10-Q · August 5, 2026
The supplied 10-Q text is limited to the latter portion of MD&A and Part II and does not include the financial statements, segment tables, balance sheet, or cash-flow statement needed to quantify Q2 operating trends.…
Earnings analysis · 10-Q
NI earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
NiSource reported Q3 GAAP diluted EPS of $0.27, up from $0.09 in Q2 2026 and $0.20 in Q3 2025, while beating the $0.23 consensus estimate. The filing does not provide sufficient current-quarter revenue, margin,…
Read full summary
NiSource reported Q3 GAAP diluted EPS of $0.27, up from $0.09 in Q2 2026 and $0.20 in Q3 2025, while beating the $0.23 consensus estimate. The filing does not provide sufficient current-quarter revenue, margin, cash-flow or segment data to assess those trends. Management’s outlook emphasizes substantial data center-driven growth, including approximately 4,920 MW of capacity expected at full ramp in 2032, but the expanded risk disclosures highlight concentration, construction, financing and customer-commitment risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.27
What stood out
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EPS rose sharply and beat estimates
GAAP diluted EPS was $0.27, up $0.18, or 200%, from $0.09 in the prior quarter and up $0.07, or 35%, from $0.20 in Q3 2025. EPS also exceeded the $0.23 consensus estimate by $0.04.
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Data center capacity opportunity expands
NiSource expects to employ approximately 4,920 MW of capacity at full ramp in 2032 to serve its three existing data center customers, compared with approximately 3,967 MW of owned generating resources and 1,200 MW of PPA capacity as of December 31, 2025.
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Large battery project supports growth
The company disclosed a 600 MWAC / 2,400 MWh stand-alone battery storage project under a tolling agreement, illustrating the planned capacity resources supporting data center growth.
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Long-term earnings outlook strengthened
The company introduced 2027 adjusted EPS guidance of $2.22-$2.30 and raised its 2027-2033 consolidated EPS CAGR outlook to 10%-11%.
What to watch
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Data center concentration risk
At full ramp in 2032, approximately 4,920 MW of capacity is expected to serve only three existing data center customers, versus approximately 3,967 MW of owned generation and 1,200 MW of PPA capacity at December 31, 2025. This creates material customer and industry concentration exposure.
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Customer capacity reduction exposure
ADS has a one-time option, exercisable no later than March 31, 2029, to reduce committed capacity by 1,200 MW beginning January 31, 2032. Reimbursement for related investment is capped based on signing-date cost estimates, creating potential recovery risk.
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Capital, financing and execution risk
NiSource expects to construct significant generation and transmission assets and obtain significant additional long-term debt and equity financing. The filing also identifies a 600 MWAC / 2,400 MWh third-party battery project whose financing, interconnection and EPC execution remain dependencies.
Management's outlook
The company introduced 2027 adjusted EPS guidance of $2.22-$2.30 and raised its 2027-2033 consolidated EPS CAGR outlook to 10%-11%. For 2026, adjusted EPS guidance was narrowed to the upper half of the prior $2.02-$2.07 range. The 10-Q itself does not provide quarterly revenue or segment guidance; additional outlook was provided in the October 28, 2026 earnings release.
Earlier filings 4
10-Q · May 6, 2026
NiSource Inc. reported Q1 2026 revenue of $2.29 billion, slightly above analyst estimates of $2.855 billion, with EPS of $1.06 compared to the expected $1.05. The company's strong results were driven by cost savings…
10-K · February 11, 2026
NiSource presents a utility-first strategy anchored in its two regulated segments (Columbia and NIPSCO) while pursuing growth via a large data‑center contract (the ADS Contract executed September 2025) and GenCo…
10-K · February 12, 2025
NiSource positions itself as a core, rate‑regulated utility focused on safety, infrastructure investment and aligning tariff structures with costs to support long‑term returns. The company serves approximately 3.8…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.