Alliant Energy Q3 2026 Earnings: EPS Rises to $1.52 as Rate Base Expands

Alliant Energy (NASDAQ: LNT) reported Q3 2026 GAAP EPS of $1.52 for the quarter ended September 30, up about 39% from $1.09 a year earlier; ongoing EPS increased to $1.52 from $1.12. Rate-base growth at IPL and WPL, income-tax timing and higher retail electric sales supported earnings, while operating, financing and depreciation costs increased. The company also expanded its capital plan to address expected data center demand and narrowed its full-year 2026 EPS guidance.

Core Earnings Data

Per-share earnings improved on both a reported and ongoing basis. Results for the first nine months also increased, although nine-month GAAP EPS exceeded ongoing EPS because the non-GAAP measure excluded a state tax-related benefit.

Q3 2026 GAAP and ongoing EPS were identical. For Q3 and the first nine months of 2025, ongoing EPS excluded a $0.03-per-share charge related to remeasuring deferred tax assets. Nine-month 2026 ongoing EPS excluded a $0.05-per-share benefit from the same type of adjustment.

Tax Timing and Rate-Base Growth Supported Earnings

Timing of income-tax expense was one of the main contributors to Q3 ongoing results, but Alliant Energy said the timing variance will reverse by year-end. That makes the contribution important when interpreting the quarter but less relevant to the full-year earnings trajectory.

Higher revenue requirements from expanding rate bases contributed $0.05 per share at IPL and $0.12 per share at WPL, or about $0.17 per share combined. These contributions included investments in generation and energy storage. Earnings also benefited from higher corporate venture investment income, a larger allowance for funds used during construction and increased retail electric sales.

Temperature-driven retail electric and gas demand added an estimated $0.05 per share in Q3 2026, compared with $0.03 in Q3 2025. Offsetting factors included higher labor costs, planned electric distribution and generation maintenance, and increased financing and depreciation expenses.

Data Center Demand Expands the Capital Plan

IPL and WPL have 3.4 gigawatts of contracted data center demand, and Alliant Energy expects peak demand to increase approximately 60% by 2031. To provide the required generation, storage and network capacity, the company increased its 2027-2030 capital expenditure forecast by 19% to $15.9 billion.

The annual spending schedule shows capital expenditures peaking in 2028, with generation projects representing the largest category.

The forecast excludes allowance for funds used during construction and capitalized interest. Alliant Energy also plans to extend IPL’s retail electric base-rate stability plan through the end of 2030 while seeking to earn its authorized return on equity.

Earnings Guidance

Alliant Energy raised the lower end of its 2026 ongoing EPS range by $0.05 while keeping the upper end unchanged. The company also introduced 2027 guidance whose midpoint represents 8% growth over the midpoint of its original 2026 range.

The 2027 outlook assumes that IPL and WPL earn their authorized returns, capital projects enter service on schedule and anticipated data center demand produces the expected revenue. Other assumptions include normal temperatures, stable economic conditions, execution of cost and financing plans, and a consolidated effective tax rate of negative 28%.

The dividend target is not guaranteed; each quarterly payment remains subject to approval by the board of directors.

Investor Risks to Monitor

• Temporary earnings contributions: The Q3 income-tax timing variance will reverse by year-end, while weather-related demand may not recur at the same level.
• Capital project execution: The larger spending plan depends on timely regulatory approvals, permits, grid interconnections, equipment availability and project completion within cost targets. Tariffs, inflation or supply-chain disruptions could increase costs.
• Data center demand timing: The capital plan assumes that contracted and expected large-load customers complete their facilities and consume electricity on schedule. Delays or cancellations could leave generation or transmission assets underused.
• Regulatory and financing pressure: Alliant Energy must recover investment costs and earn authorized returns while maintaining IPL base-rate stability. Higher financing and depreciation expenses already offset part of Q3 earnings growth and remain relevant as capital spending increases.

Summary

Alliant Energy’s Q3 2026 EPS growth reflected rate-base investment, favorable tax timing and higher retail electric sales, partly offset by higher operating and financing-related costs. The next phase centers on converting contracted data center demand into revenue while executing a $15.9 billion four-year capital plan. Investors will need to monitor project timing, regulatory cost recovery, financing expenses and the year-end reversal of the quarter’s tax-timing contribution.