NiSource Reports Higher Q4 and Full-Year Earnings

Utility highlights customer affordability, capital discipline, and expanding large-load opportunities

Published on Feb. 12, 2026

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NiSource (NYSE:NI) reported higher fourth-quarter and full-year adjusted earnings, reaffirmed 2026 guidance, and emphasized customer affordability, disciplined capital deployment, and expanding large-load opportunities during the company's fourth-quarter 2025 earnings call.

Why it matters

As a major utility provider, NiSource's financial performance and strategic priorities provide insights into the broader energy industry landscape, including trends around customer costs, infrastructure investments, and commercial growth opportunities.

The details

NiSource reported fourth-quarter 2025 adjusted earnings of $0.51 per share, up from $0.49 in the year-ago period. For full-year 2025, the company posted adjusted EPS of $1.90, compared with $1.75 in 2024. The company also highlighted balance sheet performance, with FFO to debt of 16.1% for 2025 exceeding its targeted range. NiSource reaffirmed 2026 consolidated adjusted EPS guidance of $2.02 to $2.07, reflecting roughly 8% year-over-year growth. Management reiterated a longer-term framework of 8% to 9% compound annual growth rate through 2033, supported by a 9% to 11% consolidated rate base CAGR.

  • NiSource reported fourth-quarter 2025 adjusted earnings on February 12, 2026.
  • The company posted full-year 2025 adjusted EPS on February 12, 2026.
  • NiSource reaffirmed 2026 consolidated adjusted EPS guidance on February 12, 2026.

The players

NiSource

A publicly traded energy holding company headquartered in Merrillville, Indiana, that primarily owns and operates regulated local gas and electric utilities in the United States.

Lloyd Yates

The CEO of NiSource.

Shawn Anderson

The CFO of NiSource.

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What they’re saying

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