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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.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.
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