AI Takeaway
Alliant Energy (LNT) delivered strong FY2025 results with revenue rising 9.6% to $4.36B and net income climbing 17.4% to $810M, driven by higher utility revenues and improved operating efficiency, though long-term debt surged 26.2% to support ongoing capital investment.
Revenue
$4.36B
++9.57% YoY
EPS (Basic)
$3.15
++17.10% YoY
Operating Income
$1.02B
++15.69% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue increased 9.6% year-over-year from $3.98B to $4.36B in FY2025, reflecting higher electric and gas utility revenues likely supported by rate increases and customer growth across Alliant Energy's Iowa and Wisconsin service territories.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Operating income grew 15.7% to $1.03B, pushing operating margin from 22.3% to 23.5%, suggesting effective cost management relative to revenue growth despite a modest 2.0% increase in cost of revenue to $625M.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Investing cash outflows increased 22.6% to -$1.90B, consistent with a regulated utility executing a large capital expenditure program, likely related to renewable energy buildout and grid modernization initiatives.
Source: Source: 10-K Cash Flow Statement (XBRL Financial Data)
2 more insights available
Upgrade to unlockLong-term debt increased 26.2% to $10.95B in FY2025, representing a significant leverage burden relative to stockholders' equity of $7.33B. As a capital-intensive regulated utility, continued debt issuance to fund infrastructure projects could pressure credit ratings and increase interest expense, potentially constraining future earnings growth.
Source: Source: 10-K Balance Sheet (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $0.60 versus the $0.59 analyst consensus — a +1.6% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $4.36B | $3.98B | +9.57% |
Cost of Revenue | $625M | $613M | +1.96% |
Operating Income | $1.02B | $886M | +15.69% |
Net Income | $810M | $690M | +17.39% |
EPS (Basic) | $3.15 | $2.69 | +17.10% |
EPS (Diluted) | $3.14 | $2.69 | +16.73% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $24.99B | $22.71B | +10.02% |
Current Assets | $1.7B | $1.18B | +43.33% |
Current Liabilities | $2.12B | $2.71B | -21.80% |
Stockholders' Equity | $7.33B | $7B | +4.71% |
Cash & Equivalents | $556M | $81M | +586.42% |
Long-Term Debt | $10.95B | $8.68B | +26.24% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $1.17B | $1.17B | +0.17% |
Investing Cash Flow | $-1.9B | $-1.55B | -22.56% |
Financing Cash Flow | $1.2B | $398M | +202.01% |
D&A | $846M | $772M | +9.59% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 23.5% | 22.3% | +1.24% |
Net Margin | 18.6% | — | — |
ROE | 11.0% | — | — |
ROA | 3.2% | — | — |
Current Ratio | $0.799 | — | — |
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Alliant Energy (LNT) grew revenue 9.6% to $4.36B and net income 17.4% to $810M in FY2025. Diluted EPS rose 16.7% to $3.14, driven by higher utility revenues and improved operating efficiency, with operating margin expanding to 23.5%.
The key takeaways from LNT's FY2025 10-K are strong earnings growth, disciplined cost management, and an aggressive capital investment program. Long-term debt rose 26.2% to $10.95B to fund infrastructure spending, while cash on hand surged to $556M from just $81M the prior year.
Based on the financial data, key risks include rising long-term debt (now $10.95B, up 26.2%), a current ratio below 1.0 at 0.80 indicating short-term liquidity reliance on capital markets, and regulatory rate recovery risk as a state-regulated utility in Iowa and Wisconsin. Capital expenditure execution risk is also notable given investing outflows of -$1.90B in FY2025.
LNT's balance sheet shows mixed signals: stockholders' equity grew 4.7% to $7.33B and cash surged to $556M, but long-term debt jumped 26.2% to $10.95B, resulting in a debt-to-equity ratio of approximately 1.49x. The current ratio of 0.80 is below 1.0, which is common for regulated utilities but reflects reliance on external financing.
LNT's investing cash outflows totaled -$1.90B in FY2025, up 22.6% from -$1.55B in the prior year, reflecting an accelerating capital investment program likely tied to renewable energy development and grid infrastructure upgrades. This level of spending significantly exceeds operating cash flow of $1.17B, requiring the company to raise $1.20B through financing activities.