-service dates 3.
- Environmental regulationmedium
Changes to coal combustion residuals and wastewater rules remain under discussion and the final outcome is uncertain, which could bring additional expenses 2.
- Weather and demandlow
Unusual temperatures can materially affect electricity and gas sales, influencing quarterly results 23.
Investment thesis
What would need to be true (bull case)
- If large data center projects proceed as planned, regulated investment could grow considerably, supporting long-term earnings growth 12.
- The 2026 guidance has been reaffirmed and results point toward the upper half of the range, which could support investor confidence 3.
- A portfolio of generation, storage and renewables could provide cost benefits for customers and stability for the company if rates are approved on time 1.
What would break the thesis
- If large customers delay or reduce consumption, advance investments could earn below expectations and revenues could become volatile 1.
- If regulators limit cost recovery or impose tougher conditions, authorized returns could be affected 12.
- Higher construction costs and operating costs could reduce margins and delay project in-service dates 23.
What to watch
- IUC decision on the Linn County simple-cycle gas plantQ1 2027
- PSCW decision on the Riverside Energy Center upgradeQ2 2027
- Finalization of the EPA proposals on coal combustion residuals and wastewater limits2026
- Quarterly results and any update to 2026 guidancenext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (30 Oct 2026 · results).
The business
Alliant Energy Corporation, headquartered in Madison, Wisconsin, is a regulated public utility holding company focused on electricity and natural gas for Midwest customers through its two utility subsidiaries, IPL in Iowa and WPL in Wisconsin 1. These subsidiaries are regulated by the IUC, the PSCW and FERC, which set rates, authorized returns and recoverable costs 1. The company also runs a non-utility portfolio through Alliant Energy Finance, LLC, including interests in ATC, a wind farm, a gas plant and logistics operations through Travero 1.
The strategy rests on three pillars: affordable energy for customers, customer-focused investments in generation and reliability, and growing demand through electrification and attracting large industrial customers 1. The long-term resource plan combines natural gas, energy storage, renewables and upgrades to existing plants, and the company continues to assess how large customer demand affects those plans 1. Medium-term investment has recently expanded through IUC and PSCW approvals for new wind and gas capacity 2.
Financially, utility and corporate services earnings rose in 2025 mainly due to revenue requirements from new capital investment, while in the second quarter of 2026 that segment declined because of higher operating, financing and depreciation costs 12. The company has kept its 2026 guidance and indicates it is trending toward the upper half of the range 3.
Segments
Regulated electric and gas utilities (IPL and WPL)
The regulated segment produces most of the revenue, through retail electric and gas sales to customers in Iowa and Wisconsin plus wholesale sales and transport 1. Retail electric revenues reached 3,305 million dollars in 2025 across the group 1.
Non-utility activities (AEF)
This division includes the ATC stake, a non-utility wind farm, the Sheboygan Falls plant leased to WPL, corporate venture investments, the Travero logistics business and development-ready industrial sites 1. Its results are more volatile and included an asset valuation charge in 2025 1.
Market context
The company operates in Midwest markets where demand is growing, with data centers and large industrial customers becoming an important source of new load, particularly in Iowa and Wisconsin 12. The regulated framework and the MISO market determine wholesale and capacity conditions, and market energy prices can influence purchase costs 1.
The market is dominated by regulated utilities with exclusive territories, where competition mainly comes from energy procurement and from alternative generation that large customers may develop or acquire 1. If such sources expand under rules favoring customers, company sales volumes could be reduced 1.
Trends
- Data center load growthtailwind
Signed contracts with data center customers could bring significant sales and rate base growth if projects proceed as planned 12. The risk is that the timing and size of actual load depend on interconnections and real customer demand 2.
- Regulation of large customer tariffsmixed
The PSCW has directed WPL to file a large load tariff and the IUC has approved individual customer rates, which may protect existing customers but could also limit company revenues 2. Outcomes may therefore depend on conditions set by regulators 2.
- Energy transition and environmental rulesmixed
EPA proposals to narrow the coal combustion residuals rule and revise wastewater limits could reduce compliance costs for existing plants 2. Legal uncertainty and future decisions may nonetheless create additional expenses 12.
- Supply chain costs and inflationheadwind
Higher costs for materials, equipment and labor, along with tariffs, can affect the cost and timing of generation and storage projects 3. If these costs exceed estimates, margin pressure could be significant 3.
Competitive position
Alliant Energy operates in regulated territories, so direct competition is limited, and the main pressures come from other regional utilities, alternative electric suppliers and on-site generation that large customers can procure directly 12. Transmission organizations and other generation providers are also relevant to energy price and reliability 1.
The analyzed sources do not give a detailed comparison with exchange-listed peers, but they note that transmission organizations and energy suppliers can influence company results 12. The market also features competition for large customers and for development of industrial land 1.
- Other Midwest regulated utilities
Regulated utilities in the same region compete for large industrial customers and economic development, though they are not identified in the source 12.
- Alternative electric suppliers
Alternative suppliers and on-site generation could reduce demand for the regulated grid, as described in the risks in the source 2.
- MISO market operator
MISO wholesale market and capacity rules influence company revenues and costs, though it is not a direct competitor 1.
- Regional transmission operators ITC and ATC
These entities influence transmission load and network investment, affecting the capacity to serve new customers 13.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Alliant targets 1 GW of new data-center contracts in six months as power demand surgesCNA (Channel NewsAsia) · 30 Oct 2026 · EN
- Linn County Supervisors Vote No on Proposed Alliant Power PlantSurge — GDELT DOC · 21 Oct 2026 · RO
SEC filings
- Quarterly report30 Oct 2026
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Current report28 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report21 Aug 2026Other events · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report31 Jul 2026Results of operations · Financial statements and exhibits
- Current report21 May 2026Shareholder vote
- Quarterly report01 May 2026
- Current report01 May 2026Results of operations · Financial statements and exhibits
- Proxy statement31 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Alliant Energy Corporation · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Alliant Energy Corporation · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Alliant Energy Corporation · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.