018802AC2 Filings — Alliant Energy Corp - FilingSpy
018802AC2
Alliant Energy Corp
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A regulated utility holding company that delivers electricity and natural gas to roughly a million and a half homes and businesses across Iowa and Wisconsin through its two main units, Interstate Power and Light and Wisconsin Power and Light. The company was born in 1998 when three regional utilities merged, and it took the name "Alliant" the next year as a play on "alliance" — a nod to the three-way partnership that created it. Its roots stretch back to utilities incorporated in the 1920s, and it also holds a stake in a transmission-only company and a wind farm in Oklahoma.
Free cash flow turned positive for the first time in over two years, reaching $26M, as tax timing and rate relief lifted operating cash flow 48%.
turned positive for the first time in over two years. rose 5% to $1,184 million and climbed 4.8% to $0.87, driven by a swing to profitability in Non-utility and Parent results from venture investment gains. The company's financing strategy is shifting, with a $2.4 billion equity plan on the horizon and now at $11 billion.
Key takeaways
reached $26 million, a clear inflection from the $305 million deficit a year ago, as rose 47.8% to $368 million on changes in income taxes paid and higher collections from WPL base rate increases.
rose 5.2% to $224 million, as a $36 million improvement in Non-utility and Parent results — primarily from higher equity earnings on corporate venture investments — more than offset a $42 million decline in Utilities and Corporate Services net income.
Section summaries
Management's Discussion and Analysis
Utilities net income fell $42M on higher O&M, financing, and depreciation, partially offset by rate increases and venture gains.
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Utilities and Corporate Services decreased $42M for Q2 2026 vs. Q2 2025, driven by higher other O&M, financing, and expenses, plus unfavorable temperature impacts.
Non-utility and Parent swung from a $26M loss to a $10M gain, primarily due to higher equity earnings from corporate venture investments.
Utilities and Corporate Services fell $42 million, as higher other operation and maintenance, financing, and expenses outweighed the benefit of WPL's $69 million electric and $7 million gas base rate increases approved in December 2025.
Temperature impacts reduced estimated by $16 million for electric and $1 million for gas compared to the prior-year quarter, contributing to the Utilities decline.
reached $11.0 billion, up 28.3% , and the stood at 61%, while the company plans to issue up to $2.4 billion in common stock from 2026 through 2029.
IPL secured advance rate-making principles for up to 1,000 MW of new wind generation in Iowa, with a fixed cost cap of $3,020 per kilowatt.
What changed
The $2.4 billion 2026-2029 equity plan, first disclosed in the FY 2025 10-K, has not yet seen its first issuance; the effect on remains a forward-looking risk as the company's reached 61%.
The WPL 2026/2027 rate settlement, which received oral approval in Q3 2025, took effect with a $69 million electric and $7 million gas increase in December 2025, below the $120 million and $82 million originally requested, and the 9.8% is now the baseline for WPL's earnings.
The $195 million in deferred incremental solar construction costs under judicial review at WPL, flagged repeatedly since Q2 2024, remains unresolved and is not yet in the .
The trajectory of O&M expenses, which rose $30 million in Q3 2025, continued to pressure Utilities and Corporate Services results this quarter, with higher generation, energy delivery, and financing costs cited as drivers.
, which was flat in FY 2025 as IPL customer credits offset rate relief, improved markedly this quarter as the tax timing and WPL collections shifted, pushing into positive territory for the first time since at least Q1 2024.
What to watch
The size and timing of the first common stock issuance under the $2.4 billion 2026-2029 equity plan, and its effect on .
Whether the WPL rate settlement's 9.8% constrains earnings growth as the expands under the $2.5 billion to $3.2 billion annual capital plan.
The resolution of WPL's judicial review of approximately $195 million in deferred incremental solar construction costs and whether those costs enter the .
Whether the positive recorded this quarter is sustained through the second half of 2026, given the heavy construction expenditure plan and the $11 million decline in for the first six months of the year.
WPL's 2026 retail electric base rate increase of $69M and gas increase of $7M, approved in December 2025, contributed to higher .
Temperature impacts reduced estimated by $16M for electric and $1M for gas in Q2 2026 compared to the prior year.
decreased $11M for the first six months of 2026, with higher interest payments and timing of WPL fuel cost recoveries as key drags.
IPL secured advance for up to 1,000 MW of new wind generation in Iowa, with a fixed cost cap of $3,020/kilowatt.
None. SEC regulations require Alliant Energy, IPL and WPL to disclose information about certain proceedings arising under federal, state or local environmental provisions when a governmental authority is a party to the proceedings and such proceedings involve potential monetary…
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None. SEC regulations require Alliant Energy, IPL and WPL to disclose information about certain proceedings arising under federal, state or local environmental provisions when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that Alliant Energy, IPL and WPL reasonably believe will exceed a specified threshold. Pursuant to the SEC regulations, Alliant Energy, IPL and WPL use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. Applying this threshold, there are no environmental matters to disclose for this period.
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