How did NiSource perform in the third quarter of 2025?

On a GAAP basis, net income available to common shareholders was $94.7 million, or $0.20 per diluted share, compared with $85.7 million, or $0.19, in the third quarter of 2024. On a non-GAAP adjusted basis, earnings were $91.8 million, or $0.19 per share, versus $89.9 million, or $0.20, a year earlier. The adjustments include weather compared to normal, which reduced operating revenues by $4.0 million in the quarter.

What is NiSource's earnings guidance for 2025 and 2026?

The company reaffirmed the upper half of its 2025 non-GAAP adjusted EPS guidance of $1.85-$1.89. For 2026, it introduced non-GAAP consolidated adjusted EPS guidance of $2.02-$2.07.

What long-term growth targets did NiSource announce?

NiSource extended its base plan non-GAAP adjusted EPS annual growth guidance of 6%-8% through 2026-2030, supported by 8%-10% rate base growth over that period. It also introduced a consolidated non-GAAP adjusted EPS compound annual growth rate of 8%-9% for 2026 through 2033.

What is the new capital expenditure plan and how much is for data centers?

The consolidated capital expenditure plan totals $28.0 billion, including nearly $7.0 billion in strategic data center investments. The company said this is approximately $8.6 billion more than its prior five-year plan. Base plan capital expenditures are $21.0 billion.

Why is NiSource presenting separate base plan and consolidated EPS measures?

Beginning in 2026, NiSource will present base plan adjusted EPS, which excludes data center operations and development activities serving current and future data center customers in NIPSCO's Indiana service territory. The company says earnings from those activities are expected to follow a different growth profile, so separate guidance gives investors greater transparency. Consolidated adjusted EPS combines base plan adjusted EPS with the data center adjusted EPS.

NI 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed October 29, 2025. Cited figures are marked; the original filing is the authoritative source.

NiSource Inc. (NYSE: NI) reported third-quarter 2025 results for the period ended September 30, 2025, furnished as Exhibit 99.1 to this Item 2.02 filing.

On a GAAP basis, net income available to common shareholders was $94.7 million^a, or $0.20 per diluted share, for the three months ended September 30, 2025, versus $85.7 million, or $0.19 per diluted share, a year earlier. Non-GAAP adjusted net income available to common shareholders was $91.8 million, or $0.19 of adjusted EPS, compared with $89.9 million, or $0.20, in the prior-year quarter. For the nine months ended September 30, 2025, GAAP net income was $671.7 million ($1.42 per diluted share) and adjusted net income was $656.0 million ($1.38 adjusted EPS).

NiSource reaffirmed the upper half of its 2025 non-GAAP adjusted EPS guidance of $1.85^b-$1.89 and introduced 2026 non-GAAP consolidated adjusted EPS guidance of $2.02-$2.07. The company extended its base plan non-GAAP adjusted EPS annual growth guidance of 6%-8% through 2026-2030, supported by $21.0 billion in base plan capital expenditures and 8%-10% rate base growth from 2026 to 2030. It also introduced a 2026-2033 consolidated non-GAAP adjusted EPS compound annual growth rate of 8%-9% and a consolidated capital expenditure plan of $28.0 billion, which includes nearly $7.0 billion of strategic data center investment and is approximately $8.6 billion more than the prior five-year plan.

Management stated that the GenCo project has been approved and a new data center agreement is in place, and it described the plan as protecting customers from large-load development costs. The company also said it will begin presenting base plan and consolidated adjusted EPS starting in 2026, with base plan guidance excluding data center operations and development activities in NIPSCO's Indiana service territory. The release notes that data center earnings are expected to follow a different growth profile than the base business.

02—Key points

Key Highlights

Q3 2025 GAAP net income available to common shareholders of $94.7 million ($0.20 diluted EPS), up from $85.7 million ($0.19) in Q3 2024.
Q3 2025 non-GAAP adjusted EPS of $0.19, down from $0.20 in Q3 2024; adjusted net income was $91.8 million versus $89.9 million.
Nine-month 2025 GAAP EPS of $1.42 and adjusted EPS of $1.38, compared with $1.14 and $1.26 in the prior-year period.
2025 non-GAAP adjusted EPS guidance of $1.85-$1.89 reaffirmed, with the company expecting the upper half of the range.
2026 non-GAAP consolidated adjusted EPS guidance introduced at $2.02-$2.07.
Consolidated capital expenditure plan of $28.0 billion, including nearly $7.0 billion for data centers and about $8.6 billion more than the prior five-year plan; base plan capex is $21.0 billion through 2030.
Long-term outlook includes base plan adjusted EPS growth of 6%-8% annually (2026-2030) and a consolidated adjusted EPS CAGR of 8%-9% for 2026-2033.

03—Questions

Frequently Asked Questions

How did NiSource perform in the third quarter of 2025?
On a GAAP basis, net income available to common shareholders was $94.7 million, or $0.20 per diluted share, compared with $85.7 million, or $0.19, in the third quarter of 2024. On a non-GAAP adjusted basis, earnings were $91.8 million, or $0.19 per share, versus $89.9 million, or $0.20, a year earlier. The adjustments include weather compared to normal, which reduced operating revenues by $4.0 million in the quarter.
What is NiSource's earnings guidance for 2025 and 2026?
The company reaffirmed the upper half of its 2025 non-GAAP adjusted EPS guidance of $1.85-$1.89. For 2026, it introduced non-GAAP consolidated adjusted EPS guidance of $2.02-$2.07.
What long-term growth targets did NiSource announce?
NiSource extended its base plan non-GAAP adjusted EPS annual growth guidance of 6%-8% through 2026-2030, supported by 8%-10% rate base growth over that period. It also introduced a consolidated non-GAAP adjusted EPS compound annual growth rate of 8%-9% for 2026 through 2033.
What is the new capital expenditure plan and how much is for data centers?
The consolidated capital expenditure plan totals $28.0 billion, including nearly $7.0 billion in strategic data center investments. The company said this is approximately $8.6 billion more than its prior five-year plan. Base plan capital expenditures are $21.0 billion.
Why is NiSource presenting separate base plan and consolidated EPS measures?
Beginning in 2026, NiSource will present base plan adjusted EPS, which excludes data center operations and development activities serving current and future data center customers in NIPSCO's Indiana service territory. The company says earnings from those activities are expected to follow a different growth profile, so separate guidance gives investors greater transparency. Consolidated adjusted EPS combines base plan adjusted EPS with the data center adjusted EPS.

04—Continue

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