NiSource Reaffirms Earnings Guidance Amid Data Center Expansion
Updated August 15, 2026 with notes from the earnings call.
The utility provider reported a second-quarter GAAP net income of $45.5 million available to common shareholders.
NiSource (NI), the energy infrastructure company, reported a decline in second-quarter GAAP net income available to common shareholders, which fell to $45.5 million, or $0.09 a share, from $102.2 million, or $0.22 a share, in the prior-year period.
Non-GAAP adjusted net income available to common shareholders also decreased to $77.6 million, or $0.16 a share, compared to $101.9 million, or $0.22 a share, in the second quarter of 2025. The quarterly results were due in part to $21.4 million in incremental costs for NIPSCO work continuity plans during an April 2026 lockout and $5.4 million in non-recurring costs related to a "Value Captured" initiative.
For the six months ended June 30, 2026, GAAP net income available to common shareholders was $556.2 million, or $1.15 a share, down from $577.0 million, or $1.22 a share, for the same period in 2025. However, non-GAAP adjusted net income for the six-month period rose to $587.2 million, or $1.22 a share, from $564.2 million, or $1.19 a share, in 2025.
NiSource introduced new non-GAAP reporting metrics, including "base plan adjusted EPS" and "consolidated adjusted EPS," starting in 2026 to separate the performance of its base utility operations from its data center operations.
The company increased its 2026-2030 consolidated capital investment plan to $28.6 billion from the $28.0 billion figure reported in February 2026. This updated plan includes $7.6 billion earmarked for strategic data center infrastructure, up from approximately $7.0 billion previously.
NiSource reported $1.4 billion in savings for existing customers resulting from recently approved agreements with Alphabet and Amazon, expanding a collaboration first disclosed in the first quarter of 2026.
The company reaffirmed its 2026 non-GAAP consolidated adjusted EPS guidance of $2.02-$2.07. It also maintained its 2026-2033 non-GAAP consolidated adjusted EPS compound annual growth rate guidance of 9%-10%, which had been raised from 8%-9% in the first quarter of 2026.
Update from the earnings call — 2026-08-05
- NiSource expects earnings growth to be more weighted toward the second half of 2026, supported by approved recovery mechanisms, new regulatory activity in Virginia and Ohio, and Alphabet's energization activity. - NiSource has line of sight to over $40 million of cost optimization initiatives across the business, many of which are expected to continue improving the cost structure beyond 2026. - NiSource plans to begin reporting GenCo segment information by the end of fiscal year 2026.