NiSource (NI) Q3 2025 earnings summary

Executive summary

• Advanced a transformative data center infrastructure agreement in Indiana, including up to 3 GW of new generation capacity and $6–$7 billion in capital investment, supported by a 15-year fixed-rate contract and regulatory approval for the GenCo model.

• Reported strong Q3 and year-to-date 2025 financial results, with net income available to common shareholders of $94.7 million for Q3 and $671.7 million for nine months, both up significantly year-over-year.

• Reaffirmed upper half of 2025 adjusted EPS guidance ($1.85–$1.89) and introduced 2026 consolidated adjusted EPS guidance ($2.02–$2.07), with long-term EPS CAGR targets of 8%–9% through 2033.

• Blackstone Infrastructure Partners committed $1.5 billion for a 19.9% minority stake in GenCo, supporting capital structure and future growth.

• Capital plan increased to $28 billion through 2030, up 45% from prior outlook, with $7 billion allocated to data center projects.

Financial highlights

• Q3 2025 adjusted EPS was $0.19, with nine-month adjusted EPS at $1.38, both showing year-over-year growth.

• Q3 2025 operating revenues reached $1.27 billion, up 18% year-over-year; nine-month revenues were $4.74 billion, up 23%.

• Q3 2025 net income was $107.0 million, up from $97.0 million in Q3 2024; nine-month net income was $734.2 million, up from $600.4 million.

• Operating cash flow for the nine months was $1.65 billion, up $408 million year-over-year.

• Consolidated operating income for Q3 2025 was $297.5 million, up 36% year-over-year.

Outlook and guidance

• 2025 adjusted EPS guidance reaffirmed at $1.85–$1.89, with expectations to achieve the upper half; 2026 consolidated adjusted EPS guidance set at $2.02–$2.07.

• Base plan adjusted EPS expected to grow 6%–8% annually through 2030; consolidated adjusted EPS CAGR of 8%–9% projected through 2033.

• Capital expenditures plan increased to $28 billion over five years, with $21 billion for base utility and $7 billion for data center projects.

• Annual bill increases projected to remain below 5%.

• Dividend payout ratio targeted at 55%–65%; 11%–12% expected average annual total shareholder return.