NiSource reaffirmed its target for consolidated adjusted EPS to grow at a 9% to 10% compound annual rate from 2026 through 2033 despite reporting a year-over-year decline in second-quarter adjusted earnings, with the utility continuing to lean on a $28.6 billion capital investment plan and a growing data-center infrastructure opportunity.
Q2 adjusted net income available to common shareholders declined to $77.6 million from $101.9 million a year earlier. Consolidated adjusted EPS fell to $0.16 from $0.22.
GAAP earnings also declined during the quarter. Net income available to common shareholders was $45.5 million, or $0.09 per diluted share, compared with $102.2 million, or $0.22 per share, in Q2 2025.
The first-half comparison was more favorable on an adjusted basis. Adjusted net income increased to $587.2 million from $564.2 million, while consolidated adjusted EPS increased to $1.22 from $1.19.
NiSource reaffirmed full-year 2026 consolidated adjusted EPS guidance of $2.02 to $2.07 and its longer-term 9% to 10% EPS CAGR target extending through 2033.
Capital investment is central to that growth plan. NiSource is executing a $28.6 billion 2026-2030 consolidated capital program, including $21 billion in base capital investment and another $7.6 billion for strategic data-center infrastructure.
The capital program is expected to support consolidated rate-base growth of 9% to 11% from 2026 through 2033, providing the regulated investment base underlying NiSource’s long-term earnings growth expectations.
Data centers are becoming an increasingly distinct component of the strategy. NiSource recently received regulatory approvals for special contracts associated with Amazon and Alphabet and said the agreements are advancing approximately $1.4 billion in savings for existing customers.
The company has also changed the way it presents earnings guidance to make the data-center opportunity more visible. Beginning in 2026, NiSource began reporting base-plan adjusted EPS separately from consolidated adjusted EPS because management expects earnings from data-center operations and development to have a different growth profile than the traditional utility business.
Consolidated adjusted EPS combines the base-plan utility business with adjusted earnings from data-center operations and development activities, allowing investors to distinguish growth coming from large-load customers from the underlying regulated utility plan.
NiSource’s long-range outlook therefore remains intact despite weaker Q2 earnings, with the company relying on regulated capital investment, efficiency initiatives, cost-recovery mechanisms and strategic data-center spending to support its targeted earnings trajectory.
KEY QUOTES:
“Our teams continue to deliver a strong value proposition for our utility customers by providing safe and reliable service across a range of weather conditions. I want to thank our employees and partners for the dedication they demonstrated serving customers during the elevated storm activity we experienced this season.”
“We also advanced our data center strategy with regulatory approvals of our Amazon and Alphabet special contracts, important proof points that demonstrate our ability to support economic growth while creating value for customers. As we enter the second half of the year, we remain confident in our plan, supported by disciplined execution of our efficiency initiatives and regulatory mechanisms that provide visibility into cost recovery.”
Lloyd Yates, President and CEO of NiSource
