NiSource (NI) Q3 2025 earnings summary

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.