Alliant Energy Reports Q1 Results, Expands Data Center Agreements

Alliant Energy delivered Q1 2026 GAAP EPS of $0.87, beating estimates of $0.79 and improving from $0.83 a year earlier. The company reaffirmed its 2026 ongoing EPS guidance of $3.36-$3.46 and targets 7%+ compound annual earnings growth through 2029. Revenue came in at approximately $1.18 billion, reflecting continued load growth as hyperscaler data center demand accelerates across its Iowa and Wisconsin service territories.

The company's contracted data center pipeline reached 3.4 GW following a new 370 MW electric service agreement in Iowa. To support this surging load, Alliant has filed for a 720 MW natural gas combustion turbine in Iowa and maintains multiple active regulatory dockets in Wisconsin — including a Meta-specific filing at Beaver Dam and a proposed simple-cycle gas unit of up to 1.1 GW — positioning LNT as a key power infrastructure provider to the AI buildout.

Margin headwinds from unfavorable temperatures reduced electric and gas margins by approximately $0.04 per share in Q1, and higher depreciation and O&M costs from new energy resources added pressure, yet the utility still delivered a meaningful EPS beat. With over $3 billion in planned annual capital expenditure and a growing base of investment-grade hyperscaler counterparties, Alliant's long-term contracted revenue visibility compares favorably to peers.

Related Stocks

• LNT