Alliant Energy Corporation (LNT) Earnings & Analysis

Latest quarter

Alliant Energy reported third-quarter revenue of $1.3 billion, above the consensus estimate of $1.2 billion. Adjusted earnings of $1.52 per share also exceeded the consensus estimate of $1.23.

Revenue rose from $1.2 billion a year earlier, while diluted earnings per share increased from $1.09 to $1.52. The company’s filing attributed higher utility and corporate services income partly to the timing of income taxes, higher revenue requirements from capital investments and higher retail electric sales. Those gains were partly offset by higher operating, maintenance, financing and depreciation expenses.

The filing said retail electric sales volumes rose 2% year over year in the quarter, primarily because of higher commercial and industrial sales at Wisconsin Power and Light and changes in temperatures. Retail gas sales volumes fell 2%, primarily because of temperature changes and lower industrial sales at Interstate Power and Light.

Alliant’s operating margin rose to 30.3% from 28.8% a year earlier. Free cash flow was −$356.0 million, compared with −$175.0 million in the prior-year quarter; the company generated $909.0 million in operating cash flow during the first nine months of 2026.

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

CEO Lisa Barton said five data centers support Alliant’s expectation for greater than 60% contracted demand growth by 2031, and three are under construction. She said Alliant now requires visibility into local permitting, as well as land, transmission and generation, before including opportunities in its financial outlook. Barton said the company expects approximately 1 additional gigawatt of contracted large load within the next 6 months.

Barton said Google’s expansion at its Cedar Rapids site has met Alliant’s planning threshold. She also said the initial capacity needs of Mesabi Metallics are in the refreshed plan, with a significant portion of its expected load able to be curtailed. Asked about the plant’s size, Barton said it was the customer’s decision when to discuss it; she did not provide a figure.

On customer pricing, Barton said large-load customers will pay the full cost of serving them and their share of required system investments. She announced a 1-year extension of Interstate Power and Light’s retail electric base-rate stability plan through the end of 2030 and said a recently filed Wisconsin large-load tariff provides a framework for future customers.

CFO Robert Durian attributed the year-over-year earnings increase partly to capital-investment-related revenue requirements, construction allowances and income tax timing. He said the tax timing will reverse in the fourth quarter with no full-year impact. Durian also said above-normal summer temperatures increased electric margins by $0.05 per share, compared with $0.03 per share in the year-earlier quarter, while financing, depreciation and operating costs offset some gains.

Durian said the 2027–2030 capital plan includes additional gas turbines and energy storage. Asked about spending for future demand, he said each additional gigawatt of load could require roughly $2 billion to $3 billion in capital expenditures, largely for capacity resources. He also said maintenance costs would continue to rise as Alliant adds generation facilities.

Barton said the U.S. Department of Energy had closed a $5.1 billion guaranteed loan program with Alliant. She estimated up to $1.2 billion in cumulative customer savings over the life of the 30-year loans when fully funded, compared with traditional debt financing.

Guidance

Alliant narrowed its 2026 ongoing earnings guidance to $3.41 to $3.46 per share, the top half of its original range. CFO Robert Durian announced 2027 ongoing earnings guidance of $3.63 to $3.73 per share.

Durian said Alliant raised its long-term annual earnings growth target to 6% to 8% plus and expects 8% plus growth from 2027 through 2030. He described that expectation as at least 8% each year. Alliant’s refreshed 2027–2030 capital plan totals $15.9 billion, which Durian said is 19% above the prior four-year plan.