NiSource reported higher third-quarter earnings and raised the growth ambitions in its long-term plan, extending its capital-investment outlook through 2033. The utility narrowed its 2026 adjusted-earnings guidance to the upper half of its existing range, set a 2027 target and said a new Microsoft agreement expands expected savings for customers tied to its generation business.
Key details
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Third-quarter earnings increased year over year. NiSource’s GAAP net income available to common shareholders was $129.5 million, or $0.27 per diluted share, compared with $94.7 million, or $0.20 per share, in the third quarter of 2025. On an adjusted basis, net income was $130.9 million, or $0.27 per share, versus $91.8 million, or $0.19 per share.
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Adjusted earnings also rose for the first nine months, while GAAP earnings per share were unchanged. From January through September, GAAP net income was $685.7 million, or $1.42 per diluted share, compared with $671.7 million and $1.42 per share a year earlier. Adjusted net income was $718.1 million, or $1.49 per share, up from $656 million, or $1.38 per share.
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The company tightened its 2026 outlook and introduced 2027 guidance. NiSource now expects 2026 adjusted earnings per share in the upper half of its $2.02-to-$2.07 range. For 2027, it expects adjusted earnings per share of $2.22 to $2.30.
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The capital plan now covers seven years and $40 billion of investment. NiSource expects to spend $32 billion on its base plan and another $8 billion on data-center investments from 2027 through 2033. The plan is expected to support 9% to 10% growth in the company’s consolidated investment base over that period.
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The longer-term earnings target is higher than the base-plan growth target. NiSource expects adjusted earnings per share to grow at a 10% to 11% compound annual rate from 2027 through 2033. Within the base plan, it expects annual adjusted EPS growth of 6% to 8% and rate-base growth of 8% to 10%.
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Expected customer savings from GenCo agreements have risen to about $1.75 billion. NiSource linked the increased savings estimate to a new agreement with Microsoft and said its signed GenCo agreements are expected to deliver those savings to existing customers. The announcement does not provide the agreement’s financial terms or a timeline for realizing the savings.
Plain-English implications
NiSource’s plan combines a substantial base of utility-system investment with a separate allocation for data centers, while setting a consolidated earnings-growth target above the growth rate projected for the base plan alone. The announced customer-savings figure is tied to GenCo agreements, including the new Microsoft agreement; the release does not specify how those savings will be distributed over time.