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FY2026 Q2
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Alliant Energy Corporation earnings call
Buzzberg read
Reaffirmed 2026 guidance, trending in upper half
Alliant Energy's Q2 2026 call focused on the rapid acceleration of large data center customer loads (Google, QTS, Meta) and the potential for an uplifted, more specific long-term growth outlook at the Q3 update. Management reiterated 2026 guidance, trending to the upper half, and discussed extending its Iowa rate freeze. Reaffirmed 2026 EPS guidance, trending to the upper half of the range after a strong Q2.
Buzzberg read Reaffirmed 2026 guidance, trending in upper half Alliant Energy's Q2 2026 call focused on the rapid acceleration of large data center customer loads (Google, QTS, Meta) and the potential for an uplifted, more specific long-term growth outlook at the Q3 update. Management reiterated 2026 guidance, trending to the upper half, and discussed extending its Iowa rate freeze. Reaffirmed 2026 EPS guidance, trending to the upper half of the range after a strong Q2. Read full analysisCollapse analysis
Alliant Energy's Q2 2026 call focused on the rapid acceleration of large data center customer loads (Google, QTS, Meta) and the potential for an uplifted, more specific long-term growth outlook at the Q3 update. Management reiterated 2026 guidance, trending to the upper half, and discussed extending its Iowa rate freeze. Reaffirmed 2026 EPS guidance, trending to the upper half of the range after a strong Q2.
- Signaled a potential raise and more specificity to the long-term EPS CAGR target (currently 7%+) at the Q3 earnings update, driven by robust data center demand.
- QTS Cedar Rapids is ramping ahead of schedule (load acceleration), with over 40MW already online.
- The accelerated QTS ramp may allow Alliant to extend its Iowa retail rate freeze beyond 2029.
Revenue$0.971B-18% QoQ
EPS$0.65-21% QoQ
Gross margin45.11%Reported
Operating margin19.05%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Demand
Data center load growth exceeds expectations, 60% demand increase by 2031
Demand
QTS Cedar Rapids ramp accelerated via amended agreement
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Regulatory
Stay out from Iowa rate reviews extended beyond 2029
Demand
QTS Iowa data center already energizing 40 MW
Financing
Equity needs largely covered through 2028
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $0.971B | -18% QoQ |
| EPS | $0.65 | -21% QoQ |
| Gross margin | 45.11% | Reported |
| Operating margin | 19.05% | Reported |
| Free cash flow | $0.527B | Reported |
| Capex | $0.414B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2029 | 7% | 7% | Guided |
| EPS | FY2026 | $2.79–$2.93 | $2.86 | Maintained |
AI, capex & demand read
Management read
Confident
Management expressed strong execution and reaffirmed guidance while highlighting positive developments in data center load growth and regulatory approvals.
Management AI read
AI is not discussed in the transcript.
Investment and capacity
Management reaffirmed its long-term capital investment plan, highlighting significant progress in advancing generation projects (e.g., Bobcat Energy Center, Rice Project, Riverhawk, Morgan Valley) and updating the capital expenditure plan on the third quarter call. They emphasized proactive financing, having raised ~$1.8 billion of the $2.4 billion equity needs through 2029.
all 3 named companies below
Companiesreturns since call
Customers
Customers
Lisa Barton
Google's data center in Iowa is live and ramping as contracted, indicating continued strong demand for power in Alliant's territory.
Evidence
“In Cedar Rapids, Iowa, Google has energized their transmission service. They are anticipating ramping in accordance with a contracted load schedule.”
Customers
Lisa Barton
Meta's Wisconsin data center is in vertical construction, keeping its planned load ramp on track.
Evidence
“In Beaver Dam, Wisconsin, META has entered the vertical construction phase with work actively progressing on data center facilities and supporting infrastructure.”
Customers
Lisa Barton
QTS's accelerated ramp will increase Alliant's revenues and reduce the need to use tax credits, potentially allowing a longer rate case stay-out.
Evidence
“QTS continues to make substantial progress on construction of its seven-building data center campus with initial energization of 300 megawatts anticipated later this year.”
External signals
Supply-chain alpha · 3returns since call
Management expects to provide a more specific, and likely higher, long-term EPS CAGR (currently 7%+) when it updates its capital expenditure plan in Q3, as it evaluates dropping the 'plus'.
The QTS Cedar Rapids load ramp acceleration is so strong that Alliant believes it can extend its Iowa retail rate freeze beyond the current commitment through 2029.
Evidence
“we have a commitment to stay out of rate reviews in Iowa for our retail electric business through 2029. And we really are focused right now on trying to add more data centers and trying to accelerate load. The combination of that too could…”
Alliant is seeing ancillary economic benefits from data center construction (including over 10,000 workers in one city), which is boosting broader commercial and industrial load growth.
Evidence
“we have over 10,000 workers in that city... That's driving more hotel usage, more restaurant usage and other things. And so we're seeing some of the ancillary benefits of some of that data center development activities”
Methodology & coverage
Management-only analysis. All 3 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.