Earnings Recap — Q2 FY2026
CY Q3 2026 · Reported July 30, 2026 · Beat 6 of last 7 quarters
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Alliant Energy's accelerating data center load and proactive generation buildout (gas, wind, storage) underscore the scale of infrastructure required to serve hyperscale demand. The company's ability to secure DOE grants and advance transmission upgrades highlights the broader supply chain and regulatory enablement needed for the AI buildout.
Alliant Energy delivered strong Q2 results with GAAP EPS of $0.65, beating consensus, despite milder weather that reduced margins by $0.03. Temperature-normalized electric sales grew ~3% YoY, driven by Wisconsin C&I and initial data center load in Iowa. The company advanced key projects: placed final generation enhancements at Neenah and Sheboygan (adding 260 MW), broke ground on Bobcat Energy Center and Burlington RICE, and received approval for Bent Tree Wind expansion (150 MW). They also amended the QTS Cedar Rapids agreement to accelerate load ramp and received ~$50M in DOE grants.
Management reaffirmed 2026 EPS guidance and expects to trend in the upper half of the range, citing strong execution and incremental earnings from corporate venture fund investments. They reiterated 7%+ CAGR for 2027–2029, but signaled they may provide more specificity (potentially a range or annual targets) on the Q3 call when they update the capital expenditure plan. The QTS Cedar Rapids amendment accelerates load ramp, boosting 2027–2028 revenues and potentially extending the Iowa rate stay-out beyond 2029. Management expects to file the QTS Clinton ICR and the 370 MW ESA rate application later this year, and remains confident in the 2–4 GW pipeline despite political rhetoric.
“The math is self-explanatory. By growing, we're able to keep rates flat in Iowa. And the more we grow, the longer we can do that, quite frankly.”
on Political backdrop and rate stability
“We're evaluating probably wanting to probably provide more transparency is how we characterize more details in the future. And so historically, when we were going into last year, we wanted to use the plus to give us a little more flexibility, but I think we'll have more confidence when we get to the third quarter and provide a little more specificity if that will help the investors.”
on Long-term growth guidance
“We have a track record of having very, very high-quality counterparties. And so we're not seeing this adversely impact our growth trajectory at all.”
on Wisconsin credit requirements
Can you give your latest thoughts on the political backdrop in Iowa, given both candidates have been more guarded on data centers?
Lisa Barton noted that while PJM narratives are being repeated, the math is self-explanatory—growth keeps rates flat in Iowa. She emphasized that moratoriums are not impacting projects or pipeline, and data centers are focusing on transparency with communities. She expressed confidence that Iowa remains open for business.
How does the QTS amendment and accelerated load ramp change the financial plan?
Robert Durian said CapEx is aligned with ramp rates, so no major change there. Higher revenues in 2027–2028 will reduce the need to use tax credits during the growth phase, potentially extending the stay-out period. Lisa Barton added that QTS already has over 40 MW of load.
Can you talk about the status of the Linn County data center moratorium and its impact on your projects?
Lisa Barton confirmed no impact—the moratorium only affects unincorporated areas of Linn County, not Cedar Rapids projects. She highlighted Mayor Tiffany O'Donnell as a strong advocate for the benefits data centers bring to the community.