Alliant Energy posts full-year 2025 earnings update, highlighting revenue performance, operational milestones, and outlook for 2026.
Alliant Energy Corporation has reported strong financial and operational results for the full year 2025, highlighting continued earnings growth, disciplined capital investment, and a reaffirmed outlook for 2026. The company’s performance underscores its strategy of balancing infrastructure expansion, regulatory alignment, and customer-focused initiatives across its Midwest service territories.
Strong Earnings Growth in 2025
For the twelve months ended December 31, 2025, Alliant Energy delivered consolidated GAAP earnings per share (EPS) of $3.14, compared to $2.69 in 2024. On a non-GAAP, or ongoing, basis, EPS reached $3.22, up from $3.04 the prior year. The results reflect consistent financial execution and continued investment in energy infrastructure to meet growing demand.
During the fourth quarter of 2025, GAAP EPS was $0.55, compared to $0.58 in the fourth quarter of 2024. Non-GAAP EPS for the quarter was $0.60, down from $0.70 in the same period last year. While quarterly results showed modest year-over-year fluctuations, full-year performance demonstrated sustained earnings momentum.
The company reaffirmed its 2026 consolidated ongoing EPS guidance range of $3.36 to $3.46, maintaining its long-standing track record of more than a decade of compound annual earnings growth exceeding 6%. This reaffirmation signals management’s confidence in both regulatory outcomes and its capital deployment strategy.
Leadership Perspective on 2025 Performance
Lisa Barton, President and Chief Executive Officer of Alliant Energy, emphasized the company’s balanced approach to growth and operational excellence.
“In 2025, we delivered another solid year of financial and operational results. We’re executing well while investing to meet growing customer demand,” Barton said. She also noted that the company successfully renegotiated an electric service agreement with QTS based on a new project location. This renegotiation supports Alliant Energy’s flexibility and reinforces its balanced generation portfolio as it continues executing its customer- and community-focused strategy.
The agreement with QTS is particularly notable given the increasing energy needs of data centers and commercial customers. These developments represent a growing opportunity within the utility’s service territory and are expected to contribute to future load growth and revenue expansion.
Key Drivers of 2025 Financial Results
Alliant Energy’s improved EPS in 2025 was primarily driven by higher revenue requirements stemming from authorized rate base increases. These increases reflect ongoing capital investments in electric generation, renewable projects, and energy storage infrastructure. As rate base expands through regulatory approval, the company is able to earn returns on its investments, supporting earnings growth.
Temperature impacts on retail electric and gas sales also contributed to 2025 results. Variations in weather conditions influence customer usage patterns, affecting revenue levels throughout the year.
Additionally, certain non-GAAP adjustments in 2024 created favorable year-over-year comparisons in 2025. The absence of large one-time charges that weighed on 2024 results further enhanced 2025 growth metrics.
However, several factors partially offset the earnings improvement. Other operation and maintenance (O&M) expenses increased in 2025, largely due to higher generation costs associated with planned maintenance activities and the integration of new energy resources. The company also experienced higher development costs to support long-term growth initiatives.
Depreciation and financing expenses rose as well, reflecting the impact of ongoing capital investments. As Alliant Energy continues to modernize and expand its generation and distribution infrastructure, depreciation costs increase alongside capitalized asset balances. Financing expenses also rise in line with debt issuance required to fund infrastructure projects.
Non-GAAP Adjustments Explained
Alliant Energy’s ongoing EPS for 2025 excludes two notable charges:
- $0.05 per share related to an asset valuation charge within its non-utility business.
- $0.03 per share associated with the remeasurement of deferred tax assets due to increased estimated state income tax apportionment.
The deferred tax adjustment reflects higher projected electric utility revenues from commercial and industrial customers, including data center agreements in the service areas of Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). As revenue projections rise, state income tax apportionment estimates must be recalculated, resulting in a remeasurement impact.
For 2024, ongoing EPS excluded several items, including:
- $0.17 per share asset valuation charge for IPL’s Lansing Generating Station following an order by the Iowa Utilities Commission during a retail electric rate review.
- $0.08 per share of restructuring and voluntary separation charges.
- $0.06 per share asset retirement obligation initial charge related to revised Coal Combustion Residuals Rule requirements.
- $0.04 per share adjustment to deferred tax assets due to Iowa tax reform.
These adjustments demonstrate how regulatory decisions, environmental compliance requirements, and tax law changes can materially affect GAAP results in any given year. Management presents non-GAAP results to provide investors with a clearer view of underlying operational performance.
Updated Capital Expenditure Plan Through 2029
Alliant Energy also updated its projected capital expenditure plan for 2026 through 2029. The multi-year plan highlights the company’s commitment to modernizing infrastructure, expanding renewable capacity, and supporting reliability and customer growth.
Total projected capital expenditures are as follows:
- 2026: $3.13 billion
- 2027: $3.58 billion
- 2028: $3.63 billion
- 2029: $3.07 billion
These estimates exclude allowance for funds used during construction (AFUDC) and capitalized interest, where applicable.
Generation Investments
A significant portion of capital spending is directed toward generation, particularly renewable energy and storage:
Renewables and Energy Storage Projects:
- 2026: $1.055 billion
- 2027: $1.035 billion
- 2028: $1.465 billion
- 2029: $1.495 billion
These investments reflect Alliant Energy’s ongoing transition toward cleaner energy resources and enhanced grid flexibility.
Gas Projects:
- 2026: $970 million
- 2027: $1.515 billion
- 2028: $1.135 billion
- 2029: $460 million
Gas projects may include new generation facilities, upgrades, and infrastructure improvements designed to maintain reliability and accommodate load growth.
Other Generation Investments:
- Ranging from $105 million to $175 million annually.
Distribution Investments
The company also continues to invest heavily in electric and gas distribution systems to enhance safety, reliability, and resilience.
Electric Systems:
- Approximately $540 million to $605 million annually from 2026 through 2029.
Gas Systems:
- Between $105 million and $145 million annually.
Other Distribution Investments:
- Between $230 million and $295 million annually.
These distribution upgrades are critical for integrating renewable resources, supporting growing commercial and industrial demand, and maintaining system performance amid evolving energy usage patterns.
Strategic Focus on Growth and Flexibility
Alliant Energy’s capital plan reflects a balanced approach between renewable expansion, natural gas reliability, and grid modernization. This diversified strategy enables the company to maintain operational flexibility while advancing its sustainability objectives.
Investments in renewables and storage position the utility to meet decarbonization goals and regulatory expectations. Meanwhile, gas infrastructure projects help ensure dispatchable capacity remains available to maintain grid stability, especially during peak demand periods or intermittent renewable generation.
The company’s focus on distribution infrastructure also supports its growing customer base, which includes approximately 1,010,000 electric customers and 435,000 natural gas customers across the Midwest.
Earnings Call and Investor Engagement
Alliant Energy scheduled a conference call to review its 2025 results on Friday, February 20, 2026, at 9 a.m. Central Time. Lisa Barton and Executive Vice President and Chief Financial Officer Robert Durian are hosting the call.
The call is accessible via toll-free and international dial-in numbers and is also available as a webcast through the company’s investor relations website. Supplemental materials have been posted online, and an archived version of the webcast will remain available for 12 months.
Company Overview
Headquartered in Madison, Wisconsin, Alliant Energy is the parent company of Interstate Power and Light Company and Wisconsin Power and Light Company, as well as Alliant Energy Finance, LLC, which oversees its non-utility operations.
As a regulated utility operating in the Midwest, the company’s primary focus is providing reliable electricity and natural gas service to its customers. Alliant Energy is a component of the S&P 500 Index and trades on the Nasdaq Global Select Market under the symbol LNT.
With a strong record of earnings growth, a substantial multi-year capital investment plan, and reaffirmed 2026 guidance, Alliant Energy continues to position itself for sustainable expansion. By balancing renewable energy development, infrastructure modernization, and regulatory alignment, the company aims to deliver long-term value to customers, communities, and shareholders alike.
