Executive Summary
Alliant Energy reported QQ1 2025 results with solid top-line performance and expanding profitability within a regulated utility framework. Revenue stood at USD 1,128.0 million for the quarter, yielding gross profit of USD 498.0 million and an EBITDA of USD 496.0 million. Net income reached USD 213.0 million, or USD 0.83 per share, marking a meaningful year-over-year improvement (YoY net income up 34.8%) and a strong sequential gain (QoQ net income up 42.0%). The company benefits from a predictable rate-base economics across its IPL and WPL segments, supported by ongoing infrastructure investments. Despite earnings strength, Alliant’s free cash flow remained negative at USD -333.0 million, driven by heavy capex (USD -582.0 million) and working capital needs; operating cash flow was USD 249.0 million. The balance sheet shows a sizable leverage burden, with total debt of USD 10.629 billion and long-term debt of USD 8.58 billion, yielding a debt-to-capitalization of approximately 60% and interest coverage near 2.16x. The near-term focus remains on capital allocation to regulated assets, rate-case outcomes, and financing strategies, with dividends maintained but sensitive to earnings and cash flow dynamics.
Key Performance Indicators
Key Insights
Revenue: USD 1,128.0M; YoY +9.4%, QoQ +15.6%
Gross Profit: USD 498.0M; Gross margin 44.15%; YoY +12.7%, QoQ +9.69%
Operating Income: USD 257.0M; Margin 22.78%; YoY +15.8%, QoQ +16.3%
Net Income: USD 213.0M; Margin 18.88%; YoY +34.8%, QoQ +42.0%
EPS: USD 0.83; YoY +33.9%, QoQ +43.1%
EBITDA: USD 496.0M; EBITDA margin ~43.97%
Cash Flow: Operating cash flow USD 249.0M; Capex USD -582.0M; Free cash flow USD -333.0M
Balance Sheet: Total assets USD 22.851B; Total liabilities USD 15.758B; Total equity U...
Financial Highlights
Revenue: USD 1,128.0M; YoY +9.4%, QoQ +15.6%
Gross Profit: USD 498.0M; Gross margin 44.15%; YoY +12.7%, QoQ +9.69%
Operating Income: USD 257.0M; Margin 22.78%; YoY +15.8%, QoQ +16.3%
Net Income: USD 213.0M; Margin 18.88%; YoY +34.8%, QoQ +42.0%
EPS: USD 0.83; YoY +33.9%, QoQ +43.1%
EBITDA: USD 496.0M; EBITDA margin ~43.97%
Cash Flow: Operating cash flow USD 249.0M; Capex USD -582.0M; Free cash flow USD -333.0M
Balance Sheet: Total assets USD 22.851B; Total liabilities USD 15.758B; Total equity USD 7.093B; Cash USD 25.0M; Current ratio 0.336; Quick ratio 0.244; Debt: total USD 10.629B; Long-term USD 8.58B; Debt/Capitalization ~60%
Liquidity/Capital Allocation: Net cash from financing activities USD 99.0M; Dividends paid USD -130.0M; Net debt USD 10.604B; Interest coverage ~2.16x
Valuation/Multiples: P/E ~19.4x; P/B ~2.33x; Dividend yield ~0.79%
Mgmt Outlook: No formal forward guidance provided in data; focus on rate-base growth, capex financing, regulatory outcomes.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.13B |
9.41% |
15.57% |
| Gross Profit |
498.00M |
12.67% |
9.69% |
| Operating Income |
257.00M |
15.77% |
16.29% |
| Net Income |
213.00M |
34.81% |
42.00% |
| EPS |
0.83 |
33.87% |
43.10% |
Key Financial Ratios
operatingProfitMargin
22.8%
operatingCashFlowPerShare
$0.97
freeCashFlowPerShare
$0.97
Management Commentary
Note: The earnings transcript is not included in the provided data. As such, there are no direct quotes to quote-and-group. Expected themes in a typical utilities call would include: (1) validation of rate-base growth and capital investment program across IPL and WPL, (2) discussion of regulatory proceedings and allowed returns impacting future earnings, (3) balance sheet discipline and financing strategy given elevated leverage, and (4) operational improvements, grid modernization, and reliability initiatives. Investors should seek the company’s formal commentary on rate-case timing, allowed ROE, and CAPEX plans in the next disclosure.
Forward Guidance
No explicit forward guidance was provided in the supplied data. In the absence of formal targets, the outlook hinges on regulated rate-base growth, continued capital investments in grid modernization and generation assets, and the cost of capital as set in regulatory proceedings. Key factors to monitor include: (a) rate-case outcomes in Wisconsin and Iowa and any incremental allowed returns; (b) capital expenditure trajectory and its impact on free cash flow; (c) financing conditions and debt management; and (d) weather- and demand-driven variability in utility volumes. Regulators’ decisions and the company’s ability to secure favorable financing terms will be pivotal to translating earnings into stronger cash flow and sustained dividend support.