Alliant Energy (LNT) Q1 2026 earnings summary

Executive summary

• Q1 2026 GAAP net income was $224 million and GAAP EPS was $0.87, up from $213 million and $0.83 in Q1 2025; ongoing EPS was $0.82, slightly down from $0.83 year-over-year.

• Revenue increased to $1,184 million from $1,128 million year-over-year, driven by higher electric and gas utility revenues.

• Five fully executed data center agreements now represent about 3.4 GW of contracted demand, with a new 370 MW electric service agreement in Iowa supporting over 60% projected peak demand growth by 2031.

• S&P upgraded IPL's credit rating to A-, reflecting improved financial strength.

• Largest economic investment in Iowa's history underway, supporting innovation and job creation.

Financial highlights

• Q1 2026 GAAP and ongoing EPS were $0.87 and $0.82, respectively; net income was $224 million.

• Revenue growth driven by capital investments at IPL and WPL, offset by higher O&M, depreciation, and financing costs.

• Mild weather reduced electric and gas margins by $0.04 and $0.03 per share, respectively.

• Ongoing EPS excludes a $0.05 benefit from deferred tax asset remeasurement and non-recurring state income tax apportionment benefit.

• Operating cash flow for Q1 2026 was $368 million, up from $249 million in Q1 2025.

Outlook and guidance

• 2026 ongoing EPS guidance reaffirmed at $3.36–$3.46 per share, assuming normal temperatures and stable economy.

• Compound annual earnings growth rate projected at 7%+ from 2027 through 2029, with long-term EPS growth target of 5–7%+.

• 2026 dividend target set at $2.14 per share.

• Third quarter update will provide refreshed resource plan and EPS growth trajectory.

• Regulatory approvals for major wind and gas projects expected in early 2027.