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NiSource (NI) investor relations material
NiSource Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 2025 adjusted EPS of $1.90, surpassing guidance, and reported GAAP net income of $929.5 million ($1.95 per diluted share), with FFO to debt at 16.1%.
Secured a landmark agreement with Amazon, expected to return over $1 billion to Indiana customers and support 3 GW of new generation capacity.
Maintained operational excellence during severe winter storms, with minimal service disruptions and proactive cost management.
Five-year capital investment plan totals $28.0 billion, including $21.0 billion for base utility and $7.0 billion for GenCo/data center investments.
Reaffirmed 2026 consolidated adjusted EPS guidance of $2.02-$2.07 and 8%-9% consolidated adjusted EPS CAGR for 2026-2033.
Financial highlights
2025 GAAP net income was $929.5 million, up $189.8 million year-over-year; adjusted net income was $905.2 million, up $106.6 million.
2025 GAAP diluted EPS was $1.95 (up $0.33 YoY); adjusted EPS was $1.90 (up $0.15 YoY).
2025 consolidated adjusted operating income was $1,802.7 million, up $286.8 million YoY.
Dividend payout ratio maintained at 55%-65%, with annual dividend growing 7% to $1.20 in 2025.
Adjustments to net income included weather impacts, tax effects, and preferred dividends redemption premiums.
Outlook and guidance
Reaffirmed 2026 consolidated adjusted EPS guidance of $2.02-$2.07, with GenCo expected to contribute $0.01-$0.02 per share.
Projected 8%-9% CAGR in consolidated adjusted EPS and 9%-11% consolidated rate base growth from 2026–2033.
Annual average customer bill increase projected at less than 5% from 2026-2030.
Targeting flat O&M costs over the planning horizon.
FFO/Debt target of 14%-16% annually through 2030.
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