Alliant Energy Corporation
LNTBusiness Overview
ticker: LNT step: 01 generated: 2026-05-13 source: quick-research
Alliant Energy Corporation (LNT) — Business Overview
Business Description
Alliant Energy is a Midwest regulated electric and natural gas utility serving approximately 1.01 million electric and 435,000 natural gas customers across Iowa and Wisconsin through its two primary subsidiaries: Interstate Power and Light Company (IPL, Iowa) and Wisconsin Power and Light Company (WPL, Wisconsin). The company is in active transformation — retiring coal, expanding wind/solar/storage, and capitalizing on a data center boom anchored by 3 GW of hyperscaler load agreements that could drive 50% peak demand growth by 2030.
Revenue Model
As a regulated utility, Alliant Energy earns authorized returns on its rate base set by the Iowa Utilities Board and Wisconsin Public Service Commission. Revenue comes from tariff-based electric and natural gas sales to residential, commercial, industrial, and large-load (data center) customers. Capital investments in generation, transmission, and distribution earn regulated returns once approved in rate cases or via annual recovery mechanisms. The $13.4B four-year capex plan drives compounding rate base and earnings growth.
Products & Services
- Electric distribution and transmission — Iowa (IPL) and Wisconsin (WPL) service territories
- Natural gas distribution — local delivery to ~435K gas customers across both states
- Renewable generation — 1,800 MW wind + 1,500 MW solar (completed 2024) + 1,000 MW storage (planned)
- New gas-fired generation — 1,600 MW of natural gas resources planned to serve data center load
- Data center power supply — 4 Electric Service Agreements (ESAs) totaling 3 GW with hyperscaler customers
Customer Base & Go-to-Market
Alliant serves ~1.45 million total customers across captive regulated service territories in Iowa and Wisconsin. The transformational new customer class is hyperscale data centers: 4 ESA agreements for 3 GW of load will drive 50% peak demand growth by 2030 and >60% Q1 2026 peak demand growth year-over-year. Wisconsin and Iowa's low electricity costs, land availability, and cold climate are key data center location attractors.
Competitive Position
Alliant is a regulated monopoly in its Iowa and Wisconsin service territories. It competes for capital allocation vs. utility peers but faces no direct utility competition. Iowa and Wisconsin's regulatory frameworks have been constructive — a December 2025 unanimous Wisconsin rate settlement (2026-2027) provides earnings visibility. Alliant is recognized as an S&P 500 Dividend Aristocrat with 21 consecutive years of dividend increases and 320 consecutive quarters of payments since 1946.
Key Facts
- Founded: 1981 (merger of IES Utilities and WP&L Holdings predecessors; roots to 1917)
- Headquarters: Madison, Wisconsin
- Employees: ~3,400
- Exchange: NASDAQ
- Sector / Industry: Utilities / Multi-Utilities
- Market Cap: ~$18B (at ~$75/share, ~240M shares)
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.