At a glance
Alliant Energy Corp is worth $18.94B, about 23 times its fiscal 2025 earnings. Revenue grew 9.6% to $4.36B in fiscal 2025, with 18.6% kept as profit; over 5 years it has grown 5.0% a year. It pays a 2.96% dividend yield, raised every year for at least 9 years, and returned $2.30B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +12.7% over the past year with dividends reinvested and +8.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.9% in the 2020 crash (S&P 500: 33.7%) and 25.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months and 23 months after the lows.
The business in plain English
Alliant Energy is a utility holding company based in Madison, Wisconsin. Through two regulated utilities, IPL in Iowa and WPL in Wisconsin, it served about 1,010,000 electricity customers and about 435,000 natural gas customers at the end of 2025. It generates power and delivers electricity and gas to homes and businesses. Regulators in each state, plus the Federal Energy Regulatory Commission (FERC), set the prices it may charge and the return it may earn on its power plants, wires and pipes.
Electricity is the core of the business. In fiscal 2025 (ended December 31, 2025), electric sales made up 84.8% of its $4.36 billion revenue and gas 12%. The two utilities are similar in size: each had about 505,000 electric customers, while IPL had about 230,000 gas customers and WPL about 205,000. Both also sell power wholesale, IPL in Iowa and Illinois and WPL in Wisconsin.
Non-utility and other operations made up about 2% of revenue. Alliant's non-utility holdings include a 16% stake in ATC, an independent company focused solely on high-voltage power transmission; a 50% equity stake in a 225-megawatt wind farm in Oklahoma; the 347-megawatt Sheboygan Falls gas plant, leased to WPL through 2044; and Travero, which runs a short-line railroad in Iowa, a Mississippi River freight terminal in Illinois and a freight brokerage.
Price history
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LNT +12.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Electric | $3.70B | 84.8% |
| Gas | $525.0M | 12% |
| Non-Utility and Other | $89.0M | 2% |
| Other Utility | $51.0M | 1.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.28B, up 6.2% from a year earlier, and net income was $398.0M (+41.6%).
- For fiscal 2025, revenue was $4.36B (+9.6% year over year; +5.0% a year from FY2020 to FY2025) with a 18.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.0% good |
|---|---|
| Operating margin | 23.5% good |
| Free cash flow margin | -25.4% weak |
| Return on equity (FY2025) | 11% watch |
| Return on assets (FY2025) | 3.2% watch |
| Net cash (cash minus debt) | $-11.34B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.42B | $624.0M | $-865.0M |
| FY2021 | $3.67B | $674.0M | $-587.0M |
| FY2022 | $4.21B | $686.0M | $-998.0M |
| FY2023 | $4.03B | $703.0M | $-864.0M |
| FY2024 | $3.98B | $690.0M | $-885.0M |
| FY2025 | $4.36B | $810.0M | $-1.11B |
Valuation snapshot
| Market value | $18.94B |
|---|---|
| P/E ratio | 23.3 |
| Dividend yield | 2.96% |
Rank among 1514 US companies
Market value at each year end
Alliant Energy’s market value went from $8.62B at the end of 2016 to $18.94B on Nov 2, 2026, about 2.2 times as much; since the end of 2025 it is up 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $18.94B | +13.3% |
| 2025 | $16.71B | +10.1% |
| 2024 | $15.18B | +15.9% |
| 2023 | $13.09B | -5.5% |
| 2022 | $13.86B | -9.9% |
| 2021 | $15.39B | +19.6% |
| 2020 | $12.87B | -2.1% |
| 2019 | $13.15B | +31.9% |
| 2018 | $9.97B | +1.2% |
| 2017 | $9.85B | +14.3% |
| 2016 | $8.62B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LNT price data to Nov 2, 2026 | +15.8% | +12.7% | +17.1% | +8.5% | +10.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +15.8% |
| 2025 | +13.5% |
| 2024 | +19.5% |
| 2023 | -3.9% |
| 2022 | -7.5% |
| 2021 | +22.8% |
| 2020 | -3.2% |
| 2019 | +33.5% |
| 2018 | +2.4% |
| 2017 | +16.1% |
| 2016 | +25.4% |
| 2015 | -2.6% |
| 2014 | +33.4% |
| 2013 | +23.0% |
| 2012 | +3.6% |
| 2011 | +25.3% |
| 2010 | +27.3% |
| 2009 | +9.9% |
| 2008 | -25.3% |
| 2007 | +11.3% |
| 2006 | +37.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 44.5% over that stretch · deepest drop along the way 49.5%, back to its old high 19.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.8% over that stretch · deepest drop along the way 32.9%, back to its old high 13.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.3% over that stretch · deepest drop along the way 25.2%, back to its old high 23.2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 1 sales ($6.65).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 10, 2026 | Robert J Durian EVP and CFO | sell | $7.00 |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.54% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.68% | Mar 31, 2026 |
ETFs with the most weight in LNT
| ZAP Global X U.S. Electrification ETF | 3.06% |
| NBSM Neuberger Berman Small-Mid Cap ETF | 2.51% |
| SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF | 2.17% |
| LOPP Gabelli Love Our Planet & People ETF | 2.01% |
| FPWR First Trust EIP Power Solutions ETF | 1.53% |
| TPHD Timothy Plan High Dividend Stock ETF | 1.52% |
| CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF | 1.38% |
| CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 1.38% |
What could go wrong
- Data center growth may not pay off. Alliant may spend heavily on power plants and grid capacity for data centers before earning any return. Such customers could take less power, start late, fail to pay or face local opposition.
- Regulators set its prices and profits. Iowa, Wisconsin and federal regulators set its rates and allowed returns. Increases can be delayed or cut, and IPL is under a retail electric rate freeze (known as a rate base moratorium) through September 2029.
- Big building projects can run late or over. Alliant's strategy includes large construction projects. Supply chain problems, inflation or delays could raise costs, and regulators may not let it pass every extra dollar on to customers.
- Heavy debt and reliance on capital markets. Total debt was $12.16 billion as of September 30, 2026, and free cash flow was negative every year from 2020 to 2025. Market turmoil could make new funding harder or costlier to raise.
- Climate and environmental rules may raise costs. Environmental laws and efforts to cut greenhouse gas emissions could require costly upgrades or changes to how Alliant generates power, and recovering those costs from customers is not guaranteed.
- Weather and storms swing sales and costs. Utility sales are seasonal, so mild summers or winters can reduce demand for electricity and heating gas. Storms and other natural disasters can damage equipment and lead to costly repairs.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Major agreement signed
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Executive or board change
For income and retirement investors
Alliant Energy has raised its regular dividend at least nine years in a row through fiscal 2025, and the true streak may be longer. Dividends per share grew from $1.52 in 2020 to $2.03 in 2025, about 6% a year; the 2025 dividend equaled about 64% of earnings. Free cash flow (operating cash minus capital spending) was negative every year from 2020 to 2025, so the dividend relied partly on borrowing and outside funding. It bought back no shares over fiscal 2021–2025, and its share count rose 3.5% from January 2022 to September 2026. The yield was 2.96% as of November 2, 2026.
Alliant's shares fell 49.5% in the 2008 financial crisis and took about 20 months from the March 2009 low to recover. They fell 32.9% in the 2020 COVID crash and 25.2% in the 2022 bear market, taking about 14 and 23 months, respectively, to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Alliant Energy make money?
Alliant Energy makes most of its money selling regulated electricity and natural gas in Iowa and Wisconsin through its utilities, IPL and WPL. In fiscal 2025, electric sales brought in 84.8% of its $4.36 billion revenue and gas 12%. State and federal regulators set its prices, which are meant to cover costs and allow a return on money invested in power plants and lines. Non-utility businesses, such as freight rail and a wind farm stake, added about 2%.
How has Alliant Energy stock performed?
Alliant Energy's share price has risen over the long run. As of November 2, 2026, it was up 12.7% over one year and had gained about 8.5% a year over five years and 10.5% a year over 10 years. The ride has been bumpy: the stock lost 7.49% in 2022 and 3.86% in 2023, and its deepest drop in the year to November 2, 2026, was 18.4%. Past returns do not predict future results.
Does Alliant Energy raise its dividend every year?
Yes, so far. Alliant Energy has raised its regular dividend at least nine years in a row through fiscal 2025, and the true streak may be longer. Dividends per share rose from $1.52 in 2020 to $2.03 in 2025, about 6% a year, and the yield was 2.96% as of November 2, 2026. Increases are not guaranteed: the company's 10-K lists limits on its ability to pay dividends, and federal regulators have authority over its utilities' dividend payments.
Does Alliant Energy's cash flow cover its dividend?
Earnings cover it, but free cash flow does not. The 2025 dividend equaled about 64% of earnings, and the company paid $521 million in dividends that year. Free cash flow, meaning operating cash minus spending on plants and equipment, was negative $1.11 billion in 2025 and negative every year from 2020 to 2025, so Alliant relies on borrowing and capital markets to fill the gap. Total debt was $12.16 billion as of September 30, 2026.
How do data centers affect Alliant Energy?
Data centers could add growth, but they top the risk list in Alliant Energy's 10-K filed February 2026. Serving them may require heavy spending on generation and transmission before any return. A data center could take less power than planned, start late or fail to pay, and relying on a few big customers in one industry could make earnings more volatile. Community opposition over land, water, emissions or noise could also delay or cancel projects.