filings.toolsItem 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| For the Three Months | |||||||||||||||||||||||
| Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Electric utility | $888 | $853 | |||||||||||||||||||||
| Gas utility | 271 | 240 | |||||||||||||||||||||
| Other utility | 2 | 13 | |||||||||||||||||||||
| Non-utility | 23 | 22 | |||||||||||||||||||||
| Total revenues | 1,184 | 1,128 | |||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Electric production fuel and purchased power | 168 | 175 | |||||||||||||||||||||
| Electric transmission service | 159 | 158 | |||||||||||||||||||||
| Cost of gas sold | 173 | 137 | |||||||||||||||||||||
| Other operation and maintenance | 180 | 160 | |||||||||||||||||||||
| Depreciation and amortization | 223 | 211 | |||||||||||||||||||||
| Taxes other than income taxes | 32 | 30 | |||||||||||||||||||||
| Total operating expenses | 935 | 871 | |||||||||||||||||||||
| Operating income | 249 | 257 | |||||||||||||||||||||
| Other (income) and deductions: | |||||||||||||||||||||||
| Interest expense | 142 | 119 | |||||||||||||||||||||
| Equity income from unconsolidated investments, net | (22) | (13) | |||||||||||||||||||||
| Allowance for funds used during construction | (30) | (18) | |||||||||||||||||||||
| Other | (4) | 3 | |||||||||||||||||||||
| Total other (income) and deductions | 86 | 91 | |||||||||||||||||||||
| Income before income taxes | 163 | 166 | |||||||||||||||||||||
| Income tax benefit | (61) | (47) | |||||||||||||||||||||
| Net income attributable to Alliant Energy common shareowners | $224 | $213 | |||||||||||||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||||||
| Basic | 257.4 | 256.8 | |||||||||||||||||||||
| Diluted | 258.8 | 257.2 | |||||||||||||||||||||
| Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted) | $0.87 | $0.83 | |||||||||||||||||||||
Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
| 4 |
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| March 31, 2026 | December 31, 2025 | ||||||||||
| (in millions, except per share and share amounts) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $115 | $556 | |||||||||
| Accounts receivable, less allowance for expected credit losses | 497 | 476 | |||||||||
| Production fuel, at weighted average cost | 55 | 46 | |||||||||
| Gas stored underground, at weighted average cost | 19 | 49 | |||||||||
| Materials and supplies, at weighted average cost | 200 | 193 | |||||||||
| Regulatory assets | 165 | 155 | |||||||||
| Other | 173 | 222 | |||||||||
| Total current assets | 1,224 | 1,697 | |||||||||
| Property, plant and equipment, net | 20,589 | 20,344 | |||||||||
| Investments: | |||||||||||
| ATC Holdings | 487 | 463 | |||||||||
| Other | 237 | 231 | |||||||||
| Total investments | 724 | 694 | |||||||||
| Other assets: | |||||||||||
| Regulatory assets | 2,140 | 2,119 | |||||||||
| Deferred charges and other | 136 | 137 | |||||||||
| Total other assets | 2,276 | 2,256 | |||||||||
| Total assets | $24,813 | $24,991 |
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Current maturities of long-term debt | $— | $1,074 | |||||||||
| Commercial paper | 433 | 88 | |||||||||
| Other short-term borrowings | 400 | — | |||||||||
| Accounts payable | 459 | 498 | |||||||||
| Accrued interest | 141 | 124 | |||||||||
| Regulatory liabilities | 104 | 88 | |||||||||
| Other | 241 | 251 | |||||||||
| Total current liabilities | 1,778 | 2,123 | |||||||||
| Long-term debt, net (excluding current portion) | 11,007 | 10,954 | |||||||||
| Other liabilities: | |||||||||||
| Deferred tax liabilities | 2,359 | 2,310 | |||||||||
| Regulatory liabilities | 1,086 | 1,113 | |||||||||
| Pension and other benefit obligations | 163 | 173 | |||||||||
| Other | 998 | 984 | |||||||||
| Total other liabilities | 4,606 | 4,580 | |||||||||
| Commitments and contingencies (Note 12) | |||||||||||
| Equity: | |||||||||||
| Alliant Energy Corporation common equity: | |||||||||||
| Common stock - $0.01 par value - 480,000,000 shares authorized; 258,277,037 and 257,137,261 shares outstanding | 3 | 3 | |||||||||
| Additional paid-in capital | 3,101 | 3,101 | |||||||||
| Retained earnings | 4,330 | 4,243 | |||||||||
| Accumulated other comprehensive income | 2 | 1 | |||||||||
| Shares in deferred compensation trust - 343,622 and 367,338 shares at a weighted average cost of $39.73 and $39.05 per share | (14) | (14) | |||||||||
| Total Alliant Energy Corporation common equity | 7,422 | 7,334 | |||||||||
| Total liabilities and equity | $24,813 | $24,991 |
Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
| 5 |
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| For the Three Months | |||||||||||
| Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in millions) | |||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $224 | $213 | |||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
| Depreciation and amortization | 223 | 211 | |||||||||
| Deferred tax benefit and tax credits | (57) | (51) | |||||||||
| Other | (15) | 1 | |||||||||
| Other changes in assets and liabilities: | |||||||||||
| Accounts receivable | (71) | (128) | |||||||||
| Gas stored underground | 30 | 39 | |||||||||
| Regulatory assets | (35) | (12) | |||||||||
| Accounts payable | (59) | (45) | |||||||||
| Regulatory liabilities | 15 | 53 | |||||||||
| Deferred income taxes (a) | 77 | (2) | |||||||||
| Other | 36 | (30) | |||||||||
| Net cash flows from operating activities | 368 | 249 | |||||||||
| Cash flows used for investing activities: | |||||||||||
| Construction and acquisition expenditures: | |||||||||||
| Utility business | (342) | (554) | |||||||||
| Other | (72) | (28) | |||||||||
| Cash receipts on sold receivables | 25 | 192 | |||||||||
| Other | (4) | (14) | |||||||||
| Net cash flows used for investing activities | (393) | (404) | |||||||||
| Cash flows from (used for) financing activities: | |||||||||||
| Common stock dividends | (137) | (130) | |||||||||
| Proceeds from issuance of other short-term borrowings | 400 | — | |||||||||
| Payments to retire long-term debt | (1,075) | — | |||||||||
| Net change in commercial paper | 395 | 220 | |||||||||
| Other | 1 | 9 | |||||||||
| Net cash flows from (used for) financing activities | (416) | 99 | |||||||||
| Net decrease in cash, cash equivalents and restricted cash | (441) | (56) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 556 | 81 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $115 | $25 | |||||||||
| Supplemental cash flows information: | |||||||||||
| Cash (paid) received during the period for: | |||||||||||
| Interest | ($126) | ($139) | |||||||||
| Income taxes, net (a) | $90 | $— | |||||||||
| Significant non-cash investing and financing activities: | |||||||||||
| Accrued capital expenditures | $207 | $144 | |||||||||
| Beneficial interest obtained in exchange for securitized accounts receivable | $208 | $86 |
(a)2026 includes $90 million of proceeds from renewable tax credits transferred to other corporate taxpayers.
Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
| 6 |
INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| For the Three Months | |||||||||||||||||||||||
| Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Electric utility | $437 | $430 | |||||||||||||||||||||
| Gas utility | 122 | 118 | |||||||||||||||||||||
| Steam and other | 2 | 12 | |||||||||||||||||||||
| Total revenues | 561 | 560 | |||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Electric production fuel and purchased power | 64 | 67 | |||||||||||||||||||||
| Electric transmission service | 104 | 108 | |||||||||||||||||||||
| Cost of gas sold | 74 | 65 | |||||||||||||||||||||
| Other operation and maintenance | 87 | 82 | |||||||||||||||||||||
| Depreciation and amortization | 120 | 115 | |||||||||||||||||||||
| Taxes other than income taxes | 15 | 15 | |||||||||||||||||||||
| Total operating expenses | 464 | 452 | |||||||||||||||||||||
| Operating income | 97 | 108 | |||||||||||||||||||||
| Other (income) and deductions: | |||||||||||||||||||||||
| Interest expense | 57 | 47 | |||||||||||||||||||||
| Allowance for funds used during construction | (19) | (9) | |||||||||||||||||||||
| Other | (3) | — | |||||||||||||||||||||
| Total other (income) and deductions | 35 | 38 | |||||||||||||||||||||
| Income before income taxes | 62 | 70 | |||||||||||||||||||||
| Income tax benefit | (32) | (40) | |||||||||||||||||||||
| Net income | $94 | $110 |
Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of IPL’s common stock outstanding during the periods presented.
Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
| 7 |
INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| March 31, 2026 | December 31, 2025 | ||||||||||
| (in millions, except per share and share amounts) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $12 | $7 | |||||||||
| Accounts receivable, less allowance for expected credit losses | 231 | 185 | |||||||||
| Production fuel, at weighted average cost | 23 | 18 | |||||||||
| Gas stored underground, at weighted average cost | 7 | 24 | |||||||||
| Materials and supplies, at weighted average cost | 116 | 111 | |||||||||
| Regulatory assets | 64 | 59 | |||||||||
| Other | 36 | 58 | |||||||||
| Total current assets | 489 | 462 | |||||||||
| Property, plant and equipment, net | 10,542 | 10,436 | |||||||||
| Other assets: | |||||||||||
| Regulatory assets | 1,571 | 1,557 | |||||||||
| Deferred charges and other | 39 | 40 | |||||||||
| Total other assets | 1,610 | 1,597 | |||||||||
| Total assets | $12,641 | $12,495 |
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Commercial paper | $1 | $88 | |||||||||
| Accounts payable | 182 | 232 | |||||||||
| Accounts payable to associated companies | 51 | 45 | |||||||||
| Accrued taxes | 63 | 53 | |||||||||
| Accrued interest | 54 | 47 | |||||||||
| Regulatory liabilities | 54 | 41 | |||||||||
| Other | 77 | 80 | |||||||||
| Total current liabilities | 482 | 586 | |||||||||
| Long-term debt, net | 4,731 | 4,680 | |||||||||
| Other liabilities: | |||||||||||
| Deferred tax liabilities | 1,309 | 1,278 | |||||||||
| Regulatory liabilities | 529 | 545 | |||||||||
| Pension and other benefit obligations | 28 | 30 | |||||||||
| Other | 539 | 532 | |||||||||
| Total other liabilities | 2,405 | 2,385 | |||||||||
| Commitments and contingencies (Note 12) | |||||||||||
| Equity: | |||||||||||
| Interstate Power and Light Company common equity: | |||||||||||
| Common stock - $2.50 par value - 24,000,000 shares authorized; 13,370,788 shares outstanding | 33 | 33 | |||||||||
| Additional paid-in capital | 3,622 | 3,497 | |||||||||
| Retained earnings | 1,368 | 1,314 | |||||||||
| Total Interstate Power and Light Company common equity | 5,023 | 4,844 | |||||||||
| Total liabilities and equity | $12,641 | $12,495 |
Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
| 8 |
INTERSTATE POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| For the Three Months | |||||||||||
| Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in millions) | |||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $94 | $110 | |||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
| Depreciation and amortization | 120 | 115 | |||||||||
| Deferred tax benefit and tax credits | (29) | (30) | |||||||||
| Other | (16) | (6) | |||||||||
| Other changes in assets and liabilities: | |||||||||||
| Accounts receivable | (91) | (112) | |||||||||
| Regulatory assets | (24) | (18) | |||||||||
| Accounts payable | (28) | (21) | |||||||||
| Deferred income taxes (a) | 50 | 17 | |||||||||
| Other | 60 | 4 | |||||||||
| Net cash flows from operating activities | 136 | 59 | |||||||||
| Cash flows used for investing activities: | |||||||||||
| Construction and acquisition expenditures | (198) | (376) | |||||||||
| Cash receipts on sold receivables | 25 | 192 | |||||||||
| Other | (6) | (6) | |||||||||
| Net cash flows used for investing activities | (179) | (190) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Common stock dividends | (40) | (89) | |||||||||
| Capital contributions from parent | 125 | 45 | |||||||||
| Net change in commercial paper | (37) | 159 | |||||||||
| Other | — | (1) | |||||||||
| Net cash flows from financing activities | 48 | 114 | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 5 | (17) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 7 | 29 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $12 | $12 | |||||||||
| Supplemental cash flows information: | |||||||||||
| Cash (paid) received during the period for: | |||||||||||
| Interest | ($50) | ($58) | |||||||||
| Income taxes, net (a) | $47 | $— | |||||||||
| Significant non-cash investing and financing activities: | |||||||||||
| Accrued capital expenditures | $76 | $81 | |||||||||
| Beneficial interest obtained in exchange for securitized accounts receivable | $208 | $86 |
(a)2026 includes $47 million of proceeds from renewable tax credits transferred to other corporate taxpayers.
Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
| 9 |
WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| For the Three Months | |||||||||||||||||||||||
| Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Electric utility | $451 | $423 | |||||||||||||||||||||
| Gas utility | 149 | 122 | |||||||||||||||||||||
| Other | — | 1 | |||||||||||||||||||||
| Total revenues | 600 | 546 | |||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Electric production fuel and purchased power | 104 | 108 | |||||||||||||||||||||
| Electric transmission service | 55 | 50 | |||||||||||||||||||||
| Cost of gas sold | 99 | 72 | |||||||||||||||||||||
| Other operation and maintenance | 82 | 67 | |||||||||||||||||||||
| Depreciation and amortization | 100 | 93 | |||||||||||||||||||||
| Taxes other than income taxes | 15 | 14 | |||||||||||||||||||||
| Total operating expenses | 455 | 404 | |||||||||||||||||||||
| Operating income | 145 | 142 | |||||||||||||||||||||
| Other (income) and deductions: | |||||||||||||||||||||||
| Interest expense | 48 | 43 | |||||||||||||||||||||
| Allowance for funds used during construction | (11) | (9) | |||||||||||||||||||||
| Other | (1) | 3 | |||||||||||||||||||||
| Total other (income) and deductions | 36 | 37 | |||||||||||||||||||||
| Income before income taxes | 109 | 105 | |||||||||||||||||||||
| Income tax benefit | (8) | (5) | |||||||||||||||||||||
| Net income | $117 | $110 | |||||||||||||||||||||
Earnings per share data is not disclosed given Alliant Energy Corporation is the sole shareowner of all shares of WPL’s common stock outstanding during the periods presented.
Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
| 10 |
WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| March 31, 2026 | December 31, 2025 | ||||||||||
| (in millions, except per share and share amounts) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $99 | $37 | |||||||||
| Accounts receivable, less allowance for expected credit losses | 250 | 273 | |||||||||
| Production fuel, at weighted average cost | 32 | 28 | |||||||||
| Gas stored underground, at weighted average cost | 12 | 25 | |||||||||
| Materials and supplies, at weighted average cost | 82 | 81 | |||||||||
| Regulatory assets | 101 | 96 | |||||||||
| Prepaid gross receipts tax | 39 | 52 | |||||||||
| Other | 49 | 59 | |||||||||
| Total current assets | 664 | 651 | |||||||||
| Property, plant and equipment, net | 9,474 | 9,363 | |||||||||
| Other assets: | |||||||||||
| Regulatory assets | 569 | 562 | |||||||||
| Deferred charges and other | 80 | 79 | |||||||||
| Total other assets | 649 | 641 | |||||||||
| Total assets | $10,787 | $10,655 |
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $223 | $197 | |||||||||
| Accrued interest | 46 | 46 | |||||||||
| Regulatory liabilities | 50 | 47 | |||||||||
| Other | 102 | 105 | |||||||||
| Total current liabilities | 421 | 395 | |||||||||
| Long-term debt, net | 3,670 | 3,669 | |||||||||
| Other liabilities: | |||||||||||
| Deferred tax liabilities | 887 | 861 | |||||||||
| Regulatory liabilities | 557 | 568 | |||||||||
| Pension and other benefit obligations | 72 | 75 | |||||||||
| Other | 718 | 712 | |||||||||
| Total other liabilities | 2,234 | 2,216 | |||||||||
| Commitments and contingencies (Note 12) | |||||||||||
| Equity: | |||||||||||
| Wisconsin Power and Light Company common equity: | |||||||||||
| Common stock - $5 par value - 18,000,000 shares authorized; 13,236,601 shares outstanding | 66 | 66 | |||||||||
| Additional paid-in capital | 2,638 | 2,613 | |||||||||
| Retained earnings | 1,758 | 1,696 | |||||||||
| Total Wisconsin Power and Light Company common equity | 4,462 | 4,375 | |||||||||
| Total liabilities and equity | $10,787 | $10,655 |
Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
| 11 |
WISCONSIN POWER AND LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| For the Three Months | |||||||||||
| Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in millions) | |||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $117 | $110 | |||||||||
| Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
| Depreciation and amortization | 100 | 93 | |||||||||
| Other | (19) | (22) | |||||||||
| Other changes in assets and liabilities: | |||||||||||
| Accounts payable | (25) | (24) | |||||||||
| Regulatory liabilities | 4 | 37 | |||||||||
| Deferred income taxes (a) | 24 | (24) | |||||||||
| Other | 38 | 20 | |||||||||
| Net cash flows from operating activities | 239 | 190 | |||||||||
| Cash flows used for investing activities: | |||||||||||
| Construction and acquisition expenditures | (144) | (178) | |||||||||
| Other | (5) | (7) | |||||||||
| Net cash flows used for investing activities | (149) | (185) | |||||||||
| Cash flows used for financing activities: | |||||||||||
| Common stock dividends | (55) | (75) | |||||||||
| Capital contributions from parent | 25 | — | |||||||||
| Net change in commercial paper | — | 29 | |||||||||
| Other | 2 | 1 | |||||||||
| Net cash flows used for financing activities | (28) | (45) | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 62 | (40) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 37 | 51 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $99 | $11 | |||||||||
| Supplemental cash flows information: | |||||||||||
| Cash (paid) received during the period for: | |||||||||||
| Interest | ($48) | ($47) | |||||||||
| Income taxes, net (a) | $43 | $— | |||||||||
| Significant non-cash investing and financing activities: | |||||||||||
| Accrued capital expenditures | $123 | $56 |
(a)2026 includes $43 million of proceeds from renewable tax credits transferred to other corporate taxpayers.
Refer to accompanying Combined Notes to Condensed Consolidated Financial Statements.
| 12 |
ALLIANT ENERGY CORPORATION
INTERSTATE POWER AND LIGHT COMPANY
WISCONSIN POWER AND LIGHT COMPANY
COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1(a) General - The interim unaudited Financial Statements included herein have been prepared pursuant to the rules and regulations of the SEC. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. These Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the 2025 Form 10-K.
In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the three months ended March 31, 2026 are not necessarily indicative of results that may be expected for the year ending December 31, 2026.
A change in management’s estimates or assumptions could have a material impact on financial condition and results of operations during the period in which such change occurred. Certain prior period amounts in the Financial Statements and Notes have been reclassified to conform to the current period presentation for comparative purposes.
NOTE 1(b) Cash and Cash Equivalents - At March 31, 2026, cash and cash equivalents included money market fund investments of $87 million and $86 million for Alliant Energy and WPL, respectively, with weighted average interest rates of 4%.
NOTE 2. REGULATORY MATTERS
Regulatory Assets and Regulatory Liabilities -
Regulatory assets were comprised of the following items (in millions):
| Alliant Energy | IPL | WPL | |||||||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||
| Tax-related | $1,094 | $1,089 | $959 | $949 | $135 | $140 | |||||||||||||||||||||||||||||
| Asset retirement obligations | 469 | 455 | 320 | 312 | 149 | 143 | |||||||||||||||||||||||||||||
| Pension and OPEB costs | 270 | 274 | 134 | 136 | 136 | 138 | |||||||||||||||||||||||||||||
| Assets retired early | 153 | 158 | 145 | 149 | 8 | 9 | |||||||||||||||||||||||||||||
| Derivatives | 63 | 52 | 17 | 12 | 46 | 40 | |||||||||||||||||||||||||||||
| Non-service pension and OPEB costs | 57 | 57 | 21 | 21 | 36 | 36 | |||||||||||||||||||||||||||||
| WPL’s Western Wisconsin gas distribution expansion investments | 38 | 39 | — | — | 38 | 39 | |||||||||||||||||||||||||||||
| Commodity cost recovery | 26 | 10 | 6 | 3 | 20 | 7 | |||||||||||||||||||||||||||||
| Other | 135 | 140 | 33 | 34 | 102 | 106 | |||||||||||||||||||||||||||||
| $2,305 | $2,274 | $1,635 | $1,616 | $670 | $658 |
Regulatory liabilities were comprised of the following items (in millions):
| Alliant Energy | IPL | WPL | |||||||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||
| Tax-related | $681 | $690 | $300 | $304 | $381 | $386 | |||||||||||||||||||||||||||||
| Cost of removal obligations | 365 | 366 | 214 | 217 | 151 | 149 | |||||||||||||||||||||||||||||
| Derivatives | 31 | 47 | 19 | 26 | 12 | 21 | |||||||||||||||||||||||||||||
| Commodity cost recovery | 29 | 13 | 10 | 5 | 19 | 8 | |||||||||||||||||||||||||||||
| Other | 84 | 85 | 40 | 34 | 44 | 51 | |||||||||||||||||||||||||||||
| $1,190 | $1,201 | $583 | $586 | $607 | $615 |
| 13 |
NOTE 3. RECEIVABLES
Sales of Accounts Receivable - IPL maintains a Receivables Purchase and Sale Agreement (Receivables Agreement) whereby it may sell its customer accounts receivables, unbilled revenues and certain other accounts receivables to a third party through wholly-owned and consolidated special purpose entities. In March 2026, IPL amended and extended through March 2029 the purchase commitment from the third party to which it sells receivables. The transfers of receivables meet the criteria for sale accounting established by the transfer of financial assets accounting rules. Under the amended Receivables Agreement, the limit on cash proceeds fluctuates between $5 million and $180 million, which IPL may change periodically throughout the year. As of March 31, 2026, the limit on cash proceeds was $50 million and IPL had $40 million of available capacity under its sales of accounts receivable program. IPL’s maximum and average outstanding aggregate cash proceeds (based on daily outstanding balances) related to the sales of accounts receivable program for the three months ended March 31 were as follows (in millions):
| 2026 | 2025 | ||||||||||||||||||||||
| Maximum outstanding aggregate cash proceeds | $110 | $110 | |||||||||||||||||||||
| Average outstanding aggregate cash proceeds | 86 | 108 |
The attributes of IPL’s receivables sold under the Receivables Agreement were as follows (in millions):
| March 31, 2026 | December 31, 2025 | ||||||||||
| Customer accounts receivable | $154 | $147 | |||||||||
| Unbilled utility revenues | 78 | 104 | |||||||||
| Receivables sold to third party | 232 | 251 | |||||||||
| Less: cash proceeds | 10 | 110 | |||||||||
| Deferred proceeds | 222 | 141 | |||||||||
| Less: allowance for expected credit losses | 14 | 15 | |||||||||
| Fair value of deferred proceeds | $208 | $126 | |||||||||
| Outstanding receivables past due | $24 | $21 |
Additional attributes of IPL’s receivables sold under the Receivables Agreement for the three months ended March 31 were as follows (in millions):
| 2026 | 2025 | ||||||||||||||||||||||
| Collections | $613 | $607 | |||||||||||||||||||||
| Write-offs, net of recoveries | 3 | 3 |
Effective April 2026, the limit on cash proceeds under the Receivables Agreement is $140 million.
NOTE 4. INVESTMENTS
Unconsolidated Equity Investments - Alliant Energy’s equity (income) loss from unconsolidated investments accounted for under the equity method of accounting for the three months ended March 31 was as follows (in millions):
| 2026 | 2025 | ||||||||||||||||||||||
| ATC Holdings | ($16) | ($14) | |||||||||||||||||||||
| Non-utility wind farm in Oklahoma | (3) | (1) | |||||||||||||||||||||
| Corporate venture investments | (2) | 3 | |||||||||||||||||||||
| Other | (1) | (1) | |||||||||||||||||||||
| ($22) | ($13) |
NOTE 5. COMMON EQUITY
Common Share Activity - A summary of Alliant Energy’s common stock activity was as follows:
| Shares outstanding, January 1, 2026 | 257,137,261 | ||||
| Shareowner Direct Plan | 79,823 | ||||
| Equity-based compensation plans | 225,142 | ||||
| Convertible debt settlement (Refer to Note 6 for details) | 834,811 | ||||
| Shares outstanding, March 31, 2026 | 258,277,037 |
At-the-Market Offering Programs - In March 2026, Alliant Energy fully utilized the remaining capacity under its $1.3 billion 2025 at-the-market offering program and Alliant Energy filed a new prospectus supplement and executed a related distribution agreement, under which it may sell up to $1 billion in aggregate of its common stock through 2029 through an at-the-market offering program that includes an equity forward sales component (the 2026 at-the-market offering program). Alliant Energy expects to use proceeds from the issuance of common stock for general corporate purposes.
| 14 |
Alliant Energy entered into a forward sale agreement under its 2026 at-the-market offering program with a counterparty who, for the three months ended March 31, 2026, borrowed and sold an aggregate of 362,000 shares of Alliant Energy common stock at an aggregate gross sales price of $26 million, including approximately $0.3 million in commissions to the counterparty payable by Alliant Energy when the forward sale agreements are settled. Alliant Energy has not yet received any proceeds from this program and no amounts have been or will be recorded in equity on Alliant Energy’s balance sheets until the forward sale agreement settles. Alliant Energy currently expects to settle the forward sale agreement prior to December 31, 2028 through physical delivery of shares of common stock in exchange for cash proceeds at the then-applicable forward sale price; however, Alliant Energy may elect cash settlement or net share settlement for all or a portion of the obligations under the forward sale agreements. As of March 31, 2026, the weighted-average forward price, net of commissions, was $70.34 per share and is subject to daily adjustment based on a floating interest rate factor and decreased by other fixed amounts specified in the forward sale agreements. As of March 31, 2026, Alliant Energy could have settled all of its outstanding forward sale agreements under the 2026 at-the-market offering program with physical delivery of 362,000 shares of Alliant Energy common stock to the counterparty in exchange for cash of $25 million.
For the three months ended March 31, 2026, Alliant Energy entered into forward sale agreements under its 2025 at-the-market offering program with various counterparties who borrowed and sold an aggregate of 5,002,675 shares of Alliant Energy common stock at an aggregate gross sales price of $356 million, including approximately $3 million in commissions, to the counterparties payable by Alliant Energy when the forward sale agreements are settled. Alliant Energy has not yet received any proceeds from this program and no amounts have been or will be recorded in equity on Alliant Energy’s balance sheets until the forward sale agreements settle. Alliant Energy currently expects to settle the forward sale agreements in 2026 and 2027 through physical delivery of shares of common stock in exchange for cash proceeds at the then-applicable forward sale price; however, Alliant Energy may elect cash settlement or net share settlement for all or a portion of the obligations under the forward sale agreements. As of March 31, 2026, the weighted-average forward price, net of commissions, of all of the outstanding forward agreements under the 2025 at-the-market offering was $65.99 per share and is subject to daily adjustment based on a floating interest rate factor and decreased by other fixed amounts specified in the forward sale agreements. As of March 31, 2026, Alliant Energy could have settled all of its outstanding forward sale agreements under the 2025 at-the-market offering program with physical delivery of 19,598,207 shares of Alliant Energy common stock to the counterparties in exchange for cash of $1,293 million.
Alliant Energy has concluded that the forward sale agreements meet the derivative scope exception for certain contracts involving an entity’s own equity. Until settlement of the forward sale agreements, Alliant Energy’s EPS dilution resulting from the agreements, if any, is determined using the treasury stock method. Share dilution occurs when the average market price of Alliant Energy stock during the reporting period is higher than the forward sale price as of the end of the reporting period. For the quarter ended March 31, 2026, 976,170 and no incremental shares were included in the calculation of diluted EPS related to the securities under the forward sale agreements for the 2025 and 2026 at-the-market offering programs, respectively.
| 15 |
Changes in Shareowners’ Equity - A summary of changes in shareowners’ equity was as follows (in millions):
| Alliant Energy | Accumulated | Shares in | |||||||||||||||||||||||||||||||||||||||
| Additional | Other | Deferred | Total | ||||||||||||||||||||||||||||||||||||||
| Common | Paid-In | Retained | Comprehensive | Compensation | Common | ||||||||||||||||||||||||||||||||||||
| Stock | Capital | Earnings | Income | Trust | Equity | ||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||||||||||||||||
| Beginning balance, December 31, 2025 | $3 | $3,101 | $4,243 | $1 | ($14) | $7,334 | |||||||||||||||||||||||||||||||||||
| Net income attributable to Alliant Energy common shareowners | 224 | 224 | |||||||||||||||||||||||||||||||||||||||
| Common stock dividends ($0.535 per share) | (137) | (137) | |||||||||||||||||||||||||||||||||||||||
| Shareowner Direct Plan issuances | 6 | 6 | |||||||||||||||||||||||||||||||||||||||
| Equity-based compensation plans and other | (6) | (6) | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | 1 | 1 | |||||||||||||||||||||||||||||||||||||||
| Ending balance, March 31, 2026 | $3 | $3,101 | $4,330 | $2 | ($14) | $7,422 | |||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Beginning balance, December 31, 2024 | $3 | $3,060 | $3,954 | $1 | ($14) | $7,004 | |||||||||||||||||||||||||||||||||||
| Net income attributable to Alliant Energy common shareowners | 213 | 213 | |||||||||||||||||||||||||||||||||||||||
| Common stock dividends ($0.5075 per share) | (130) | (130) | |||||||||||||||||||||||||||||||||||||||
| Shareowner Direct Plan issuances | 6 | 6 | |||||||||||||||||||||||||||||||||||||||
| Equity-based compensation plans and other | 1 | 1 | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss, net of tax | (1) | (1) | |||||||||||||||||||||||||||||||||||||||
| Ending balance, March 31, 2025 | $3 | $3,066 | $4,037 | $— | ($13) | $7,093 |
| IPL | Additional | Total | |||||||||||||||||||||||||||
| Common | Paid-In | Retained | Common | ||||||||||||||||||||||||||
| Stock | Capital | Earnings | Equity | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||||
| Beginning balance, December 31, 2025 | $33 | $3,497 | $1,314 | $4,844 | |||||||||||||||||||||||||
| Net income | 94 | 94 | |||||||||||||||||||||||||||
| Common stock dividends | (40) | (40) | |||||||||||||||||||||||||||
| Capital contributions from parent | 125 | 125 | |||||||||||||||||||||||||||
| Ending balance, March 31, 2026 | $33 | $3,622 | $1,368 | $5,023 | |||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||
| Beginning balance, December 31, 2024 | $33 | $3,212 | $1,216 | $4,461 | |||||||||||||||||||||||||
| Net income | 110 | 110 | |||||||||||||||||||||||||||
| Common stock dividends | (89) | (89) | |||||||||||||||||||||||||||
| Capital contributions from parent | 45 | 45 | |||||||||||||||||||||||||||
| Ending balance, March 31, 2025 | $33 | $3,257 | $1,237 | $4,527 |
| WPL | Additional | Total | |||||||||||||||||||||||||||
| Common | Paid-In | Retained | Common | ||||||||||||||||||||||||||
| Stock | Capital | Earnings | Equity | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||||
| Beginning balance, December 31, 2025 | $66 | $2,613 | $1,696 | $4,375 | |||||||||||||||||||||||||
| Net income | 117 | 117 | |||||||||||||||||||||||||||
| Common stock dividends | (55) | (55) | |||||||||||||||||||||||||||
| Capital contributions from parent | 25 | 25 | |||||||||||||||||||||||||||
| Ending balance, March 31, 2026 | $66 | $2,638 | $1,758 | $4,462 | |||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||
| Beginning balance, December 31, 2024 | $66 | $2,533 | $1,502 | $4,101 | |||||||||||||||||||||||||
| Net income | 110 | 110 | |||||||||||||||||||||||||||
| Common stock dividends | (75) | (75) | |||||||||||||||||||||||||||
| Ending balance, March 31, 2025 | $66 | $2,533 | $1,537 | $4,136 |
| 16 |
NOTE 6. DEBT
NOTE 6(a) Short-term Debt - In March 2026, Alliant Energy, IPL and WPL reallocated credit facility capacity amounts to $700 million for Alliant Energy at the parent company level, $300 million for IPL and $300 million for WPL, within the $1.3 billion total commitment. Information regarding Alliant Energy’s, IPL’s and WPL’s commercial paper and borrowings under the single credit facility classified as short-term debt was as follows (dollars in millions):
| March 31, 2026 | Alliant Energy | IPL | WPL | ||||||||||||||
| Amount outstanding | $433 | $1 | $— | ||||||||||||||
| Weighted average interest rates | 4.0% | 4.0% | N/A | ||||||||||||||
| Available credit facility capacity (a) | $817 | $249 | $300 |
| Alliant Energy | IPL | WPL | |||||||||||||||||||||||||||||||||
| Three Months Ended March 31 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||
| Maximum amount outstanding (based on daily outstanding balances) | $445 | $678 | $103 | $127 | $2 | $224 | |||||||||||||||||||||||||||||
| Average amount outstanding (based on daily outstanding balances) | $123 | $541 | $47 | $53 | $— | $159 | |||||||||||||||||||||||||||||
| Weighted average interest rates | 3.9% | 4.5% | 3.8% | 4.6% | 3.8% | 4.5% | |||||||||||||||||||||||||||||
(a)Alliant Energy’s and IPL’s available credit facility capacities reflect outstanding commercial paper classified as both short- and long-term debt at March 31, 2026.
In March 2026, Alliant Energy entered into a $400 million variable rate (4.5% as of March 31, 2026) term loan credit agreement, which matures in March 2027 and is recorded in “Other short-term borrowings” on Alliant Energy’s balance sheet as of March 31, 2026. Alliant Energy’s term loan credit agreement includes an option to increase the amount outstanding with one or more additional term loans in an aggregate amount not to exceed $100 million. The proceeds were used for general corporate purposes.
NOTE 6(b) Long-term Debt - As of March 31, 2026, $50 million of commercial paper was recorded in “Long-term debt, net” on Alliant Energy’s and IPL’s balance sheets due to the existence of the long-term single credit facility that back-stops this commercial paper balance, along with Alliant Energy’s and IPL’s intent and ability to refinance these balances on a long-term basis. As of March 31, 2026, this commercial paper balance had a 4% interest rate.
In January 2026, AEF retired its $300 million variable rate term loan. In March 2026, AEF retired its $200 million of 1.4% senior notes.
Convertible Senior Notes
2026 Notes - Alliant Energy’s $575 million of 3.875% convertible senior notes issued in March 2023 matured in March 2026. Alliant Energy settled its related conversion obligations to holders by paying the aggregate principal amount outstanding of $575 million in cash, and issuing 834,811 shares of Alliant Energy common stock for the excess of its conversion obligation over such principal amount, which was classified as a non-cash financing activity.
2028 Notes - In May 2025, Alliant Energy issued $575 million of 3.25% convertible senior notes (the 2028 Notes), which are senior unsecured obligations. As of March 31, 2026, the conditions allowing holders to convert their 2028 Notes were not met, and the 2028 Notes were classified as “Long-term debt, net” on Alliant Energy’s balance sheet. As of March 31, 2026, the net carrying amount was $570 million, with unamortized debt issuance costs of $5 million, and the estimated fair value (Level 2) was $610 million. For the quarter ended March 31, 2026, there were no shares of Alliant Energy’s common stock related to the potential conversion of the 2028 Notes included in diluted EPS based on Alliant Energy’s average stock prices and the relevant terms of the 2028 Notes.
| 17 |
NOTE 7. REVENUES
Disaggregation of revenues from contracts with customers is provided for each reportable segment (IPL and WPL), as well as by customer class within electric and gas sales, as follows (in millions):
| Alliant Energy | IPL | WPL | |||||||||||||||||||||||||||||||||
| Three Months Ended March 31 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||
| Electric Utility: | |||||||||||||||||||||||||||||||||||
| Retail - residential | $332 | $323 | $160 | $155 | $172 | $168 | |||||||||||||||||||||||||||||
| Retail - commercial | 221 | 213 | 142 | 135 | 79 | 78 | |||||||||||||||||||||||||||||
| Retail - industrial | 240 | 237 | 123 | 119 | 117 | 118 | |||||||||||||||||||||||||||||
| Wholesale | 35 | 48 | — | 14 | 35 | 34 | |||||||||||||||||||||||||||||
| Bulk power and other | 60 | 32 | 12 | 7 | 48 | 25 | |||||||||||||||||||||||||||||
| Total Electric Utility | 888 | 853 | 437 | 430 | 451 | 423 | |||||||||||||||||||||||||||||
| Gas Utility: | |||||||||||||||||||||||||||||||||||
| Retail - residential | 162 | 145 | 75 | 73 | 87 | 72 | |||||||||||||||||||||||||||||
| Retail - commercial | 86 | 73 | 35 | 32 | 51 | 41 | |||||||||||||||||||||||||||||
| Retail - industrial | 7 | 6 | 3 | 3 | 4 | 3 | |||||||||||||||||||||||||||||
| Transportation/other | 16 | 16 | 9 | 10 | 7 | 6 | |||||||||||||||||||||||||||||
| Total Gas Utility | 271 | 240 | 122 | 118 | 149 | 122 | |||||||||||||||||||||||||||||
| Other Utility: | |||||||||||||||||||||||||||||||||||
| Steam (a) | — | 10 | — | 10 | — | — | |||||||||||||||||||||||||||||
| Other utility | 2 | 3 | 2 | 2 | — | 1 | |||||||||||||||||||||||||||||
| Total Other Utility | 2 | 13 | 2 | 12 | — | 1 | |||||||||||||||||||||||||||||
| Non-Utility and Other: | |||||||||||||||||||||||||||||||||||
| Travero and other | 23 | 22 | — | — | — | — | |||||||||||||||||||||||||||||
| Total Non-Utility and Other | 23 | 22 | — | — | — | — | |||||||||||||||||||||||||||||
| Total revenues | $1,184 | $1,128 | $561 | $560 | $600 | $546 |
(a)IPL was engaged in the generation and distribution of steam for two customers in Cedar Rapids, Iowa, which were each under contract through 2025 for taking minimum quantities of annual steam usage. Subsequent to December 31, 2025, IPL exited the steam business.
NOTE 8. INCOME TAXES
Income Tax Rates - Overall effective income tax rates for the three months ended March 31, which were computed by dividing income tax expense (benefit) by income before income taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, investment tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. Alliant Energy’s effective income tax rate for the three months ended March 31, 2026 was also impacted by changes in state income tax apportionment.
| Alliant Energy | IPL | WPL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Overall income tax rate | (37%) | (28%) | (52%) | (57%) | (7%) | (5%) |
Deferred Tax Assets and Liabilities -
Carryforwards - At March 31, 2026, the carryforwards and expiration dates were estimated as follows (in millions):
| Range of Expiration Dates | Alliant Energy | IPL | WPL | ||||||||||||||||||||
| State net operating losses | 2026-2046 | $322 | $7 | $1 | |||||||||||||||||||
| Federal tax credits | 2034-2046 | 656 | 446 | 196 |
State Income Tax Apportionment - Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the amounts reported in the financial statements. Deferred taxes are recorded using currently enacted tax rates and estimates of state income tax apportionment. Estimates of state income tax apportionment are supported by historical data and reasonable projections. In the third quarter of 2025, WPL entered into an electric service agreement with a customer who expected to build a data center in WPL’s service territory. In the first quarter of 2026, the customer selected an alternative data center location in IPL’s service territory, and as a result, the electric service agreement with WPL was terminated and subsequently renegotiated and executed with IPL. Accordingly, Alliant Energy currently expects a decrease in Wisconsin state income tax apportionment and an increase in Iowa state income tax apportionment, primarily due to the change in projected electric utility revenues at WPL and IPL. Alliant Energy parent company’s deferred tax assets were remeasured to reflect the change in estimated state income tax apportionment, which resulted in a $12 million reduction to income tax expense in Alliant Energy’s income statement and a decrease in deferred tax liabilities on Alliant Energy’s balance sheet in the first quarter of 2026.
| 18 |
NOTE 9. BENEFIT PLANS
NOTE 9(a) Pension and OPEB Plans -
Net Periodic Benefit Costs - The components of net periodic benefit costs for sponsored defined benefit pension and OPEB plans for the three months ended March 31 are included below (in millions). For IPL and WPL, amounts are for their plan participants covered under plans they sponsor, as well as amounts directly assigned to them related to certain participants in the Alliant Energy and Corporate Services sponsored plans.
| Defined Benefit Pension Plans | OPEB Plans | ||||||||||||||||||||||||||||||||||||||||||||||
| Alliant Energy | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Service cost | $1 | $1 | $— | $— | |||||||||||||||||||||||||||||||||||||||||||
| Interest cost | 11 | 11 | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||
| Expected return on plan assets | (14) | (13) | (1) | (1) | |||||||||||||||||||||||||||||||||||||||||||
| Amortization of actuarial loss | 4 | 6 | — | — | |||||||||||||||||||||||||||||||||||||||||||
| $2 | $5 | $1 | $1 |
| Defined Benefit Pension Plans | OPEB Plans | ||||||||||||||||||||||||||||||||||||||||||||||
| IPL | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Service cost | $— | $1 | $— | $— | |||||||||||||||||||||||||||||||||||||||||||
| Interest cost | 5 | 5 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||
| Expected return on plan assets | (6) | (6) | (1) | (1) | |||||||||||||||||||||||||||||||||||||||||||
| Amortization of actuarial loss | 2 | 2 | — | — | |||||||||||||||||||||||||||||||||||||||||||
| $1 | $2 | $— | $— |
| Defined Benefit Pension Plans | OPEB Plans | ||||||||||||||||||||||||||||||||||||||||||||||
| WPL | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Interest cost | $5 | $5 | $1 | $1 | |||||||||||||||||||||||||||||||||||||||||||
| Expected return on plan assets | (6) | (6) | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Amortization of actuarial loss | 2 | 3 | — | — | |||||||||||||||||||||||||||||||||||||||||||
| $1 | $2 | $1 | $1 |
NOTE 9(b) Equity-based Compensation Plans - A summary of compensation expense, including amounts allocated to IPL and WPL, and the related income tax benefits recognized for share-based compensation awards for the three months ended March 31 was as follows (in millions):
| Alliant Energy | IPL | WPL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation expense | $6 | $4 | $3 | $2 | $3 | $2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax benefits | 2 | 1 | 1 | 1 | 1 | — |
As of March 31, 2026, Alliant Energy’s, IPL’s and WPL’s total unrecognized compensation cost related to share-based compensation awards was $30 million, $15 million and $14 million, respectively, which is expected to be recognized over a weighted average period of between 1 year and 2 years.
For the three months ended March 31, 2026, performance shares and restricted stock units were granted to key employees under the equity-based compensation plans as follows. These shares and units will be paid out in shares of common stock, and are therefore accounted for as equity awards.
| Weighted Average | |||||||||||
| Grants | Grant Date Fair Value | ||||||||||
| Performance shares (total shareowner return metric) | 115,443 | $75.27 | |||||||||
| Performance shares (net income metric) | 115,443 | 70.01 | |||||||||
| Restricted stock units | 90,646 | 70.01 |
For the quarter ended March 31, 2026, 415,554 shares were included in the calculation of diluted EPS related to the nonvested equity awards.
| 19 |
NOTE 10. DERIVATIVE INSTRUMENTS
Commodity Derivatives -
Notional Amounts - Gross notional amounts and settlement/delivery years related to outstanding swap contracts, option contracts, physical forward contracts and FTRs that were accounted for as commodity derivative instruments were as follows (units in thousands):
| Electricity | FTRs | Natural Gas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MWhs | Years | MWhs | Years | Dths | Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| March 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alliant Energy | 1,166 | 2026 | 3,766 | 2026 | 149,063 | 2026-2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| IPL | 539 | 2026 | 1,337 | 2026 | 72,220 | 2026-2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| WPL | 627 | 2026 | 2,429 | 2026 | 76,843 | 2026-2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alliant Energy | 1,682 | 2026 | 11,332 | 2026 | 140,731 | 2026-2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| IPL | 634 | 2026 | 4,482 | 2026 | 60,773 | 2026-2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| WPL | 1,048 | 2026 | 6,850 | 2026 | 79,958 | 2026-2032 |
Financial Statement Presentation - Derivative instruments are recorded at fair value each reporting date on the balance sheets as assets or liabilities as follows (in millions):
| Alliant Energy | IPL | WPL | |||||||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||
| Current derivative assets | $27 | $49 | $19 | $33 | $8 | $16 | |||||||||||||||||||||||||||||
| Non-current derivative assets | 12 | 20 | 7 | 11 | 5 | 9 | |||||||||||||||||||||||||||||
| Current derivative liabilities | 30 | 25 | 11 | 9 | 19 | 16 | |||||||||||||||||||||||||||||
| Non-current derivative liabilities | 31 | 26 | 4 | 2 | 27 | 24 |
During the three months ended March 31, 2026, Alliant Energy’s, IPL’s and WPL’s derivative assets decreased primarily due to settlement of FTRs and gas contracts. Based on IPL’s and WPL’s cost recovery mechanisms, the changes in the fair value of derivative liabilities/assets result in comparable changes to regulatory assets/liabilities on the balance sheets.
Credit Risk-related Contingent Features - Various agreements contain credit risk-related contingent features, including requirements to maintain certain credit ratings and/or limitations on liability positions under the agreements based on credit ratings. Certain of these agreements with credit risk-related contingency features are accounted for as derivative instruments. In the event of a material change in creditworthiness or if liability positions exceed certain contractual limits, credit support may need to be provided up to the amount of exposure under the contracts, or the contracts may need to be unwound and underlying liability positions paid. At March 31, 2026 and December 31, 2025, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a net liability position was not materially different than amounts that would be required to be posted as credit support to counterparties by Alliant Energy, IPL or WPL if the most restrictive credit risk-related contingent features for derivative agreements in a net liability position were triggered.
Balance Sheet Offsetting - The fair value amounts of derivative instruments subject to a master netting arrangement are not netted by counterparty on the balance sheets. However, if the fair value amounts of derivative instruments by counterparty were netted, derivative assets and derivative liabilities related to commodity contracts would have been presented on the balance sheets as follows (in millions):
| Alliant Energy | IPL | WPL | |||||||||||||||||||||||||||||||||
| Gross | Gross | Gross | |||||||||||||||||||||||||||||||||
| (as reported) | Net | (as reported) | Net | (as reported) | Net | ||||||||||||||||||||||||||||||
| March 31, 2026 | |||||||||||||||||||||||||||||||||||
| Derivative assets | $39 | $29 | $26 | $21 | $13 | $8 | |||||||||||||||||||||||||||||
| Derivative liabilities | 61 | 51 | 15 | 10 | 46 | 41 | |||||||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Derivative assets | 69 | 59 | 44 | 40 | 25 | 19 | |||||||||||||||||||||||||||||
| Derivative liabilities | 51 | 41 | 11 | 7 | 40 | 34 |
Fair value amounts recognized for the right to reclaim cash collateral (receivable) or the obligation to return cash collateral (payable) are not offset against fair value amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement.
| 20 |
NOTE 11. FAIR VALUE MEASUREMENTS
Fair Value of Financial Instruments - The carrying amounts of current assets and current liabilities approximate fair value because of the short maturity of such financial instruments. Carrying amounts and related estimated fair values of other financial instruments were as follows (in millions):
| Alliant Energy | March 31, 2026 | December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying | Level | Level | Level | Carrying | Level | Level | Level | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount | 1 | 2 | 3 | Total | Amount | 1 | 2 | 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Money market fund investments | $87 | $87 | $— | $— | $87 | $411 | $411 | $— | $— | $411 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Commodity derivatives | 39 | — | 23 | 16 | 39 | 69 | — | 36 | 33 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate derivatives | 3 | — | 3 | — | 3 | 1 | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred proceeds | 208 | — | — | 208 | 208 | 126 | — | — | 126 | 126 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commodity derivatives | 61 | — | 61 | — | 61 | 51 | — | 50 | 1 | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term debt (incl. current maturities) | 11,007 | — | 10,602 | — | 10,602 | 12,028 | — | 11,748 | — | 11,748 |
| IPL | March 31, 2026 | December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying | Level | Level | Level | Carrying | Level | Level | Level | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount | 1 | 2 | 3 | Total | Amount | 1 | 2 | 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commodity derivatives | $26 | $— | $13 | $13 | $26 | $44 | $— | $18 | $26 | $44 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred proceeds | 208 | — | — | 208 | 208 | 126 | — | — | 126 | 126 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commodity derivatives | 15 | — | 15 | — | 15 | 11 | — | 10 | 1 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term debt | 4,731 | — | 4,441 | — | 4,441 | 4,680 | — | 4,445 | — | 4,445 |
| WPL | March 31, 2026 | December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying | Level | Level | Level | Carrying | Level | Level | Level | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount | 1 | 2 | 3 | Total | Amount | 1 | 2 | 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Money market fund investments | $86 | $86 | $— | $— | $86 | $25 | $25 | $— | $— | $25 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Commodity derivatives | 13 | — | 10 | 3 | 13 | 25 | — | 18 | 7 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commodity derivatives | 46 | — | 46 | — | 46 | 40 | — | 40 | — | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term debt | 3,670 | — | 3,535 | — | 3,535 | 3,669 | — | 3,575 | — | 3,575 |
Information for fair value measurements using significant unobservable inputs (Level 3 inputs) was as follows (in millions):
| Alliant Energy | Commodity Contract Derivative | ||||||||||||||||||||||
| Assets and (Liabilities), net | Deferred Proceeds | ||||||||||||||||||||||
| Three Months Ended March 31 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Beginning balance, January 1 | $32 | $25 | $126 | $163 | |||||||||||||||||||
| Total net gains (losses) included in changes in net assets (realized/unrealized) | 3 | (2) | — | — | |||||||||||||||||||
| Settlements (a) | (19) | (14) | 82 | (77) | |||||||||||||||||||
| Ending balance, March 31 | $16 | $9 | $208 | $86 | |||||||||||||||||||
| The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at March 31 | $3 | ($2) | $— | $— |
| 21 |
| IPL | Commodity Contract Derivative | ||||||||||||||||||||||
| Assets and (Liabilities), net | Deferred Proceeds | ||||||||||||||||||||||
| Three Months Ended March 31 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Beginning balance, January 1 | $25 | $20 | $126 | $163 | |||||||||||||||||||
| Total net gains included in changes in net assets (realized/unrealized) | 2 | — | — | — | |||||||||||||||||||
| Settlements (a) | (14) | (11) | 82 | (77) | |||||||||||||||||||
| Ending balance, March 31 | $13 | $9 | $208 | $86 | |||||||||||||||||||
| The amount of total net gains for the period included in changes in net assets attributable to the change in unrealized gains relating to assets and liabilities held at March 31 | $2 | $— | $— | $— |
| WPL | Commodity Contract Derivative | ||||||||||
| Assets and (Liabilities), net | |||||||||||
| Three Months Ended March 31 | 2026 | 2025 | |||||||||
| Beginning balance, January 1 | $7 | $5 | |||||||||
| Total net gains (losses) included in changes in net assets (realized/unrealized) | 1 | (2) | |||||||||
| Settlements | (5) | (3) | |||||||||
| Ending balance, March 31 | $3 | $— | |||||||||
| The amount of total net gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets and liabilities held at March 31 | $1 | ($2) |
(a)Settlements related to deferred proceeds are due to the change in the carrying amount of receivables sold less the allowance for expected credit losses associated with the receivables sold and cash amounts received from the receivables sold.
Commodity Contracts - The fair value of FTRs and natural gas commodity contracts categorized as Level 3 was recognized as net derivative assets as follows (in millions):
| Alliant Energy | IPL | WPL | |||||||||||||||||||||||||||||||||
| Excluding FTRs | FTRs | Excluding FTRs | FTRs | Excluding FTRs | FTRs | ||||||||||||||||||||||||||||||
| March 31, 2026 | $5 | $11 | $5 | $8 | $— | $3 | |||||||||||||||||||||||||||||
| December 31, 2025 | 3 | 29 | 3 | 22 | — | 7 |
NOTE 12. COMMITMENTS AND CONTINGENCIES
NOTE 12(a) Capital Purchase Commitments - Various contractual obligations contain minimum future commitments related to capital expenditures for certain construction projects, including IPL’s and WPL’s expansion of energy storage, repowering projects at WPL’s Bent Tree Energy Facility, expansion of IPL’s gas generation and improvements at the natural gas-fired Neenah Energy Facility and Sheboygan Falls Energy Facility. At March 31, 2026, Alliant Energy’s, IPL’s and WPL’s minimum future commitments for these projects were $259 million, $121 million and $137 million, respectively.
Tariff-Related Costs - In February 2026, the Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not provide the Executive Branch of the U.S. government with authority to impose tariffs, and, in March 2026, the Court of International Trade ordered Customs and Border Protection to refund IEEPA tariffs previously collected. Certain third-party suppliers engaged by IPL and WPL act as importers of record and may be eligible for refunds of tariffs previously paid. Alliant Energy, IPL and WPL are currently evaluating the potential recovery of tariff-related costs previously capitalized as part of the construction of generation and energy storage facilities. Due to significant uncertainty regarding the eligibility, timing and amount of tariff-related cost recoveries, Alliant Energy, IPL and WPL concluded that recovery is not probable and therefore have not recognized any amounts related to potential tariff cost recoveries as of March 31, 2026.
| 22 |
NOTE 12(b) Other Purchase Commitments - Various commodity supply, transportation and storage contracts help meet obligations to provide electricity and natural gas to utility customers. In addition, there are various purchase commitments associated with other goods and services. At March 31, 2026, the related minimum future commitments, excluding amounts for purchased power commitments that do not have minimum thresholds but require payment when electricity is generated by the provider and amounts for future commitments to deliver power to electric customers that do not have current minimum thresholds but will be billed for requirements when power is provided, were as follows (in millions):
| Alliant Energy | IPL | WPL | |||||||||||||||
| Natural gas | $1,019 | $494 | $525 | ||||||||||||||
| Coal | 150 | 71 | 79 | ||||||||||||||
| Other (a) | 114 | 56 | 28 | ||||||||||||||
| $1,283 | $621 | $632 |
(a)Includes individual commitments incurred during the normal course of business that exceeded $1 million at March 31, 2026.
NOTE 12(c) Guarantees and Indemnifications -
Whiting Petroleum Corporation (Whiting Petroleum) - In 2004, Alliant Energy sold its remaining interest in Whiting Petroleum, an independent oil and gas company. Alliant Energy Resources, LLC, as the successor to a predecessor entity that owned Whiting Petroleum, and a wholly-owned subsidiary of AEF, has guaranteed the partnership obligations of an affiliate of Whiting Petroleum under multiple general partnership agreements in the oil and gas industry. The guarantees do not include a maximum limit. Based on information made available to Alliant Energy by Whiting Petroleum, the Whiting Petroleum affiliate holds an approximate 6% share in the partnerships, and currently known obligations include costs associated with the future abandonment of certain facilities owned by the partnerships. The general partnerships were formed under California law, and Alliant Energy Resources, LLC may need to perform under the guarantees if the affiliate of Whiting Petroleum is unable to meet its partnership obligations.
Whiting Petroleum previously completed bankruptcy proceedings and business combinations, which substantially reduce the likelihood that Alliant Energy will be obligated to make any payments under these guarantees. As of March 31, 2026, the currently known partnership obligations for the abandonment obligations are estimated at $92 million, which represents Alliant Energy’s currently estimated maximum exposure under the guarantees. Alliant Energy is not currently aware of, nor does it currently expect to incur in the future, any material liabilities related to these guarantees and therefore has not recognized any material liabilities related to these guarantees as of March 31, 2026 and December 31, 2025.
Non-utility Wind Farm in Oklahoma - In 2017, a wholly-owned subsidiary of AEF acquired a cash equity ownership interest in a non-utility wind farm located in Oklahoma. The wind farm provides electricity to a third party under a long-term purchased power agreement (PPA). Alliant Energy provided a parent guarantee of its subsidiary’s indemnification obligations under the related operating agreement and PPA. Alliant Energy’s obligations under the operating agreement were $35 million as of March 31, 2026 and will reduce annually until expiring in July 2047. Alliant Energy’s obligations under the PPA are subject to a maximum limit of $17 million and expire in December 2031, subject to potential extension. Alliant Energy is not aware of any material liabilities related to this guarantee that it is probable that it will be obligated to pay and therefore has not recognized any material liabilities related to this guarantee as of March 31, 2026 and December 31, 2025.
Transfers of Renewable Tax Credits - IPL and WPL have entered into agreements to transfer renewable tax credits from certain wind, solar and energy storage facilities to other corporate taxpayers in exchange for cash. As of March 31, 2026, IPL and WPL provided indemnifications associated with $380 million and $309 million, respectively, of proceeds for renewable tax credits transferred to other corporate taxpayers in the event of an adverse interpretation of tax law, including whether the related tax credits meet the qualification requirements. Alliant Energy, IPL and WPL believe the likelihood of having to make any material cash payments under these indemnifications is remote.
Electric Transmission Infrastructure - IPL and WPL have entered into agreements with their respective electric transmission service providers related to the construction of infrastructure necessary for the data centers that are expected to be built in IPL’s and WPL’s service territories by certain of their customers. If these construction projects were to be terminated prior to the infrastructure being placed in service by the electric transmission service providers, then IPL or WPL must reimburse their respective provider for the related costs incurred to-date. As of March 31, 2026, IPL’s and WPL’s related guarantees were approximately $163 million and $75 million, respectively. Alliant Energy, IPL and WPL are not aware of any material liabilities related to these guarantees that it is probable that they will be obligated to pay and therefore have not recognized any material liabilities related to these guarantees as of March 31, 2026 and December 31, 2025.
| 23 |
NOTE 12(d) Environmental Matters -
Manufactured Gas Plant (MGP) Sites - IPL and WPL have current or previous ownership interests in various sites that are previously associated with the production of gas for which IPL and WPL have, or may have in the future, liability for investigation, remediation and monitoring costs. IPL and WPL are working pursuant to the requirements of various federal and state agencies to investigate, mitigate, prevent and remediate, where necessary, the environmental impacts to property, including natural resources, at and around these former MGP sites in order to protect public health and the environment. At March 31, 2026, estimated future costs expected to be incurred for the investigation, remediation and monitoring of the MGP sites, as well as environmental liabilities recorded on the balance sheets for these sites, which are not discounted, were as follows (in millions):
| Alliant Energy | IPL | WPL | |||||||||||||||||||||||||||||||||
| Range of estimated future costs | $11 | - | $34 | $7 | - | $23 | $4 | - | $11 | ||||||||||||||||||||||||||
| Current and non-current environmental liabilities | $13 | $8 | $5 |
Other Environmental Contingencies - In addition to the environmental liabilities discussed above, various environmental rules are monitored that may have a significant impact on future operations. Several of these environmental rules are subject to legal challenges, reconsideration and/or other uncertainties. Given uncertainties regarding the outcome, timing and compliance plans for these environmental matters, the complete financial impact of each of these rules is not able to be determined; however, future capital investments and/or modifications to EGUs and electric and gas distribution systems to comply with certain of these rules could be significant. Specific current, proposed or potential environmental matters include, among others: Cross-State Air Pollution Rule, Effluent Limitation Guidelines, Coal Combustion Residuals Rule, and various legislation and EPA regulations to monitor and regulate the emission of GHG, including the Clean Air Act.
NOTE 12(e) Collective Bargaining Agreements - At March 31, 2026, employees covered by collective bargaining agreements represented 57%, 73% and 85% of total employees of Alliant Energy, IPL and WPL, respectively. In May 2026, WPL’s collective bargaining agreement with International Brotherhood of Electrical Workers Local 965 expires, representing 29% and 85% of total employees of Alliant Energy and WPL, respectively.
NOTE 13. SEGMENTS OF BUSINESS
Alliant Energy’s two reportable segments are IPL and WPL. Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s reportable segments and reconciliation to consolidated amounts, was as follows (in millions):
| Utility | |||||||||||||||||||||||||||||
| Total | Alliant | ||||||||||||||||||||||||||||
| Reportable | Energy | ||||||||||||||||||||||||||||
| Three Months Ended March 31, 2026 | IPL | WPL | Segments | Other | Consolidated | ||||||||||||||||||||||||
| Electric utility revenues | $437 | $451 | $888 | N/A | $888 | ||||||||||||||||||||||||
| Gas utility revenues | 122 | 149 | 271 | N/A | 271 | ||||||||||||||||||||||||
| Other revenues | 2 | — | 2 | $23 | 25 | ||||||||||||||||||||||||
| Total revenues | 561 | 600 | 1,161 | 23 | 1,184 | ||||||||||||||||||||||||
| Electric production fuel and purchased power expense | 64 | 104 | 168 | N/A | 168 | ||||||||||||||||||||||||
| Electric transmission service expense | 104 | 55 | 159 | N/A | 159 | ||||||||||||||||||||||||
| Cost of gas sold expense | 74 | 99 | 173 | N/A | 173 | ||||||||||||||||||||||||
| Other operation and maintenance expense | 87 | 82 | 169 | 11 | 180 | ||||||||||||||||||||||||
| Other segment items: | |||||||||||||||||||||||||||||
| Depreciation and amortization expense | 120 | 100 | 220 | 3 | 223 | ||||||||||||||||||||||||
| Interest expense | 57 | 48 | 105 | 37 | 142 | ||||||||||||||||||||||||
| Equity income from unconsolidated investments, net | — | (1) | (1) | (21) | (22) | ||||||||||||||||||||||||
| Income tax benefit | (32) | (8) | (40) | (21) | (61) | ||||||||||||||||||||||||
| Other (a) | (7) | 4 | (3) | 1 | (2) | ||||||||||||||||||||||||
| Net income | 94 | 117 | 211 | 13 | 224 | ||||||||||||||||||||||||
| Total assets | 12,641 | 10,787 | 23,428 | 1,385 | 24,813 | ||||||||||||||||||||||||
| Investments in equity method subsidiaries | 4 | 20 | 24 | 680 | 704 | ||||||||||||||||||||||||
| Construction and acquisition expenditures | 198 | 144 | 342 | 72 | 414 |
| 24 |
| Utility | |||||||||||||||||||||||||||||
| Total | Alliant | ||||||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | Reportable | Energy | |||||||||||||||||||||||||||
| IPL | WPL | Segments | Other | Consolidated | |||||||||||||||||||||||||
| Electric utility revenues | $430 | $423 | $853 | N/A | $853 | ||||||||||||||||||||||||
| Gas utility revenues | 118 | 122 | 240 | N/A | 240 | ||||||||||||||||||||||||
| Other revenues | 12 | 1 | 13 | $22 | 35 | ||||||||||||||||||||||||
| Total revenues | 560 | 546 | 1,106 | 22 | 1,128 | ||||||||||||||||||||||||
| Electric production fuel and purchased power expense | 67 | 108 | 175 | N/A | 175 | ||||||||||||||||||||||||
| Electric transmission service expense | 108 | 50 | 158 | N/A | 158 | ||||||||||||||||||||||||
| Cost of gas sold expense | 65 | 72 | 137 | N/A | 137 | ||||||||||||||||||||||||
| Other operation and maintenance expense | 82 | 67 | 149 | 11 | 160 | ||||||||||||||||||||||||
| Other segment items: | |||||||||||||||||||||||||||||
| Depreciation and amortization expense | 115 | 93 | 208 | 3 | 211 | ||||||||||||||||||||||||
| Interest expense | 47 | 43 | 90 | 29 | 119 | ||||||||||||||||||||||||
| Equity income from unconsolidated investments, net | — | — | — | (13) | (13) | ||||||||||||||||||||||||
| Income tax benefit | (40) | (5) | (45) | (2) | (47) | ||||||||||||||||||||||||
| Other (a) | 6 | 8 | 14 | 1 | 15 | ||||||||||||||||||||||||
| Net income (loss) | 110 | 110 | 220 | (7) | 213 | ||||||||||||||||||||||||
| Total assets | 11,540 | 10,101 | 21,641 | 1,210 | 22,851 | ||||||||||||||||||||||||
| Investments in equity method subsidiaries | 5 | 17 | 22 | 611 | 633 | ||||||||||||||||||||||||
| Construction and acquisition expenditures | 376 | 178 | 554 | 28 | 582 |
(a)Other segment items for each reportable segment include allowance for funds used during construction (AFUDC), taxes other than income taxes, interest income, and other miscellaneous income and deductions.
NOTE 14. RELATED PARTIES
Service Agreements - Pursuant to service agreements, IPL and WPL receive various administrative and general services from an affiliate, Corporate Services. These services are billed to IPL and WPL at cost based on expenses incurred by Corporate Services for the benefit of IPL and WPL, respectively. These costs consisted primarily of employee compensation and benefits, fees associated with various professional services, depreciation and amortization of property, plant and equipment, and a return on net assets. Corporate Services also acts as agent on behalf of IPL and WPL pursuant to the service agreements. As agent, Corporate Services enters into energy, capacity, ancillary services, and transmission sale and purchase transactions within MISO. Corporate Services assigns such sales and purchases among IPL and WPL based on statements received from MISO. The amounts billed for services provided, sales credited and purchases for the three months ended March 31 were as follows (in millions):
| IPL | WPL | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Corporate Services billings | $48 | $47 | $47 | $47 | |||||||||||||||||||||||||||||||||||||||||||
| Sales credited | 7 | 1 | 40 | 22 | |||||||||||||||||||||||||||||||||||||||||||
| Purchases billed | 96 | 93 | 11 | 19 |
Net intercompany payables to Corporate Services were as follows (in millions):
| IPL | WPL | ||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | ||||||||||||||||||||
| Net payables to Corporate Services | $143 | $135 | $61 | $84 |
ATC - Pursuant to various agreements, WPL receives a range of transmission services from ATC. WPL provides operation, maintenance, and construction services to ATC. WPL and ATC also bill each other for use of shared facilities owned by each party. The related amounts billed between the parties for the three months ended March 31 were as follows (in millions):
| 2026 | 2025 | ||||||||||||||||||||||
| ATC billings to WPL | $47 | $38 | |||||||||||||||||||||
| WPL billings to ATC | 9 | 6 |
WPL owed ATC net amounts of $11 million as of March 31, 2026 and $10 million as of December 31, 2025.
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Previous: Cover and table of contents · Next: Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS