Alliant Energy (LNT) Q4 2025 earnings summary

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.