NiSource (NI) Q4 2025 earnings summary

Executive summary

• Achieved 2025 adjusted EPS of $1.90, surpassing guidance, and reported GAAP net income of $929.5 million ($1.95 per diluted share), with FFO to debt at 16.1%.

• Secured a landmark agreement with Amazon, expected to return over $1 billion to Indiana customers and support 3 GW of new generation capacity.

• Maintained operational excellence during severe winter storms, with minimal service disruptions and proactive cost management.

• Five-year capital investment plan totals $28.0 billion, including $21.0 billion for base utility and $7.0 billion for GenCo/data center investments.

• Reaffirmed 2026 consolidated adjusted EPS guidance of $2.02-$2.07 and 8%-9% consolidated adjusted EPS CAGR for 2026-2033.

Financial highlights

• 2025 GAAP net income was $929.5 million, up $189.8 million year-over-year; adjusted net income was $905.2 million, up $106.6 million.

• 2025 GAAP diluted EPS was $1.95 (up $0.33 YoY); adjusted EPS was $1.90 (up $0.15 YoY).

• 2025 consolidated adjusted operating income was $1,802.7 million, up $286.8 million YoY.

• Dividend payout ratio maintained at 55%-65%, with annual dividend growing 7% to $1.20 in 2025.

• Adjustments to net income included weather impacts, tax effects, and preferred dividends redemption premiums.

Outlook and guidance

• Reaffirmed 2026 consolidated adjusted EPS guidance of $2.02-$2.07, with GenCo expected to contribute $0.01-$0.02 per share.

• Projected 8%-9% CAGR in consolidated adjusted EPS and 9%-11% consolidated rate base growth from 2026–2033.

• Annual average customer bill increase projected at less than 5% from 2026-2030.

• Targeting flat O&M costs over the planning horizon.

• FFO/Debt target of 14%-16% annually through 2030.