# Alliant Energy Corporation (LNT) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/LNT/thesis · /stocks/LNT/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/LNT/fundamental

## Navigation

- Overview: /stocks/LNT
- Financials (this page): /stocks/LNT/financials
- Thesis: /stocks/LNT/thesis
- Investment Memo: /stocks/LNT/memo
- Coverage universe: /stocks