Alliant Energy Corporation
Alliant Energy Corporation Corporate Headquarters 4902 North Biltmore Lane Madison, WI 53718-2148 www.alliantenergy.com
Announced 2027 earnings guidance range of $3.63 - $3.73 per share a nd 2027 annual common stock dividend target of $2.25 per share
Increased four-year capital expenditure forecast by 19% to $15.9 billion to meet growing demand
Extending IPL’s retail electric base rate stability plan through 2030 while earning authorized return on equity
For the first nine months of 2026, Alliant Energy reported EPS of $3.04, a 17% increase from $2.59 for the same period in 2025. Ongoing EPS for the first nine months of 2026 was $2.99, a 14% increase from $2.62 for the same period in 2025. Based on results for the first nine months of 2026, ongoing earnings per share guidance was narrowed to $3.41 - $3.46.
Alliant Energy’s utilities Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL) have 3.4 gigawatts of contracted demand from data centers. Alliant Energy expects peak demand to increase by approximately 60% by 2031, an industry-leading growth rate. The energy resources needed to serve this expected load while maintaining safe and reliable service for all customers have increased the Company’s forecasted capital expenditures for 2027 through 2030 to $15.9 billion.
The Company announced 2027 earnings guidance of $3.63 to $3.73 per share. Also, Alliant Energy has increased its 2027 expected annual common stock dividend target to $2.25 per share.
“We delivered another solid quarter of operating performance and our full-year earnings expectation has been narrowed to within the top half of the original 2026 ongoing EPS guidance range,” said Lisa Barton, Alliant Energy President and CEO. “We are driving meaningful economic development for the communities we are privileged to serve and converting it into durable investment growth, while earning our authorized returns, strengthening reliability, and maintaining affordability. We are extending IPL’s retail electric base rate stability plan by one additional year, providing Iowa retail electric customers with predictability through the end of 2030.”
In the third quarter of 2026, the primary drivers of Alliant Energy’s ongoing results were timing of income tax expense, higher revenue requirements from increasing rate base at IPL and WPL of $0.05 and $0.12 per 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. These items were offset by higher other operation and maintenance expenses primarily related to labor and increased electric distribution and generation costs from planned maintenance activities, as well as higher financing and depreciation expenses. 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 per share in the third quarters of 2026 and 2025, respectively, due to the impacts of temperatures on customer demand. 1 Alliant Energy’s non-GAAP, or ongoing, EPS for the nine months ended September 30, 2026 and the three and nine months ended September 30, 2025 excludes a $0.05 per-share benefit and $0.03 per-share charge, respectively, related to the remeasurement of deferred tax assets resulting from changes in estimated state income tax apportionment. These non-GAAP adjustments are presented to supplement GAAP results and highlight financial measures not typically associated with ongoing operations.
• Execution of capital expenditure plans, including achievement of targeted in- service dates
• Consolidated effective tax rate of (28%) 2027 Earnings Guidance and Annual Stock Dividend Target Alliant Energy is issuing 2027 consolidated ongoing EPS guidance of $3.63 - $3.73, which at the midpoint represents 8% growth over 2026 original consolidated ongoing EPS guidance midpoint.
Assumptions for Alliant Energy’s 2027 EPS guidance include, but are not limited to:
• Execution of capital expenditure plans, including achievement of targeted in- service dates
Alliant Energy has established a 2027 annual common stock dividend target of $2.25 per share, compared with the current annual target of $2.14 per share. Payment of each 2027 quarterly dividend is subject to declaration by the Board of Directors. The first-quarter dividend is expected to be declared in January 2027.
The 2026 and 2027 earnings guidance does not include the impacts of any material non-recurring valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, future changes in laws, regulations or regulatory policies, adjustments made to deferred tax assets and liabilities from changes in forecasted state apportionment and valuation allowances including further corporate tax rate changes in Iowa, changes in credit loss liabilities related to guarantees, pending lawsuits and disputes, settlement charges related to pension and other postretirement benefit plans, federal and state income tax audits and other Internal Revenue Service proceedings, impacts from changes to the authorized return on equity for American Transmission Company LLC (ATC), or changes in GAAP and tax methods of accounting that may impact the reported results of Alliant Energy.
Alliant Energy has updated its projected capital expenditures for 2026 through 2030 (in millions). Projected capital expenditures exclude allowance for funds used during construction and capitalized interest, if applicable. Cost estimates represent Alliant Energy’s estimated portion of total construction expenditures.
A conference call to review the third quarter 2026 results is scheduled for Friday, October 30, 2026 at 9 a.m. Central Time. Alliant Energy President and Chief Executive Officer Lisa Barton and Executive Vice President and Chief Financial Officer Robert Durian will host the call. The conference call is open to the public and can be accessed in two ways. Interested parties may listen to the call by dialing 833-461-5787 (Toll-Free North America) or 585-542-9983 (U.S. Local), conference ID 650 333 381. Interested parties may also listen to a webcast at www.alliantenergy.com/investors . In conjunction with the information in this earnings announcement and the conference call, Alliant Energy posted supplemental materials on its website. An archive of the webcast will be available on the Company’s website at www.alliantenergy.com/investors for 12 months.
Alliant Energy is the parent company of two public utility companies - Interstate Power and Light Company and Wisconsin Power and Light Company - and of Alliant Energy Finance, LLC, the parent company of Alliant Energy’s non- utility operations. Alliant Energy, whose core purpose is to serve customers and build stronger communities, is an energy-services provider with utility subsidiaries serving approxim ately 1,015,000 electric and 435,000 na tural gas customers. Providing its customers in the Midwest with regulated electricity and natural gas service is the Company’s primary focus. Alliant Energy, headquartered in Madison, Wisconsin, is a component of the S&P 500 and is traded on the Nasdaq Global Select Market under the symbol LNT. For more information, visit the Company’s website at www.alliantenergy.com .
This press release includes forward-looking statements. These forward-looking statements can be identified by words such as “forecast,” “expect,” “guidance,” “plan,” or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Actual results could be materially affected by the following factors, among others:
• IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, recovery of and/or the return on costs, including fuel costs, operating costs, transmission costs, capacity costs, costs of cancelled generation projects incurred prior to pursuing regulatory approval, including costs incurred for generation projects that are delayed, modified or no longer pursued due to changes in resource needs or plans, as well as costs of generation projects incurred prior to regulatory approval or that exceed initial estimates, deferred expenditures, deferred tax assets, tax expense, interest expense, capital expenditures, marginal costs to service new customers, and remaining costs related to electric generating units (EGUs) that have been or may be permanently closed and certain other retired assets, environmental remediation costs, and decreases in sales volumes, as well as earning their authorized rates of return, payments to their parent of expected levels of dividends, the impact of rate design on current and potential customers and demand for energy in their service territories, and the ability to obtain regulatory approval with acceptable conditions for individual customer rates for large load growth customers and WPL’s large load tariff;
• the ability to obtain regulatory approval for constr uction projects with acceptable conditions;
• the ability to complete construction of generation and energy storage projects by planned in-service dates, with the expected earnings contributions and within the cost targets set by regulators due to cost increases of and access to materials, equipment and commodities, which could result from tariffs, including previously exempted tariffs related to solar project materials and equipment from certain countries, duties or other assessments, including antidumping or countervailing duties, inflation, labor issues or supply shortages, supply chain disruptions which may result from geopolitical issues, contractor performance, the ability to successfully resolve warranty issues or contract disputes, the ability to obtain adequate generator interconnection agreements to connect the new projects to Midcontinent Independent System Operator, Inc. (MISO) in a timely manner, the ability to obtain siting and permits from local and state agencies and the ability of ITC Midwest LLC (ITC) and ATC to complete transmission upgrades in a timely manner;
• the direct or indirect effects resulting from cybersecurity incidents or attacks on Alliant Energy, IPL, WPL, or their suppliers, contractors and partners, or responses to such incidents;
• the impact of customer- and third party-owned generation and other non- traditional service models, including alternative electric suppliers and potential policy changes, regulatory changes, or legislation that may enable large customers to source behind-the-meter generation directly from third parties or to own or otherwise procure on-site or behind-the-meter generation or participate in co-located resource arrangements, in IPL’s and WPL’s service territories on system reliability, operating expenses and customers’ demand for electricity;
• economic conditions in IPL’s and WPL’s service territories, including the potential impacts of business or facility closures and tariffs; 3 • the ability and cost to attract large load growth customers and to provide sufficient generation and the ability of ITC and ATC to provide sufficient transmission capacity for potential load growth timely, including significant new commercial or industrial customers, such as data centers;
• the ability of potential large load growth customers to timely construct new facilities, due to local or state regulatory actions, zoning, siting, or permitting actions, public or community opposition or other factors, as well as the resulting higher system load demand by expected levels and timeframes;
• the impact of large load growth customers altering, delaying or cancelling planned facilities, including any resulting impacts of overbuilt or under- utilized transmission capacity or generation and energy storage assets;
• the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and operating income;
• the impact that price changes may have on IPL’s and WPL’s customers’ demand for electric and gas services and their ability to pay their bills;
• changes in the price of delivered natural gas, transmission, purchased electric energy, purchased electric capacity and delivered coal, particularly during elevated market prices, and any resulting changes to counterparty credit risk, due to shifts in supply and demand caused by market conditions, regulations and MISO’s seasonal resource adequacy process;
• the ability to achieve the expected level of tax benefits for renewable generation and energy storage projects based on tax guidelines, timely beginning of construction and in-service dates, sourcing permissible amounts of construction and/or financing support from entities with ties to certain foreign countries, compliance with prevailing wage and apprenticeship requirements, project costs and the level of electricity output generated by qualifying generating facilities, and the ability to efficiently utilize the renewable generation and energy storage project tax benefits to achieve IPL’ s authorized rate of return and for the benefit of IPL’s and WPL’s customers;
• federal and state regulatory or governmental actions, including the impact of legislation, Treasury regulations, executive orders, interpretations and guidance, and changes in public policy, including changes impacting renewable tax credits, including any repeal, modification, or reduced funding of the Inflation Reduction Act and the One Big Beautiful Bill Act, and siting generation and energy storage projects;
• the ability to utilize tax credits generated to date, and those that may be generated in the future, before they expire, as well as the ability to transfer tax credits that may be generated in the future at adequate pricing;
• the impacts of changes in the tax code, including tax rates, minimum tax rates, adjustments made to deferred tax assets and liabilities, changes in state income tax apportionment, and changes impacting the availability of and ability to transfer renewable tax credits, including preserving the qualification of any future tax credits;
• disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to continue to operate and maintain existing assets and to construct capital projects, which may result from geopolitical issues, tariffs, supplier manufacturing constraints, regulatory requirements, labor issues or transportation issues, and thus affect the ability to meet capacity requirements and result in increased capacity expense;
• continued access to the capital markets on competitive terms and rates, and risks associated with potential increases in borrowing costs or reduced access to funding, and the actions of credit rating agencies;
• the future development of technologies related to electrification, and the ability to reliably store and manage electricity;
• employee workforce factors, including the ability to hire and retain employees with specialized skills, impacts from employee retirements, changes in key executives, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings;
• disruptions in the supply and delivery of natural gas, purchased electricity and coal;
• changes to the creditworthiness of, or performance of obligations by, counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including large load growth customers, participants in the energy markets and fuel suppliers and transporters;
• the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns;
• impacts that terrorist attacks may have on Alliant Energy’s, IPL’s and WPL’s operations and recovery of costs associated with restoration activities, or on the operations of Alliant Energy’s investments;
• changes to MISO’s interconnection or resource adequacy process establishing capacity planning reserve margin and capacity accreditation requirements that may impact how and when new and existing generating and energy storage facilities may be accredited with energy capacity, may delay the ability to provide service to large load growth customers, and may require IPL and WPL to adjust their current resource plans, to add resources to meet the requirements of MISO’s process or to procure capacity in the market whereby such costs might not be recovered in rates;
• any legislative or regulatory changes that impose mandatory integrated resource planning requirements or materially modify existing planning processes, potentially affecting resource selection, cost recovery, and the ability to meet large load growth demand for energy;
• any material post-closing payments related to any past asset divestitures, including the transfer of renewable tax credits, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation;
• issues associated with environmental remediation and environmental compliance, including compliance with all current environmental and emissions laws, regulations, siting requirements, and permits and future changes in environmental laws and regulations, including the Coal Combustion Residuals Rule, Cross-State Air Pollution Rule and federal, state or local regulations for emissions reductions, including greenhouse gases, from new and existing fossil- fueled EGUs under the Clean Air Act, and litigation associated with environmental requirements;
• increased pressure from customers, investors and other stakeholders to more rapidly reduce greenhouse gases emissions;
• the timely development of technologies, innovations and advancements to provide cost effective alternatives to traditional energy sources; 4 • the ability to defend against environmental claims brought by state and federal agencies, such as the U.S. Environmental Protection Agency and state natural resources agencies, or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims;
• the direct or indirect effects resulting from breakdown or failure of equipment in the operation of electric and gas distribution systems, such as mechanical problems, disruptions in telecommunications, technological problems, and explosions or fires, and compliance with electric and gas transmission and distribution safety regulations, including regulations promulgated by the Pipeline and Hazardous Materials Safety Administration;
• issues related to the availability and operations of EGUs and energy storage facilities, including start-up risks, breakdown or failure of equipment, fires, availability of warranty coverage and successful resolution of warranty issues or contract disputes for equipment breakdowns or failures, performance below expected or contracted levels of output or efficiency, operator error, employee safety, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental operating, capacity, fuel-related and capital costs through rates;
• impacts that excessive heat, excessive cold, storms, wildfires, or natural disasters may have on Alliant Energy’s, IPL’s and WPL’s operations and construction activities, and recovery of costs associated with restoration activities, or on the operations of Alliant Energy’s investments;
• changes to costs of providing benefits and related funding requirements of pension and other postretirement benefits plans due to the market value of the assets that fund the plans, economic conditions, financial market performance, interest rates, timing and form of benefits payments, life expectancies and demographics;
• material changes in employee-related benefit and compensation costs, including settlement losses related to pension plans;
• risks associated with operation and ownership of non-utility holdings, including potential impairments and risks associated with valuation changes of investments;
• changes in technology that alter the channels through which customers buy or utilize Alliant Energy’s, IPL’s or WPL’s products and services;
• risks associated with third-party risk management practices, including vendor financial condition, operational performance, cybersecurity incidents, and compliance with contractual and regulatory requirements;
• risks associated with large-scale internal technology modernization initiatives, including enterprise asset management systems, operational technology/informational technology integration, cloud transformation, and digital modernization, and the potential for delays, cost overruns, or operational impacts;
• impacts on equity income from unconsolidated investments from changes in valuations of the assets held, as well as potential changes to ATC’s authorized return on equity;
• impacts of IPL’s future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures and cost of removal obligations, allocation of mixed service costs and state depreciation, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods;
• current or future litigation, regulatory investigations, proceedings or inquiries;
• reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions;
• the effect of accounting standards issued periodically by standard-setting bodies;
• the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cash flows; and
• other factors listed in the “2026 Earnings Guidance” and “2027 Earnings Guidance and Annual Stock Dividend Target” sections of this press release.
For more information about potential factors that could affect Alliant Energy’s business and financial results, refer to Alliant Energy’s most recent Annual Report on
filed with the Securities and Exchange Commission (SEC), including the sections therein titled “Risk Factors,” and its other filings with the SEC.
Without limitation, the expectations with respect to 2026 and 2027 earnings guidance, 2027 annual common stock dividend target, and 2026-2030 capital expenditures guidance in this press release are forward-looking statements and are based in part on certain assumptions made by Alliant Energy, some of which are referred to in the forward-looking statements. Alliant Energy cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to be correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on Alliant Energy’s ability to achieve the estimates or other targets included in the forward-looking statements. The forward-looking statements included herein are made as of the date hereof and, except as required by law, Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances.
To provide investors with additional information regarding Alliant Energy’s financial results, this press release includes reference to certain non-GAAP financial measures. These measures include income and EPS for the nine months ended September 30, 2026, and for the three and nine months ended September 30, 2025, excluding the state income tax apportionment (benefit) charge at the Parent . Alliant Energy believes these non-GAAP financial measures are useful to investors because they provide an alternate measure to better understand and compare across periods the operating performance of Alliant Energy without the distortion of items that management believes are not normally associated with ongoing operations, and also provides additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance. Alliant Energy’s management also uses income, as adjusted, to determine performance-based compensation. 5 In addition, Alliant Energy included in this press release IPL; WPL; Corporate Services; Utilities and Corporate Services; ATC Holdings; and Non-utility and Parent EPS for the three and nine months ended September 30, 2026 and 2025. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends, and provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance.
Reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable GAAP financial measures are included in the earnings summaries that follow.
Note: Unless otherwise noted, all “per share” references in this release refer to earnings per
The following tables provide a summary of Alliant Energy’s results for the three months ended September 30:
Adjusted, or non-GAAP, earnings for the three months ended September 30 do not include the following item that was included in the reported GAAP earnings:
Non-GAAP Non-GAAP Income Adjustments EPS (in Adjustments millions) 2026 2025 2026 2025 Non-utili… and Parent: State income tax $— $8 $— $0.03 apportion… charge Total Alliant $— $8 $— $0.03 Energy Consolida…
The following tables provide a summary of Alliant Energy’s results for the nine months ended September 30:
Adjusted, or non-GAAP, earnings for the nine months ended September 30 do not include the following item that was included in the reported GAAP earnings:
Non-GAAP Non-GAAP Income Adjustme… EPS (in Adjustmen… millions) 2026 2025 2026 2025 Non-uti… and Parent: State income tax -$12 $8 -$0.05 $0.03 apporti… charge (benefi… Total Alliant -$12 $8 -$0.05 $0.03 Energy Consoli…
ALLIANT ENERGY CORPORATION CONDENSED CONSOLIDATED BALANCE September 30, December 31, SHEETS (Unaudited) 2026 2025 ────────────────────────────────────────────────────────────────────────────── -in millions ASSETS: Current assets: Cash and cash $26 $556 equivalents Other current assets 1,272 1,141 Property, plant and 21,607 20,344 equipment, net Investments 794 694 Other assets 2,255 2,256 Total assets $25,954 $24,991 LIABILITIES AND EQUITY: Current liabilities: Current maturities of $374 $1,074 long-term debt Commercial paper 704 88 Other short-term 400 — borrowings Other current 1,074 961 liabilities Long-term debt, net (excluding current 11,085 10,954 portion) Other liabilities 4,509 4,580 Alliant Energy Corporation common 7,808 7,334 equity Total liabilities and $25,954 $24,991 equity
ALLIANT ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30, 2026 2025 -in millions Cash flows from operating activities: Cash flows from operating activities excluding accounts $1,293 $1,300 receivable sold to a third party Accounts receivable sold to a third -384 -400 party Net cash flows from 909 900 operating activities Cash flows used for investing activities: Construction and acquisition expenditures: Utility business -1,643 -1,487 Other -163 -161 Cash receipts on sold 318 332 receivables Purchases of — -250 short-term investments Other -50 -39 Net cash flows used for investing -1,538 -1,605 activities Cash flows from financing activities: Common stock dividends -413 -391 Proceeds from issuance 496 2,174 of long-term debt Proceeds from issuance of other 400 — short-term borrowings Payments to retire -1,075 -300 long-term debt Net change in 616 -366 commercial paper Other 75 10 Net cash flows from 99 1,127 financing activities Net increase (decrease) in cash, cash -530 422 equivalents and restricted cash Cash, cash equivalents and restricted 556 81 cash at beginning of period Cash, cash equivalents and restricted $26 $503 cash at end of period
(a) HDDs and CDDs are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base. Normal degree days are calculated using a rolling 20-year average of historical HDDs and CDDs. 10
Full text with the tables
Exhibit 99.1
Alliant Energy Corporation
Corporate Headquarters
4902 North Biltmore Lane
Madison, WI 53718-2148
www.alliantenergy.com
News Release
FOR IMMEDIATE RELEASE
ALLIANT ENERGY ANNOUNCES THIRD QUARTER 2026 RESULTS AND 2027 GUIDANCE
•
Third quarter GAAP earnings per share were
$1.52
in 2026, compared to $1.09 in 2025
•
Narrowed
2026 ongoing earnings guidance
to $3.41 - $3.46
per share, the top half of the original guidance range
•
Announced 2027 earnings guidance range of $3.63 - $3.73 per share a nd 2027
annual common stock dividend target of $2.25 per share
•
Increased four-year capital expenditure forecast by 19% to $15.9 billion to meet
growing demand
•
Extending IPL’s retail electric base rate stability plan through 2030 while
earning authorized return on equity
MADISON, Wis. - October 29, 2026 - Alliant Energy Corporation (NASDAQ: LNT)
today announced U.S. generally accepted accounting principles (GAAP)
consolidated unaudited earnings per share (EPS) of $1.52 for the third quarter
of 2026, compared to $1.09 for the third quarter of 2025.
For the first nine months of 2026, Alliant Energy reported EPS of $3.04, a 17%
increase from $2.59 for the same period in 2025. Ongoing EPS for the first nine
months of 2026 was $2.99, a 14% increase from $2.62 for the same period in 2025.
Based on results for the first nine months of 2026, ongoing earnings per share
guidance was narrowed to $3.41 - $3.46.
Alliant Energy’s utilities Interstate Power and Light Company (IPL) and
Wisconsin Power and Light Company (WPL) have 3.4 gigawatts of contracted demand
from data centers. Alliant Energy expects peak demand to increase by
approximately 60% by 2031, an industry-leading growth rate. The energy resources
needed to serve this expected load while maintaining safe and reliable service
for all customers have increased the Company’s forecasted capital expenditures
for 2027 through 2030 to $15.9 billion.
The Company announced 2027 earnings guidance of $3.63 to $3.73 per share. Also,
Alliant Energy has increased its 2027 expected annual common stock dividend
target to $2.25 per share.
“We delivered another solid quarter of operating performance and our full-year
earnings expectation has been narrowed to within the top half of the original
2026 ongoing EPS guidance range,” said Lisa Barton, Alliant Energy President and
CEO. “We are driving meaningful economic development for the communities we are
privileged to serve and converting it into durable investment growth, while
earning our authorized returns, strengthening reliability, and maintaining
affordability. We are extending IPL’s retail electric base rate stability plan
by one additional year, providing Iowa retail electric customers with
predictability through the end of 2030.”
Alli…
Ener… GAAP Non-…
Cons… EPS EPS
EPS:
2026 2025 2026 2025
Three
mont…
ended $1.52 $1.09 $1.52 $1.12
Sept…
30
Nine
mont…
ended $3.04 $2.59 $2.99 $2.62
Sept…
30
In the third quarter of 2026, the primary drivers of Alliant Energy’s ongoing
results were timing of income tax expense, higher revenue requirements from
increasing rate base at IPL and WPL of $0.05 and $0.12 per 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. These items were offset by
higher other operation and maintenance expenses primarily related to labor and
increased electric distribution and generation costs from planned maintenance
activities, as well as higher financing and depreciation expenses. 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 per
share in the third quarters of 2026 and 2025, respectively, due to the impacts
of temperatures on customer demand.
1
Alliant Energy’s non-GAAP, or ongoing, EPS for the nine months ended September
30, 2026 and the three and nine months ended September 30, 2025 excludes a $0.05
per-share benefit and $0.03 per-share charge, respectively, related to the
remeasurement of deferred tax assets resulting from changes in estimated state
income tax apportionment. These non-GAAP adjustments are presented to supplement
GAAP results and highlight financial measures not typically associated with
ongoing operations.
2026 Earnings Guidance
Alliant Energy is narrowing its ongoing 2026 EPS guidance as follows .
Narrowed Previous
Alliant Energy Consolidated $3.41 - $3.46 $3.36 - $3.46
Drivers for Alliant Energy’s 2026 EPS guidance include, but are not limited to:
• Ability of IPL and WPL to earn their authorized rates of return
• Normal temperatures in its utility service territories
• Stable economy and resulting implications on utility sales
• Execution of capital expenditure plans, including achievement of targeted in-
service dates
• Execution of cost controls and financing plans
• Consolidated effective tax rate of (28%)
2027 Earnings Guidance and Annual Stock Dividend Target
Alliant Energy is issuing 2027 consolidated ongoing EPS guidance of $3.63 -
$3.73, which at the midpoint represents 8% growth over 2026 original
consolidated ongoing EPS guidance midpoint.
Assumptions for Alliant Energy’s 2027 EPS guidance include, but are not limited
to:
• Ability of IPL and WPL to earn their authorized rates of return
• Execution of capital expenditure plans, including achievement of targeted in-
service dates
• Realization of expected revenues from new data center demand
• Normal temperatures in its utility service territories
• Stable economy and resulting implications on utility sales
• Execution of cost controls and financing plans
• Consolidated effective tax rate of (28%)
Alliant Energy has established a 2027 annual common stock dividend target of
$2.25 per share, compared with the current annual target of $2.14 per share.
Payment of each 2027 quarterly dividend is subject to declaration by the Board
of Directors. The first-quarter dividend is expected to be declared in January
2027.
The 2026 and 2027 earnings guidance does not include the impacts of any material
non-recurring valuation adjustments, regulatory-related charges or credits,
reorganizations or restructurings, future changes in laws, regulations or
regulatory policies, adjustments made to deferred tax assets and liabilities
from changes in forecasted state apportionment and valuation allowances
including further corporate tax rate changes in Iowa, changes in credit loss
liabilities related to guarantees, pending lawsuits and disputes, settlement
charges related to pension and other postretirement benefit plans, federal and
state income tax audits and other Internal Revenue Service proceedings, impacts
from changes to the authorized return on equity for American Transmission
Company LLC (ATC), or changes in GAAP and tax methods of accounting that may
impact the reported results of Alliant Energy.
Projected Capital Expenditures
Alliant Energy has updated its projected capital expenditures for 2026 through
2030 (in millions). Projected capital expenditures exclude allowance for funds
used during construction and capitalized interest, if applicable. Cost estimates
represent Alliant Energy’s estimated portion of total construction expenditures.
2026 2027 2028 2029 2030
Ge…
Re…
and
en… $695 $1,… $1,8… $1,… $335
st…
pr…
Th…
ge…
& 1,250 2,0… 1,855 1,6… 1,205
li…
na…
gas
Di…
El… 525 540 525 530 660
sy…
Gas 135 150 155 160 165
sy…
Ot… 255 275 310 290 245
To…
Ca… $2,8… $4,… $4,7… $4,… $2,6…
Ex…
2
Earnings Conference Call
A conference call to review the third quarter 2026 results is scheduled for
Friday, October 30, 2026 at 9 a.m. Central Time. Alliant Energy President and
Chief Executive Officer Lisa Barton and Executive Vice President and Chief
Financial Officer Robert Durian will host the call. The conference call is open
to the public and can be accessed in two ways. Interested parties may listen to
the call by dialing 833-461-5787 (Toll-Free North America) or 585-542-9983 (U.S.
Local), conference ID 650 333 381. Interested parties may also listen to a
webcast at www.alliantenergy.com/investors . In conjunction with the information
in this earnings announcement and the conference call, Alliant Energy posted
supplemental materials on its website. An archive of the webcast will be
available on the Company’s website at www.alliantenergy.com/investors for 12
months.
About Alliant Energy Corporation
Alliant Energy is the parent company of two public utility companies -
Interstate Power and Light Company and Wisconsin Power and Light Company - and
of Alliant Energy Finance, LLC, the parent company of Alliant Energy’s non-
utility operations. Alliant Energy, whose core purpose is to serve customers and
build stronger communities, is an energy-services provider with utility
subsidiaries serving approxim ately 1,015,000 electric and 435,000 na tural gas
customers. Providing its customers in the Midwest with regulated electricity and
natural gas service is the Company’s primary focus. Alliant Energy,
headquartered in Madison, Wisconsin, is a component of the S&P 500 and is traded
on the Nasdaq Global Select Market under the symbol LNT. For more information,
visit the Company’s website at www.alliantenergy.com .
Contacts
Investors
Susan Gille
(608) 458-3956
investorrelations@alliantenergy.com
Media Hotline
(608) 458-4040
Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking
statements can be identified by words such as “forecast,” “expect,” “guidance,”
“plan,” or other words of similar import. Similarly, statements that describe
future financial performance or plans or strategies are forward-looking
statements. Such forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
expressed in, or implied by, such statements. Actual results could be materially
affected by the following factors, among others:
• IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow
for, among other things, recovery of and/or the return on costs, including fuel
costs, operating costs, transmission costs, capacity costs, costs of cancelled
generation projects incurred prior to pursuing regulatory approval, including
costs incurred for generation projects that are delayed, modified or no longer
pursued due to changes in resource needs or plans, as well as costs of
generation projects incurred prior to regulatory approval or that exceed initial
estimates, deferred expenditures, deferred tax assets, tax expense, interest
expense, capital expenditures, marginal costs to service new customers, and
remaining costs related to electric generating units (EGUs) that have been or
may be permanently closed and certain other retired assets, environmental
remediation costs, and decreases in sales volumes, as well as earning their
authorized rates of return, payments to their parent of expected levels of
dividends, the impact of rate design on current and potential customers and
demand for energy in their service territories, and the ability to obtain
regulatory approval with acceptable conditions for individual customer rates for
large load growth customers and WPL’s large load tariff;
• the impact of IPL’s retail electric base rate moratorium;
• the ability to obtain regulatory approval for constr uction projects with
acceptable conditions;
• the ability to complete construction of generation and energy storage projects
by planned in-service dates, with the expected earnings contributions and within
the cost targets set by regulators due to cost increases of and access to
materials, equipment and commodities, which could result from tariffs, including
previously exempted tariffs related to solar project materials and equipment
from certain countries, duties or other assessments, including antidumping or
countervailing duties, inflation, labor issues or supply shortages, supply chain
disruptions which may result from geopolitical issues, contractor performance,
the ability to successfully resolve warranty issues or contract disputes, the
ability to obtain adequate generator interconnection agreements to connect the
new projects to Midcontinent Independent System Operator, Inc. (MISO) in a
timely manner, the ability to obtain siting and permits from local and state
agencies and the ability of ITC Midwest LLC (ITC) and ATC to complete
transmission upgrades in a timely manner;
• weather effects on utility sales volumes and operations;
• the direct or indirect effects resulting from cybersecurity incidents or
attacks on Alliant Energy, IPL, WPL, or their suppliers, contractors and
partners, or responses to such incidents;
• the impact of customer- and third party-owned generation and other non-
traditional service models, including alternative electric suppliers and
potential policy changes, regulatory changes, or legislation that may enable
large customers to source behind-the-meter generation directly from third
parties or to own or otherwise procure on-site or behind-the-meter generation or
participate in co-located resource arrangements, in IPL’s and WPL’s service
territories on system reliability, operating expenses and customers’ demand for
electricity;
• economic conditions in IPL’s and WPL’s service territories, including the
potential impacts of business or facility closures and tariffs;
3
• the ability and cost to attract large load growth customers and to provide
sufficient generation and the ability of ITC and ATC to provide sufficient
transmission capacity for potential load growth timely, including significant
new commercial or industrial customers, such as data centers;
• the ability of potential large load growth customers to timely construct new
facilities, due to local or state regulatory actions, zoning, siting, or
permitting actions, public or community opposition or other factors, as well as
the resulting higher system load demand by expected levels and timeframes;
• the impact of large load growth customers altering, delaying or cancelling
planned facilities, including any resulting impacts of overbuilt or under-
utilized transmission capacity or generation and energy storage assets;
• the impact of energy efficiency, franchise retention and customer disconnects
on sales volumes and operating income;
• the impact that price changes may have on IPL’s and WPL’s customers’ demand
for electric and gas services and their ability to pay their bills;
• changes in the price of delivered natural gas, transmission, purchased
electric energy, purchased electric capacity and delivered coal, particularly
during elevated market prices, and any resulting changes to counterparty credit
risk, due to shifts in supply and demand caused by market conditions,
regulations and MISO’s seasonal resource adequacy process;
• the ability to achieve the expected level of tax benefits for renewable
generation and energy storage projects based on tax guidelines, timely beginning
of construction and in-service dates, sourcing permissible amounts of
construction and/or financing support from entities with ties to certain foreign
countries, compliance with prevailing wage and apprenticeship requirements,
project costs and the level of electricity output generated by qualifying
generating facilities, and the ability to efficiently utilize the renewable
generation and energy storage project tax benefits to achieve IPL’ s authorized
rate of return and for the benefit of IPL’s and WPL’s customers;
• federal and state regulatory or governmental actions, including the impact of
legislation, Treasury regulations, executive orders, interpretations and
guidance, and changes in public policy, including changes impacting renewable
tax credits, including any repeal, modification, or reduced funding of the
Inflation Reduction Act and the One Big Beautiful Bill Act, and siting
generation and energy storage projects;
• the ability to utilize tax credits generated to date, and those that may be
generated in the future, before they expire, as well as the ability to transfer
tax credits that may be generated in the future at adequate pricing;
• the impacts of changes in the tax code, including tax rates, minimum tax
rates, adjustments made to deferred tax assets and liabilities, changes in state
income tax apportionment, and changes impacting the availability of and ability
to transfer renewable tax credits, including preserving the qualification of any
future tax credits;
• disruptions to ongoing operations and the supply of materials, services,
equipment and commodities needed to continue to operate and maintain existing
assets and to construct capital projects, which may result from geopolitical
issues, tariffs, supplier manufacturing constraints, regulatory requirements,
labor issues or transportation issues, and thus affect the ability to meet
capacity requirements and result in increased capacity expense;
• inflation and higher interest rates;
• continued access to the capital markets on competitive terms and rates, and
risks associated with potential increases in borrowing costs or reduced access
to funding, and the actions of credit rating agencies;
• the future development of technologies related to electrification, and the
ability to reliably store and manage electricity;
• employee workforce factors, including the ability to hire and retain employees
with specialized skills, impacts from employee retirements, changes in key
executives, ability to create desired corporate culture, collective bargaining
agreements and negotiations, work stoppages or restructurings;
• disruptions in the supply and delivery of natural gas, purchased electricity
and coal;
• changes to the creditworthiness of, or performance of obligations by,
counterparties with which Alliant Energy, IPL and WPL have contractual
arrangements, including large load growth customers, participants in the energy
markets and fuel suppliers and transporters;
• the impact of penalties or third-party claims related to, or in connection
with, a failure to maintain the security of personally identifiable information,
including associated costs to notify affected persons and to mitigate their
information security concerns;
• impacts that terrorist attacks may have on Alliant Energy’s, IPL’s and WPL’s
operations and recovery of costs associated with restoration activities, or on
the operations of Alliant Energy’s investments;
• changes to MISO’s interconnection or resource adequacy process establishing
capacity planning reserve margin and capacity accreditation requirements that
may impact how and when new and existing generating and energy storage
facilities may be accredited with energy capacity, may delay the ability to
provide service to large load growth customers, and may require IPL and WPL to
adjust their current resource plans, to add resources to meet the requirements
of MISO’s process or to procure capacity in the market whereby such costs might
not be recovered in rates;
• any legislative or regulatory changes that impose mandatory integrated
resource planning requirements or materially modify existing planning processes,
potentially affecting resource selection, cost recovery, and the ability to meet
large load growth demand for energy;
• any material post-closing payments related to any past asset divestitures,
including the transfer of renewable tax credits, which could result from, among
other things, indemnification agreements, warranties, guarantees or litigation;
• issues associated with environmental remediation and environmental compliance,
including compliance with all current environmental and emissions laws,
regulations, siting requirements, and permits and future changes in
environmental laws and regulations, including the Coal Combustion Residuals
Rule, Cross-State Air Pollution Rule and federal, state or local regulations for
emissions reductions, including greenhouse gases, from new and existing fossil-
fueled EGUs under the Clean Air Act, and litigation associated with
environmental requirements;
• increased pressure from customers, investors and other stakeholders to more
rapidly reduce greenhouse gases emissions;
• the timely development of technologies, innovations and advancements to
provide cost effective alternatives to traditional energy sources;
4
• the ability to defend against environmental claims brought by state and
federal agencies, such as the U.S. Environmental Protection Agency and state
natural resources agencies, or third parties, such as the Sierra Club, and the
impact on operating expenses of defending and resolving such claims;
• the direct or indirect effects resulting from breakdown or failure of
equipment in the operation of electric and gas distribution systems, such as
mechanical problems, disruptions in telecommunications, technological problems,
and explosions or fires, and compliance with electric and gas transmission and
distribution safety regulations, including regulations promulgated by the
Pipeline and Hazardous Materials Safety Administration;
• issues related to the availability and operations of EGUs and energy storage
facilities, including start-up risks, breakdown or failure of equipment, fires,
availability of warranty coverage and successful resolution of warranty issues
or contract disputes for equipment breakdowns or failures, performance below
expected or contracted levels of output or efficiency, operator error, employee
safety, transmission constraints, compliance with mandatory reliability
standards and risks related to recovery of resulting incremental operating,
capacity, fuel-related and capital costs through rates;
• impacts that excessive heat, excessive cold, storms, wildfires, or natural
disasters may have on Alliant Energy’s, IPL’s and WPL’s operations and
construction activities, and recovery of costs associated with restoration
activities, or on the operations of Alliant Energy’s investments;
• Alliant Energy’s ability to sustain its dividend payout ratio goal;
• changes to costs of providing benefits and related funding requirements of
pension and other postretirement benefits plans due to the market value of the
assets that fund the plans, economic conditions, financial market performance,
interest rates, timing and form of benefits payments, life expectancies and
demographics;
• material changes in employee-related benefit and compensation costs, including
settlement losses related to pension plans;
• risks associated with operation and ownership of non-utility holdings,
including potential impairments and risks associated with valuation changes of
investments;
• changes in technology that alter the channels through which customers buy or
utilize Alliant Energy’s, IPL’s or WPL’s products and services;
• risks associated with third-party risk management practices, including vendor
financial condition, operational performance, cybersecurity incidents, and
compliance with contractual and regulatory requirements;
• risks associated with large-scale internal technology modernization
initiatives, including enterprise asset management systems, operational
technology/informational technology integration, cloud transformation, and
digital modernization, and the potential for delays, cost overruns, or
operational impacts;
• impacts on equity income from unconsolidated investments from changes in
valuations of the assets held, as well as potential changes to ATC’s authorized
return on equity;
• impacts of IPL’s future tax benefits from Iowa rate-making practices,
including deductions for repairs expenditures and cost of removal obligations,
allocation of mixed service costs and state depreciation, and recoverability of
the associated regulatory assets from customers, when the differences reverse in
future periods;
• current or future litigation, regulatory investigations, proceedings or
inquiries;
• reputational damage from negative publicity, protests, fines, penalties and
other negative consequences resulting in regulatory and/or legal actions;
• the direct or indirect effects resulting from pandemics;
• the effect of accounting standards issued periodically by standard-setting
bodies;
• the ability to successfully complete tax audits and changes in tax accounting
methods with no material impact on earnings and cash flows; and
• other factors listed in the “2026 Earnings Guidance” and “2027 Earnings
Guidance and Annual Stock Dividend Target” sections of this press release.
For more information about potential factors that could affect Alliant Energy’s
business and financial results, refer to Alliant Energy’s most recent Annual
Report on
Form 10-K
and Quarterly Report on
Form 10-Q
filed with the Securities and Exchange Commission (SEC), including the sections
therein titled “Risk Factors,” and its other filings with the SEC.
Without limitation, the expectations with respect to 2026 and 2027 earnings
guidance, 2027 annual common stock dividend target, and 2026-2030 capital
expenditures guidance in this press release are forward-looking statements and
are based in part on certain assumptions made by Alliant Energy, some of which
are referred to in the forward-looking statements. Alliant Energy cannot provide
any assurance that the assumptions referred to in the forward-looking statements
or otherwise are accurate or will prove to be correct. Any assumptions that are
inaccurate or do not prove to be correct could have a material adverse effect on
Alliant Energy’s ability to achieve the estimates or other targets included in
the forward-looking statements. The forward-looking statements included herein
are made as of the date hereof and, except as required by law, Alliant Energy
undertakes no obligation to update publicly such statements to reflect
subsequent events or circumstances.
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding Alliant Energy’s
financial results, this press release includes reference to certain non-GAAP
financial measures. These measures include income and EPS for the nine months
ended September 30, 2026, and for the three and nine months ended September 30,
2025, excluding the state income tax apportionment (benefit) charge at the
Parent . Alliant Energy believes these non-GAAP financial measures are useful to
investors because they provide an alternate measure to better understand and
compare across periods the operating performance of Alliant Energy without the
distortion of items that management believes are not normally associated with
ongoing operations, and also provides additional information about Alliant
Energy’s operations on a basis consistent with the measures that management uses
to manage its operations and evaluate its performance. Alliant Energy’s
management also uses income, as adjusted, to determine performance-based
compensation.
5
In addition, Alliant Energy included in this press release IPL; WPL; Corporate
Services; Utilities and Corporate Services; ATC Holdings; and Non-utility and
Parent EPS for the three and nine months ended September 30, 2026 and 2025.
Alliant Energy believes these non-GAAP financial measures are useful to
investors because they facilitate an understanding of segment performance and
trends, and provide additional information about Alliant Energy’s operations on
a basis consistent with the measures that management uses to manage its
operations and evaluate its performance.
Reconciliations of the non-GAAP financial measures included in this press
release to the most directly comparable GAAP financial measures are included in
the earnings summaries that follow.
Note: Unless otherwise noted, all “per share” references in this release refer
to earnings per
diluted
share.
ALLIANT ENERGY CORPORATION
EARNINGS SUMMARY (Unaudited)
The following tables provide a summary of Alliant Energy’s results for the three
months ended September 30:
… G… A… N…
E… E…
2… 2… 2… 2… 2… 2…
… $… $… $— $— $0… $0…
… 0… 0… — — 0.… 0.…
… 0… 0… — — 0.… 0.…
…
…
…
… 1… 1… — — 1.… 1.…
…
…
…
… 0… 0… — — 0.… 0.…
…
…
… -… -… — 0.… -0… -0…
…
…
… $… $… $— $0… $1… $1…
…
… G… N…
… I… A… I…
… (… (…
2… 2… 2… 20… 2… 2…
… $… $… $— $— $2… $1…
… 1… 1… — — 156 123
… 5 4 — — 5 4
…
…
…
… 4… 2… — — 412 292
…
…
…
… 13 10 — — 13 10
…
…
… -… -… — 8 -27 -13
…
…
… $… $… $— $8 $3… $2…
…
Adjusted, or non-GAAP, earnings for the three months ended September 30 do not
include the following item that was included in the reported GAAP earnings:
Non-GAAP Non-GAAP
Income
Adjustments EPS
(in Adjustments
millions)
2026 2025 2026 2025
Non-utili…
and
Parent:
State
income tax $— $8 $— $0.03
apportion…
charge
Total
Alliant $— $8 $— $0.03
Energy
Consolida…
The following tables provide a summary of Alliant Energy’s results for the nine
months ended September 30:
… G… A… N…
E… E…
2… 2… 2… 2… 2… 2…
… $… $… $— $— $1… $1…
… 1… 1… — — 1.… 1.…
… 0… 0… — — 0.… 0.…
…
…
…
… 2… 2… — — 2.… 2.…
…
…
…
… 0… 0… — — 0.… 0.…
…
…
… -… -… -… 0.… -0… -0…
…
…
… $… $… -… $0… $2… $2…
…
6
… G… N…
… I… A… I…
… (… (…
2… 2… 2… 20… 2… 2…
… $… $… $— $— $4… $3…
… 3… 3… — — 351 321
… 14 12 — — 14 12
…
…
…
… 7… 7… — — 775 707
…
…
…
… 36 31 — — 36 31
…
…
… -… -… -… 8 -31 -62
…
…
… $… $… -… $8 $7… $6…
…
Adjusted, or non-GAAP, earnings for the nine months ended September 30 do not
include the following item that was included in the reported GAAP earnings:
Non-GAAP Non-GAAP
Income
Adjustme… EPS
(in Adjustmen…
millions)
2026 2025 2026 2025
Non-uti…
and
Parent:
State
income
tax -$12 $8 -$0.05 $0.03
apporti…
charge
(benefi…
Total
Alliant -$12 $8 -$0.05 $0.03
Energy
Consoli…
7
ALL…
ENE…
COR…
CON…
CON…
STA…
OF
INC…
(Un…
Three Nine
Mont… Mont…
Ended Ended
Sept… Sept…
30, 30,
2026 2025 2026 2025
-in
mill…
exce…
per
share
amou…
Rev…
Ele… $1,2… $1,124 $2,951 $2,8…
uti…
Gas 56 51 408 366
uti…
Oth… 1 12 6 37
uti…
Non… 26 23 75 67
Tot… 1,285 1,210 3,440 3,298
rev…
Ope…
exp…
Ele…
pro…
fuel 222 239 522 564
and
pur…
pow…
Ele…
tra… 176 166 490 474
ser…
Cost
of 13 12 223 180
gas
sold
Oth…
ope…
and
mai…
Ene…
eff… 25 17 59 37
cos…
Non… 17 15 50 46
Tra…
Oth… 186 172 509 447
Dep…
and 223 211 665 631
amo…
Tax…
oth…
than 34 29 99 91
inc…
tax…
Tot…
ope… 896 861 2,617 2,470
exp…
Ope… 389 349 823 828
inc…
Oth…
(in…
and
ded…
Int… 145 128 430 372
exp…
Equ…
inc…
from -45 -18 -110 -41
unc…
inv…
net
All…
for
fun… -38 -24 -99 -65
used
dur…
con…
Oth… -4 — -9 3
Tot…
oth…
(in… 58 86 212 269
and
ded…
Inc…
bef… 331 263 611 559
inc…
tax…
Inc…
tax -67 -18 -181 -109
ben…
Net
inc…
att…
to $398 $281 $792 $668
All…
Ene…
com…
sha…
Wei…
ave…
num…
of
com…
sha…
out…
Bas… 259.3 257.0 258.4 256.9
Dil… 261.0 257.8 260.2 257.5
Ear…
per
wei…
ave…
com…
sha…
att…
to
All…
Ene…
com…
sha…
Bas… $1.53 $1.09 $3.07 $2.60
Dil… $1.52 $1.09 $3.04 $2.59
8
ALLIANT ENERGY
CORPORATION
CONDENSED
CONSOLIDATED BALANCE September 30, December 31,
SHEETS (Unaudited) 2026 2025
──────────────────────────────────────────────────────────────────────────────
-in millions
ASSETS:
Current assets:
Cash and cash $26 $556
equivalents
Other current assets 1,272 1,141
Property, plant and 21,607 20,344
equipment, net
Investments 794 694
Other assets 2,255 2,256
Total assets $25,954 $24,991
LIABILITIES AND
EQUITY:
Current liabilities:
Current maturities of $374 $1,074
long-term debt
Commercial paper 704 88
Other short-term 400 —
borrowings
Other current 1,074 961
liabilities
Long-term debt, net
(excluding current 11,085 10,954
portion)
Other liabilities 4,509 4,580
Alliant Energy
Corporation common 7,808 7,334
equity
Total liabilities and $25,954 $24,991
equity
ALLIANT ENERGY
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF
CASH FLOWS (Unaudited)
Nine Months Ended
September 30,
2026 2025
-in millions
Cash flows from
operating activities:
Cash flows from
operating activities
excluding accounts $1,293 $1,300
receivable sold to a
third party
Accounts receivable
sold to a third -384 -400
party
Net cash flows from 909 900
operating activities
Cash flows used for
investing
activities:
Construction and
acquisition
expenditures:
Utility business -1,643 -1,487
Other -163 -161
Cash receipts on sold 318 332
receivables
Purchases of — -250
short-term investments
Other -50 -39
Net cash flows used
for investing -1,538 -1,605
activities
Cash flows from
financing activities:
Common stock dividends -413 -391
Proceeds from issuance 496 2,174
of long-term debt
Proceeds from issuance
of other 400 —
short-term borrowings
Payments to retire -1,075 -300
long-term debt
Net change in 616 -366
commercial paper
Other 75 10
Net cash flows from 99 1,127
financing activities
Net increase
(decrease) in cash,
cash -530 422
equivalents and
restricted cash
Cash, cash equivalents
and restricted 556 81
cash at beginning of
period
Cash, cash equivalents
and restricted $26 $503
cash at end of period
9
KEY FINANCIAL AND OPERATING STATISTICS
September 30, September 30,
2026 2025
──────────────────────────────────────────────────────────────────────────────
Common shares
outstanding 259,362 257,054
(000s)
Book value per $30.10 $28.43
share
Quarterly
common dividend $0.535 $0.5075
rate per share
Three Nine
Mont… Months
Ended Ended
Sept… Septe…
30, 30,
2026 2025 2026 2025
Uti…
ele…
sal…
(00…
of
meg…
Res… 2,263 2,154 5,733 5,656
Com… 1,832 1,778 4,964 4,893
Ind… 2,869 2,825 8,039 7,909
Ind…
- 182 217 534 617
co-…
cus…
Ret… 7,146 6,974 19,2… 19,075
sub…
Sal…
for
res…
Who… 599 713 1,607 2,055
Bulk
pow… 1,391 1,497 4,066 4,050
and
oth…
Oth… 14 13 40 41
Tot… 9,150 9,197 24,9… 25,221
Uti…
ret…
ele…
cus…
(at
Sep…
30)
Res… 863,… 857,…
Com… 147,… 146,…
Ind… 2,388 2,353
Tot… 1,01… 1,00…
Uti…
gas
sold
and
tra…
(00…
of
dek…
Res… 1,282 1,298 17,3… 18,527
Com… 1,616 1,586 12,6… 13,087
Ind… 293 368 1,481 1,574
Ret… 3,191 3,252 31,4… 33,188
sub…
Tra…
/ 29,9… 34,5… 92,7… 92,758
oth…
Tot… 33,1… 37,8… 124,… 125,9…
Uti…
ret…
gas
cus…
(at
Sep…
30)
Res… 387,… 385,…
Com… 45,2… 44,9…
Ind… 315 312
Tot… 432,… 430,…
Est…
ope…
inc…
inc…
(de…
from
imp…
of
tem…
(in
mil…
-
Three Nine
Mont… Months
Ended Ended
Sept… Septe…
30, 30,
2026 2025 2026 2025
Ele… $20 $10 $2 $12
Gas — — -9 -5
Tot…
tem… $20 $10 -$7 $7
imp…
T… Ni…
M… Mo…
E… En…
S… Se…
3… 30,
2… 2… N… 20… 20… No…
…
…
…
…
…
… 45 73 1… 3… 3… 4…
…
…
…
… 97 1… 1… 4… 4… 4…
…
…
…
…
…
…
… 7… 6… 5… 1… 1… 8…
…
…
…
… 5… 5… 5… 7… 7… 7…
…
(a) HDDs and CDDs are calculated using a simple average of the high and low
temperatures each day compared to a 65 degree base. Normal degree days are
calculated using a rolling 20-year average of historical HDDs and CDDs.
10