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NiSource
NiSource (NI) investor relations material
NiSource Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Advanced a major data center infrastructure agreement in Indiana, including up to 3 GW of new generation capacity and two 1,300 MW gas plants, with a 15-year fixed-rate contract and $6–$7 billion capital investment, expected to be accretive to EPS and cash flow.
Refreshed long-term outlook, introducing 8%-9% adjusted EPS CAGR for consolidated business through 2033 and reaffirmed 6%-8% annual adjusted EPS growth in the base business through 2030.
Secured regulatory approval for the Genco model and full ownership of Templeton Wind asset, reinforcing a strong regulatory foundation.
Announced a strategic partnership with Blackstone Infrastructure Partners, contributing $1.5 billion in equity for a 19.9% minority stake in Genco, supporting future capital needs.
Achieved strong year-to-date and quarterly financial results, with net income and operating income up significantly year-over-year.
Financial highlights
Q3 2025 adjusted EPS was $0.19, with YTD total $1.38; Q3 2025 GAAP net income was $94.7M ($0.20 per share), and YTD net income was $671.7M ($1.42 per share), both up year-over-year.
Reaffirmed upper half of 2025 adjusted EPS guidance of $1.85–$1.89 and introduced 2026 consolidated EPS guidance of $2.02–$2.07.
Five-year capital expenditure plan increased to $28 billion, up 45% from prior outlook, including $7 billion for data center investments.
Q3 2025 operating revenues were $1.27 billion, up 18% year-over-year; nine-month revenues reached $4.74 billion, up 23%.
Adjusted EPS projected to grow at 8.2% CAGR from 2021 to 2026, with Genco contributing $0.10–$0.15 per share in 2030, rising to $0.25–$0.45 by 2033.
Outlook and guidance
Base plan adjusted EPS expected to grow 6%-8% annually through 2030; consolidated adjusted EPS CAGR of 8%-9% through 2033 with data center investments.
2026 consolidated adjusted EPS guidance set at $2.02–$2.07; base plan $2.01–$2.05, GenCo $0.01–$0.02.
9%-11% consolidated rate base CAGR expected 2026–2033.
Dividend payout ratio targeted at 55%-65%; 11%-12% expected average annual total shareholder return.
Annual bill increases projected at less than 5% due to operational efficiencies and customer flowback mechanisms.
Explain the strategy to protect customers from data center costs
What is the financial distinction between base and consolidated EPS?
Detail financing for the $7B data center capex
How does GenCo ensure existing customer affordability?
Confidence in securing additional data center load?
GenCo capital structure and financing strategy?
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Next NiSource earnings date
Q4 202511 Feb, 2026
NiSource
Next NiSource earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
NiSource Inc is a regulated utility company that provides natural gas and electricity to residential, commercial, and industrial customers. The company operates through subsidiaries across several U.S. states, focusing on energy delivery, infrastructure modernization, and customer service. NiSource Inc is headquartered in Merrillville, Indiana, and its shares are listed on the NYSE.
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