ALLIANT ENERGY CORPLNT
ALLIANT ENERGY CORP Segments Disclosure
SEGMENTS OF BUSINESS
Alliant Energy - Alliant Energy’s two reportable segments as of December 31, 2025 are:
•IPL - is a utility primarily serving electric and natural gas customers in Iowa, and is its own reportable segment as shown in the tables below.
•WPL - is a utility serving electric and natural gas customers in Wisconsin, and is its own reportable segment as shown in the tables below.
Other, which is not a reportable segment of Alliant Energy, includes the operations of AEF and its subsidiaries, Corporate Services, the Alliant Energy parent company, and any Alliant Energy parent company consolidating adjustments. AEF is comprised of Alliant Energy’s interest in ATC Holdings, Travero, a non-utility wind farm, corporate venture investments, the Sheboygan Falls Energy Facility and other non-utility holdings. The “Other” columns are included in the tables below to reconcile to consolidated amounts. Prior to December 31, 2024, reportable segments for Alliant Energy’s, IPL’s, and WPL’s utility business were electric operations, gas operations, and other. In the fourth quarter of 2024, Alliant Energy, IPL and WPL adopted the FASB’s accounting standard for improvements to reportable segment disclosures. Previously reported information for prior periods has been recast to conform with the current period presentation.
Alliant Energy’s chief operating decision maker (CODM) is its President and CEO, and IPL’s and WPL’s CODM is their CEO. The CODM uses net income generated from IPL’s and WPL’s operations to assess segment performance, make operating decisions, and allocate resources. Alliant Energy’s administrative support services are directly charged to the applicable segment where practicable. In all other cases, administrative support services are allocated to the applicable segment based on services agreements. There was no single customer whose revenues were 10% or more of Alliant Energy’s, IPL’s and WPL’s respective consolidated revenues. All of Alliant Energy’s, IPL’s and WPL’s operations and assets are located in the U.S. Certain financial information relating to Alliant Energy’s, IPL’s and WPL’s reportable segments, which represents the services provided to their customers, and reconciliation to consolidated amounts, was as follows (in millions):
| Utility | |||||||||||||||||||||||||||||
| Total | Alliant | ||||||||||||||||||||||||||||
| Reportable | Energy | ||||||||||||||||||||||||||||
| 2025 | IPL | WPL | Segments | Other | Consolidated | ||||||||||||||||||||||||
| Electric utility revenues | $1,896 | $1,801 | $3,697 | N/A | $3,697 | ||||||||||||||||||||||||
| Gas utility revenues | 265 | 260 | 525 | N/A | 525 | ||||||||||||||||||||||||
| Other revenues | 47 | 4 | 51 | $89 | 140 | ||||||||||||||||||||||||
| Total revenues | 2,208 | 2,065 | 4,273 | 89 | 4,362 | ||||||||||||||||||||||||
| Electric production fuel and purchased power expense | 283 | 459 | 742 | N/A | 742 | ||||||||||||||||||||||||
| Electric transmission service expense | 422 | 203 | 625 | N/A | 625 | ||||||||||||||||||||||||
| Cost of gas sold expense | 130 | 133 | 263 | N/A | 263 | ||||||||||||||||||||||||
| Other operation and maintenance expense (a) | 373 | 306 | 679 | 61 | 740 | ||||||||||||||||||||||||
| Other segment items: | |||||||||||||||||||||||||||||
| Depreciation and amortization expense | 463 | 370 | 833 | 13 | 846 | ||||||||||||||||||||||||
| Interest expense | 211 | 173 | 384 | 128 | 512 | ||||||||||||||||||||||||
| Equity income from unconsolidated investments, net | — | (2) | (2) | (58) | (60) | ||||||||||||||||||||||||
| Income tax benefit | (127) | (14) | (141) | (8) | (149) | ||||||||||||||||||||||||
| Other (b) | (4) | 36 | 32 | 1 | 33 | ||||||||||||||||||||||||
| Net income (loss) | 457 | 401 | 858 | (48) | 810 | ||||||||||||||||||||||||
| Total assets | 12,495 | 10,655 | 23,150 | 1,841 | 24,991 | ||||||||||||||||||||||||
| Investments in equity method subsidiaries | 5 | 19 | 24 | 650 | 674 | ||||||||||||||||||||||||
| Construction and acquisition expenditures | 1,473 | 804 | 2,277 | 206 | 2,483 | ||||||||||||||||||||||||
| Utility | |||||||||||||||||||||||||||||
| Total | Alliant | ||||||||||||||||||||||||||||
| Reportable | Energy | ||||||||||||||||||||||||||||
2024 | IPL | WPL | Segments | Other | Consolidated | ||||||||||||||||||||||||
| Electric utility revenues | $1,747 | $1,625 | $3,372 | N/A | $3,372 | ||||||||||||||||||||||||
| Gas utility revenues | 250 | 215 | 465 | N/A | 465 | ||||||||||||||||||||||||
| Other revenues | 49 | 5 | 54 | $90 | 144 | ||||||||||||||||||||||||
| Total revenues | 2,046 | 1,845 | 3,891 | 90 | 3,981 | ||||||||||||||||||||||||
| Electric production fuel and purchased power expense | 269 | 359 | 628 | N/A | 628 | ||||||||||||||||||||||||
| Electric transmission service expense | 417 | 196 | 613 | N/A | 613 | ||||||||||||||||||||||||
| Cost of gas sold expense | 123 | 101 | 224 | N/A | 224 | ||||||||||||||||||||||||
| Asset valuation charge for IPL’s Lansing Generating Station | 60 | — | 60 | N/A | 60 | ||||||||||||||||||||||||
| Other operation and maintenance expense | 358 | 279 | 637 | 39 | 676 | ||||||||||||||||||||||||
| Other segment items: | |||||||||||||||||||||||||||||
| Depreciation and amortization expense | 404 | 357 | 761 | 11 | 772 | ||||||||||||||||||||||||
| Interest expense | 177 | 165 | 342 | 107 | 449 | ||||||||||||||||||||||||
| Equity income from unconsolidated investments, net | — | (2) | (2) | (59) | (61) | ||||||||||||||||||||||||
| Income tax expense (benefit) | (129) | 11 | (118) | 4 | (114) | ||||||||||||||||||||||||
| Other (b) | 5 | 34 | 39 | 5 | 44 | ||||||||||||||||||||||||
| Net income (loss) | 362 | 345 | 707 | (17) | 690 | ||||||||||||||||||||||||
| Total assets | 11,407 | 10,106 | 21,513 | 1,201 | 22,714 | ||||||||||||||||||||||||
| Investments in equity method subsidiaries | 5 | 17 | 22 | 601 | 623 | ||||||||||||||||||||||||
| Construction and acquisition expenditures | 1,224 | 828 | 2,052 | 197 | 2,249 | ||||||||||||||||||||||||
| Utility | |||||||||||||||||||||||||||||
| Total | Alliant | ||||||||||||||||||||||||||||
| Reportable | Energy | ||||||||||||||||||||||||||||
2023 (amounts may not foot due to rounding) | IPL | WPL | Segments | Other | Consolidated | ||||||||||||||||||||||||
| Electric utility revenues | $1,761 | $1,584 | $3,345 | N/A | $3,345 | ||||||||||||||||||||||||
| Gas utility revenues | 300 | 240 | 540 | N/A | 540 | ||||||||||||||||||||||||
| Other revenues | 49 | 3 | 52 | $90 | 142 | ||||||||||||||||||||||||
| Total revenues | 2,110 | 1,827 | 3,937 | 90 | 4,027 | ||||||||||||||||||||||||
| Electric production fuel and purchased power expense | 282 | 455 | 737 | N/A | 736 | ||||||||||||||||||||||||
| Electric transmission service expense | 420 | 163 | 583 | N/A | 583 | ||||||||||||||||||||||||
| Cost of gas sold expense | 166 | 134 | 300 | N/A | 299 | ||||||||||||||||||||||||
| Other operation and maintenance expense | 353 | 271 | 624 | 51 | 675 | ||||||||||||||||||||||||
| Other segment items: | |||||||||||||||||||||||||||||
| Depreciation and amortization expense | 388 | 280 | 668 | 8 | 676 | ||||||||||||||||||||||||
| Interest expense | 155 | 149 | 304 | 90 | 394 | ||||||||||||||||||||||||
| Equity income from unconsolidated investments, net | — | (3) | (3) | (58) | (61) | ||||||||||||||||||||||||
| Income tax expense (benefit) | (58) | 60 | 2 | 2 | 4 | ||||||||||||||||||||||||
| Other (b) | 38 | (27) | 11 | 5 | 18 | ||||||||||||||||||||||||
| Net income (loss) | 366 | 345 | 711 | (8) | 703 | ||||||||||||||||||||||||
| Total assets | 10,489 | 9,634 | 20,123 | 1,114 | 21,237 | ||||||||||||||||||||||||
| Investments in equity method subsidiaries | 5 | 16 | 21 | 564 | 585 | ||||||||||||||||||||||||
| Construction and acquisition expenditures | 712 | 1,019 | 1,731 | 123 | 1,854 | ||||||||||||||||||||||||
(a)Alliant Energy’s non-utility holdings include Travero’s wind turbine blade recycling services, which commenced commercial operations in 2024, and whose assets are primarily included in “Property, plant and equipment, net” on Alliant Energy’s balance sheets. Alliant Energy suspended production of Travero’s wind turbine blade recycling services in November 2025 based on a review of strategic options, and as a result, a pre-tax non-cash asset valuation charge of $16 million was recorded to “Other operation and maintenance” in Alliant Energy’s income statement in 2025.
(b)Other segment items for each reportable segment include AFUDC, taxes other than income taxes, interest income, and other miscellaneous income and deductions.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.