Earnings

Alliant Energy Reverses First-Quarter Earnings Growth

The Tip Desk · July 31, 2026 · 4 min read

Second-quarter GAAP earnings were $0.65 a share as Interstate Power and Light earnings fell to $65 million.

Alliant Energy Corporation (LNT) reported second-quarter GAAP earnings of $0.65 a share, down from $0.68 a year earlier, reversing the 5% year-over-year increase recorded in the first quarter.

The Madison, Wisconsin, energy-services provider, parent of Interstate Power and Light Company and Wisconsin Power and Light Company, saw the decline concentrated in its two regulated electric utilities. IPL GAAP earnings fell to $65 million, or $0.25 a share, from $98 million, or $0.38 a share, a year earlier. WPL earnings were $78 million, or $0.30 a share, compared with $87 million, or $0.34 a share.

Consolidated net income attributable to common shareowners was $170 million, versus $174 million a year earlier. Total revenues were $971 million, with electric utility revenue of $861 million and gas utility revenue of $82 million. Operating income declined to $185 million from $223 million.

Second-quarter results reflected higher revenue requirements from increasing rate base at IPL and WPL of $0.09 a share each, including investments in generation and energy storage; higher equity earnings from corporate venture investments; and higher temperature-normalized retail electric and gas sales. Those items were offset by higher other operating and maintenance expense, primarily related to labor; increased electric distribution and generation costs from planned maintenance and the addition of new energy resources; higher financing and depreciation expenses; estimated temperature impacts on retail sales; and the timing of income tax expense.

Equity income from unconsolidated investments, net, increased to $43 million from $10 million a year earlier. Interest expense rose to $143 million from $124 million, and depreciation and amortization rose to $220 million from $208 million.

ATC Holdings contributed $0.05 a share, or $12 million of earnings. Non-utility and Parent swung to $0.03 a share and $10 million of income from a $0.10 loss and $26 million loss a year earlier. Corporate Services earnings were $0.02 a share, or $5 million.

Retail electric sales rose to 5,987 thousand megawatt-hours from 5,926 thousand megawatt-hours a year earlier, with industrial retail up to 2,625 thousand megawatt-hours from 2,565 thousand megawatt-hours. Wholesale sales for resale fell to 497 thousand megawatt-hours from 651 thousand megawatt-hours, and bulk power and other fell to 1,049 thousand megawatt-hours from 1,176 thousand megawatt-hours. Retail gas sold and transported declined to 5,814 thousand dekatherms from 6,114 thousand dekatherms, with residential gas down to 2,933 thousand dekatherms from 3,190 thousand dekatherms.

Estimated temperature impact on operating income was an $11 million decrease in the second quarter of 2026 versus a $6 million increase a year earlier, with electric at a $9 million decrease versus a $7 million increase. Retail electric and gas sales decreased an estimated $0.03 a share in the second quarter of 2026 due to temperature impacts on customer demand.

Alliant Energy reaffirmed its consolidated ongoing EPS guidance for 2026 of $3.36 to $3.46 a share, the same range it reaffirmed after the first quarter, and said earnings are currently trending in the upper half of the range. President and CEO Lisa Barton said the company delivered another solid quarter of operating and financial performance.

Alliant Energy expects 60% load growth by 2031, and large customer load is expected to materialize as forecast in 2026, with three data centers making significant construction progress. Barton said the company is positioning to accelerate earnings growth and enable significant economic development in the communities it serves.

Guidance assumptions include IPL’s and WPL’s ability to earn authorized rates of return, normal temperatures, a stable economy, execution of capital expenditure plans including targeted in-service dates, cost controls and financing plans, and a consolidated effective tax rate of (35%). The outlook excludes material non-recurring valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, future changes in laws or regulations, and impacts from changes to ATC’s authorized return on equity.

Property, plant and equipment, net, was $21.058 billion at June 30, 2026. Cash and cash equivalents were $25 million. Long-term debt, net of the current portion, was $10.636 billion. Common shares outstanding were 259,285 thousand, and book value was $29.04 a share. The quarterly common dividend rate was $0.535 a share.

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