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FY2025 Q4
Improving
Alliant Energy Corporation earnings call
Buzzberg read
QTS project relocated to Iowa with new ESA signed
Alliant Energy reported FY2025 EPS growth of 6% y/y and affirms 2026 guidance, with 7%+ EPS CAGR target for 2027-2029. The key update is that QTS's Wisconsin data center project (Greater Madison) has been relocated to Iowa and a new ESA was signed, with capex reallocated between gas/renewables and between the Iowa/Wisconsin utilities. Regulatory constructs in Iowa (flat base rates through 2030) and Wisconsin (individual customer rate filings) are facilitating this load growth while management emphasized safeguards so existing customers don't pay for data center expansion. FY2025 ongoing EPS of $2.85, up 6% y/y vs guidance midpoint, with a dividend increase (22nd consecutive year).
Buzzberg read QTS project relocated to Iowa with new ESA signed Alliant Energy reported FY2025 EPS growth of 6% y/y and affirms 2026 guidance, with 7%+ EPS CAGR target for 2027-2029. The key update is that QTS's Wisconsin data center project (Greater Madison) has been relocated to Iowa and a new ESA was signed, with capex reallocated between gas/renewables and between the Iowa/Wisconsin utilities. Regulatory constructs in Iowa (flat base rates through 2030) and Wisconsin (individual customer rate filings) are facilitating this load growth while management emphasized safeguards so existing customers don't pay for data center expansion. FY2025 ongoing EPS of $2.85, up 6% y/y vs guidance midpoint, with a dividend increase (22nd consecutive year). Read full analysisCollapse analysis
Alliant Energy reported FY2025 EPS growth of 6% y/y and affirms 2026 guidance, with 7%+ EPS CAGR target for 2027-2029. The key update is that QTS's Wisconsin data center project (Greater Madison) has been relocated to Iowa and a new ESA was signed, with capex reallocated between gas/renewables and between the Iowa/Wisconsin utilities. Regulatory constructs in Iowa (flat base rates through 2030) and Wisconsin (individual customer rate filings) are facilitating this load growth while management emphasized safeguards so existing customers don't pay for data center expansion. FY2025 ongoing EPS of $2.85, up 6% y/y vs guidance midpoint, with a dividend increase (22nd consecutive year).
- Four executed ESAs totaling 3 GW of peak load (50% future growth); actively seeking 2-4 GW additional load.
- QTS relocated its 200+ MW data center from Wisconsin to Iowa; new ESA signed and ramp delayed <1 year; capex plan maintained at ~$13.4B.
- Capital plan shifted from gas combined-cycle to simple-cycle and added Iowa wind; gas turbines reserved for all planned simple-cycle builds.
Revenue$1.064BReported
EPS$0.60Reported
Gross margin42.01%Reported
Operating margin18.42%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Demand
Four ESAs totaling 3 GW of peak load
Demand
Pursuing additional 2-4 GW of large load growth
Show 3 more callouts
Regulatory
No active rate reviews planned in 2026
Guidance
Long-term EPS growth of 7% plus expected 2027-2029
Capex
Completed 275 MW of energy storage in 2025
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $1.064B | Reported |
| EPS | $0.60 | Reported |
| Gross margin | 42.01% | Reported |
| Operating margin | 18.42% | Reported |
| Free cash flow | $-2.214B | Reported |
| Capex | $2.483B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $2.92–$3.08In line with consensus | $3.00 | Maintained |
AI, capex & demand read
Management read
Confident
Management expressed confidence in their ability to pivot and execute on growth opportunities, highlighting the 'Alliant Energy Advantage' and constructive regulatory outcomes.
Investment and capacity
Alliant Energy's consolidated four-year capital plan remains on track at approximately $13.4 billion, with investments reallocated between states and technologies (gas, wind, storage) to support data center load. The plan includes simple cycle gas resources, renewables, and energy storage, with proactive safe harboring of tax credits and secured turbine reservations to ensure execution certainty.
all 4 named companies below
Companiesreturns since call
Customers
Customers
Lisa Barton
QTS dropped its Madison, Wisconsin site and moved the load to Iowa, showing its project needs are location-flexible within Alliant's territory but that site-level issues can cause pivots.
Evidence
“QTS, one of the data center customers we serve, made the decision to relocate its Greater Madison, Wisconsin data center project. After assessing multiple sites within our service area, QTS has selected a new location within our Iowa”
Supply chain
Supply chain
Robert Durian
Alliant has secured gas turbine reservation agreements for all planned self-developed gas resources, locking in supply early to execute simple-cycle builds quickly. — Confirms turbine slot availability for near-term capacity builds, signaling gas turbine suppliers have lock-step demand into 2026-2027.
Evidence
“We have secured gas turbine reservation agreements and project locations for all planned self-developed gas resources.”
Supply chain
Lisa Barton
Alliant has proactively safe-harbored renewable/storage projects amid evolving tax legislation, preserving tax credit eligibility and flexibility. — Proactive safe-harboring supports the renewal of federal tax credits, effectively lowering delivered cost of renewables and pulling forward capex eligibility.
Evidence
“We proactively protected future customer investments by safe harboring planned renewable and energy storage projects amid evolving tax legislation, preserving flexibility.”
External signals
Supply-chain alpha · 4returns since call
The QTS relocation shifted $ capital from gas generation to renewables (wind) within the Iowa/Wisconsin capex plan, adding Iowa wind within the advanced rate-making proposal.
Evidence
“Most of the recent shift... was just a shift between what we call gas generation to renewables. There's also some shift between our Wisconsin utility to our Iowa utilities that coincide with the relocated load.”
Alliant has secured gas turbine reservation agreements for all planned self-developed gas resources, locking in supply early to execute simple-cycle builds quickly.
Alliant has proactively safe-harbored renewable/storage projects amid evolving tax legislation, preserving tax credit eligibility and flexibility.
Iowa's regulatory construct allows base rates to stay flat through the decade while individual customer rate contracts absorb fixed costs, a pace-setting model for peer utilities.
Evidence
“we are trying to extend that over a longer period of time.”
Methodology & coverage
Management-only analysis. All 4 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.