Alliant Energy reported QQ1 2025 results with solid top-line performance and expanding profitability within a regulated utility framework. Revenue stood at USD 1,128.0 million for the quarter, yielding gross profit of USD 498.0 million and an EBITDA of USD 496.0 million. Net income reached USD 213.0 million, or USD 0.83 per share, marking a meaningful year-over-year improvement (YoY net income up 34.8%) and a strong sequential gain (QoQ net income up 42.0%). The company benefits from a predictable rate-base economics across its IPL and WPL segments, supported by ongoing infrastructure investments. Despite earnings strength, Alliant’s free cash flow remained negative at USD -333.0 million, driven by heavy capex (USD -582.0 million) and working capital needs; operating cash flow was USD 249.0 million. The balance sheet shows a sizable leverage burden, with total debt of USD 10.629 billion and long-term debt of USD 8.58 billion, yielding a debt-to-capitalization of approximately 60% and interest coverage near 2.16x. The near-term focus remains on capital allocation to regulated assets, rate-case outcomes, and financing strategies, with dividends maintained but sensitive to earnings and cash flow dynamics.