Latest revenue
$1.18B
as of 2026-03-31
Latest net income
—
as of 2026-03-31
Net margin
—
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $19.10B
- Enterprise value
- $30.52B
- P/E (trailing)
- 23.6×
- Forward P/E
- —
- P/B
- 2.61×
- Dividend yield
- 2.8%
- 52-wk high
- $75.76
- 52-wk low
- $59.62
- Beta
- —
- Shares out
- 258.3M
5-year trend
What this company does
Alliant Energy is a regulated utility holding company that delivers electricity and natural gas to roughly 1 million customers across Iowa and Wisconsin through its IPL and WPL subsidiaries. Electric utility sales drive the business, generating $2.83 billion of the $3.30 billion in nine-month 2025 revenue, with gas utility a distant second. The company is in a heavy capital-spending phase, funding $1.5 billion in utility construction year-to-date through $2.2 billion of new long-term debt as it builds out generation and grid infrastructure.
Key risks
- Heavy capex outpacing operating cash flow: $1.49B utility construction YTD vs $900M operating cash flow, driving long-term debt up ~$2B to $10.66B.
- Rising interest burden: Q3 interest expense jumped 12% to $128M; nine-month interest paid hit $373M amid expanding debt-funded buildout.
- Tax credit dependency: Earnings rely on $117M of transferred renewable tax credits YTD; IRA policy changes could materially erode income tax benefits.
Profitability
Operating margin
23.5%
5.6%Net margin
18.6%
7.1%Return on equity
11.0%
12.1%Return on assets
3.2%
6.7%Leverage
Debt / equity
2.41×
7.3%Long-term debt / equity
1.49×
20.6%Debt / assets
70.7%
2.2%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $1.18B | +5.0% | — | — | — |
Q4 2025 2025-12-31 | $1.06B | +9.0% | — | — | — |
Q3 2025 2025-09-30 | $1.21B | +11.9% | — | — | — |
Q2 2025 2025-06-30 | $961.0M | +7.5% | — | — | — |
Q1 2025 2025-03-31 | $1.13B | +9.4% | — | — | — |
Q4 2024 2024-12-31 | $975.0M | — | — | — | — |
Q3 2024 2024-09-30 | $1.08B | — | — | — | — |
Q2 2024 2024-06-30 | $894.0M | — | — | — | — |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Electric & Other Services Combined · SIC 4931
Your notes
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Insider activity
Insider buying
$0
Insider selling
$0
Net activity
+$0
Distinct insiders
0
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value |
|---|
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns LNT
Institutional value
$8.98B
Total shares held
128.4M
Distinct holders
607
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 24.5M | $1.76B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 16.7M | $1.20B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 14.6M | $1.05B | — | New |
| 4 | Nuveen, LLC | 7.4M | $533.9M | — | New |
| 5 | Invesco Ltd. | 5.0M | $358.0M | — | New |
| 6 | FRANKLIN RESOURCES INC | 3.9M | $279.6M | — | New |
| 7 | Pictet Asset Management Holding SA | 3.4M | $244.8M | — | New |
| 8 | REAVES W H & CO INC | 3.0M | $214.8M | — | New |
| 9 | JPMORGAN CHASE & CO | 2.3M | $160.9M | — | New |
| 10 | Legal & General Group Plc | 2.1M | $153.0M | — | New |
| 11 | Magellan Asset Management Ltd | 2.0M | $146.0M | — | New |
| 12 | DUFF & PHELPS INVESTMENT MANAGEMENT CO | 1.9M | $136.2M | — | New |
| 13 | JENNISON ASSOCIATES LLC | 1.8M | $126.7M | — | New |
| 14 | JOHNSON INVESTMENT COUNSEL INC | 1.7M | $121.0M | — | New |
| 15 | Bank of New York Mellon Corp | 1.5M | $108.3M | — | New |
| 16 | VANGUARD FIDUCIARY TRUST CO | 1.4M | $103.9M | — | New |
| 17 | DIMENSIONAL FUND ADVISORS LP | 1.4M | $99.3M | — | New |
| 18 | DEUTSCHE BANK AG\ | 1.3M | $91.4M | — | New |
| 19 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1.2M | $85.2M | — | New |
| 20 | FIRST TRUST ADVISORS LP | 1.1M | $81.3M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Long-term debt jumped from $8.7B to $10.7B while capex rose 16% to $1.49B—what's the equity issuance plan to defend the balance sheet and credit ratings?
- 2
Income tax benefit collapsed from $62M to $18M YoY in Q3; how much of 2025 EPS depends on transferable renewable tax credits ($117M YTD) given political risk to IRA?
- 3
Interest expense rose 13% to $372M YTD and is outpacing rate-base growth—when do regulatory lag and pending rate cases actually catch up to financing costs?