NiSource (NI) Q2 2026 earnings summary

Executive summary

• Q2 2026 adjusted net income was $77.6M and adjusted EPS was $0.16, with YTD adjusted net income of $587.2M and adjusted EPS of $1.22, reflecting modest year-over-year growth despite lower GAAP results due to non-recurring items.

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

• Operating revenues for Q2 2026 increased to $1,342.4M, up $59.4M year-over-year, driven by higher rates and customer growth, but offset by unfavorable weather and usage trends.

• Major data center partnerships and long-term electric service agreements with Alphabet (340 MW) and Amazon (2,800 MW) underpin a $28.6B capital plan and $1.4B in customer savings.

• Transformation initiatives, including the Value Captured program, are underway to drive operational efficiencies and address customer affordability.

Financial highlights

• Adjusted operating income for Q2 2026 rose to $270.9M from $262.6M in Q2 2025; YTD adjusted operating income was $1,093.8M, up from $1,005.2M.

• Q2 2026 operating income was $228.1M, down from $262.9M in Q2 2025.

• Six-month net income available to common shareholders was $556.2M, compared to $577.0M in the prior year period.

• Basic EPS for Q2 2026 was $0.10, down from $0.22 in Q2 2025; six-month EPS was $1.16 versus $1.22 year-over-year.

• Operating expenses rose due to increased labor, outside services, depreciation, and interest costs.

Outlook and guidance

• Reaffirmed 2026 consolidated adjusted EPS guidance of $2.02–$2.07 and a 2026–2033 adjusted EPS CAGR of 9–10%.

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

• Consolidated rate base CAGR of 9–11% through 2033; base plan rate base CAGR of 8–10% for 2026–2030.

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

• Management remains focused on energy transition and modernization, targeting net zero GHG emissions by 2040.