NiSource Extends Capital Plan to $40 Billion Through 2033

The Tip Desk · November 2, 2026 · 3 min read

The utility narrowed 2026 adjusted EPS to the upper half of $2.02-$2.07 and introduced 2027 guidance of $2.22-$2.30.

NiSource Inc. (NI) reported GAAP net income available to common shareholders of $129.5 million, or $0.27 a share, for the quarter ended September 30, 2026, compared with $94.7 million, or $0.20 a share, a year earlier.

The sequential swing followed a weaker second quarter. GAAP net income in the quarter ended June 30, 2026 was $45.5 million, or $0.09 a share, after $102.2 million, or $0.22 a share, in the same period of 2025. Non-GAAP consolidated adjusted EPS was $0.27 in the third quarter, up from $0.19 a year earlier; adjusted net income was $130.9 million.

The company narrowed 2026 non-GAAP consolidated adjusted EPS guidance to the upper half of $2.02-$2.07 after reaffirming the full range in the two prior quarters. It introduced 2027 non-GAAP consolidated adjusted EPS guidance of $2.22-$2.30.

NiSource extended its capital plan through 2033. Seven-year total capital expenditures of $40.0 billion are expected to support 9%-10% consolidated investment base growth from 2027-2033 and an expected consolidated non-GAAP adjusted EPS compound annual growth rate of 10%-11% for that period. In the second quarter the company had reaffirmed a 9%-10% CAGR covering 2026-2033. The plan comprises $32.0 billion in base-plan capital expenditures and $8.0 billion for data center investments.

Base-plan expected non-GAAP adjusted EPS annual growth of 6%-8% was extended through 2027-2033, with 8%-10% rate base growth expected over that horizon. Consolidated adjusted EPS is defined as base-plan adjusted EPS together with adjusted EPS from data center operations and development activities.

GenCo cost savings for existing customers expanded to approximately $1.75 billion through a new agreement with Microsoft, from approximately $1.4 billion via Alphabet and Amazon cited in the first and second quarters. President and Chief Executive Officer Lloyd Yates said signed GenCo agreements are expected to deliver those customer savings and that opportunities such as Microsoft and the GenCo pipeline further strengthen the outlook.

Yates said the extension of the long-term plan reflects opportunities ahead and the company’s confidence in its ability to deliver, and that the seven-year capital plan supports infrastructure investments to enhance safety, reliability and resiliency while enabling economic development across the footprint. He said this year’s extreme weather events have reinforced the importance of those investments.

The third-quarter GAAP-to-adjusted reconciliation showed $2.0 million of net operating-income adjustments, including a negative $4.0 million weather item and $6.0 million of Value Captured initiative costs, and $1.4 million of net income adjustments, versus negative $4.0 million operating and negative $2.9 million net adjustments a year earlier.

NiSource is one of the largest fully-regulated utility companies in the United States, serving approximately 3.3 million natural gas customers and 500,000 electric customers across six states through Columbia Gas and NIPSCO.