v3.26.3
Business Segment Information (Notes)
 9 Months Ended
Sep. 30, 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
September 30, 2026September 30, 2025
Utility
Other
TotalUtility
Other
Total
Revenue$582,128 $— $582,128 $529,344 $— $529,344 
Fuel116,775 — 116,775 138,017 — 138,017 
Power purchased61,354 — 61,354 38,604 — 38,604 
Operation and maintenance148,102 79 148,181 134,885 156 135,041 
Depreciation and amortization95,494 — 95,494 93,239 — 93,239 
Taxes other than income taxes10,374 — 10,374 6,262 — 6,262 
Allowance for equity funds used during construction(2,204)— (2,204)(622)— (622)
Interest expense38,326 10,494 48,820 31,764 10,447 42,211 
Other segment items (a)
603 (38)564 472 (262)210 
Income / (loss) before income tax113,304 (10,534)102,770 86,723 (10,341)76,382 
Income tax expense / (benefit)41,634 (1,536)40,098 23,866 (3,498)20,368 
Net income / (loss)$71,670 $(8,998)$62,672 $62,857 $(6,843)$56,014 
Capital expenditures
$241,635 $— $241,635 $251,139 $— $251,139 
Nine Months EndedNine Months Ended
September 30, 2026September 30, 2025
Utility
Other
TotalUtility
Other
Total
Revenue$1,545,938 $— $1,545,938 $1,445,728 $— $1,445,728 
Fuel313,402 — 313,402 344,499 — 344,499 
Power purchased126,767 — 126,767 105,373 — 105,373 
Operation and maintenance439,175 243 439,418 419,583 374 419,957 
Depreciation and amortization284,271 — 284,271 271,313 — 271,313 
Taxes other than income taxes31,384 — 31,384 19,565 — 19,565 
Allowance for equity funds used during construction(5,648)— (5,648)(2,023)— (2,023)
Interest expense111,668 31,479 143,147 101,452 31,342 132,794 
Other segment items (a)
416 (405)11 1,263 (281)982 
Income / (loss) before income tax244,503 (31,317)213,186 184,703 (31,435)153,268 
Income tax expense / (benefit)93,493 (6,304)87,189 70,652 (7,709)62,943 
Net income / (loss)$151,010 $(25,013)$125,997 $114,051 $(23,726)90,325 
Capital expenditures
$691,781 $— $691,781 $547,963 $— $547,963 
As of September 30, 2026As of December 31, 2025
Utility
Other
TotalUtility
Other
Total
Total assets$8,111,750 $16,697 $8,128,447 $7,748,106 $9,071 $7,757,177