Alliant Energy
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Alliant Energy (LNT) investor relations material

Alliant Energy Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary20 Feb, 2026

Executive summary

  • Achieved GAAP net income of $810 million and GAAP EPS of $3.14 for 2025, with ongoing EPS at $3.22, reflecting a 6% year-over-year growth and a 10-year CAGR of 6.3%.

  • Delivered a total shareholder return of 13–13.5% in 2025 and increased the dividend for the 22nd consecutive year.

  • Advanced customer growth with three large load customers under construction, including Google and Meta data centers, and completed ~275 MW of energy storage investments.

  • Maintained high electric and gas system reliability, improved customer satisfaction, and kept Iowa retail electric base rates flat for existing customers through the decade.

  • Demonstrated agility by relocating the QTS data center project from Wisconsin to Iowa, securing a new electric service agreement.

Financial highlights

  • 2025 GAAP net income: $810 million; GAAP EPS: $3.14; ongoing EPS: $3.22, up from $3.04 in 2024.

  • Ongoing EPS grew by $0.18 year-over-year, driven by increased revenue requirements and favorable temperature impacts.

  • Excluding temperature impacts, electric sales rose nearly 1% in 2025, led by higher commercial and industrial sales.

  • Book value per share increased to $28.52 at year-end 2025 from $27.29 in 2024.

  • Utility electric sales reached 33,129,000 MWh in 2025, slightly up from 33,029,000 MWh in 2024.

Outlook and guidance

  • Affirmed 2026 ongoing EPS guidance of $3.36–$3.46 per diluted share and a dividend target of $2.14 per share.

  • Projected 1% retail sales growth in 2026, with higher growth expected from 2027 as data center loads ramp up.

  • Long-term EPS growth target of 7%+ for 2027–2029, projecting at or above the high end.

  • Projected capital expenditures for 2026–2029 range from $3.13 billion to $3.63 billion annually, focused on renewables, energy storage, and electric/gas systems.

  • Actively pursuing 2–4 GW of additional large load growth opportunities beyond current outlook.

Renewables capex impact on rate base growth?
Data center load growth: current status and risks?
Renewable tax credit policy risk mitigation?
What de-risking steps are taken for 2-4 GW load?
How does resource planning adapt to load growth?
How are data center benefits ensured for all customers?
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Frequently asked questions

Alliant Energy Corporation operates as a utility holding company that provides regulated electricity and natural gas services. The Company generates and distributes electric energy, as well as offers electric transmission services; delivers natural gas; supplies heat energy; and offers energy-related products, wholesale energy commodities, risk management consulting services, and regulated resources in Iowa and Wisconsin.Alliant Energy serves customers throughout the United States.

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