NiSource
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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.
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Q4 2025 earnings summary11 Feb, 2026

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.

Data center financing impact on credit ratings?
Base plan EPS growth rate vs. consolidated?
Mechanism for $1B retail customer savings?
What are the key indicators for GenCo deal progress?
Explain the strategy for Pennsylvania regulatory lag.
What are the long-term implications for Schahfer plant?
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Frequently asked questions

NiSource Inc is a regulated utility company that provides natural gas and electricity to residential, commercial, and industrial customers. The company operates through subsidiaries across several U.S. states, focusing on energy delivery, infrastructure modernization, and customer service. NiSource Inc is headquartered in Merrillville, Indiana, and its shares are listed on the NYSE.

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