Research · Sep 3, 2026
[LNT] Alliant Energy Thesis 2026: Data Center Load and Dividend Track Record Compound Together
Alliant Energy Corporation FY25 revenue $4.36B (+10%); op income $1.03B (+16%); NI $810M (+17%); EPS $3.14 (+17%). Ongoing 2025 EPS growth +6% (exceeded guidance midpoint, aligning with long-term earnings target). Dividend increased for the 22nd consecutive year. Electric sales in 2025 rose nearly 1% excluding temperature impact, driven by higher commercial and industrial sales. Completed 275MW of energy storage investments + turbine upgrades. Ended year with 4 executed Energy Service Agreements (ESAs) totaling 3GW peak load. QTS data center relocation to Iowa + new electric service agreement signed. 2-4GW of additional large load growth opportunities being pursued. Wisconsin 2026-2027 rate review constructive outcome. FY26 EPS guidance affirmed. Compound annual EPS growth rate target 7%+ for 2027-2029. FY26 debt financing plans include up to $1.2B of long-term issuances. FY26 regulatory agenda aligns with capital investment plans (no active rate reviews planned).