NiSource (NI) Q1 2025 earnings summary

Executive summary

• Reported Q1 2025 GAAP net income of $474.8M ($1.00 per diluted share), up from $344.3M ($0.77 per share) year-over-year, with adjusted EPS of $0.98, driven by regulated revenue growth, capital recovery, and higher customer demand.

• Reaffirmed 2025 adjusted EPS guidance of $1.85–$1.89 and 6%–8% annual EPS growth through 2029, supported by operational excellence and sustainable infrastructure investment.

• Capital plan projects over $19.4 billion investment through 2029, with $2.2 billion in identified upside opportunities, focusing on renewables and infrastructure modernization.

• Ongoing commercial negotiations and regulatory filings for data center build-out in Indiana, supporting mega-load customers and future load growth.

• Continued focus on operational excellence, including AI-driven productivity improvements and Project Apollo, delivering cost savings and efficiency gains.

Financial highlights

• Q1 2025 GAAP net income available to common shareholders was $474.8M, up $130.5M from Q1 2024; adjusted net income was $462.3M, up $79.5M year-over-year.

• Adjusted EPS rose to $0.98 from $0.85; GAAP diluted EPS increased to $1.00 from $0.77.

• Operating revenues for Q1 2025 were $2,183.2 million, up $476.9 million year-over-year.

• Achieved 52% of projected midpoint earnings for 2025 by Q1, an 8% increase over the prior year.

• Secured at least half of forecasted 2025 equity issuances and issued $750 million in long-term debt.

Outlook and guidance

• Reaffirmed 2025–2029 guidance: 6%–8% adjusted EPS growth, 8%–10% rate base growth, and 14%–16% FFO to debt.

• Dividend payout ratio targeted at 60%–70%.

• Confident in achieving near- and long-term guidance due to strong business fundamentals and regulatory frameworks.

• Capital plan is diversified and resilient to macroeconomic and regulatory changes.

• Management expects to remain on track with coal retirements and renewable replacements by 2028.