Customer Base and Services - Alliant Energy serves approximately 1,010,000 electric and 435,000 natural gas customers in the Midwest through its subsidiaries IPL and WPL[27]. - As of December 31, 2025, IPL provided electric service to approximately 505,000 customers and natural gas service to approximately 230,000 customers in Iowa[27]. - WPL supplied electric service to approximately 505,000 customers and natural gas service to approximately 205,000 customers in Wisconsin as of December 31, 2025[28]. - Alliant Energy's electric utility operations serve a diverse customer base, primarily in farming, industrial manufacturing, and data centers, with significant competition from self-generation and alternative energy sources[82][84]. Employee and Labor Relations - Alliant Energy had a total of 2,948 employees, with 58% covered by collective bargaining agreements[34]. - The majority of IPL's bargaining unit employees (74%) and WPL's bargaining unit employees (86%) are covered by collective bargaining agreements[34]. - Alliant Energy's Total Rewards programs include competitive salaries, a 401(k) savings plan, and various health benefits[41]. Safety and Environmental Compliance - The company is committed to safety, implementing a comprehensive safety management system to track performance and improve safety culture[36]. - Alliant Energy's energy efficiency plan (EEP) is required to be filed every five years with the IUC to achieve specified levels of energy savings[55]. - The EPA's final Section 111(d) rule requires states to implement plans to reduce CO2 emissions from fossil-fueled EGUs, with compliance phased in starting in 2030[70]. - Alliant Energy, IPL, and WPL are subject to significant regulatory uncertainty regarding environmental regulations, which could materially impact their financial condition[68]. - The Clean Air Act's revised standards under Section 111(b) establish CO2 emissions limits for new fossil-fueled EGUs, affecting future construction and operation[71]. - The company has established voluntary greenhouse gas (GHG) reduction goals, but uncertainties regarding regulations and technology may hinder progress[118]. - Alliant Energy aims to eliminate all coal-fired EGUs from its generating fleet by 2040 and achieve net-zero GHG emissions from its utility operations by 2050[209]. Financial Performance - Total revenues for Alliant Energy reached $3.697 billion in 2025, up from $3.372 billion in 2024, representing an increase of 9.7% year-over-year[98]. - Total revenues for IPL and WPL combined reached $1,896 million in 2025, up from $1,747 million in 2024, representing an increase of 8.5%[100]. - Alliant Energy's net income for Utilities and Corporate Services increased by $153 million in 2025, reaching $875 million, compared to $722 million in 2024, resulting in an EPS of $3.39, up from $2.81[179]. - Alliant Energy's net income decreased by $34 million in 2025 compared to 2024, primarily due to an asset valuation charge and higher financing expenses[181]. Revenue and Sales Growth - Residential sales increased to $1.339 billion in 2025 from $1.236 billion in 2024, a growth of 8.3%[98]. - Electric utility revenues increased by $325 million for Alliant Energy in 2025 compared to 2024, driven by higher revenue requirements and changes in sales volumes due to temperatures[186]. - Retail electric sales volumes increased by 2% in 2025, while retail gas sales volumes increased by 14%, primarily due to temperature changes[183]. - Gas utility revenues increased by $60 million for Alliant Energy in 2025, driven by changes in gas costs and sales volumes due to temperatures[187]. Capital Expenditures and Investments - The company has forecasted capital expenditures of approximately $13 billion over the next four years, which is dependent on access to capital markets[140]. - Alliant Energy plans to develop and/or acquire approximately 1,600 MW of new natural gas resources, 1,000 MW of new energy storage, and 1,300 MW of new renewable generation over the next five years[180]. - Alliant Energy's capital allocation strategy focuses on growth, including the development of energy resources to meet future demand and investments in transmission through ATC[174]. - The company plans to invest in technology to enhance productivity and efficiency, with estimated capital expenditures for technology projects included in the construction and acquisition expenditures table for 2026 through 2029[215]. Regulatory Environment - The company is subject to various regulations, including the Public Utility Holding Company Act of 2005 and the Energy Policy Act of 2005, impacting its operations[45]. - Regulatory authorities may impose financial penalties and sanctions, which could adversely impact the construction of new projects and financial condition[115]. - The utility business is significantly impacted by government legislation and regulation, affecting rates, authorized returns, and cost recovery[114]. Risks and Challenges - The company faces significant risks from cyber attacks, which could disrupt operations and lead to loss of confidential information, potentially resulting in substantial financial losses[125]. - Supply chain disruptions are expected to continue impacting the company's ability to procure critical materials and services, leading to increased costs and delays in construction projects[128]. - Natural disasters and extreme weather events may lead to increased operational costs and reduced energy demand, negatively impacting revenues[131]. - Inflation has significantly increased costs for labor, materials, and services, which may not be fully recoverable in rates, impacting financial results[138]. - The company relies on non-utility operations for a portion of earnings, and underperformance in these areas could adversely affect financial condition[135]. Future Outlook - Alliant Energy expects to issue up to $2.4 billion of common stock from 2026 through 2029[195]. - Alliant Energy, IPL, and WPL expect increases in electric utility and gas utility revenues in 2026 compared to 2025 due to rising revenue requirements[195]. - Alliant Energy, IPL, and WPL anticipate an increase in retail electric sales in 2026 driven by expected load growth from new customers[195].

Financial Data and Key Metrics Changes - Alliant Energy reported ongoing earnings per share (EPS) growth of $0.18 for 2025 compared to 2024, driven by increased revenue requirements from rate-based increases and favorable temperature impacts on electric and gas sales [13][14] - The company achieved a 10-year compound annual EPS growth of 6.3%, with ongoing EPS growth of 6% in 2025, exceeding the midpoint of guidance [5][14] - A total shareholder return of over 13% was delivered for the year, marking the 22nd consecutive year of dividend increases [5] Business Line Data and Key Metrics Changes - In Wisconsin, Alliant Energy completed 275 MW of energy storage investments and turbine upgrades, contributing to regulatory execution strength [6] - Electric sales increased by nearly 1% in 2025 compared to 2024, primarily driven by higher commercial and industrial sales [14] - The company closed the year with four executed electric service agreements (ESAs) totaling 3 GW of peak load, indicating a 50% future growth in demand [9] Market Data and Key Metrics Changes - The company is actively engaged with customers and pursuing 2-4 gigawatts of additional large load growth opportunities beyond current projections [10] - The approval of individual customer rate contracts in Iowa supports economic development while maintaining flat retail electric base rates for existing customers [8] Company Strategy and Development Direction - Alliant Energy's strategy focuses on unlocking customer and community potential, with significant capital investments in data centers that strengthen local tax bases [6][7] - The company aims to be a partner of choice, aligning capital and regulatory solutions to enable growth while meeting customer and shareholder expectations [9] - A proactive approach to safe harboring renewable and energy storage investments is emphasized to maintain reliability and cost-effectiveness [11] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of navigating public policy shifts and the acceleration of electric demand as key factors influencing performance [5] - The company expects a compound annual earnings growth rate of 7%+ from 2027 to 2029, based on current projections for capital expenditure plans and data center load [18] - Management expressed confidence in executing projects within the updated capital expenditure plan, with a focus on maintaining stable base rates for customers [19][21] Other Important Information - The company has a four-year capital plan of approximately $13.4 billion, with a balanced mix of funding sources including cash from operations and new financings [20] - Regulatory decisions in Iowa and Wisconsin are aligned with capital investment plans, reducing regulatory uncertainty for 2026 [21][23] Q&A Session Summary Question: On the 3 GW of data centers, what are the minimum take agreements? - Management confirmed that any additional demand from hyperscalers would be accretive to current planning assumptions [30] Question: How are conversations with hyperscalers evolving, especially regarding stricter safeguards? - Management noted that Iowa has strategic advantages for data center growth, and they are committed to ensuring Wisconsin remains open for business [32] Question: What is the path to construction for the relocated QTS project? - Management clarified that they are using individual customer rate constructs for both states and are pleased with their ability to pivot quickly [42] Question: What are the goals for timing on bringing in another deal for the 2-4 GW of growth? - Management indicated that they have three buckets of opportunities and are focused on high-quality electric service agreements [44] Question: Is the 1% retail sales growth assumption conservative? - Management stated that most data center load is expected to come in 2027 and beyond, making the 1% growth assumption consistent with current expectations [53] Question: How does the shift in renewables in CapEx relate to QTS? - Management explained that the shift is part of a consistent investment plan and reflects a proactive approach to meet customer needs [57]

Financial Data and Key Metrics Changes - Alliant Energy reported ongoing earnings per share (EPS) growth of $0.18 for 2025 compared to 2024, driven by increased revenue requirements from rate-based increases and favorable temperature impacts on electric and gas sales [13][14] - The company achieved a 10-year compound annual EPS growth of 6.3%, with ongoing EPS growth of 6% in 2025, exceeding the midpoint of guidance [5][14] - A total shareholder return of over 13% was delivered for the year, marking the 22nd consecutive year of dividend increases [5] Business Line Data and Key Metrics Changes - In Wisconsin, Alliant Energy completed 275 MW of energy storage investments and turbine upgrades, contributing to regulatory execution strength [6] - Electric sales increased by nearly 1% in 2025 compared to 2024, primarily driven by higher commercial and industrial sales [14] - The company has a backlog of opportunities to drive future growth, including four executed electric service agreements (EFAs) totaling 3 GW of peak load [9] Market Data and Key Metrics Changes - The company is focused on capturing growth opportunities in both Iowa and Wisconsin, with a commitment to keep Iowa retail electric base rates flat for existing customers through the end of the decade [8] - Alliant Energy is actively engaged with customers to pursue 2-4 GW of additional large load growth opportunities beyond current projections [10] Company Strategy and Development Direction - The company aims to unlock the potential of customers and communities, with a focus on data centers as significant capital investments that benefit local tax bases [6][7] - Alliant Energy's strategy includes maximizing existing resources, extending asset life, and integrating renewables and energy storage facilities to maintain reliability [11] - The company emphasizes a proactive approach to economic development, ensuring that customers benefit from data center growth without incurring additional costs [76] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of agility and disciplined decision-making in navigating the evolving energy landscape [10] - The company expects a compound annual earnings growth rate of 7%+ from 2027 to 2029, based on current projections for capital expenditure plans and data center load [18] - Management expressed confidence in the ability to execute projects within the updated capital expenditure plan, supported by a strong liquidity position [19] Other Important Information - Alliant Energy's four-year capital plan remains on track, with a total expected common equity need of approximately $2.4 billion, of which $1 billion has already been raised [20] - The company achieved several constructive regulatory decisions throughout the year, aligning its regulatory agenda with capital investment plans [21] Q&A Session Summary Question: What are the minimum take agreements for the 3 GW of data centers? - Management confirmed that any additional demand from hyperscalers would be accretive to current planning assumptions [30] Question: How are conversations with hyperscalers evolving, especially regarding Wisconsin and Iowa? - Management noted that Iowa has strategic advantages, and they are committed to ensuring Wisconsin remains open for business, despite local challenges [32] Question: What is the path to construction for the relocated QTS data center? - Management indicated that they are pleased with their ability to pivot quickly and are working on the necessary permitting and zoning approvals [42] Question: What are the expectations for retail sales growth in 2026? - Management expects retail sales growth of approximately 1%, with most data center load anticipated to come in 2027 and beyond [53] Question: How does the shift in renewables and gas generation relate to the QTS project? - Management clarified that the shift is part of a consistent investment plan, with adjustments made to accommodate the relocated load [57]

Financial Data and Key Metrics Changes - In 2025, Alliant Energy achieved ongoing earnings per share (EPS) growth of $0.18 compared to 2024, driven by increased revenue from rate-based increases and favorable temperature impacts on electric and gas sales [11][12] - The company reported a 10-year compound annual EPS growth of 6.3%, with ongoing EPS growth of 6% in 2025, exceeding the midpoint of guidance [4][11] - A total shareholder return of over 13% was delivered for the year, and the dividend was increased for the 22nd consecutive year [4] Business Line Data and Key Metrics Changes - Electric sales increased by nearly 1% in 2025 compared to 2024, primarily due to higher commercial and industrial sales across both IPL and WPL [12] - The company completed 275 MW of energy storage investments and turbine upgrades in Wisconsin, contributing to operational performance [5] Market Data and Key Metrics Changes - In Iowa, the approval of individual customer rate contracts supports economic development while maintaining flat retail electric base rates for existing customers through the end of the decade [6] - The company closed the year with four executed Electric Service Agreements (EFAs) totaling 3 GW of peak load, indicating a 50% future growth in demand [7] Company Strategy and Development Direction - Alliant Energy's strategy focuses on unlocking customer and community potential, with significant capital investments in data centers that enhance local tax bases and support public services [5] - The company aims to attract large load customers by ensuring regulatory solutions align with customer needs, emphasizing a customer-centric approach [6][7] - A proactive approach to renewable and energy storage investments is central to the company's strategy, with plans to maximize existing resources and extend asset life [9] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of agility and disciplined decision-making in navigating the evolving energy landscape, with a focus on long-term value [7][9] - The company expects to pursue industry-leading demand growth and successful project execution, with a compound annual earnings growth rate of 7%+ projected for 2027-2029 [16] Other Important Information - The company has a four-year capital expenditure plan of approximately $13.4 billion, with funding through a mix of cash from operations and new financings [18] - Regulatory decisions in Iowa and Wisconsin are aligned with capital investment plans, reducing regulatory uncertainty for 2026 [19][20] Q&A Session Summary Question: Minimum take agreements for the 3 GW of data centers - Management confirmed that any additional demand from hyperscalers would be accretive to current planning assumptions [26] Question: Conversations with hyperscalers and data center developments - Management noted that Iowa has strategic advantages over Wisconsin for data center growth, and they are committed to ensuring Wisconsin remains open for business [29] Question: Path to construction for the relocated QTS project - Management clarified that they are pleased with their ability to pivot quickly and have a robust plan for the new site [39] Question: Timing for additional deals in the 2-4 GW range - Management indicated that they are in active discussions and have structured their approach to ensure high-quality Electric Service Agreements [41] Question: Land control and zoning for new projects - Management confirmed that they own considerable land zoned for industrial use, which supports their economic development strategy [48] Question: Retail sales growth assumptions for 2026 - Management expects retail sales growth of approximately 1%, consistent with 2025, with significant data center load anticipated in 2027 and beyond [50] Question: Shift in capital expenditures related to QTS - Management explained that the shift in capital expenditures is primarily a refinement of their planning process rather than a significant change [64] Question: Regulatory continuity amid gubernatorial races - Management emphasized their commitment to reliability and affordability, ensuring that customers benefit from data center growth [72] Question: Local concerns regarding data center developments in Wisconsin - Management indicated that challenges are primarily at the township level, with local support for data centers being crucial [75]

Alliant Energy Corporation Q4 2025 Earnings Call February 20, 2026 2025 Q4 Earnings Call 2 ALLIANT ENERGY 2025 Highlights 6.3% 10-year earnings CAGR | Financial Results | 2025 | 2024 | | --- | --- | --- | | GAAP net income (in millions) | $810 | $690 | | GAAP earnings per share (EPS) | $3.14 | $2.69 | | Ongoing EPS | $3.22 | $3.04 | Cautionary Statements Forward-looking Statements The information regarding earnings per share guidance, dividend target, earnings per share growth, load growth, capital expendit ...

Core Insights - Alliant Energy Corporation (LNT) reported fourth-quarter 2025 operating earnings of 60 cents per share, exceeding the Zacks Consensus Estimate of 58 cents by 3.45%, but down 14.29% from 70 cents in the same quarter last year [1] - The company achieved total revenues of $1.06 billion, surpassing the Zacks Consensus Estimate of $0.94 billion by 13.45%, and reflecting a year-over-year increase of 9.01% from $0.98 billion [2] - Adjusted earnings for 2025 were reported at $3.22 per share, a 5.92% increase from $3.04 in 2024 [1] Financial Performance - Total operating expenses rose to $868 million, a 15.12% increase from $754 million in the previous year, primarily due to higher costs in electric production fuel and purchased power [3] - Operating income decreased to $196 million, down 11.71% from $222 million in the year-ago period [3] - Interest expenses increased by 16.7% to $140 million compared to the prior year [4] Sales and Production - Total utility electric sales were reported at 7,907 thousand megawatt-hours, a decrease of 2.58% from the previous year [4] - Total utility gas sold and transported increased to 46,558 thousand dekatherms, reflecting a year-over-year growth of 4.63% [4] Cash Flow and Debt - As of December 31, 2025, cash and cash equivalents stood at $556 million, a significant increase from $81 million as of December 31, 2024 [5] - Long-term debt rose to $10.95 billion from $8.68 billion in the previous year [5] - Cash flow from operating activities was reported at $1.169 billion, slightly up from $1.167 billion in the prior year [5] Future Guidance - For 2026, Alliant Energy expects earnings per share to be in the range of $3.36 to $3.46, with long-term EPS growth projected at 5-7% for 2027-2029 [8] - The company anticipates a 1% growth in retail sales, driven by data center construction and commissioning sales [9] - Planned capital expenditures for 2026 are estimated at $3 billion, with a total of $13.4 billion earmarked for the period from 2026 to 2029 [9]

Core Insights - Alliant Energy reported quarterly earnings of $0.6 per share, exceeding the Zacks Consensus Estimate of $0.58 per share, but down from $0.7 per share a year ago, resulting in an earnings surprise of +3.45% [1] - The company achieved revenues of $1.06 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 13.45% and up from $976 million year-over-year [2] - Alliant Energy shares have increased approximately 7% year-to-date, outperforming the S&P 500's gain of 0.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.85 on revenues of $1.15 billion, and for the current fiscal year, it is $3.43 on revenues of $4.37 billion [7] - The estimate revisions trend for Alliant Energy was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Utility - Electric Power industry is currently ranked in the top 36% of over 250 Zacks industries, suggesting that companies in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8] - Another company in the same industry, Algonquin Power & Utilities, is expected to report a quarterly earnings decline of -33.3% with revenues projected at $568.72 million, down 2.8% from the previous year [9][10]

Core Insights - Alliant Energy reported a fourth-quarter profit that exceeded Wall Street estimates, driven by strong power demand and solid performance in its electric and gas segments [1] Financial Performance - Revenue from Alliant's electric utility business increased to $870 million in Q4, up from $793 million year-over-year [1] - Quarterly revenue from the gas segment rose approximately 11% to $159 million [1] - Adjusted profit for the fourth quarter was 60 cents per share, surpassing analysts' expectations of 58 cents per share [1] - Operating expenses for the quarter rose to $868 million, compared to $754 million in the previous year [1] Future Outlook - The company reaffirmed its profit guidance for 2026, projecting earnings of $3.36 to $3.46 per share [1] - Alliant Energy anticipates annual capital expenditures of $3.13 billion [1] Market Context - U.S. electricity usage reached record highs last year and is expected to continue rising, particularly due to the expansion of AI and crypto data centers, as well as a shift from fossil fuels to electricity for heating and vehicles [1]

Earnings Performance - Alliant Energy reported GAAP EPS of $3.14 for 2025, up from $2.69 in 2024, representing a growth of 16.7%[1] - Ongoing EPS for 2025 was $3.22, compared to $3.04 in 2024, reflecting a 6% increase[6] - Alliant Energy's consolidated GAAP EPS for 2025 was $3.14, up from $2.69 in 2024, while non-GAAP EPS increased to $3.22 from $3.04[26] - For the fourth quarter of 2025, Alliant Energy reported a GAAP EPS of $0.55, down from $0.58 in Q4 2024, while non-GAAP EPS was $0.60, compared to $0.70 in the same period last year[29] - Alliant Energy's utility and corporate services segment reported a non-GAAP EPS of $3.39 for 2025, compared to $3.12 in 2024[26] Revenue and Income - The total GAAP income for Alliant Energy in 2025 was $810 million, compared to $690 million in 2024, with non-GAAP income rising to $830 million from $781 million[26] - The total GAAP income for the fourth quarter of 2025 was $142 million, a decrease from $150 million in Q4 2024, with non-GAAP income at $154 million, down from $182 million[29] - Total revenues for Q4 2025 reached $1,064 million, a 9% increase from $976 million in Q4 2024[33] - Net income attributable to Alliant Energy common shareowners for the year ended December 31, 2025, was $810 million, up 17% from $690 million in 2024[33] - Operating income for the year ended December 31, 2025, was $1,025 million, compared to $886 million in 2024, reflecting a 16% increase[33] Capital Expenditures and Investments - Projected total capital expenditures for 2026 are estimated at $3,130 million, with significant investments in renewables and energy storage projects totaling $1,055 million[9] - Key drivers for the 2025 results included increased revenue from authorized rate base increases and capital investments in generation and energy storage[3] Customer Base and Service - Alliant Energy serves approximately 1,010,000 electric and 435,000 natural gas customers across the Midwest[13] - Utility retail electric customers reached 1,009,387 as of December 31, 2025, an increase from 1,002,967 in 2024[39] - Utility retail gas customers totaled 433,344 at the end of 2025, up from 430,699 in 2024[39] Financial Position and Debt - Total assets increased to $24,991 million in 2025, up from $22,714 million in 2024, representing a growth of 10%[35] - Long-term debt, net (excluding current portion) rose to $10,954 million in 2025, compared to $8,677 million in 2024, indicating a 26% increase[35] Dividends and Shareholder Value - The quarterly common dividend rate per share increased to $0.5075 in 2025 from $0.48 in 2024[39] - Alliant Energy's ability to sustain its dividend payout ratio goal remains a focus amid changing economic conditions and regulatory environments[26] - Book value per share improved to $28.52 in 2025, compared to $27.29 in 2024, reflecting a growth of 4.5%[39] Operational Challenges - Higher operational expenses in 2025 were driven by increased generation costs and maintenance activities, partially offsetting earnings growth[3] - The company faced restructuring and voluntary employee separation charges impacting both GAAP and non-GAAP earnings in 2025[30] - Adjustments for non-GAAP earnings in 2025 included a $20 million impact from various charges, while 2024 adjustments totaled $91 million[27] Future Outlook - The company affirmed its ongoing EPS guidance for 2026 in the range of $3.36 to $3.46[2] - The company anticipates future tax benefits from Iowa rate-making practices, which may affect earnings guidance for 2026[19] - The company is focused on meeting growing customer demand through strategic investments and a balanced generation portfolio[3]

Core Viewpoint - Alliant Energy (LNT) is expected to report its fourth-quarter 2025 results on February 19, with a projected earnings per share (EPS) decline of 17.14% year-over-year and a revenue decrease of 3.91% year-over-year [1][2][8] Group 1: Earnings Expectations - The Zacks Consensus Estimate for LNT's earnings is set at 58 cents per share, reflecting a year-over-year decrease of 17.14% [2] - The revenue estimate for the quarter is $937.8 million, indicating a year-over-year decline of 3.91% [2] - Total electricity delivered is estimated at 8,181.71 megawatt-hours (MWh), which represents a slight increase of 0.81% year-over-year [2] Group 2: Factors Influencing Earnings - LNT's earnings are anticipated to benefit from a diversified and expanding customer base, along with robust economic development in its service territory, which is driving demand for utility services [3] - The successful integration of a new 100 MW battery energy storage system for a 200 MW solar project in Grant County, WI, is expected to positively impact quarterly performance [3] - Increased demand from data centers and effective cost control measures are also likely to support LNT's fourth-quarter earnings [4] Group 3: Earnings Prediction Model - The company's Earnings ESP (Earnings Surprise Prediction) is +0.58%, suggesting a potential earnings beat [5][8] - LNT currently holds a Zacks Rank of 3, indicating a neutral outlook [6][8]