01—Abstract
Summary
Summary of the 8-K filed August 6, 2025. Cited figures are marked; the original filing is the authoritative source.
NiSource Inc. (NYSE: NI) reported second-quarter 2025 results in a press release dated August 6, 2025, furnished as Exhibit 99.1 to this Item 2.02 filing.
On a GAAP basis, net income available to common shareholders for the three months ended June 30, 2025 was $102.2 milliona, or $0.22 per diluted share, compared with $85.8 million, or $0.19 per diluted share, in the same period of 2024. For the six months ended June 30, 2025, GAAP net income available to common shareholders was $577.0 million, or $1.22 per diluted share, versus $430.1 million, or $0.95 per diluted share, a year earlier. On a non-GAAP adjusted basis, second-quarter 2025 adjusted net income available to common shareholders was $101.9 million, or $0.22 adjusted EPS, compared with $94.7 million, or $0.21, in 2024.
Six-month adjusted net income was $564.2 millionb, or $1.19 adjusted EPS, versus $477.5 million, or $1.06, in the prior year. The company's adjustments in the reconciliation primarily reflect weather compared to normal, with the six-month 2025 weather adjustment shown as a $(17.1) million impact to operating revenues.
Looking forward, NiSource narrowed its 2025 non-GAAP adjusted EPS guidance to the upper half of $1.85c-$1.89 and reaffirmed expected annual non-GAAP adjusted EPS growth of 6%-8% and rate base growth of 8%-10% for 2025-2029. The company cites $19.4 billion of capital expenditures planned for the 2025-2029 period as the driver of this growth outlook.
02—Key points
Key Highlights
- Q2 2025 GAAP net income available to common shareholders of $102.2 million, or $0.22 per diluted share, up from $85.8 million, or $0.19, in Q2 2024.
- Q2 2025 non-GAAP adjusted EPS of $0.22, compared with $0.21 in Q2 2024; adjusted net income of $101.9 million versus $94.7 million.
- Six-month 2025 GAAP net income available to common shareholders of $577.0 million ($1.22 diluted EPS) versus $430.1 million ($0.95) in the first half of 2024.
- Six-month 2025 adjusted EPS of $1.19, compared with $1.06 in the same period of 2024.
- 2025 non-GAAP adjusted EPS guidance narrowed to the upper half of the $1.85-$1.89 range.
- Reaffirmed 2025-2029 outlook of 6%-8% annual non-GAAP adjusted EPS growth and 8%-10% annual rate base growth, supported by $19.4 billion of planned capital expenditures.
- Weather was the primary non-GAAP adjustment, reducing six-month 2025 operating revenues by $17.1 million versus normal weather after a $45.0 million benefit in the prior-year period.
03—Questions
Frequently Asked Questions
How did NiSource perform in the second quarter of 2025?
On a GAAP basis, net income available to common shareholders 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. On a non-GAAP adjusted basis, EPS was $0.22 versus $0.21 a year earlier.
Did NiSource change its 2025 earnings guidance?
Yes, it narrowed its 2025 non-GAAP adjusted EPS guidance to the upper half of the $1.85-$1.89 range. The filing does not state a new full-year figure beyond that range.
What long-term growth targets did NiSource reaffirm?
NiSource reaffirmed expected annual non-GAAP adjusted EPS growth of 6%-8% and annual rate base growth of 8%-10% for the 2025-2029 period.
What is driving NiSource's growth outlook?
The company states that its growth is driven by $19.4 billion of capital expenditures planned for the 2025-2029 period, which it describes as critical investments to ensure reliability for customers.
Why do the GAAP and adjusted results differ?
The main adjustment is weather compared to normal. In the six months ended June 30, 2025, weather reduced operating revenues by $17.1 million relative to normal, and the adjusted figures exclude this effect. The company also notes that GAAP guidance is not provided because factors such as weather, asset sales and impairments are unpredictable.
04—Continue