Alliant Energy Corporation (LNT) Cash Flow Statement
Where LNT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.17B +0.2% vs 2024
- Capital expenditures
- $2.48B 56.9% of revenue
- Free cash flow
- −$1.31B −30.1% margin
- Returned to shareholders
- $521.0M
- Change in cash
- $475.0M cash at year-end $556.0M
Cash from operations
$1.17B
Capital expenditures
−$2.48B
Acquisitions & other
+$587.0M
Dividends
−$521.0M
Net borrowing (repayment)
+$1.70B
Shares issued
+$23.0M
Change in cash
$475.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
LNT operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
LNT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $859.6M2016 | $1.17B2025 | +3.5%/yr | |
| Capital expenditures | $1.20B2016 | $2.48B2025 | +8.4%/yr | |
| Free cash flow | −$337.2M2016 | −$1.31B2025 | — | |
| Free cash flow margin | −10.2%2016 | −30.1%2025 | −20.0 pts | |
| Operating cash flow / net income | 2.242016 | 1.442025 | −0.80 | |
| Stock-based compensation | $18.0M2016 | $12.0M2023 | −5.6%/yr | |
| Dividends paid | $266.5M2016 | $521.0M2025 | +7.7%/yr | |
| Share buybacks (net) | $02016 | $02023 | — | |
| Capex / revenue | 36.0%2016 | 56.9%2025 | +20.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LNT cash flow by activity
OperatingInvestingFinancingChange in cash
LNT net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LNT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $810.0M | $690.0M | $703.0M | $686.0M | $674.0M | $624.0M | $567.4M | $522.3M | $466.1M | $384.0M |
| Depreciation & amortization | $846.0M | $772.0M | $676.0M | $671.0M | $657.0M | $615.0M | $567.2M | $517.5M | $461.8M | $406.8M |
| Stock-based compensation | — | — | $12.0M | $13.0M | −$565.0M | −$613.0M | $26.0M | $17.0M | $15.1M | $18.0M |
| Change in working capital | −$356.0M | −$475.0M | −$571.0M | −$866.0M | −$688.0M | −$560.0M | −$484.2M | −$580.7M | −$155.3M | −$149.5M |
| Other non-cash items | −$131.0M | $180.0M | $47.0M | −$18.0M | $504.0M | $435.0M | −$16.0M | $51.6M | $195.7M | $200.3M |
| Cash from operating activities | $1.17B | $1.17B | $867.0M | $486.0M | $582.0M | $501.0M | $660.4M | $527.7M | $983.4M | $859.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$2.48B | −$2.25B | −$1.85B | −$1.39B | −$0 | −$1.29B | −$1.54B | −$1.63B | −$1.47B | −$1.20B |
| Investments (net) | — | −$684.0M | −$1.29B | $598.0M | $502.0M | $458.0M | $413.2M | $539.7M | −$185.1M | −$54.1M |
| Acquisitions & other investing | $587.0M | $1.39B | $1.74B | −$139.0M | −$1.23B | −$116.0M | −$162.1M | $27.4M | $155.7M | $64.4M |
| Cash from investing activities | −$1.90B | −$1.55B | −$1.40B | −$933.0M | −$728.0M | −$951.0M | −$1.29B | −$1.07B | −$1.50B | −$1.19B |
| Financing activities | ||||||||||
| Dividends paid | −$521.0M | −$492.0M | −$456.0M | −$428.0M | −$403.0M | −$377.0M | −$337.7M | −$312.2M | −$288.3M | −$266.5M |
| Share repurchases & issuance (net) | — | — | $1.56B | $25.0M | −$200.0M | $1.30B | $846.2M | $1.53B | $721.1M | $884.3M |
| Net borrowing (repayment) | $1.70B | $887.0M | $780.0M | $832.0M | $718.0M | $645.0M | $589.7M | $670.3M | $716.5M | $570.9M |
| Shares issued | $23.0M | $23.0M | $207.0M | $25.0M | $28.0M | $247.0M | $390.3M | $196.6M | $0 | $0 |
| Other financing | $0 | −$20.0M | −$1.52B | −$23.0M | −$13.0M | −$1.33B | −$869.4M | −$1.55B | −$616.7M | −$859.4M |
| Cash from financing activities | $1.20B | $398.0M | $573.0M | $431.0M | $130.0M | $488.0M | $619.1M | $530.7M | $532.6M | $329.3M |
| Summary | ||||||||||
| Net change in cash | $475.0M | $19.0M | $42.0M | −$16.0M | −$16.0M | $38.0M | −$7.8M | −$7.0M | $19.7M | $2.4M |
| Cash at end of period | $556.0M | $81.0M | $62.0M | $24.0M | $40.0M | $56.0M | $17.7M | $20.9M | $27.9M | $8.2M |
| Free cash flow | −$1.31B | −$1.08B | −$987.0M | $486.0M | $582.0M | $501.0M | $660.4M | −$1.11B | −$483.5M | −$337.2M |
| Free cash flow margin | −30.1% | −27.2% | −24.5% | 11.6% | 15.9% | 14.7% | 18.1% | −31.3% | −14.3% | −10.2% |
| Capex / revenue | 56.9% | 56.5% | 46.0% | 33.1% | 0.0% | 37.9% | 42.2% | 46.2% | 43.4% | 36.0% |
| Operating cash flow / net income | 1.44 | 1.69 | 1.23 | 0.71 | 0.86 | 0.80 | 1.16 | 1.01 | 2.11 | 2.24 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$224.0M | $224.0M | $142.0M | $281.0M | $174.0M | $213.0M | $150.0M | $295.0M | $87.0M | $158.0M | $121.0M | $259.0M |
| Depreciation & amortization | $220.0M | $223.0M | $215.0M | $211.0M | $208.0M | $211.0M | $201.0M | $195.0M | $188.0M | $189.0M | $173.0M | $170.0M |
| Stock-based compensation | — | — | — | — | — | — | −$23.0M | −$23.0M | $19.0M | $4.0M | −$10.0M | $4.0M |
| Change in working capital | $488.0M | −$7.0M | −$80.0M | −$105.0M | −$89.0M | −$125.0M | −$107.0M | −$214.0M | −$132.0M | −$22.0M | −$146.0M | −$98.0M |
| Other non-cash items | −$371.0M | −$72.0M | −$8.0M | $21.0M | −$50.0M | −$50.0M | $33.0M | $98.0M | $93.0M | −$22.0M | $107.0M | −$24.0M |
| Cash from operating activities | $113.0M | $368.0M | $269.0M | $408.0M | $243.0M | $249.0M | $254.0M | $351.0M | $255.0M | $307.0M | $245.0M | $311.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$414.0M | −$414.0M | −$2.48B | −$1.06B | −$483.0M | −$582.0M | −$815.0M | −$474.0M | −$450.0M | −$510.0M | −$561.0M | −$473.0M |
| Investments (net) | — | — | — | −$711.0M | $42.0M | −$404.0M | $256.0M | −$407.0M | −$180.0M | −$353.0M | −$449.0M | −$470.0M |
| Acquisitions & other investing | $12.0M | $21.0M | $2.19B | $1.06B | −$49.0M | $582.0M | −$48.0M | $474.0M | $450.0M | $510.0M | $561.0M | $473.0M |
| Cash from investing activities | −$402.0M | −$393.0M | −$291.0M | −$711.0M | −$490.0M | −$404.0M | −$607.0M | −$407.0M | −$180.0M | −$353.0M | −$449.0M | −$470.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$137.0M | −$137.0M | −$130.0M | −$130.0M | −$131.0M | −$130.0M | −$123.0M | −$123.0M | −$123.0M | −$123.0M | −$115.0M | −$115.0M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | $377.0M | −$301.0M |
| Net borrowing (repayment) | — | −$280.0M | $192.0M | $612.0M | $676.0M | $220.0M | −$276.0M | $922.0M | — | — | — | $301.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $5.0M | $6.0M | $0 | $0 | $45.0M | $125.0M |
| Other financing | $336.0M | $1.0M | $13.0M | −$5.0M | $6.0M | $9.0M | −$2.0M | −$12.0M | $106.0M | $141.0M | −$249.0M | $344.0M |
| Cash from financing activities | $199.0M | −$416.0M | $75.0M | $477.0M | $551.0M | $99.0M | −$396.0M | $793.0M | −$17.0M | $18.0M | $58.0M | $354.0M |
| Summary | ||||||||||||
| Net change in cash | −$90.0M | −$441.0M | $53.0M | $174.0M | $304.0M | −$56.0M | −$746.0M | $735.0M | $60.0M | −$30.0M | −$144.0M | $195.0M |
| Cash at end of period | $25.0M | $115.0M | $556.0M | $503.0M | $329.0M | $25.0M | $81.0M | $827.0M | $92.0M | $32.0M | $62.0M | $209.0M |
| Free cash flow | $527.0M | −$46.0M | −$2.21B | $1.47B | −$240.0M | −$333.0M | −$561.0M | −$123.0M | −$195.0M | −$203.0M | −$316.0M | $311.0M |
| Free cash flow margin | 54.3% | −3.9% | −208.1% | 121.7% | −25.0% | −29.5% | −57.5% | −11.4% | −21.8% | −19.7% | −32.9% | 28.9% |
| Capex / revenue | 42.6% | 35.0% | 233.4% | 88.0% | 50.3% | 51.6% | 83.5% | 43.8% | 50.3% | 49.5% | 58.4% | 43.9% |
| Operating cash flow / net income | — | 1.64 | 1.89 | 1.45 | 1.40 | 1.17 | 1.69 | 1.19 | 2.93 | 1.94 | 2.02 | 1.20 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LNT cash generation
In fiscal 2025 (ended December 31, 2025), Alliant Energy generated $1.2 billion of cash from operations (up 0.2%) and spent $2.5 billion on capital expenditures, leaving free cash flow of -$1.3 billion, −30.1% of revenue. It returned $521.0 million to shareholders through dividends ($521.0 million) and net share buybacks ($0). Cash and equivalents rose by $475.0 million over the year.
Related: LNT income statement, LNT balance sheet, LNT dividend history. See the LNT stock overview for the latest quote and news.
LNT cash flow FAQ
What is Alliant Energy's free cash flow?
Alliant Energy's free cash flow was -$1.3 billion in fiscal 2025: $1.2 billion of operating cash flow minus $2.5 billion of capital expenditures It was -$1.1 billion a year earlier..
How much cash does Alliant Energy generate from operations?
Alliant Energy generated $1.2 billion of cash from operating activities in fiscal 2025, 1.44 times its net income of $810.0 million.
How much does Alliant Energy spend on capital expenditures?
Alliant Energy spent $2.5 billion on capital expenditures in fiscal 2025, 56.9% of revenue, compared with $2.2 billion the year before.
How much does Alliant Energy pay in dividends?
Alliant Energy paid $521.0 million in dividends in fiscal 2025.
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