NiSource Q3 2026 Earnings: Adjusted EPS Rises to $0.27

NiSource (NYSE: NI) reported Q3 2026 GAAP net income available to common shareholders of $129.5 million, up from $94.7 million, while diluted EPS increased to $0.27 from $0.20 for the quarter ended September 30, 2026. Non-GAAP adjusted net income rose to $130.9 million from $91.8 million, with adjusted EPS increasing to $0.27 from $0.19. The company also narrowed its 2026 earnings guidance and extended its capital plan through 2033, with data center investment becoming a larger part of the long-term outlook.

Core Earnings Data

NiSource recorded year-over-year growth under both GAAP and adjusted measures. The increase came despite diluted average shares rising by about 1.6%, although the release did not attribute the earnings improvement to specific operating segments.

The quarter’s non-GAAP reconciliation included a $6.0 million adjustment for Value Captured initiative costs, partly offset by a $4.0 million weather-related revenue adjustment and a $0.6 million tax effect. The resulting net adjustment was only $1.4 million, leaving GAAP and adjusted EPS equal at $0.27 after rounding.

Data Center Investment Widens the Growth Outlook

NiSource’s new seven-year capital plan calls for $40.0 billion of expenditures from 2027 through 2033. The total consists of $32.0 billion for the base plan and $8.0 billion for data center investments, meaning data centers account for about 20% of planned spending.

The company defines base plan adjusted EPS as excluding data center operations and development activities, while consolidated adjusted EPS includes them. This distinction explains the difference between the expected 6%-8% annual base plan EPS growth and the higher 10%-11% consolidated adjusted EPS CAGR for 2027-2033.

NiSource also said its signed GenCo agreements, expanded through a new agreement with Microsoft, are expected to generate approximately $1.75 billion in savings for existing customers. That amount represents an expected customer benefit rather than Q3 revenue or earnings.

Earnings Guidance

NiSource narrowed its 2026 consolidated adjusted EPS outlook to the upper half of the existing $2.02-$2.07 range. It also introduced a 2027 EPS range and extended its long-term growth framework through 2033.

Management did not provide GAAP equivalents for the adjusted EPS guidance because weather, asset sales, impairments, and other unpredictable items could materially affect the comparable GAAP figures.

Recent Insider Transactions

Recent insider records categorize 41,877 shares across 11 transactions as purchases and 84,914 shares across four transactions as sales, resulting in net sales of 43,037 shares over six months. The latest 10 entries consist of four sales with an aggregate reported value of about $3.85 million and six director stock awards valued at approximately $1.07 million.

All 10 transactions were reported as direct holdings. The stock awards are grants and should not be interpreted as open-market purchases, while the reported sales alone do not establish insiders’ views on the company’s outlook.

Risks Investors Need to Watch

• Data center execution and financing: NiSource must construct generation and transmission assets on schedule and within initial cost estimates. The $8.0 billion data center program also requires significant financing while the company seeks to maintain investment-grade credit ratings.
• Customer contract performance: Expected returns depend on current and future data center customers meeting their obligations. Defaults, capacity reductions, or contract terminations could weaken the expected contribution from these investments.
• Regulatory recovery: The long-term capital plan assumes NiSource can recover investments and earn expected returns through contracts and regulatory processes. Different regulatory outcomes could affect earnings and cash generation.
• Weather and operating costs: Extreme weather can affect service reliability, infrastructure spending, and reported results. The Q3 reconciliation included a $4.0 million weather adjustment relative to normal conditions.

Summary

NiSource’s Q3 2026 results showed higher GAAP and adjusted earnings with only a small gap between the two measures. The more consequential development was the extension of the capital plan through 2033: base utility investment supports the existing growth framework, while $8.0 billion of data center spending underpins the higher consolidated earnings target. Execution, financing, customer commitments, and regulatory cost recovery will determine whether that long-term growth gap is realized.