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NiSource 8-K Report, Financial Results (May 7, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 7, 2025
Period End
May 7, 2025
Security
NI
In the record · 2016–202610-K1210-Q338-K177

NI filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 177 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Nov ’17Nov ’17
  2. Material agreement8-K · Feb ’20Feb ’20
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Mar ’24Mar ’24

01—Abstract

Summary

Summary of the 8-K filed May 7, 2025. Cited figures are marked; the original filing is the authoritative source.

NiSource Inc. filed this Form 8-K on May 7, 2025 under Item 2.02 (Results of Operations and Financial Condition), furnishing a press release dated the same day as Exhibit 99.1 announcing first quarter 2025 results for the period ended March 31, 2025.

On a GAAP basis, net income available to common shareholders was $474.8 milliona, or $1.00 per diluted share, compared with $344.3 million, or $0.77 per diluted share, in the first quarter of 2024. On a non-GAAP adjusted basis, net income available to common shareholders was $462.3 million, or $0.98 per share, versus $382.8 million, or $0.85 per share, a year earlier. The adjusted figures exclude a weather-related revenue adjustment of $(16.8) million in 2025 compared with $32.9 million in 2024, and in 2024 also a $14.0 million preferred dividend redemption premium.

NiSource reaffirmed its 2025 non-GAAP adjusted EPS guidance of $1.85 to $1.89b, along with 8% to 10% rate base growth and 6% to 8% annual non-GAAP adjusted EPS growth for the 2025 to 2029 period. CEO Lloyd Yates said the first quarter results demonstrate the company's business fundamentals and that the long-term plan remains intact despite market conditions. The press release describes NiSource as a fully regulated utility serving approximately 3.3 million natural gas customers and 500,000 electric customers across six states through its Columbia Gas and NIPSCO brands.

The filing highlights risk factors including data center growth, aging infrastructure, cybersecurity, regulatory outcomes and credit ratings, all of which are detailed in the company's Form 10-K for 2024 and subsequent 10-Q filings. The 8-K itself is a short notice; the full earnings presentation and segment information are available on the company's investor website.

02—Key points

Key Highlights

  1. GAAP net income available to common shareholders of $474.8 million, or $1.00 per diluted share, for Q1 2025, up from $344.3 million, or $0.77 per diluted share, in Q1 2024.
  2. Non-GAAP adjusted net income available to common shareholders of $462.3 million, or $0.98 per share, for Q1 2025, compared with $382.8 million, or $0.85 per share, in Q1 2024.
  3. Weather adjustment reduced Q1 2025 operating revenues by $16.8 million versus a $32.9 million benefit in Q1 2024, per the non-GAAP reconciliation.
  4. 2025 non-GAAP adjusted EPS guidance of $1.85 to $1.89 was reaffirmed.
  5. The 2025 to 2029 outlook was reaffirmed, including 8% to 10% rate base growth and 6% to 8% annual non-GAAP adjusted EPS growth.
  6. Diluted average common shares rose to 472.5 million in Q1 2025 from 449.4 million in Q1 2024.
  7. Risk factors cited include data center growth and load development, aging infrastructure, cybersecurity, and regulatory and credit rating exposure.

03—Questions

Frequently Asked Questions

  1. How did NiSource perform in the first quarter of 2025?

    On a GAAP basis, net income available to common shareholders was $474.8 million, or $1.00 per diluted share, up from $344.3 million, or $0.77, a year earlier. On a non-GAAP adjusted basis, earnings were $462.3 million, or $0.98 per share, compared with $382.8 million, or $0.85, in the first quarter of 2024.

  2. Did NiSource change its earnings guidance?

    No. NiSource reaffirmed its 2025 non-GAAP adjusted EPS guidance of $1.85 to $1.89, as well as its expected 8% to 10% rate base growth and 6% to 8% annual non-GAAP adjusted EPS growth for 2025 to 2029.

  3. What adjustments are made to reach non-GAAP adjusted earnings?

    The reconciliation removes a weather impact compared with normal weather, which reduced operating revenues by $16.8 million in Q1 2025 and increased them by $32.9 million in Q1 2024, along with related income tax effects. Q1 2024 also excluded a $14.0 million preferred dividend redemption premium on the Series B Preferred Stock.

  4. What risks does the company highlight?

    The forward-looking statements cite risks including the company's ability to manage data center growth and related generation and transmission needs, aging infrastructure, cybersecurity, regulatory outcomes, changes to credit ratings, and the costs of environmental compliance. More detail is in the 2024 Form 10-K and subsequent 10-Q filings.

04—Continue

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