Alliant Energy

Alliant Energy is a regulated utility holding company based in Madison, Wisconsin. Its two utilities, Interstate Power and Light in Iowa and Wisconsin Power and Light in Wisconsin, serve about 1,010,000 electric customers and 435,000 natural gas customers. The utilities generate, transmit and distribute electricity and distribute natural gas.

They own wind, solar, battery storage and natural gas plants, and they plan to add more generation for new large customers such as data centers. State regulators in Iowa and Wisconsin set the rates, so earnings grow mostly with the rate base, which is the investment on which the utilities may earn a return. Alliant Energy also owns a share of American Transmission Company and some non-utility businesses.

The market prices Alliant Energy as a utility that must spend a lot of money and issue new shares to serve data centers. The company expects peak demand to grow by about 60% by 2031, and its utilities have 3.4 GW of contracted data center demand. In October 2026, it raised its capital plan for 2027 to 2030 by 19% to $15.9 billion. It has applied for large new natural gas plants in Iowa, such as a 720 MW unit in Linn County and the 1,200 MW Riverhawk Energy Center.

To pay for this, it plans to issue up to $2.7 billion of new shares from 2027 through 2030, issues new debt and can borrow up to $5.1 billion through loans that the U.S. Department of Energy guarantees. In the first nine months of 2026, operating income covered interest expense only 1.9 times. Investors fear that new shares and higher interest costs lower earnings growth, and that data center load comes late.

For the gap to close, three things must be true. Alliant Energy must earn 2027 ongoing EPS within its $3.63 to $3.73 guidance, which needs the expected revenue from new data centers. The data centers in its area must start to use power as planned. The Iowa Utilities Commission must approve the new gas plants on terms that let the company earn a fair return, with decisions expected in Q1 and Q2 2027.

The Q4 2026 report in early 2027 and the Iowa decisions give the next evidence. If these checks pass, the gap can close over the next two to four quarters. The main reason it may not close is a regulatory decision that limits the return on the new investment.

1. Oct 29, 2026Passed

   Q3 2026 earnings: 2026 guidanceYear-to-date results on track for the upper half of the $3.36 to $3.46 guidance pass; a cut to the guidance fails.Outcome: Ongoing EPS for the first nine months rose 14% to $2.99, and Alliant Energy narrowed its 2026 guidance to $3.41 to $3.46, the top half of the original range.
2. Jan 29, 2027 · est.Pending

   Q4 2026 earnings: 2027 guidance2026 ongoing EPS within $3.41 to $3.46 and a confirmed 2027 guidance of $3.63 to $3.73 pass; a result below the range or a lower 2027 guidance fails.
3. Mar 2027 · est.Pending

   Iowa decision on the Linn County gas plantApproval of the 720 MW plant on terms that allow a normal return passes; a denial or a cost cap well below the plan fails.

Every passed and failed checkpoint across all picks

• October 30, 2026Alliant Energy filed its Q3 2026 quarterly report. It expects to settle up to $650 million of its forward share sales in the rest of 2026. From 2027 through 2030, it expects to issue up to $2.7 billion of common stock through its at-the-market programs, its Shareowner Direct Plan and other offerings. At September 30, 2026, its unsettled forward sales were about 25.6 million shares for $1,736 million.
• October 29, 2026Alliant Energy reported Q3 2026 results. GAAP EPS was $1.52, compared with $1.09 a year earlier, partly because of the timing of income tax expense, which reverses by the end of the year. Ongoing EPS for the first nine months rose 14% to $2.99. The company narrowed its 2026 ongoing EPS guidance to $3.41 to $3.46, from $3.36 to $3.46. It gave 2027 ongoing EPS guidance of $3.63 to $3.73 and a 2027 dividend target of $2.25 per share, up from $2.14. It raised its capital plan for 2027 to 2030 by 19% to $15.9 billion. Its utilities have 3.4 GW of contracted data center demand. Interstate Power and Light will extend its Iowa retail electric base rate stability plan through 2030.
• October 28, 2026Alliant Energy closed a loan package of up to $5.1 billion from the U.S. Department of Energy. The Federal Financing Bank will lend up to $3.5 billion to Interstate Power and Light and up to $1.63 billion to Wisconsin Power and Light, and the Department of Energy guarantees the loans. Each advance bears interest at the U.S. Treasury rate plus 0.375 percentage points, and the final maturity is May 15, 2056. The money is for new natural gas and battery storage projects, and each advance needs state approval of the project and other conditions. The company projects customer savings of up to $1.2 billion over the life of the loans.

Last earnings

October 30, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · lnt-20260930
• 8-KEarnings releaseFiled October 30, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled October 28, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 21, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 31, 2026 · lnt-20260630
• 8-KEarnings releaseFiled July 31, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled May 21, 2026 · lnt-20260520
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 1, 2026 · lnt-20260331
• 8-KEarnings releaseFiled May 1, 2026 · Press release and exhibits
• 8-KNew material agreementFiled March 19, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 352541)

• The building plan needs much new debt and new shares. In October 2026, Alliant Energy raised its capital plan for 2027 to 2030 to $15.9 billion. At September 30, 2026, it had unsettled forward sales of about 25.6 million shares for $1,736 million, and it expects to issue up to $2.7 billion of common stock from 2027 through 2030. More shares lower the growth in EPS, and higher interest rates raise the cost of new debt.
• Much of the growth depends on data centers. If these customers delay or reduce their projects, the utilities may build generation that customers do not use, and regulators may not allow the full cost in rates.
• Regulators in Iowa and Wisconsin decide how much the utilities may earn. Decisions on the new gas plants are expected in 2027, and the new large load tariff in Wisconsin will set the terms for large customers.
• Weather affects sales. Temperatures lowered retail electric and gas sales by about $0.03 per share in Q2 2026.

At September 30, 2026, debt was $12.56 billion: long-term debt of $11.09 billion, current maturities of $374 million, commercial paper of $704 million and other short-term borrowings of $400 million. The amount due within 12 months includes the current maturities, the commercial paper and the other short-term borrowings. Read more

Yield at the current rate

2.9% (current annual rate, at today’s price)

Dividend yield

2.9% (last 12 months, at today’s price of $73.62)

Paid per share

$2.14 in the last 12 months (4 payments)

Current annual rate

$2.14 ($0.535 × 4 a year)

Payout ratio

65% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

October 30, 2026, $0.535 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 5.9% a year. From 2015 to 2025, the dividend grew by about 6.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.