Alliant Energy Corporation

LNT
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.2B
Q1 2026 · +5% YoY
TTM ROIC
11%
FY2025 · Net Income / Book Equity (ROE); Net Income $810M / Equity $7,334M · WACC ~6.5% · Moat spread +1.5pp

Financial Snapshot

ticker: LNT step: 04 generated: 2026-05-13 source: quick-research

Alliant Energy Corporation (LNT) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $4.21B $4.03B $3.98B -1.1%
Operating Margin ~19% ~19% ~20% +1pp
Net Income ~$630M ~$650M ~$680M +5%
EPS (adj. non-GAAP) $2.73 $2.88 $3.04 +5.6%

FY2025: Revenue $4.36B (+9.6%); adj. EPS ~$3.20–3.25 (estimated from growth cadence)

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.1B
Free Cash Flow Negative (heavy capex cycle)
Capital Expenditures ~$2.0B
Cash & Equivalents ~$200M
Total Debt ~$7.5B

Note: Negative FCF is expected during high-growth capex cycles; dividend funded from operating cash flow.

Key Ratios (approximate)

  • P/E: ~25x (adj.) | EV/EBITDA: ~12x | Dividend Yield: ~3.0%
  • Adj. EPS CAGR (2024–2026): 5–7% target | Rate Base CAGR driven by $13.4B capex plan

Growth Profile

Alliant has delivered steady 5–6% adj. EPS growth through disciplined capital investment and rate base expansion in Iowa and Wisconsin. Revenue declined in 2023–2024 due to lower natural gas prices flowing through to customers; underlying utility earnings continued to grow. The company raised its four-year capex plan by 17% to $13.4B to meet data center demand, adding 1,600 MW gas, 1,000 MW storage, and 1,300 MW renewables alongside the 3 GW hyperscaler ESA load commitments.

Forward Estimates

  • FY2025 adj. EPS: ~$3.20–3.25 (Q2 2025 beat at $0.68 vs $0.62 consensus)
  • FY2026: Strong Q1 momentum — >60% peak demand growth from data center load
  • 4-year capex plan: $13.4B (Iowa + Wisconsin; raised 17% from prior plan)
  • Hyperscaler ESAs: 3 GW total load by 2030
  • Dividend: 21 consecutive annual increases; ~$1.52/share annual
  • Analyst avg. price target: ~$73.83 (consensus Moderate Buy)

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $LNT.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Alliant Energy Corporation (LNT) — Financial Analysis | Margin of Insight