NiSource (NI) Q2 2026 earnings summary

Executive summary

• Q2 2026 adjusted net income was $77.6M ($0.16/share), with year-to-date adjusted EPS at $1.22, reflecting modest growth despite lower GAAP results due to non-recurring items and higher expenses.

• Strategy focuses on delivering safe, reliable, affordable energy and long-term value through regulated utility operations in six states and a growing data center platform, supported by major partnerships with Amazon and Alphabet.

• Advanced $1.4 billion in customer savings through Amazon and Alphabet agreements, with regulatory approvals received and phased ramp-ups through 2032.

• Transformation and efficiency initiatives, including the Value Captured program and AI-enabled operations, are underway to drive operational excellence and customer affordability.

• Severe weather events and union negotiations highlighted the importance of resiliency investments and contributed to higher O&M expenses.

Financial highlights

• Q2 2026 GAAP net income was $45.5M ($0.09/share), down from $102.2M ($0.22/share) in Q2 2025; adjusted EPS was $0.16, with six-month adjusted EPS at $1.22.

• Operating revenues for Q2 2026 increased to $1,342.4M, up $59.4M year-over-year, but higher O&M, depreciation, and interest expenses reduced net income.

• 2026–2030 capital investment plan totals $28.6B, including $21.0B base and $7.6B for data center investments.

• Dividend payout ratio targeted at 55–65%, with 12–13% expected average annual total shareholder return.

Outlook and guidance

• 2026 consolidated adjusted EPS guidance reaffirmed at $2.02–$2.07; 2026–2033 adjusted EPS CAGR projected at 9–10%, with base plan EPS growth at 6–8% annually for 2026–2030.

• Five-year capital investment outlook unchanged: $21B base business, $2B upside, $7.6B GenCo for data centers.

• Consolidated rate base CAGR of 9–11% through 2033; base plan rate base CAGR of 8–10% for 2026–2030.

• Customer bill increases expected to remain below 5% annually, supporting affordability.