LNT

Utilities

Alliant Energy

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Market Data

Financials

XBRL · SEC EDGAR

2008–2025(18yr)

Revenue

Net Income

Free CF

Metric	FY 2008	FY 2009	FY 2010	FY 2011	FY 2012	FY 2013	FY 2014	FY 2015	FY 2016	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025Latest	YoY
Revenue	$3.7B	$3.4B	$3.4B	$3.7B	$3.1B	$3.3B	$3.4B	$3.3B	$3.3B	$3.4B	$3.5B	$3.6B	$3.4B	$3.7B	$4.2B	$4.0B	$4.0B	$4.4B	+9.6%
Gross Profit	—	—	—	—	—	—	—	—	—	$2.9B	$3.0B	$3.2B	$3.0B	$3.1B	$3.6B	$3.4B	$3.4B	$3.7B	+11.0%
Gross Margin	—	—	—	—	—	—	—	—	—	85.8%	86.0%	86.8%	86.9%	85.4%	86.4%	85.5%	84.6%	85.7%	+1.1pp
Operating Income	$487.0M	$396.2M	$556.1M	$478.4M	$519.7M	$533.9M	$543.6M	$577.0M	$537.0M	$653.4M	$694.4M	$777.7M	$740.0M	$795.0M	$928.0M	$943.0M	$886.0M	$1.0B	+15.7%
Operating Margin	13.3%	11.6%	16.3%	13.1%	16.8%	16.3%	16.2%	17.7%	16.2%	19.3%	19.6%	21.3%	21.7%	21.7%	22.1%	23.4%	22.3%	23.5%	+1.2pp
Net Income	$306.7M	$129.7M	$306.3M	$321.9M	$335.7M	$376.2M	$393.3M	$388.4M	$381.7M	$467.5M	$522.3M	$567.4M	$624.0M	$674.0M	$686.0M	$703.0M	$690.0M	$810.0M	+17.4%
Net Margin	8.4%	3.8%	9.0%	8.8%	10.8%	11.5%	11.7%	11.9%	11.5%	13.8%	14.8%	15.6%	18.3%	18.4%	16.3%	17.5%	17.3%	18.6%	+1.2pp
Free Cash Flow	—	-$545.5M	$118.0M	$29.3M	-$317.0M	-$67.3M	-$11.2M	-$163.1M	-$337.2M	-$483.5M	-$1.1B	-$979.7M	-$865.0M	-$587.0M	-$998.0M	$744.0M	$970.0M	$963.0M	-0.7%
FCF Margin	—	-15.9%	3.5%	0.8%	-10.2%	-2.1%	-0.3%	-5.0%	-10.2%	-14.3%	-31.3%	-26.9%	-25.3%	-16.0%	-23.7%	18.5%	24.4%	22.1%	-2.3pp
EPS (Diluted)	$2.61	$1.01	$2.60	$2.74	$3.02	$3.39	$3.55	$3.42	$1.68	$1.99	$2.19	$2.33	$2.47	$2.63	$2.73	$2.78	$2.69	$3.14	+16.7%

Total Debt$11.0B

Cash & Equiv.$556.0M

Net Debt$10.4B

3 min read

1. THE BIG PICTURE

Alliant Energy is attempting to transform from a traditional utility into a high-capacity infrastructure provider for data centers, supported by a massive $13 billion four-year capital expenditure plan. While Alliant Energy maintains industry-leading profit margins, its growth is currently tethered to a regulatory leash, particularly in Iowa, where it cannot adjust its rate base for several years.

2. WHERE THE RISKS HIT HARDEST

The strategic priority of "Infrastructure Development" (Business) is directly threatened by the "Regulatory Rate Recovery" risk because Alliant Energy is currently under a retail electric rate base moratorium in Iowa through September 2029 (Risks). This means Alliant Energy may spend billions on new generation and storage without the ability to immediately recover those costs from its Iowa customers. Furthermore, the focus on "large load growth customers" (Competitive Position) creates a concentration risk where the failure of a single data center to meet contract obligations could trigger significant revenue volatility, especially given that Alliant Energy must often build the generation and transmission capacity before realizing any returns (Risks).

3. WHAT THE NUMBERS SAY TOGETHER

Alliant Energy presents a paradox of high efficiency and low growth. It leads its peer group with a 22.0% net margin and a 26.1% operating margin, yet its revenue growth of 9.6% is the slowest among its primary competitors (Peer Benchmarking). There is a notable discrepancy in cash flow data: while Alliant Energy reported $963.0 million in free cash flow for FY2025 (XBRL), peer analysis identifies a negative FCFFCFFree Cash Flow — cash left after paying for operations and capital investments; what the company can actually spend, save, or return to shareholders margin of -14.7% (Peer Benchmarking). This contradiction likely stems from the timing of the $13 billion capital plan, which is beginning to outpace operating cash generation. Sentiment appears cautious, as evidenced by a high short interest of 8.5% of the float and a recent dip in quarterly GAAPGAAPGenerally Accepted Accounting Principles — the standard U.S. accounting rules all public companies must follow EPSEPSEarnings Per Share — the company's net profit divided by its share count; the most common per-share profitability metric from $0.58 to $0.55 (8-K).

4. IS IT WORTH IT AT THIS PRICE?

At 19.3x forward P/EP/EPrice-to-Earnings ratio — share price divided by annual earnings per share; how much investors pay per dollar of profit. Higher P/E = higher growth expectations, Alliant Energy trades in line with the peer median of 19.1x. According to the provided analysis, the market is pricing in approximately 2.7% long-term growth (CAPM analysis). This valuation is supported by Alliant Energy’s superior margin profile, which provides more of a profit cushion than peers like Evergy (8.8% net margin) or DTE (9.2% net margin). However, for this price to be justified, Alliant Energy must secure the $3 billion in conditional Department of Energy loan guarantees mentioned in its filings; losing this low-cost funding would force Alliant Energy into more expensive capital markets and potentially compress those lead-leading margins (Risks).

5. WHAT WOULD CHANGE THIS VIEW?

Cautious if the $3 billion in conditional U.S. Department of Energy loan guarantees are lost, which would jeopardize the financing of the $13 billion capital plan (Risks).
Constructive if the 2026 and 2027 incremental retail electric rate increases in Wisconsin ($79 million and $73 million, respectively) successfully offset the rising operating expenses seen in recent quarters (8-K, 10-Q).
Cautious if data center customers reduce energy usage or delay projects, as Alliant Energy’s "Concentration Risk" makes it highly vulnerable to the capital requirements of these specific large-scale users (Competitive Position).

6. BOTTOM LINE

Structural Advantage: Leading operational efficiency and high net margins derived from a well-integrated regulatory framework in Wisconsin and Iowa.

Bottom Line: Alliant Energy is a premium-margin utility whose future depends on its ability to fund a massive $13 billion expansion while its primary mechanism for profit—rate increases—is partially frozen through 2029.

Source: Synthesis · LLM Analysis

4 min read

1. Top 5 Material Risks

Data Center Load Growth: Alliant Energy may incur significant capital investments for generation and transmission before realizing returns, with risks that customers may reduce energy usage or fail to meet contract obligations, leading to revenue and earnings volatility.
Regulatory Rate Recovery: Alliant Energy’s financial condition depends on the IUC, PSCW, and FERC approving rate adjustments; failure to receive adequate relief or the imposition of rate freezes—such as IPL’s retail electric rate base moratorium through September 2029—threatens the recovery of prudently incurred costs.
Capital Expenditure and Financing: Alliant Energy has forecasted $13 billion in capital expenditures over the next four years, making Alliant Energy highly sensitive to capital market disruptions, interest rate increases, and the potential loss of $3 billion in conditional loan guarantees from the U.S. Department of Energy.
Environmental Compliance: Alliant Energy faces ongoing capital and operating expenditures to comply with complex environmental laws; there is no assurance that these costs can be recovered from customers, potentially impacting financial results.
Climate Change and GHG Goals: Alliant Energy’s voluntary greenhouse gas reduction goals and strategy are subject to transition risks, including potential regulatory mandates that could force the premature retirement of fossil-fuel generating facilities before new capacity is built, threatening resource adequacy.

2. Company-Specific Risks

Wisconsin Utility Holding Company Act: Provisions of this act may limit Alliant Energy’s ability to invest in or grow non-utility activities and could deter potential purchasers who might otherwise pay a premium for the stock.
Tax Credit Transferability: The "One Big Beautiful Bill Act" (OBBB Act) threatens Alliant Energy’s ability to sell or transfer renewable tax credits by accelerating the termination of production and investment tax credits, which could negatively impact cash flows from operating activities.
Fuel Cost Recovery: Unlike other operations, WPL lacks an automatic retail electric fuel cost adjustment clause, limiting Alliant Energy's ability to timely recover increased fuel costs if earnings exceed authorized returns on common equity.
Labor and Workforce: Alliant Energy is subject to collective bargaining agreements covering approximately 1,700 employees, and the competitive labor market for specialized technical skills increases the risk of higher payroll costs that may not be recoverable in rates.

3. Regulatory/Legal Risks

MISO Resource Adequacy: Changes to MISO’s capacity accreditation requirements, such as the direct loss of load methodology, may require Alliant Energy to procure additional capacity or adjust resource plans, with costs that may not be recoverable in rates.
Consumer Protection Plan: IPL faces specific regulatory constraints regarding its ability to achieve aggregate summer capacity factors for up to 400 MW of solar generation projects.
Environmental Sanctions: Failure to comply with federal, regional, state, and local environmental laws—including those concerning coal combustion residuals and water discharge—could result in injunctions, fines, or other sanctions.
Cybersecurity Oversight: Alliant Energy is subject to monitoring by the Department of Homeland Security Transportation Security Administration and the Pipeline and Hazardous Materials Safety Administration, with potential for significant financial penalties for non-compliance.

4. Financial Impact Map

Data Center Load Growth → Revenue and Earnings → Increased concentration of sales and potential for unrecovered capital costs. Regulatory Rate Recovery → Authorized Rates of Return → Potential for rate refunds, frozen rates, or denial of cost recovery for capital expenditures. Capital Expenditure and Financing → Cost of Capital → Potential for higher interest rates and increased borrowing costs if credit ratings are downgraded or capital markets are disrupted. Environmental Compliance → Operating Expenses/Capital Expenditures → Significant, potentially unrecoverable costs to comply with emissions and waste disposal regulations. Climate Change and GHG Goals → Asset Impairment → Potential for early retirement of fossil-fuel generating facilities and associated impairment of assets if GHG regulations accelerate.

Source: 10-K Item 1A · LLM Analysis

Recent Filings

Form	Filed	Period
8-K	Feb 2026	—
10-K	Feb 2026	Dec 2025
10-Q	Nov 2025	Sep 2025
14A	Apr 2025	—