Alliant Narrows 2026 Outlook, Issues 2027 Guidance and Capex

The Tip Desk · October 30, 2026 · 4 min read

Third-quarter GAAP earnings were $1.52 a share, and 2027 ongoing EPS guidance is $3.63 to $3.73, with a $2.25 dividend target.

Alliant Energy Corporation (LNT) reported third-quarter GAAP earnings of $1.52 a share, up from $1.09 a year earlier, and narrowed its 2026 ongoing earnings outlook to the top half of the original range.

The Madison, Wisconsin-based energy-services provider, parent of Interstate Power and Light Company and Wisconsin Power and Light Company, said ongoing EPS guidance for 2026 is now $3.41 to $3.46, from the prior $3.36 to $3.46 range. Non-GAAP EPS for the three months ended September 30 was $1.52, versus $1.12 a year earlier.

President and Chief Executive Officer Lisa Barton said the company delivered another solid quarter of operating performance and that the full-year expectation has been narrowed to within the top half of the original 2026 ongoing EPS guidance range.

Primary drivers of ongoing results in the third quarter were timing of income tax expense, higher revenue requirements from increasing rate base at IPL and WPL of $0.05 and $0.12 a share, respectively, including investments in generation and energy storage, higher equity earnings from corporate venture investments, higher allowance for funds used during construction, and higher retail electric sales. Those items were offset by higher other operation and maintenance expenses primarily related to labor and increased electric distribution and generation costs from planned maintenance, as well as higher financing and depreciation expenses. The company said the income tax timing variances will reverse by the end of the year.

Retail electric and gas sales increased EPS by an estimated $0.05 and $0.03 a share in the third quarters of 2026 and 2025, respectively, due to the impacts of temperatures on customer demand. Estimated temperature impact on operating income was $20 million in the third quarter of 2026, versus $10 million a year earlier.

Total revenues were $1,285 million in the third quarter, up from $1,210 million a year earlier. Electric utility revenues were $1,202 million. Operating income was $389 million. IPL GAAP EPS was $0.96, versus $0.64 a year earlier; WPL GAAP EPS was $0.60, versus $0.48. IPL earnings were $251 million and WPL earnings were $156 million.

Retail electric sales were 7,146 thousand megawatt-hours in the third quarter, versus 6,974 thousand megawatt-hours a year earlier. Total utility electric sales were 9,150 thousand megawatt-hours.

Alliant Energy’s utilities have 3.4 gigawatts of contracted demand from data centers. The company expects peak demand to increase by approximately 60% by 2031, which it described as an industry-leading growth rate. Energy resources needed to serve that expected load have increased the company’s forecasted capital expenditures for 2027 through 2030 by 19% to $15.9 billion.

Alliant Energy issued 2027 consolidated ongoing EPS guidance of $3.63 to $3.73, which at the midpoint represents 8% growth over the 2026 original consolidated ongoing EPS guidance midpoint. Assumptions include realization of expected revenues from new data center demand, ability of IPL and WPL to earn authorized rates of return, execution of capital expenditure plans, normal temperatures, a stable economy, cost controls and financing plans, and a consolidated effective tax rate of 28%. The company established a 2027 annual common stock dividend target of $2.25 a share, compared with the current annual target of $2.14 a share. Payment of each 2027 quarterly dividend is subject to declaration by the board. The first-quarter dividend is expected to be declared in January 2027.

The company is extending IPL’s retail electric base rate stability plan through 2030, providing Iowa retail electric customers with predictability through the end of that year while earning authorized return on equity.

Projected capital expenditures for 2027 through 2030 total $15.9 billion, including $1,250 million of renewables and energy storage in 2027 and $2,090 million of thermal generation and liquified natural gas in that year.

Barton said the company is driving meaningful economic development for the communities it serves and converting it into durable investment growth, while earning authorized returns, strengthening reliability, and maintaining affordability.