Alliant Energy (LNT) Q3 2026 earnings summary

Executive summary

• Q3 GAAP diluted EPS was $1.52 vs. $1.09 YoY; net income rose to $398M from $281M.

• Nine-month revenue was $3.440B vs. $3.298B, net income was $792M vs. $668M, and ongoing EPS was $2.99, up 14% YoY.

• 2026 ongoing EPS guidance narrowed to $3.41–$3.46, with results expected in the top half; 2027 guidance is $3.63–$3.73.

• Contracted data-center demand and other large loads underpin the $15.9B 2027–2030 capital plan and an 8%+ earnings growth target through 2030.

Financial highlights

• Q3 revenue was $1.285B vs. $1.210B, operating income was $389M vs. $349M, and net income was $398M vs. $281M.

• Q3 electric utility revenue was $1.202B vs. $1.124B; gas utility revenue was $56M vs. $51M.

• Earnings benefited from higher rate-base revenue requirements, AFUDC, venture investment earnings, retail electric sales and favorable tax timing; higher O&M, depreciation and financing costs partly offset gains.

• Q3 retail electric sales volumes rose 2% YoY; nine-month volumes rose 1%. Retail gas sales volumes fell 2% in Q3 and 5% over nine months.

• Nine-month operating cash flow was $909M vs. $900M; utility construction and acquisition expenditures were $1.806B vs. $1.648B.

Outlook and guidance

• 2027 ongoing EPS guidance is $3.63–$3.73; the $2.25 annual dividend target is 5% above the 2026 target, with a 60%–70% ongoing EPS payout target.

• EPS growth target is 8%+ annually for 2027–2030 and 6%–8%+ longer term; management cited potential to sustain 8%+ growth beyond 2030.

• Projected total shareholder return is greater than 11% annually over 2027–2030; dividend growth is moderated to help fund the expanded capital plan.

• 2026 assumptions include ~2%–3% retail electric sales growth, ~5% higher O&M, ~$3B capex and a ~28% effective tax rate.

• 2027 guidance assumes expected data-center revenues, capital plan execution, authorized returns, normal weather, stable economic conditions, cost control and a 28% effective tax rate.