Revenue growth remains highly volatile, fluctuating between a 9.2% contraction in 2023Q4 and an 11.9% expansion in 2025Q3, which suggests that core earnings are heavily dependent on the timing of regulatory rate case outcomes.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 4.42B | 4.36B | 3.98B | 4.03B | 4.21B | 3.67B | 3.42B | 3.65B | 3.53B | 3.38B | 3.32B | 3.25B | 3.35B | 3.28B | 3.09B | 3.67B | 3.42B | 3.43B | 3.68B | 3.44B | 3.36B | 3.28B | 2.8B | 3.13B | 2.61B | 2.78B | 2.4B | 2.2B | 2.13B | 2.3B | 932.8M |
| Revenue Growth % | 8.34% | 9.57% | -1.14% | -4.23% | 14.61% | 7.41% | -6.36% | 3.21% | 4.5% | 1.87% | 2.04% | -2.89% | 2.24% | 5.89% | -15.57% | 7.29% | -0.33% | -6.91% | 7.1% | 2.33% | 2.43% | 16.93% | -10.34% | 19.91% | -6.07% | 15.48% | 9.42% | 3.15% | -7.38% | 146.64% | 15.55% |
| Cost of Revenue | 2.16B | 2.61B | 2.2B | 2.29B | 2.5B | 2.11B | 1.95B | 2.19B | 2.23B | 2.14B | 2.18B | 2.16B | 2.32B | 2.27B | 2.14B | 1.64B | 1.68B | 1.75B | 1.83B | 1.2B | 1.69B | 1.51B | 1.14B | 1.13B | 666.13M | 713.86M | 583.44M | 698.27M | 719.5M | 341.5M | 300.4M |
| Gross Profit | 2.25B | 1.75B | 1.78B | 1.73B | 1.71B | 1.56B | 1.46B | 1.46B | 1.31B | 1.24B | 1.14B | 1.09B | 1.03B | 1B | 950.3M | 2.02B | 1.73B | 1.68B | 1.85B | 2.23B | 1.67B | 1.77B | 1.66B | 2B | 1.94B | 2.06B | 1.82B | 1.5B | 1.41B | 1.96B | 632.4M |
| Gross Margin % | 51.03% | 40.1% | 44.71% | 43.06% | 40.64% | 42.41% | 42.83% | 39.91% | 36.94% | 36.62% | 34.27% | 33.5% | 30.83% | 30.65% | 30.71% | 55.24% | 50.75% | 49.06% | 50.28% | 65.01% | 49.72% | 53.84% | 59.2% | 63.98% | 74.47% | 74.3% | 75.74% | 68.23% | 66.23% | 85.16% | 67.8% |
| Gross Profit Growth % | - | -1.74% | 2.65% | 1.46% | 9.83% | 6.36% | 0.48% | 11.53% | 5.4% | 8.86% | 4.39% | 5.54% | 2.83% | 5.69% | -53.06% | 16.78% | 3.1% | -9.16% | -17.17% | 33.8% | -5.4% | 6.34% | -17.04% | 3.03% | -5.85% | 13.28% | 21.46% | 6.26% | -27.96% | 209.79% | 12.37% |
| Operating Expenses | 1.42B | 724M | 894M | 791M | 781M | 761M | 723M | 678M | 611M | 567.4M | 583.7M | 513M | 489.2M | 470.5M | 367.4M | 419.2M | 1.18B | 1.29B | 1.36B | 1.47B | 1.27B | 1.62B | 1.25B | 1.21B | 1.65B | 1.69B | 1.44B | 1.12B | 1.13B | 1.17B | 1.79B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 1.87B | 1.87B | 1.66B | 1.62B | 1.6B | 1.45B | 1.35B | 1.34B | 1.21B | 1.12B | 960.9M | 990.7M | 985.9M | 945M | 907.1M | 858.5M | 900.2M | 672.8M | 775M | 1.07B | 708.1M | 522M | 790.7M | 769.3M | 657.97M | 691.47M | 702.85M | 698.55M | 607.87M | 422.3M | 222.5M |
| EBITDA Margin % | 42.41% | 42.89% | 41.65% | 40.2% | 38.03% | 39.57% | 39.67% | 36.87% | 34.29% | 32.97% | 28.94% | 30.45% | 29.43% | 28.84% | 29.31% | 23.42% | 26.35% | 19.63% | 21.05% | 31.22% | 21.08% | 15.92% | 28.19% | 24.59% | 25.22% | 24.9% | 29.22% | 31.78% | 28.53% | 18.36% | 23.85% |
| EBITDA Growth % | 9.21% | 12.85% | 2.41% | 1.25% | 10.12% | 7.16% | 0.74% | 10.98% | 8.67% | 16.06% | -3.01% | 0.49% | 4.33% | 4.18% | 5.66% | -4.63% | 33.8% | -13.19% | -27.78% | 51.55% | 35.65% | -33.98% | 2.78% | 16.92% | -4.85% | -1.62% | 0.61% | 14.92% | 43.94% | 89.8% | -7.48% |
| Depreciation & Amortization | 857M | 846M | 772M | 676M | 671M | 657M | 615M | 567M | 517.5M | 461.8M | 406.8M | 413.7M | 442.3M | 411.1M | 387.4M | 380.1M | 344.1M | 275.6M | 286.4M | 310M | 305.4M | 380.4M | 382.4M | 376.1M | 333.67M | 355.37M | 366.88M | 322.02M | 324.5M | 293.8M | 81.1M |
| D&A / Revenue % | 19.39% | 19.39% | 19.39% | 16.79% | 15.96% | 17.91% | 18% | 15.54% | 14.64% | 13.65% | 12.25% | 12.72% | 13.2% | 12.55% | 12.52% | 10.37% | 10.07% | 8.04% | 7.78% | 9.02% | 9.09% | 11.6% | 13.63% | 12.02% | 12.79% | 12.8% | 15.25% | 14.65% | 15.23% | 12.77% | 8.69% |
| Operating Income (EBIT) | 1.02B | 1.02B | 886M | 943M | 928M | 795M | 740M | 778M | 694.4M | 653.4M | 554.1M | 577M | 543.6M | 533.9M | 519.7M | 478.4M | 556.1M | 397.2M | 488.6M | 763.1M | 402.7M | 141.6M | 408.3M | 393.2M | 324.3M | 336.11M | 335.97M | 376.54M | 283.37M | 128.5M | 141.4M |
| Operating Margin % | 23.01% | 23.5% | 22.26% | 23.42% | 22.07% | 21.67% | 21.66% | 21.33% | 19.65% | 19.32% | 16.69% | 17.73% | 16.23% | 16.29% | 16.79% | 13.05% | 16.28% | 11.59% | 13.27% | 22.2% | 11.99% | 4.32% | 14.56% | 12.57% | 12.43% | 12.1% | 13.97% | 17.13% | 13.3% | 5.59% | 15.16% |
| Operating Income Growth % | - | 15.69% | -6.04% | 1.62% | 16.73% | 7.43% | -4.88% | 12.04% | 6.27% | 17.92% | -3.97% | 6.14% | 1.82% | 2.73% | 8.63% | -13.97% | 40.01% | -18.71% | -35.97% | 89.5% | 184.39% | -65.32% | 3.84% | 21.25% | -3.51% | 0.04% | -10.77% | 32.88% | 120.52% | -9.12% | -5.42% |
| Interest Expense | 4M | 512M | 449M | 394M | 325M | 284M | 291M | 300M | 272M | 231.7M | 216.4M | 199.6M | 192.3M | 183.3M | 164.5M | 162.7M | 169.6M | 154.9M | 125.8M | 700K | 145M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.29x | 2.28x | 2.79x | 3.13x | 3.11x | 2.84x | 3.12x | 2.91x | 3.16x | 3.05x | 3.31x | 3.29x | 3.38x | 3.57x | 3.21x | 3.70x | 1.77x | 4.49x | 1090.14x | 2.78x | - | - | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.09% | 11.74% | 11.28% | 9.78% | 7.73% | 7.74% | 8.52% | 8.22% | 7.7% | 6.85% | 6.52% | 6.13% | 5.74% | 5.59% | 5.32% | 4.44% | 4.96% | 4.52% | 3.42% | 0.02% | 4.32% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K |
| Pretax Income | 659M | 661M | 576M | 707M | 708M | 600M | 567M | 636M | 570M | 532.8M | 443.4M | 461.3M | 440M | 436M | 430.2M | 375.7M | 453.2M | 120.2M | 438.9M | 680.5M | 541.3M | 3.5M | 309.6M | 231.53M | 140.9M | 179.98M | 557.1M | 317.07M | 154.8M | 226.3M | 115M |
| Pretax Margin % | 14.91% | 15.15% | 14.47% | 17.56% | 16.84% | 16.35% | 16.6% | 17.43% | 16.13% | 15.75% | 13.36% | 14.18% | 13.13% | 13.31% | 13.9% | 10.25% | 13.27% | 3.51% | 11.92% | 19.8% | 16.11% | 0.11% | 11.04% | 7.4% | 5.4% | 6.48% | 23.16% | 14.43% | 7.26% | 9.84% | 12.33% |
| Income Tax | -101M | -149M | -114M | 4M | 22M | -74M | -57M | 69M | 48M | 66.7M | 59.4M | 70.4M | 44.3M | 53.9M | 89.4M | 55.1M | 145.2M | -9.2M | 140.2M | 255.8M | 203M | -52.9M | 83.8M | 75.6M | 46.8M | 51.82M | 226.18M | 120.49M | 58.1M | 81.7M | -41.8M |
| Effective Tax Rate % | -15.33% | -22.54% | -19.79% | 0.57% | 3.11% | -12.33% | -10.05% | 10.85% | 8.42% | 12.52% | 13.4% | 15.26% | 10.07% | 12.36% | 20.78% | 14.67% | 32.04% | -7.65% | 31.94% | 37.59% | 37.5% | -1511.43% | 27.07% | 32.65% | 33.22% | 28.79% | 40.6% | 38% | 37.53% | 36.1% | -36.35% |
| Net Income | 760M | 810M | 690M | 703M | 686M | 674M | 624M | 567M | 522M | 467.5M | 381.7M | 388.4M | 393.3M | 376.2M | 335.7M | 321.9M | 306.3M | 129.7M | 306.7M | 425.3M | 315.7M | -7.7M | 145.5M | 183.5M | 106.9M | 172.36M | 398.66M | 196.58M | 96.7M | 144.6M | 155.8M |
| Net Margin % | 17.2% | 18.57% | 17.33% | 17.46% | 16.31% | 18.37% | 18.27% | 15.54% | 14.77% | 13.82% | 11.5% | 11.94% | 11.74% | 11.48% | 10.85% | 8.78% | 8.97% | 3.78% | 8.33% | 12.37% | 9.4% | -0.23% | 5.19% | 5.87% | 4.1% | 6.21% | 16.58% | 8.94% | 4.54% | 6.29% | 16.7% |
| Net Income Growth % | 2.01% | 17.39% | -1.85% | 2.48% | 1.78% | 8.01% | 10.05% | 8.62% | 11.66% | 22.48% | -1.73% | -1.25% | 4.55% | 12.06% | 4.29% | 5.09% | 136.16% | -57.71% | -27.89% | 34.72% | 4200% | -105.29% | -20.71% | 71.66% | -37.98% | -56.76% | 102.8% | 103.29% | -33.13% | -7.19% | 166.78% |
| EPS (Diluted) | 2.94 | 3.14 | 2.69 | 2.78 | 2.73 | 2.63 | 2.47 | 2.33 | 2.19 | 1.99 | 1.64 | 1.68 | 1.73 | 1.62 | 1.45 | 1.37 | 1.30 | 0.51 | 1.31 | 1.89 | 1.35 | -0.04 | 0.64 | 0.91 | 0.59 | 1.07 | 2.52 | 1.25 | 0.63 | 1.00 | 1.03 |
| EPS Growth % | 10% | 16.73% | -3.24% | 1.83% | 3.8% | 6.48% | 6.01% | 6.39% | 10.05% | 21.34% | -2.38% | -2.89% | 6.79% | 11.72% | 5.84% | 5.38% | 154.9% | -61.07% | -30.69% | 40% | 3957.14% | -105.47% | -29.67% | 54.24% | -44.86% | -57.54% | 101.6% | 98.41% | -37% | -2.91% | 8.42% |
| EPS (Basic) | - | 3.15 | 2.69 | 2.78 | 2.73 | 2.63 | 2.47 | 2.34 | 2.19 | 1.99 | 1.64 | 1.68 | 1.73 | 1.62 | 1.45 | 1.37 | 1.30 | 0.51 | 1.31 | 1.90 | 1.35 | -0.04 | 0.64 | 0.91 | 0.59 | 1.07 | 2.53 | 1.25 | 0.63 | 1.00 | 1.03 |
| Diluted Shares Outstanding | 258.8M | 257.8M | 256.8M | 253.3M | 251.2M | 250.7M | 248.7M | 239M | 233.6M | 229.7M | 227.1M | 225.4M | 221.6M | 221.6M | 221.54M | 221.4M | 221.04M | 220.7M | 220.62M | 225.04M | 234.38M | 233.59M | 227.4M | 202.76M | 181.19M | 161.09M | 158.51M | 156.64M | 153.82M | 61.79M | 61.52M |
Elevated regulatory and industrial concentration risk
According to recent financial statements, LNT's revenue growth has exhibited significant quarterly variance, ranging from a 9.2% contraction in 2023Q4 to an 11.9% expansion in 2025Q3, suggesting that revenue is heavily influenced by seasonal demand and the timing of rate case outcomes rather than consistent organic growth.
The revenue trajectory appears sensitive to the specific regulatory constructs in Iowa and Wisconsin, which may create lumpy recognition patterns. Investors should monitor whether the recent growth spikes are sustainable or merely reflective of temporary recovery mechanisms that do not translate into long-term earnings durability.
Based on reported figures, LNT's operating margin fluctuated between 14.5% and 29.0% over the last ten quarters, indicating that the utility's ability to pass through fuel and purchased power costs may be subject to timing mismatches that create volatility in reported profitability metrics.
The wide range in operating margins suggests that regulatory lag remains a persistent challenge for the company. This volatility may imply that the utility is not always able to achieve immediate cost recovery, potentially straining working capital during periods of high commodity price inflation.
As reported in financial statements, LNT's EPS has shown extreme volatility, including a 100% growth spike in 2025Q2 followed by a 46.9% decline in 2024Q2, which suggests that core regulated earnings power may be frequently masked by non-recurring items or accounting adjustments like AFUDC.
The inconsistency in EPS growth warrants further investigation into the underlying drivers, as it appears that reported earnings may not reflect sustainable regulated returns. Analysts should be cautious of relying on these figures as a proxy for long-term dividend-paying capacity without adjusting for one-time regulatory settlements.
Based on the provided data, depreciation and amortization expenses have steadily climbed from $173M in 2023Q4 to $223M in 2026Q1, reflecting the aggressive solar and wind build-out that is currently expanding the rate base but pressuring near-term earnings through increased non-cash charges.
The ongoing transition to renewables appears to be a significant capital drain that may not yet be yielding commensurate earnings growth. Investors should monitor whether this CAPEX cycle will eventually lead to a step-change in ROE or if it will result in prolonged earnings dilution due to the high cost of asset deployment.
Analysis of the income statement suggests that LNT may be utilizing regulatory assets to smooth earnings, as evidenced by the disconnect between reported net income and the underlying volatility in operating margins observed over the last ten quarters of financial reporting.
The reliance on regulatory deferrals may be masking the true impact of rising interest costs and potential regulatory friction in Iowa. This practice warrants further investigation, as it may create a future earnings cliff when these deferred costs must eventually be recovered from ratepayers.
Quick answers to the most common questions about buying LNT stock.
For fiscal year 2025, Alliant Energy Corporation (LNT) reported total revenue of $4.36B. This represents a 367.6% increase compared to $932.8M in 1996.
Alliant Energy Corporation (LNT) is profitable, generating $810.0M in net income for the fiscal year ending 2025 with a net profit margin of 18.6%.
Alliant Energy Corporation (LNT) reported an operating income of $1.02B, resulting in an operating profit margin of 23.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Alliant Energy Corporation (LNT) generated $1.75B in gross profit for the year, representing a gross profit margin of 40.1%. This demonstrates the company's core pricing power and production efficiency.