# IPALCO ENTERPRISES, INC. · Edgar & Edgarette company card

> Ipalco Enterprises grew revenue 17.6% in FY2025 to $1.9 billion, operating margin 18.9% against a 20.3% median for electric services, equity 23.8% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 728391 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/728391) · [JSON](https://www.pops4.com/boards/company/728391.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $1.9B |
| Revenue growth, 1 year | 17.6% |
| Revenue growth per year | 7.9% |
| Operating margin | 18.9% (prior year 18.4%) |
| Net margin | 4.5% |
| Operating cash flow | $723M |
| Capital spending | $787M |
| Free cash flow | −$64M |
| Cash | $70M |
| Long-term debt | $3.9B |
| Total assets | $7.8B |
| Total equity | $1.8B |
| Equity ÷ assets | 23.8% |
| Return on equity | 4.7% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 6 of 9 (solid)
- Health Harbor boat: Weathered boat · two warning signs · filed auditor change in the last 12 months; slow and jumpy: growing slower than its size class, with revenue that swings more
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $1.9B (FY2025), total debt $3.9B. Experience: revenue up 17.6% on the year, up 7.9% a year over 4 years; operating margin 18.9%, up from 18.4%. Soundness: equity 23.8% of assets, return on equity 4.7%, payout 373.9% of profit. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $1.7B and $2.5B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $1.5B to $2.8B. A statistical range, not company guidance. Against peers (40 filers, $50M+ revenue, electric services): operating margin 18.9% against a 20.3% median; growth 17.6% against 9.4%.

Range logged 2026-09-24, receipt 64fc552562e0b36b, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 4.01 Auditor change: 1, latest 2026-07-27 ([filing](https://www.sec.gov/Archives/edgar/data/728391/000072839126000037/0000728391-26-000037-index.htm))
- Item 5.02 Director or officer change: 4, latest 2026-09-16 ([filing](https://www.sec.gov/Archives/edgar/data/728391/000095010326014047/0000950103-26-014047-index.htm))

## Recent filings

- 10-Q · filed 2026-11-03 · [filing](https://www.sec.gov/Archives/edgar/data/728391/000072839126000050/0000728391-26-000050-index.htm)
- 8-K · filed 2026-09-16 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/728391/000095010326014047/0000950103-26-014047-index.htm)
- 10-Q · filed 2026-08-04 · [filing](https://www.sec.gov/Archives/edgar/data/728391/000072839126000043/0000728391-26-000043-index.htm)
- 8-K · filed 2026-07-27 · 4.01 Changes in Registrant's Certifying Accountant · [filing](https://www.sec.gov/Archives/edgar/data/728391/000072839126000037/0000728391-26-000037-index.htm)
- 8-K · filed 2026-07-15 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/728391/000072839126000033/0000728391-26-000033-index.htm)
- 8-K · filed 2026-06-17 · 8.01 Other Events · [filing](https://www.sec.gov/Archives/edgar/data/728391/000072839126000031/0000728391-26-000031-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0000728391.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=728391

## Cite

POPS4, Edgar & Edgarette: IPALCO ENTERPRISES, INC. company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/728391. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.