01—Abstract
Summary
Summary of the 8-K filed May 6, 2026. Cited figures are marked; the original filing is the authoritative source.
NiSource Inc. reported first-quarter 2026 results for the period ended March 31, 2026, in a press release furnished as Exhibit 99.1 under Item 2.02 of this Form 8-K.
On a GAAP basis, net income available to common shareholders was $510.7 milliona, or $1.06 per diluted share, compared with $474.8 million, or $1.00 per diluted share, in the first quarter of 2025. Non-GAAP adjusted net income available to common shareholders was $509.6 million, or $1.06 of consolidated adjusted EPS, versus $462.3 million, or $0.98, a year earlier. The company's adjustments included weather compared to normal, a tax effect on those items, and a $3.6 million excise tax refund related to a 2023 preferred stock redemption premium.
NiSource reaffirmed its 2026 non-GAAP consolidated adjusted EPS guidance of $2.02 to $2.07b, which it says reflects approximately 8% year-over-year growth at the midpoint. It raised its consolidated adjusted EPS compound annual growth rate outlook for 2026 through 2033 to 9% to 10%, up from the prior range stated in the release. The company introduced base plan adjusted EPS and consolidated adjusted EPS starting in 2026.
Base plan figures exclude the impact of data center operations and development activities, which management says it expects to follow a different growth profile. Management highlighted its GenCo model, with cost savings for existing customers expanding to approximately $1.4 billionc through new and expanded collaborations with Alphabet and Amazon. The release also flags risks tied to data center growth, including the ability to build generation and transmission assets on time and on budget, to obtain significant additional financing, and to recover investments under data center contracts, as well as the risk that customers could terminate or reduce committed capacity.
02—Key points
Key Highlights
- GAAP net income available to common shareholders rose to $510.7 million, or $1.06 per diluted share, from $474.8 million, or $1.00, in Q1 2025.
- Non-GAAP consolidated adjusted EPS was $1.06 for Q1 2026, compared with $0.98 in Q1 2025, and adjusted net income was $509.6 million versus $462.3 million.
- 2026 non-GAAP consolidated adjusted EPS guidance of $2.02 to $2.07 was reaffirmed, reflecting approximately 8% year-over-year growth at the midpoint.
- The 2026 through 2033 consolidated adjusted EPS compound annual growth rate outlook was raised to 9% to 10%.
- GenCo cost savings for existing customers are expected to expand to approximately $1.4 billion through collaborations with Alphabet and Amazon.
- NiSource introduced base plan adjusted EPS, which excludes data center operations and development activities, alongside consolidated adjusted EPS beginning in 2026.
- Adjustments in the quarter included a $3.7 million weather-related operating revenue benefit compared to normal and a $3.6 million excise tax refund tied to a 2023 preferred stock redemption premium.
03—Questions
Frequently Asked Questions
How did NiSource perform in the first quarter of 2026?
GAAP net income available to common shareholders was $510.7 million, or $1.06 per diluted share, up from $474.8 million, or $1.00, in the first quarter of 2025. On a non-GAAP basis, consolidated adjusted EPS was $1.06, compared with $0.98 a year earlier.
Did NiSource change its 2026 earnings guidance?
No. NiSource reaffirmed its 2026 non-GAAP consolidated adjusted EPS guidance of $2.02 to $2.07, which it says reflects approximately 8% year-over-year growth at the midpoint.
What changed in NiSource's long-term growth outlook?
NiSource raised its non-GAAP consolidated adjusted EPS compound annual growth rate expectation for 2026 through 2033 to 9% to 10%.
What is the difference between base plan adjusted EPS and consolidated adjusted EPS?
Base plan adjusted EPS excludes the impact of data center operations and development activities related to serving current and future data center or other large load customers. Consolidated adjusted EPS includes base plan adjusted EPS together with adjusted EPS from those data center operations and development activities. NiSource began presenting both measures in 2026 and says it expects data center earnings to follow a different growth profile.
What are the main risks tied to NiSource's data center strategy?
The release cites risks including the ability to construct and place generation or transmission assets into service on time and within cost estimates, the need for significant additional financing on favorable terms, recovery of investments and expected returns under data center contracts, maintaining investment grade credit ratings, and the possibility that data center customers terminate contracts or reduce committed capacity.
04—Continue