Alliant Energy Corp

Alliant Energy delivered a mixed third quarter for fiscal 2025, falling short of Wall Street expectations on both the top and bottom lines even as the underlying business showed meaningful year-over-year growth. The Madison, Wisconsin-based utility posted non-GAAP EPS of $1.12, missing the $1.19 consensus estimate by 5.80%, while revenue of $1.21 billion trailed the $1.33 billion forecast by 8.85%, despite climbing 11.9% from the year-ago period. The earnings shortfall reflected a confluence of headwinds, including higher operation and maintenance expenses tied to planned maintenance activity, elevated depreciation from expanding infrastructure, and increased financing costs, though an $8 million non-GAAP tax charge related to new data center agreements also weighed on results. The strategic backdrop, however, remains compelling: Alliant has now secured contracts for 3 GW of data center demand, anchored by a new 900 MW agreement for the QTS Madison site, and lifted its 2026-2029 capital expenditure forecast 17% to $13.40 billion. Management narrowed its 2025 ongoing EPS guidance to $3.17-$3.23, trending toward the upper half, and issued 2026 guidance of $3.36-$3.46, implying 6.6% midpoint growth.