Alliant Energy reported GAAP earnings per share of $3.14 for 2025, up from $2.69 in 2024.

Alliant Energy Corporation (NASDAQ: LNT) today announced U.S. generally accepted accounting principles (GAAP) consolidated unaudited earnings per share (EPS) of $3.14 for 2025, compared to $2.69 for 2024. Ongoing EPS for 2025 was $3.22, compared to $3.04 for 2024.

Alliant Energy affirmed its consolidated ongoing EPS guidance for 2026 of $3.36 - $3.46, continuing its over a decade strong track record of compound annual earnings growth of more than 6%.

"In 2025, we delivered another solid year of financial and operational results. We're executing well while investing to meet growing customer demand," said Lisa Barton, Alliant Energy President and CEO. "We have renegotiated an electric service agreement with QTS based on a new project location and our investment plan reinforces our flexibility and balanced generation portfolio as we continue to execute on our customer and community-focused strategy."

In 2025, the primary drivers of Alliant Energy's results were higher EPS due to increased revenue requirements from authorized rate base increases, reflecting ongoing capital investments in generation and energy storage, non-GAAP adjustments in 2024, and estimated temperature impacts on retail electric and gas sales. These items were partially offset by higher other operation and maintenance expenses, driven by increased generation costs from planned maintenance activities and the addition of new energy resources, as well as higher development costs to support long-term growth. Higher depreciation and financing expenses related to capital investments and non-GAAP adjustments in 2025 also partially offset the higher earnings.

Alliant Energy's Non-GAAP, or ongoing, EPS for 2025 excludes $0.05 per share of an asset valuation charge for Alliant Energy's non-utility business, and a $0.03 per share charge related to the remeasurement of deferred tax assets, reflecting an increase in estimated state income tax apportionment. This adjustment is driven by higher projected electric utility revenues from commercial and industrial customers, including data center agreements in IPL's and WPL's service areas. These non-GAAP adjustments are presented to supplement GAAP results and highlight material charges not typically associated with ongoing operations.

Alliant Energy's Non-GAAP, or ongoing, EPS for 2024 excludes the $0.17 per share asset valuation charge for IPL's Lansing Generating Station as a result of the Iowa Utilities Commission (IUC) order for IPL's retail electric rate review, $0.08 per share of restructuring and voluntary separation charges, a $0.06 per share asset retirement obligation initial charge for steam assets at IPL due to the revised Coal Combustion Residuals Rule, and a $0.04 per share adjustment of deferred tax assets due to Iowa tax reform.

Projected Capital Expenditures

Alliant Energy has updated its projected capital expenditures for 2026 through 2029 (in millions). The 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.

Earnings Conference Call

A conference call to review the 2025 results is scheduled for Friday, February 20, 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.

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