01—Abstract
Summary
Summary of the 10-Q filed August 6, 2025. Cited figures are marked; the original filing is the authoritative source.
NiSource Inc. reported second-quarter 2025 operating revenues of $1,283.0 milliona, up from $1,084.7 million a year earlier, and net income attributable to NiSource of $102.2 million, or $0.22 diluted EPS, compared with $85.8 million, or $0.19, in the prior-year quarter.
For the six months ended June 30, 2025, net income attributable to NiSource was $577.0 millionb, or $1.22 diluted EPS, versus $450.8 million and $0.95 in 2024. Management attributes the higher earnings to revenues driven by capital investments, partially offset by higher operating expenses, including depreciation, interest expense and other one-time expenses. The company's financing and capital spending were substantial in the period.
NiSource issued $750.0 millionc of 5.850% senior notes due 2055 in March 2025, then in June 2025 issued an additional $750.0 million of the same notes and $900.0 million of 5.350% notes due 2035, with total net proceeds of about $1.616 billion from the June issuances. Long-term debt including the current portion rose to $15,756.0 million at June 30, 2025 from $13,355.7 million at December 31, 2024. Net cash flows from operating activities were $1,181.8 million for the six months, while investing outflows reached $2,566.3 million, driven by capital expenditures and milestone payments to renewable generation developers.
The company expects capital investments of $4.0 billion to $4.3 billiond in 2025 and about $19.4 billion over 2025-2029. The filing also highlights ongoing energy transition and regulatory activity. NIPSCO's Electric rate case order was approved on June 26, 2025, with new rates phased in beginning July 2025, and several renewable BTA and PPA projects are under development.
The company reports a debt-to-capitalization ratio of 55.2% against a 70.0% covenant limit, and an additional $1,850.0 million commercial paper program backed by a revolving credit facility. The filing notes that the One Big Beautiful Bill Act, signed July 4, 2025, is not expected to have a material impact on financial position or results of operations, and that recent escalation involving Iran could raise risks to U.S. energy infrastructure.
02—Key points
Key Highlights
- Q2 2025 operating revenues were $1,283.0 million versus $1,084.7 million in Q2 2024; net income attributable to NiSource was $102.2 million ($0.22 diluted EPS) versus $85.8 million ($0.19).
- Six-month 2025 net income attributable to NiSource was $577.0 million ($1.22 diluted EPS) versus $450.8 million ($0.95 diluted EPS in 2024, with $430.1 million net income available to common shareholders after preferred items).
- NiSource issued $750.0 million of 5.850% notes due 2055 in March 2025, then in June 2025 issued another $750.0 million of those notes and $900.0 million of 5.350% notes due 2035, for about $1.616 billion of total net proceeds from the June issuances.
- Long-term debt including current portion increased to $15,756.0 million at June 30, 2025 from $13,355.7 million at December 31, 2024; the debt-to-capitalization ratio was 55.2% against a 70.0% covenant limit.
- Capital expenditures of $1,295.5 million plus milestone payments of $958.0 million to renewable developers drove six-month investing outflows of $2,566.3 million; 2025 capital investments are expected at $4.0 billion to $4.3 billion.
- NIPSCO Electric rate case settlement was approved without modification on June 26, 2025, with new rates implemented in steps from July 2025 through early 2026.
- Management expects the One Big Beautiful Bill Act to have no material impact on financial position or results of operations, and the filing flags heightened risk to U.S. energy facilities from escalating Middle Eastern conflicts.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed August 6, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $1.25B$1.08B | +14.9% |
| Operating Income | $262.90M$237.00M | +10.9% |
| Net Income | $102.20M$85.80M | +19.1% |
| EPS (Basic) | $0.22$0.19 | +15.8% |
| EPS (Diluted) | $0.22$0.19 | +15.8% |
| Shares Outstanding (Basic) | 471.00M448.50M | +5.0% |
| Shares Outstanding (Diluted) | 472.10M450.20M | +4.9% |
05—Questions
Frequently Asked Questions
How did NiSource's earnings change in the second quarter of 2025?
Net income attributable to NiSource was $102.2 million, or $0.22 per diluted share, compared with $85.8 million, or $0.19 per diluted share, in the second quarter of 2024. Operating revenues rose to $1,283.0 million from $1,084.7 million, and operating income increased to $262.9 million from $237.0 million.
What financing did NiSource complete in 2025?
In March 2025 NiSource issued $750.0 million of 5.850% senior unsecured notes maturing in 2055. In June 2025 it issued an additional $750.0 million of the 2055 notes and $900.0 million of 5.350% senior unsecured notes maturing in 2035, with combined June net proceeds of about $1.616 billion. It also raised equity through forward sale agreements and had $47.5 million of common stock still available under its ATM program.
What drove NiSource's investment spending in the first half of 2025?
Investing outflows were $2,566.3 million, including $1,295.5 million of capital expenditures and $958.0 million of milestone payments to renewable generation asset developers, plus $160.9 million of advanced deposits. The company is advancing its generation transition, including BTA projects, and expects to invest about $19.4 billion over 2025 through 2029.
What regulatory developments affected NiSource in the quarter?
The Indiana Utility Regulatory Commission approved NIPSCO's Electric rate case settlement on June 26, 2025, without modification, with new rates implemented in multiple steps starting July 2025. NIPSCO also has pending matters, including a Templeton ownership petition with a final order expected in October 2025 and a NIPSCO GenCo order expected in the third quarter of 2025.
06—Continue