NiSource Reports Q3 2026 Results, Narrows Guidance to Upper Half, and Announces $40B Capital Plan

NiSource Inc. (NYSE: NI) Q3 2026 Earnings & Strategic Update

Executive Summary

On October 28, 2026, NiSource Inc. filed Form 8-K under Item 2.02 (Results of Operations and Financial Condition) disclosing its financial results for the third quarter ended September 30, 2026, updating 2026 earnings guidance, initiating 2027 guidance, and announcing an extended long-term capital investment plan through 2033.

Key Financial Highlights

• Q3 2026 GAAP Net Income: $129.5 million ($0.27 per diluted share), compared to $94.7 million ($0.20 per diluted share) in Q3 2025.
• Q3 2026 Non-GAAP Adjusted Net Income: $130.9 million ($0.27 consolidated adjusted EPS), up from $91.8 million ($0.19 consolidated adjusted EPS) in Q3 2025.
• Nine-Month Results:
  • GAAP Net Income of $685.7 million ($1.42 per diluted share) vs. $671.7 million ($1.42 per diluted share) in the prior-year period.
  • Non-GAAP Adjusted Net Income of $718.1 million ($1.49 consolidated adjusted EPS) vs. $656.0 million ($1.38 consolidated adjusted EPS) in the prior-year period.

Earnings Guidance & Long-Term Outlook

• Full-Year 2026 Guidance: Narrowed non-GAAP consolidated adjusted EPS guidance to the upper half of the $2.02–$2.07 range.
• Full-Year 2027 Guidance: Established non-GAAP consolidated adjusted EPS guidance of $2.22–$2.30.
• 2027–2033 Growth Targets:
  • Extended base plan expected annual non-GAAP adjusted EPS growth of 6%–8% through 2033.
  • Raised consolidated expected non-GAAP adjusted EPS compound annual growth rate (CAGR) to 10%–11% for 2027–2033.
  • Consolidated investment base projected to grow 9%–10% annually (with rate base growing 8%–10%).

Capital Allocation & Data Center Expansion

• Seven-Year Capital Plan (2027–2033): Total planned capital expenditures of $40.0 billion, consisting of:
  • $32.0 billion in utility base plan capital expenditures.
  • $8.0 billion earmarked for data center and large-load investments.
• Commercial Agreements: Expanded customer cost savings to approximately $1.75 billion via signed GenCo agreements, supported by an agreement with Microsoft.