v3.26.1
Business Segment Information (Notes)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Line Items]  
Segment Reporting [Text Block] BUSINESS SEGMENTS
IPALCO manages its business through one reportable operating segment, the Utility segment, led by our Chief Executive Officer and Chief Financial Officer, who, collectively, are the Chief Operating Decision Maker. The primary segment performance measures are income / (loss) before income tax and net income / (loss) as management has concluded that these measures best reflect the underlying business performance of IPALCO and are the most relevant measures considered in IPALCO's internal evaluation of the financial performance of its segment. The
Utility segment is comprised of AES Indiana, a vertically integrated electric utility, with all other nonutility business activities aggregated separately. See Note 1, “Overview and Summary of Significant Accounting Policies” for further information on AES Indiana. The “Other” nonutility category primarily includes the 2030 IPALCO Notes, 2034 IPALCO Notes and related interest expense, cash and other immaterial balances. The accounting policies of the identified segment are consistent with those policies and procedures described in the summary of significant accounting policies. See Note 1, “Overview and Summary of Significant Accounting Policies” to IPALCO’s 2025 Form 10-K for further information.

The following table provides information about IPALCO’s business segments (in thousands):

Three Months EndedThree Months Ended
 March 31, 2026March 31, 2025
 Utility
Other
TotalUtility
Other
Total
Revenue$521,920 $— $521,920 $477,700 $— $477,700 
Fuel111,455 — 111,455 106,509 — 106,509 
Power purchased34,883 — 34,883 35,530 — 35,530 
Operation and maintenance141,734 67 141,801 142,486 122 142,608 
Depreciation and amortization94,791 — 94,791 85,605 — 85,605 
Taxes other than income taxes11,622 — 11,622 9,072 — 9,072 
Allowance for equity funds used during construction(1,590)— (1,590)(669)— (669)
Interest expense35,877 10,495 46,372 33,543 10,448 43,991 
Other segment items (a)
(227)(168)(395)547 19 566 
Income / (loss) before income tax93,375 (10,394)82,981 65,077 (10,589)54,488 
Income tax expense / (benefit)35,871 (1,649)34,222 36,192 (252)35,940 
Net income / (loss)$57,504 $(8,745)$48,759 $28,885 $(10,337)18,548 
Capital expenditures
$232,525 $— $232,525 $147,116 $— $147,116 
As of March 31, 2026As of December 31, 2025
Utility
Other
TotalUtility
Other
Total
Total assets$8,005,565 $17,207 $8,022,772 $7,748,106 $9,071 $7,757,177