NiSource (NI) Q2 2025 earnings summary

Executive summary

• Q2 2025 net income attributable to common shareholders was $102.2M ($0.22 per share), up from $85.8M ($0.19 per share) in Q2 2024, with adjusted net income at $101.9M.

• Six-month net income reached $577.0M ($1.22 per share), up from $430.1M ($0.95 per share) in 2024; adjusted net income was $564.2M ($1.19 per share).

• Advanced operational excellence through AI-driven initiatives and digital transformation, supporting productivity and efficiency.

• Continued energy transition with 1,750 MW of renewables and 101 MW of storage in service, and coal retirements on track.

• Regulatory milestones achieved with approved rate cases in Virginia and Indiana, supporting capital investments and stakeholder relationships.

Financial highlights

• Q2 2025 GAAP and adjusted EPS were $0.22, up from $0.19 and $0.21, respectively, in Q2 2024; six-month GAAP EPS was $1.22, adjusted EPS $1.19.

• Q2 2025 operating revenues were $1,283.0M, up $198.3M year-over-year; six-month revenues reached $3,466.2M.

• Consolidated Q2 2025 operating income was $262.9M, up $25.9M year-over-year.

• Cash from operating activities for the first half of 2025 was $1,181.8M, up $280.1M from 2024.

• Long-term debt as of June 30, 2025, was ~$15.8B, with a weighted average interest rate of ~4.5%.

Outlook and guidance

• 2025 adjusted EPS guidance narrowed to the upper half of $1.85–$1.89, reflecting strong year-to-date performance.

• Annual adjusted EPS growth targeted at 6%–8% and rate base growth at 8%–10% for 2025–2029.

• Capital expenditures of $19.4B planned for 2025–2029, supporting infrastructure modernization and generation transition.

• Dividend payout ratio targeted at 60%–70%; FFO/Debt targeted at 14%–16% through 2029.

• No material impact expected from recent federal tax or regulatory changes, including the OBBBA.