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NiSource (NI) investor relations material

NiSource Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

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; six-month net income reached $577.0M ($1.22 per share), up from $430.1M ($0.95 per share) in 2024.

  • Adjusted net income for Q2 2025 was $101.9M ($0.22 per share), up $7.2M year-over-year; six-month adjusted net income was $564.2M ($1.19 per share), up $86.7M.

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

  • Continued progress on energy transition, with coal retirements and 1,750 MW of renewables and 101 MW of storage in service as of June 30, 2025.

  • Operational excellence and digital transformation initiatives, including AI-driven productivity improvements and Project Apollo, are delivering measurable efficiency gains.

Financial highlights

  • Q2 2025 operating revenues were $1,283.0M, up $198.3M year-over-year; six-month revenues reached $3,466.2M, up $675.2M.

  • Q2 2025 GAAP diluted EPS was $0.22, up from $0.19; adjusted EPS was $0.22, up from $0.21; six-month GAAP EPS was $1.22, up from $0.95; six-month adjusted EPS was $1.19, up from $1.06.

  • Q2 2025 operating income was $262.9M, up $25.9M year-over-year; adjusted operating income was $262.6M, up $13.5M.

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

  • Long-term debt increased to $14,473.8M as of June 30, 2025, following $1.5B in 2055 notes and $900M in 2035 notes issued in Q2.

Outlook and guidance

  • 2025 non-GAAP adjusted EPS guidance narrowed to the upper half of $1.85–$1.89; annual adjusted EPS growth targeted at 6%–8% for 2025–2029.

  • Capital expenditures of $19.4B planned for 2025–2029, supporting 8%–10% annual rate base growth.

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

  • Plan built on modest demographic growth assumptions and constructive regulatory execution.

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

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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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