Alliant Energy Reports Strong 2025 Performance

Company highlights progress on regulated investment plans and continued momentum in large-load demand growth.

Published on Feb. 23, 2026

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Alliant Energy (NASDAQ:LNT) executives reported strong 2025 financial and operational performance, including ongoing earnings per share (EPS) growth of 6% that exceeded guidance. The company saw continued progress on regulated investment plans and momentum in large-load demand growth, including 4 executed electric service agreements totaling 3 gigawatts of peak load. Management also addressed the relocation of a key data center project within Alliant's service territory and reaffirmed 2026 earnings guidance.

Why it matters

Alliant Energy's performance highlights the company's ability to deliver consistent earnings growth and execute on its regulated investment strategy, even as it navigates shifts in public policy, global trade, and accelerating electric demand. The relocation of the data center project within Alliant's service territory demonstrates the company's flexibility in adapting to changing customer needs.

The details

Alliant Energy reported GAAP and ongoing earnings for 2025, delivering year-over-year ongoing EPS growth of $0.18 compared to 2024. This was primarily driven by increased revenue requirements from rate-based increases tied to continued investment in generation and energy storage, along with favorable temperature impacts on electric and gas sales. These positives were partially offset by higher operating and maintenance expenses, generation development costs, and increased depreciation and financing expenses.

  • Alliant Energy reported its Q4 and full-year 2025 earnings on February 23, 2026.
  • The company is awaiting an Iowa Utilities Commission decision on a settlement related to advanced ratemaking principles for up to 1 GW of new wind generation, with an expected decision in the first half of 2026.
  • Alliant is also awaiting a decision from the Public Service Commission of Wisconsin on an individual customer rate filing associated with the Meta data center in Beaver Dam, with a decision expected in the second quarter of 2026.

The players

Alliant Energy

A publicly traded energy holding company headquartered in Madison, Wisconsin, that provides regulated electric and natural gas utility services in the American Midwest.

Lisa Barton

President and CEO of Alliant Energy.

Robert Durian

Executive Vice President and CFO of Alliant Energy.

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What they’re saying

“2025 was shaped by 'major shifts' in public policy, global trade, tax legislation, and accelerating electric demand.”

— Lisa Barton, President and CEO (transcriptdaily.com)

“The relocation introduced 'a little bit of a delay in the ramp,' but less than a year, and the changes reflected 'refinements and rounding issues more than anything.'”

— Robert Durian, Executive Vice President and CFO (transcriptdaily.com)

What’s next

Alliant Energy is awaiting a decision from the Iowa Utilities Commission on a settlement related to advanced ratemaking principles for up to 1 GW of new wind generation, with an expected decision in the first half of 2026. The company is also awaiting a decision from the Public Service Commission of Wisconsin on an individual customer rate filing associated with the Meta data center in Beaver Dam, with a decision expected in the second quarter of 2026.

The takeaway

Alliant Energy's strong 2025 performance and continued progress on regulated investment plans demonstrate the company's ability to adapt to changing market conditions and customer needs, while maintaining a focus on delivering consistent earnings growth and shareholder value.