NASDAQ: LNT
Alliant Energy
Utilities · Electric & Other Services Combined
52-week range
$62.54$78.81
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$18.5B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.63B |
| FY2017, ended Dec 31, 2017 | $9.86B |
| FY2018, ended Dec 31, 2018 | $9.97B |
| FY2019, ended Dec 31, 2019 | $13.4B |
| FY2020, ended Dec 31, 2020 | $12.9B |
| FY2021, ended Dec 31, 2021 | $15.4B |
| FY2022, ended Dec 31, 2022 | $13.9B |
| FY2023, ended Dec 31, 2023 | $13.1B |
| FY2024, ended Dec 31, 2024 | $15.2B |
| FY2025, ended Dec 31, 2025 | $16.7B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $18.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$4.42B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.32B |
| FY2017, ended Dec 31, 2017 | $3.38B |
| FY2018, ended Dec 31, 2018 | $3.53B |
| FY2019, ended Dec 31, 2019 | $3.65B |
| FY2020, ended Dec 31, 2020 | $3.42B |
| FY2021, ended Dec 31, 2021 | $3.67B |
| FY2022, ended Dec 31, 2022 | $4.21B |
| FY2023, ended Dec 31, 2023 | $4.03B |
| FY2024, ended Dec 31, 2024 | $3.98B |
| FY2025, ended Dec 31, 2025 | $4.36B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $4.42B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $382M | −$804M |
| FY2017, ended Dec 31, 2017 | $468M | −$945M |
| FY2018, ended Dec 31, 2018 | $522M | −$1.11B |
| FY2019, ended Dec 31, 2019 | $567M | −$980M |
| FY2020, ended Dec 31, 2020 | $624M | −$865M |
| FY2021, ended Dec 31, 2021 | $674M | −$587M |
| FY2022, ended Dec 31, 2022 | $686M | −$998M |
| FY2023, ended Dec 31, 2023 | $703M | −$864M |
| FY2024, ended Dec 31, 2024 | $690M | −$885M |
| FY2025, ended Dec 31, 2025 | $810M | −$1.11B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $821M | −$777M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$115M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.20M |
| FY2017, ended Dec 31, 2017 | $27.9M |
| FY2018, ended Dec 31, 2018 | $20.9M |
| FY2019, ended Dec 31, 2019 | $16.0M |
| FY2020, ended Dec 31, 2020 | $54.0M |
| FY2021, ended Dec 31, 2021 | $39.0M |
| FY2022, ended Dec 31, 2022 | $20.0M |
| FY2023, ended Dec 31, 2023 | $62.0M |
| FY2024, ended Dec 31, 2024 | $81.0M |
| FY2025, ended Dec 31, 2025 | $556M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $115M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$11.4B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.56B |
| FY2017, ended Dec 31, 2017 | $5.19B |
| FY2018, ended Dec 31, 2018 | $5.94B |
| FY2019, ended Dec 31, 2019 | $6.53B |
| FY2020, ended Dec 31, 2020 | $7.17B |
| FY2021, ended Dec 31, 2021 | $7.88B |
| FY2022, ended Dec 31, 2022 | $8.72B |
| FY2023, ended Dec 31, 2023 | $9.51B |
| FY2024, ended Dec 31, 2024 | $10.4B |
| FY2025, ended Dec 31, 2025 | $12.1B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $11.4B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 13.4% since 2016.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.258M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 228M |
| FY2017, ended Dec 31, 2017 | 231M |
| FY2018, ended Dec 31, 2018 | 236M |
| FY2019, ended Dec 31, 2019 | 245M |
| FY2020, ended Dec 31, 2020 | 250M |
| FY2021, ended Dec 31, 2021 | 250M |
| FY2022, ended Dec 31, 2022 | 251M |
| FY2023, ended Dec 31, 2023 | 256M |
| FY2024, ended Dec 31, 2024 | 257M |
| FY2025, ended Dec 31, 2025 | 257M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | 258M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Net: $47.0M more issued than bought back
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| Period | Paid to employees | Sold for cash |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $18.0M | $26.6M |
| FY2017, ended Dec 31, 2017 | $15.1M | $150M |
| FY2018, ended Dec 31, 2018 | $17.0M | $197M |
| FY2019, ended Dec 31, 2019 | $26.0M | $390M |
| FY2020, ended Dec 31, 2020 | $16.0M | $247M |
| FY2021, ended Dec 31, 2021 | $14.0M | $28.0M |
| FY2022, ended Dec 31, 2022 | $13.0M | $25.0M |
| FY2023, ended Dec 31, 2023 | $12.0M | $246M |
| FY2024, ended Dec 31, 2024 | $12.0M | $23.0M |
| FY2025, ended Dec 31, 2025 | $22.0M | $23.0M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $24.0M | $23.0M |
Revenue (TTM)
$4.42B
+8.3% YoY
Net income (TTM)
$821M
+10.2% YoY
Cash
$115M
+360% YoY
Total debt
$11.4B
+7.6% YoY
Valuation
At current price- Market Cap
- $18.5B
- P/E
- 22.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.2×
- Price / Book
- 2.5×
- EV / EBITDA
- 15.9×
Growth
Trailing 12 months- Revenue (TTM)
- $4.42B
- Revenue Growth YoY
- 8.3%
- Revenue CAGR 3Y
- 1.2%
- Revenue CAGR 5Y
- 5.0%
- EPS Growth YoY
- 9.7%
- Net Income Growth YoY
- 10.2%
Profitability
Trailing 12 months- Gross Margin
- 85.8%
- Operating Margin
- 23.0%
- Net Margin
- 18.6%
- FCF Margin
- −17.6%
- Return on Equity
- 11.3%
Earnings
Trailing 12 months- Net Income
- $821M
- EPS (diluted)
- $3.18
- EBITDA
- $1.88B
- Operating Income
- $1.02B
Balance Sheet
As of Mar 31, 2026- Cash and cash equivalents
- $115M
- Total Debt
- $11.4B
- Net Debt
- $11.3B
- Total Assets
- $24.8B
- Total Liabilities
- $17.4B
- Shareholders' Equity
- $7.42B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.29B
- Capital Expenditure
- $2.06B
- Free Cash Flow
- −$777M
Dividends and risk
Last 12 months- Dividend Yield
- 3.7%
- Dividend / Share
- $2.65
- Beta (5Y)
- 0.52
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 8.3% year over year, at $4.42B.
Note
Net margin of 18.6% over the last 12 months.
Watch
Net debt is 6.0× EBITDA ($11.3B), a heavy load.
Watch
Free cash flow was negative (−$777M) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 30, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K61Nothing notable
61Nothing notable
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 20, 2026 · Read the filing on EDGAR
- Net income rose 17% to $810 million and revenue rose about $381 million, helped by rate increases, colder and hotter weather, and no repeat of 2024 charges.
- Four-year capital spending plans rose to about $13 billion from about $11 billion, funded largely by outside financing, including up to $2.4 billion of new stock.
- Signed data center power agreements now total about 3 gigawatts, including a first WPL customer; Iowa regulators approved individual rates for IPL's data centers.
- Federal law passed in July 2025 speeds up the end of clean energy tax credits, and the company dropped its interim 2030 environmental goals.
Business momentum
Improving
“Alliant Energy’s Utilities and Corporate Services net income increased by $153 million in 2025 compared to 2024.”
Outlook
Positive
“Alliant Energy, IPL and WPL currently expect an increase in retail electric sales in 2026 compared to 2025 driven by expected load growth from new customers who currently expect to build data centers”
Financial stress
Moderate
“Capital needed to retire debt and fund capital expenditures related to large strategic projects is expected to be met primarily through external financings.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Higher rates lifted revenue
“The increase was primarily due to higher revenue requirements from capital investments, estimated temperature impacts on retail electric and gas sales”
New Wisconsin rate increases approved for 2026
“In December 2025, the PSCW issued an order authorizing annual base rate increases of $69 million and $7 million for WPL’s retail electric and gas customers, respectively, effective January 1, 2026”
Data center agreements expanded to about 3 gigawatts
“IPL’s and WPL’s currently executed electric service agreements include aggregate, peak demands of approximately 3 gigawatts.”
Concerns
Larger spending plan needs heavy outside funding
“We have forecasted capital expenditures of approximately $13 billion over the next four years.”
New share sales could dilute existing shareholders
“Alliant Energy currently expects to issue up to $2.4 billion of common stock in aggregate from 2026 through 2029”
Interest costs are expected to keep rising
“Alliant Energy, IPL and WPL currently expect an increase in interest expense in 2026 compared to 2025 due to financings completed in 2025 and planned in 2026 as discussed above.”
New risks since the previous report
Growing reliance on a few data center customers
“We may not be able to adequately protect against the risks inherent in relying on rapid growth within a small number of large customers in a single industry.”
Community opposition could delay or cancel data centers
“Community opposition to data centers—driven by concerns about land use, water consumption, generation emissions, noise, or traffic—could result in permitting delays, litigation, project cancellations, or additional mitigation costs, reducing expected load growth.”
Data centers could supply their own power
“could materially reduce retail sales, shift cost recovery to remaining customers, and impact our ability to earn authorized rates of return”
New federal law limits sales of renewable tax credits
“These changes may materially limit our ability to sell or transfer renewable tax credits at reasonable terms in future periods.”
Possible retroactive tariffs on already completed solar projects
“Alliant Energy, IPL and WPL continue to assess the potential impact of these tariffs on previously completed solar generation projects”
Biggest risks named
- Data center demand arriving later or smaller than planned
- Timing and amount of rate relief and cost recovery from regulators
- Cost overruns, delays and supply problems on large construction projects
- Dependence on capital markets, credit ratings and interest rates
- Loss or reduction of clean energy tax credits under new federal law
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | −8 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 61 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 30, 2026 | Pro | |||
| 10-K | Feb 20, 2026 | 61 | Improving | None | |
| 10-K | Feb 21, 2025 | 45 | Weakening | 2 minor | |
| 10-K | Feb 16, 2024 | 51 | Stable | 1 medium | |
| 10-K | Feb 24, 2023 | 57 | Improving | 1 medium | |
| 10-K | Feb 18, 2022 | 60 | Improving | None | |
| 10-K | Feb 19, 2021 | 50 | Mixed | None | |
| 10-K | Feb 21, 2020 | 60 | Improving | None | |
| 10-K | Feb 22, 2019 | 60 | Improving | None | |
| 10-K | Feb 23, 2018 | 62 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2026 (period ended Mar 31, 2026), filed May 1, 2026. View filings on SEC EDGAR