What does Nisource do and what are its main business segments?

What guidance did Nisource's management provide for the next earnings period?

What is the market's earnings forecast for Nisource next quarter?

What is the revenue and EPS growth rate for Nisource year over year?

Did Nisource beat or miss consensus estimates last quarter?

What is Nisource's gross profit margin?

What factors drove the changes in Nisource's revenue and profit?

What were the key takeaways from Nisource’s earnings call?

- **Financial outperformance**: 2025 adjusted EPS $1.90 (+8% YoY), reaffirmed 2026 guidance of $2.02-$2.07.
- **GenCo breakthrough**: Amazon deal secures $1B customer value, with 2026 EPS contribution of $0.01-$0.02.
- **Operational resilience**: 0.5% bill increase during Winter Storm Fern, leveraging low-cost gas storage.
- **Regulatory momentum**: OH Bill 103 reduces lag, IN IURC decision on GenCo expected Q2.
- **Dividend growth**: 7.1% increase for 2026, maintaining 55%-65% payout ratio.

**【CEO Summary Section】**
- **Record financial performance**: 2025 adjusted EPS of $1.90, surpassing guidance, driven by strong regulatory execution and operational excellence.
- **Amazon GenCo milestone**: $1 billion value return to Indiana customers over 15 years, with zoning approvals secured and IURC decision expected Q2 2026.
- **Customer affordability initiatives**: Weather normalization in PA, fixed-variable rate design in OH, and low-cost gas storage reducing bill impacts during Winter Storm Fern.
- **2026 guidance reaffirmed**: Consolidated adjusted EPS $2.02-$2.07 (+8% YoY), with GenCo contributing $0.01-$0.02.
- **Capital plan**: $21B base utility investment (2026-2030) + $2B upside for gas infrastructure, data center growth, and system hardening.

**【CFO Financial Commentary】**
- **Q4 2025 results**: Adjusted EPS $0.51, full-year $1.90, up 8% YoY. FFO to debt 16.1%, exceeding target range.
- **GenCo financials**: $6B-$7B capital spend through 2032, with 2026 contribution of $0.01-$0.02 EPS.
- **Balance sheet strength**: 7.1% dividend growth, 55%-65% payout ratio, and FFO to debt maintained at 14%-16%.
- **Weather impact**: 70bp FFO to debt reduction in 2025, with 50%+ recovery expected in 2026 through regulatory mechanisms.

**【Q&A Highlights】**
- **GenCo pipeline**: 1-3 GW in active negotiations, with 3 GW+ in development. Speed to market improved with dedicated team and long-lead capital investments.
- **Regulatory updates**: 
  - PA: No rate case planned; $55M increase in 2025 case at 10% ROE.
  - OH: Senate Bill 103 reduces regulatory lag, with potential upside for data center growth.
  - IN: IURC special contract decision expected Q2; Schahfer coal plant compliance with DOE orders.
- **Schahfer operations**: Running as directed by FERC, with flexibility in capital plan to accommodate extended operations.
- **Segment reporting**: GenCo to be reported as separate segment starting in 2026, with full income statement disclosure as materiality grows.

NiSource Inc. (NI) Q4 2025 Earnings Call Transcript

- **Genco Growth**: $7 billion investment driving 8% to 9% EPS CAGR, with $1 billion customer savings and 2,000+ jobs.
- **Financial Discipline**: 14% to 16% FFO to debt, fixed-rate contracts, and Blackstone's $1.5 billion equity support.
- **Strategic Pipeline**: 3 GW data center pipeline, 2026 EPS of $2.02 to $2.07, and 6% to 8% utility growth.
- **Risk Management**: Regulatory compliance, construction timelines, and technology choices (battery vs. gas).

**【CEO Summary Section】**
- Announced a $7 billion investment in Genco, a new business model to serve large data center customers while protecting existing utility customers.
- Projected 6% to 8% annual EPS growth for the base utility business and 8% to 9% for the consolidated business (including Genco).
- Secured a data center contract with a large investment-grade customer, enabling $1 billion in savings for retail customers through cost flowback mechanisms.
- Highlighted economic development benefits, including 2,000+ jobs and tax revenue growth in Indiana.

**【CFO Financial Commentary】**
- Third-quarter adjusted EPS of $0.19, with 2025 guidance reaffirmed at $1.85 to $1.89 and 2026 guidance of $2.02 to $2.07.
- Total capital expenditure plan increased to $28 billion over five years, including $7 billion for Genco.
- Emphasized financial discipline: 14% to 16% FFO to debt ratio and risk management in Genco contracts (fixed rate structure, termination protections, and cost-sharing provisions).
- Blackstone's $1.5 billion equity commitment to Genco, supporting capital flexibility and minimizing dilution.

**【Q&A Highlights】**
- Customer quality: The data center partner is an investment-grade entity with a 2.4 GW load, part of a 3 GW pipeline.
- Credit metrics: No expected downgrade threshold change due to Genco's risk management (similar to utility business).
- Execution risks: Construction timelines, technology choices (e.g., battery vs. gas), and regulatory approvals (e.g., MISO compliance).

NiSource (NI)-29 Oct 25-2025 Q3 Earnings call transcript

- **EPS Guidance Tightened**: 2025 adjusted EPS narrowed to upper half of $1.85-$1.89 range, driven by operational excellence and regulatory execution.
- **AI-Driven Efficiency**: 24% productivity improvement from AI tools, with WAM program operational across 5,000 users.
- **Regulatory Momentum**: $40.7M Virginia rate increase and $257M Indiana uplift highlight constructive stakeholder relationships.
- **Data Center Growth**: Targeting Q3 GenCo order, with 2,600+ jobs from new industrial projects in Indiana.
- **Financial Strength**: $1.65B debt issuance maintains 14%-16% FFO/debt target, with stable credit ratings.

**【CEO Summary Section】**
- **Adjusted EPS Update**: Q2 2025 adjusted EPS of $0.22, year-to-date $1.19, narrowing 2025 guidance to upper half of $1.85-$1.89 range.
- **AI Transformation**: Work management AI improved productivity by 24%, with 9,966 miles of leak survey completed Q2. WAM program now operational across 5,000 users, integrating 23 systems.
- **Regulatory Wins**: Virginia rate case approved with $40.7M revenue increase (9.75% ROE), Indiana NIPSCO Electric rate case provides $257M uplift. Pennsylvania rate case expected Q4.
- **Data Center Strategy**: GenCo application under review, targeting Q3 2025 order. Engaging with counterparties for data center development in Indiana, supporting 2,600+ jobs.

**【CFO Financial Commentary】**
- **Financial Performance**: Q2 adjusted EPS $0.22 (+$0.01 YoY), driven by NIPSCO and Columbia outperformance. 2025 FFO/debt target (14%-16%) maintained post-$1.65B senior notes issuance.
- **Capital Plan**: $19.4B 5-year plan (48% gas hardening), $2.2B upside projects in pipeline. Templeton Wind on track for 2027 COD, Schahfer coal plant to retire end-2025.
- **Debt Management**: Refinanced $1.25B August maturity, eliminating near-term refinancing risk. S&P, Moody's, Fitch reaffirm ratings with stable outlooks.

**【Q&A Key Highlights】**
- **Data Center Demand**: Northern Indiana sees strong demand for GenCo model, with 2.6k+ jobs from new industrial projects. Ohio metro growth 38% above national average.
- **Regulatory Timeline**: GenCo declination order expected Q3, with parallel counterparties negotiations. HB 1007 provides alternative for large load customers.
- **Coal Plant Extension**: Schahfer retirement remains on track, but exploring federal/state cost recovery for potential extensions. Michigan City retirement end-2028.
- **Financing Flexibility**: Base business outperformance (FFO +14%-16%) provides funding for GenCo without near-term earnings impact. Retaining flexibility on GenCo financing structure.

NiSource Inc. (NI) Q2 2025 Earnings Call Transcript

- **Q1 EPS Beats Expectations**: $0.98 vs. $0.85 prior year, driven by regulated revenue growth and capital deployment efficiency.
- **AI-Driven Operational Excellence**: 60,000+ hours of productivity gains from AI-optimized schedules; 16.5% efficiency improvements across utility regions.
- **Genco Regulatory Innovation**: Proposed structure separates costs for new large load customers, enabling 240-day regulatory timeline bypass while protecting existing ratepayers.
- **$19B+ Capital Plan**: 85% of O&M costs labor-based, mitigating tariff risks; 97% domestic procurement reduces supply chain vulnerability.
- **Data Center Growth Catalyst**: Indiana's low-cost energy, skilled workforce, and constructive regulatory environment attract $2.2B+ incremental capital opportunities.


**【CEO Summary Section】**
- **Q1 2025 Financial Highlights**: Adjusted EPS of $0.98, up 15% YoY, driven by regulated revenue growth and capital investments. Full-year 2025 guidance reaffirmed at $1.85-$1.89 EPS.
- **Strategic Priorities**: Focus on operational excellence through AI adoption (e.g., 60,000+ hours of productivity gains) and regulatory collaboration. Ohio Senate Bill 103 reduces regulatory lag for capital recovery.
- **Genco Project Update**: Filed for regulatory approval to separate costs for new large load customers, protecting existing ratepayers while enabling faster resource deployment. Negotiations with potential data center customers ongoing.
- **Capital Allocation**: $19B+ planned over 5 years, with $2.2B upside for safety/reliability upgrades. 97% of procurement from domestic suppliers mitigates tariff risks.

**【CFO Financial Commentary】**
- **Q1 2025 Financial Results**: GAAP net income $420M, Non-GAAP EPS $1.08 (vs. $0.85 prior year). O&M flat YoY at $1.4B due to Project Apollo cost savings (e.g., 16.5% productivity gains across utility regions).
- **Tariff Mitigation**: 85% of O&M costs labor-based, reducing tariff exposure. Secured 50%+ of 2025 equity issuances and $750M debt issuance.
- **Long-Term Financial Outlook**: 2025-2029 EPS CAGR 6%-8%, 8%-10% rate base growth, 14%-16% FFO-to-debt ratio. Hybrid securities and senior unsecured debt enhance capital flexibility.

**【Q&A Key Themes】**
- **Genco Regulatory Path**: Declination filing aims to bypass 240-day CPCN process, enabling faster PPA execution. Special contracts with customers can be filed independently of regulatory outcome.
- **Data Center Development**: Indiana positioned as U.S. onshoring hub with low-cost energy and skilled workforce. Potential $2.2B+ incremental capital for data center-related infrastructure.
- **Coal Retirements**: Assessing federal/state policies on coal plant extensions; current plan remains to retire Schaefer (MI) by end-2025 and Michigan City (IN) by end-2028.
- **Tariff Impact**: Domestic supply chain (97% domestic procurement) and AI-driven efficiency (e.g., 40,000+ hours saved via Work Management Intelligence) mitigate inflation risks.
- **O&M Cost Control**: Project Apollo saves ~$100M annually; flat O&M target maintained despite rising labor costs.


NiSource (NI)-7 May 25-2025 Q1 Earnings call transcript

- **EPS Growth**: 2024 adjusted EPS of $1.75 (9.4% YoY), 2025 guidance raised to $1.85-$1.89 (6%-8% growth). 
- **Capital Deployment**: $19.4B 5-year base CapEx plan, with $2.2B upside for data centers. 
- **Operational Excellence**: 8% reduction in OSHA incidents, $77M savings from Apollo program. 
- **Data Center Strategy**: GENCO filing to enable serving large load customers in Indiana with 2025 timeline. 
- **Balance Sheet Strength**: FFO to debt of 14.6%, $600M ATM program, and $1B junior subordinated notes. 
- **Customer Satisfaction**: #1 in regional customer service for NIPSCO Electric and Columbia Gas of Virginia.

**【CEO Summary Section】**
- Highlighted NiSource's investment thesis: delivering safe, reliable energy with efficient capital deployment and constructive regulatory recovery. 
- 2024 adjusted EPS of $1.75, exceeding guidance by 9.4%, with 2025 guidance raised to $1.85-$1.89 (6%-8% growth). 
- $6.9B in 2023-2024 CapEx, with $340M in revenue recovery. 
- Operational excellence: 8% reduction in OSHA recordable incidents, 16% productivity gain via AI-driven work management. 
- Data center opportunity in Indiana: GENCO filing to enable serving large load customers with speed, while protecting existing rate base. 

**【Regulatory & Financial Update】**
- NIPSCO electric rate case filed with $2.5B in investments, including solar/storage projects. 
- 2024 residential gas bill decline of 11%, lowest in 10 years. 
- New projects: food cold storage facility (2026), EV battery plant, and industrial coal-to-gas conversion. 
- Named #1 in customer satisfaction for NIPSCO Electric and Columbia Gas of Virginia. 
- 11th consecutive Dow Jones Sustainability Index inclusion. 

**【Financial Results & Capital Expenditures】**
- 2024 adjusted EPS of $1.75, driven by $367M in incremental revenue. 
- 2025-2029 base CapEx of $19.4B (8%-10% rate base growth), with upside plan at $2.2B. 
- Balance sheet strength: FFO to debt of 14.6%, $600M ATM program, and $1B junior subordinated notes. 
- Dividend increased to $1.12 (60% payout ratio). 
- 2025 EPS guidance reflects 6% higher midpoint than 2022 forecast, outperforming sector median. 

**【Q&A Highlights】**
- GENCO filing: allows serving data centers with speed, while maintaining financial integrity. IURC ruling expected Q3 2025. 
- Data center discussions progressing positively, with potential 2025 signings. 
- Financing: cash from operations and junior subordinated notes sufficient for upside CapEx. 
- No FERC approval needed for GENCO setup; only future administrative filings. 
- Customer demand for data centers remains strong post-DeepSeek event.

Actual																	0.76	0.13	0.09	0.34	0.77	0.13	0.11	0.39	0.75	0.12	0.1	0.5	0.77	0.11	0.19	0.53	0.85	0.21	0.2	0.49	0.98	0.22	0.19	0.51
Forecast																	0.8006	0.0753	0.0265	0.3294	0.7734	0.1335	0.0951	0.3581	0.7668	0.1208	0.1052	0.4817	0.7547	0.1057	0.1577	0.5488	0.8276	0.1615	0.1603	0.4791	0.8957	0.205	0.196	0.4981
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.07%	+72.64%	+239.62%	+3.22%	-0.44%	-2.62%	+15.67%	+8.91%	-2.19%	-0.66%	-4.94%	+3.80%	+2.03%	+4.07%	+20.48%	-3.43%	+2.71%	+30.03%	+24.77%	+2.28%	+9.41%	+7.32%	-3.06%	+2.39%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	1.63B	960.05M	900.25M	1.21B	1.55B	980.00M	944.00M	1.41B	1.87B	1.18B	1.09B	--	2.00B	1.09B	1.04B	1.42B	1.74B	1.10B	1.08B	1.86B	2.17B	1.28B	1.27B	1.38B
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	1.92B	1.08B	973.80M	1.54B	1.83B	1.04B	950.45M	1.51B	1.69B	1.06B	1.02B	1.39B	1.87B	1.12B	1.16B	1.70B	2.37B	905.26M	986.00M	1.78B	2.16B	1.21B	1.04B	1.20B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-15.16%	-11.35%	-7.55%	-21.20%	-15.10%	-5.63%	-0.68%	-6.49%	+10.92%	+11.66%	+6.75%	0.00%	+7.04%	-2.20%	-10.67%	-16.43%	-26.48%	+21.16%	+9.73%	+5.03%	+0.84%	+5.72%	+21.89%	+14.93%

NI

NI fundamentals

NI Q4 2025 Earnings

Earnings Call

You can ask Aime

NI

NI fundamentals

NI Q4 2025 Earnings

Earnings Call

NI Earnings Call Summary for Q4/202511:00 AM on Feb 11, 2026

NI Earnings Call Summary for Q3/202511:00 AM on Oct 29, 2025

NI Earnings Call Summary for Q2/202511:00 AM on Aug 6, 2025

NI Earnings Call Summary for Q1/202511:00 AM on May 7, 2025

NI Earnings Call Summary for Q4/202411:00 AM on Feb 12, 2025

You can ask Aime