What factors drove the changes in Alliant Energy's revenue and profit?

Did Alliant Energy beat or miss consensus estimates last quarter?

What guidance did Alliant Energy's management provide for the next earnings period?

What were the key takeaways from Alliant Energy’s earnings call?

What is the market's earnings forecast for Alliant Energy next quarter?

What does Alliant Energy do and what are its main business segments?

What is the revenue and EPS growth rate for Alliant Energy year over year?

What were the key takeaways from Alliant Energy's earnings call?

- **Earnings Growth Acceleration**: 2026 EPS guidance of $3.36–$3.46 (6.6% increase) reflects 3 GW of contracted data center demand and 12% CAGR in rate base.
- **Capital Expansion**: $13.4 billion 4-year capex plan (17% increase) funds 50% peak demand growth by 2030, with 3 projects under construction.
- **Regulatory Efficiency**: Iowa's ICR framework enables 60%+ return on equity, while Wisconsin's rate reviews ensure timely earnings recognition.
- **Liquidity and Risk Management**: $2.4 billion new equity issuance (2026–2029) supported by $1.5 billion tax credit monetization, maintaining FFO to debt cushion.
- **Strategic Upside**: 2–4 GW pipeline of high-quality hyperscalers and colocators, with 600–800 MW in high-probability opportunities.

**【CEO Summary Section】**
- Delivered strong Q3 performance, narrowing 2025 ongoing earnings guidance to $3.17–$3.23 per share, trending towards the upper half of the range.
- Announced 2026 earnings guidance of $3.36–$3.46 per share (6.6% increase from 2025 midpoint) and a 5.4% dividend increase to $2.14 per share.
- Expanded 4-year capital expenditure plan to $13.4 billion (17% increase), targeting a 12% CAGR in rate base and construction work in progress (2025–2029).
- Secured 3 GW of contracted data center demand, driving 50% peak demand growth by 2030, with 3 of 4 projects under construction.
- Highlighted regulatory wins, including Iowa's individual customer rate (ICR) approvals and Wisconsin's unanimous rate settlement, enabling cost-effective growth.

**【CFO Financial Commentary】**
- Q3 ongoing EPS of $1.12, with 80% of 2025 guidance realized through September.
- 2025 GAAP net income guidance of $3.17–$3.23 per share, driven by higher revenue from capital investments and favorable weather.
- 2026 capital plan includes $9 billion in new and existing generation investments, supported by $2.4 billion in new common equity (2026–2029).
- Maintained FFO to debt cushion through conservative financial assumptions and tax credit monetization ($1.5–$1.6 billion over 4 years).
- Regulatory filings for additional renewables and dispatchable resources (e.g., Forward wind farm refurbishment, liquefied natural gas storage) to enhance reliability and customer affordability.

**【Q&A Key Highlights】**
- **Load Growth Timing**: 7%+ EPS growth (2027–2029) driven by data centers ramping in 2H26, with Google accelerating load in Cedar Rapids.
- **Regulatory Construct**: Iowa's ICR framework allows 60%+ return on equity with shared upside, while Wisconsin's 2-year rate reviews minimize lag.
- **Tax Credits**: $1.5–$1.6 billion in tax credit monetization over 4 years, supporting equity dilution management.
- **Pipeline Visibility**: 2–4 GW of active negotiations, with 600–800 MW in high-probability opportunities (e.g., QTS Madison, Google expansions).
- **Balance Sheet Strength**: Targeting 40%–45% debt-to-equity ratio, with $300 million junior subordinated notes issued in Q3 to refinance maturing debt.


Alliant Energy Corporation (LNT) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 2025 revenue exceeded 25% of annual guidance, driven by 2.1 GW of data center demand.
- **CapEx Expansion**: $600M increase in 2025-2028 capital plan (11% CAGR), focused on natural gas and storage.
- **Financial Strength**: 2025 EPS guidance reaffirmed at $3.15-$3.25, with 50% of CapEx funded by cash/tax credits.
- **Risk Management**: 100% of renewable/storage CapEx through 2028 is tax-credit protected; <2% tariff exposure.
- **Growth Drivers**: 1.5 GW new gas generation, 800 MW accelerated data center load, and 225 MW battery projects.


**【CEO Key Highlights】**
- Q1 2025 revenue exceeded 25% of the annual guidance midpoint, driven by economic development and data center growth.
- Secured 2.1 GW of data center demand through executed energy supply agreements, representing a 30%+ peak load increase.
- Updated 2025-2028 capital expenditure plan increased by $600M (26% YoY), with a CAGR of 11%, focused on natural gas generation and battery storage.
- Proactive risk mitigation: 100% of renewable and storage CapEx through 2028 is safe-harbored to preserve tax credits.

**【CFO Financial Summary】**
- Q1 EPS of $0.83 vs. $0.62 YoY, despite $0.03 headwind from mild weather.
- 2025 guidance reaffirmed at $3.15-$3.25 EPS, supported by: 
  - 50% of CapEx funded by cash flow and tax credits
  - 40% via debt (maintaining 13-14% S&P credit metrics)
  - 12% via equity ($1.4B over 2025-2028)
- Launched ATM program for flexible equity raises, with $25M/year via Shareowner Direct Plan.

**【Q&A Key Takeaways】**
- **Tariff Exposure**: ~1-2% of $11.5B CapEx, with 20% tariffs on Chinese batteries (lowest-cost option). 
- **Regulatory Flexibility**: 
  - Iowa: 5-year rate moratorium with potential adjustments for economic development
  - Wisconsin: Biennial rate reviews with focus on cost reduction
- **Growth Catalysts**: 
  - 1.5 GW of new natural gas generation to meet data center peak demand
  - 800 MW of accelerated load ramp for one data center customer
  - 225 MW battery storage and 100 MW natural gas plant in development
- **Tax Policy Risk Mitigation**: 95% of 2025-2028 tax credits from projects already in service or safe-harbored.


Alliant Energy (LNT)-9 May 25-2025 Q1 Earnings call transcript

- **EPS Growth**: 8% YoY to $3.04, driven by capital investments and cost savings.
- **Data Center Win**: 1.9 GW Cedar Rapids pipeline and new Wisconsin data center agreement.
- **Renewable Expansion**: 1.5 GW solar commissioned, 3.3 GW total renewables.
- **Financial Strength**: 35% cash flow growth to $300M, 5% O&M expense reduction.
- **Regulatory Flexibility**: Iowa's 40 MW advanced ratemaking threshold and Wisconsin ICR contracts enable customer-specific solutions.

**【CEO Summary Section】**
- **2024 Performance Highlights**: Achieved ongoing EPS of $3.04, up 8% from 2023, driven by capital investments and cost management. Dividend increased for the 21st consecutive year.
- **Renewable Investments**: Commissioned 1.5 GW of solar, bringing total renewable capacity to 3.3 GW. Advanced safe harboring for future projects to preserve tax credits.
- **Economic Development**: Secured 1.9 GW of data center load in Iowa (Phase I: 1.1 GW, Phase II: 800 MW) and a new Wisconsin data center. Individual Customer Rate (ICR) contracts filed for Iowa data centers, with second filing planned for Q1 2025.
- **Regulatory Wins**: Iowa electric rate review stabilizes base rates through 2030, enabling growth via economic development. Wisconsin legislation exempts data centers from sales tax.
- **Strategic Focus**: Balancing generation (renewables, gas) with demand response and capacity purchases to meet data center demand.

**【CFO Financial Commentary】**
- **2024 Financials**: Ongoing EPS of $3.04, up 8% YoY. O&M expenses reduced by $30M, partially offsetting $0.15/share impact from mild winter temperatures.
- **2025 Guidance**: Affirmed EPS range of $3.15-$3.25. 45-50% of new capital to be equity-financed, with debt issuances for remainder.
- **Cash Flow Strength**: Operating cash flow increased 35% to $300M, driven by tax credit monetization and base rate adjustments.
- **Regulatory Filings**: Seeking approvals for $2B+ in transmission investments (ATC Tranche 2.1) and new generation projects in both states.

**【Q&A Highlights】**
- **Data Center Expansion**: Beaver Dam, WI data center agreement adds to 1.9 GW Cedar Rapids pipeline. Q1 2025 will provide updated CapEx plan incorporating new load.
- **Financing Approach**: 45-50% equity, 50-55% debt for new capital. Targeting 5-7% EPS growth through 2025-2028 plan.
- **Regulatory Flexibility**: Iowa's advanced ratemaking (40 MW threshold) and Wisconsin's ICR construct enable tailored solutions for large customers.
- **Tax Credit Strategy**: Proactive safe harboring ensures 2025+ projects qualify for federal credits.
- **Workforce Management**: 5% voluntary separation reduced costs sustainably without impacting reliability.


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