Key Highlights

  • Third quarter GAAP EPS was $1.52, compared with $1.09 in the third quarter of 2025.
  • 2026 ongoing EPS guidance was narrowed to $3.41 to $3.46.
  • 2027 EPS guidance was set at $3.63 to $3.73, with an annual Dividend target of $2.25 per share.
  • The four-year Capital Expenditure forecast rose 19% to $15.9 billion.
  • Contracted Data Center Demand stands at 3.4 gigawatts.

Third-quarter EPS climbs to $1.52 on rate base growth

Alliant Energy (NASDAQ:LNT), the Madison, Wisconsin-based parent of Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL), announced third quarter 2026 results on October 29, 2026. GAAP Earnings Per Share were $1.52, up from $1.09 in the same quarter of 2025. Non-GAAP EPS was also $1.52, compared with $1.12 a year earlier.

For the first nine months of 2026, GAAP EPS was $3.04, a 17% increase from $2.59. Ongoing EPS for the period was $2.99, a 14% increase from $2.62. The nine-month ongoing figure excludes a $0.05 per share benefit tied to the remeasurement of deferred tax Assets after changes in estimated state income tax apportionment.

The company pointed to timing of income tax expense, higher Revenue requirements from a growing rate base at IPL and WPL of $0.05 and $0.12 per share respectively, higher Equity earnings from corporate venture investments and higher allowance for funds used during construction. Temperatures added an estimated $0.05 per share in the quarter, against $0.03 a year earlier.

Guidance narrowed for 2026 and set for 2027

Alliant Energy narrowed its 2026 ongoing EPS guidance to $3.41 to $3.46, from $3.36 to $3.46 previously. The company said the new range sits in the top half of its original guidance. The assumptions include a consolidated effective tax rate of negative 28% and normal temperatures in its service territories.

For 2027, the company issued ongoing EPS guidance of $3.63 to $3.73. At the midpoint, that represents 8% growth over the midpoint of the original 2026 ongoing guidance range.

The company also raised its 2027 annual common Stock Dividend target to $2.25 per share, compared with the current annual target of $2.14. Each quarterly payment remains subject to board declaration, and the first-quarter dividend is expected to be declared in January 2027.

Data center contracts drive a larger capital plan

IPL and WPL together have 3.4 gigawatts of contracted demand from data centers. Alliant Energy expects peak demand to increase by roughly 60% by 2031, which it described as an industry-leading growth rate. The company said the energy resources required to serve that load have increased its Investment needs.

As a result, the four-year capital expenditure forecast rose 19% to $15.9 billion. The company framed the plan as a way to meet growing demand while maintaining safe and reliable service for customers.

Management said the 2027 guidance assumes realization of expected revenues from new data center demand, alongside execution of capital plans and in-service dates. Those are the same execution factors listed among the drivers of the 2026 range.

IPL rate stability plan extends to 2030

Alliant Energy also said it is extending IPL's retail electric Base Rate stability plan through 2030, while earning its authorized return on equity. The company presented the extension as a link between economic development in its communities and durable investment growth.

President and CEO Lisa Barton said the quarter reflected another solid period of operating performance and that the full-year earnings expectation had been narrowed within the top half of the original range.

Together, the 2027 guidance, the higher dividend target and the bigger capital plan set out the company's multi-year path. The details to follow are regulatory outcomes for new generation and storage projects, the pace of data center load additions and financing plans.