NiSource (NI) Q2 2026 earnings summary

Executive summary

• Q2 2026 adjusted net income was $77.6 million ($0.16 per share), with year-to-date adjusted EPS at $1.22, reflecting modest year-over-year growth despite lower GAAP results due to non-recurring items and higher expenses.

• Strategy focuses on delivering safe, reliable, affordable energy and long-term value through regulated utility operations in six states and a growing data center platform, with $1.4 billion in expected customer savings from Amazon and Alphabet agreements.

• Major data center partnerships and regulatory approvals support long-term growth, with significant capital commitments for new generation and storage assets.

• Transformation initiatives, including operational excellence, AI-enabled efficiency, and the Value Captured program, are underway to improve resiliency, customer service, and affordability.

• Economic development projects in Virginia and Indiana, totaling $1.7 billion and 1,300 new jobs, support growth.

Financial highlights

• Q2 2026 consolidated adjusted EPS was $0.16, down from $0.22 in Q2 2025; year-to-date adjusted EPS reached $1.22, up $0.03 year-over-year.

• Q2 2026 GAAP net income was $45.5 million ($0.09/share), down from $102.2 million ($0.22/share) in Q2 2025, mainly due to higher O&M, depreciation, and interest expenses.

• Six-month 2026 non-GAAP adjusted net income was $587.2 million ($1.22/share), up from $564.2 million ($1.19/share) in 2025.

• Revenue growth from new rates and recovery mechanisms was offset by higher O&M due to storm activity and union negotiations.

• 2026–2030 capital investment plan totals $28.6 billion, with $21.0 billion in base plan and $7.6 billion in GenCo/data center investments.

Outlook and guidance

• 2026 consolidated adjusted EPS guidance range reaffirmed at $2.02–$2.07 per share.

• Annual base plan adjusted EPS growth rate of 6%–8% through 2030 and consolidated adjusted EPS CAGR of 9%–10% from 2026–2033.

• Capital investment plan supports base plan rate base growth of 8%–10% through 2030 and consolidated rate base growth of 9%–11% from 2026–2033.

• Annual FFO/Debt target of 14%–16% through 2030.

• Customer bill increases expected to remain below 5% annually, supporting affordability.