NiSource Q4 Earnings Surpass Estimates, Revenues Increase Y/Y

NiSource Inc.NI reported fourth-quarter 2025 operating earnings per share (EPS) of 51 cents, which beat the Zacks Consensus Estimate of 49 cents by 4.1%. The bottom line also increased 4.1% from the year-ago quarter’s recorded figure.

On a GAAP basis, the company reported an EPS of 53 cents compared with 47 cents in the prior-year quarter.

NI reported earnings of $1.90 for 2025 compared with $1.75 per share in 2024, which reflects a year-over-year increase of 8.6%.

NI’s Total Revenues

Operating revenues of $1.89 billion beat the Zacks Consensus Estimate of $1.3 billion by 45.5%. The top line also increased 18.4% from the prior-year quarter’s figure of $1.6 billion.

NI reported total revenues of $6.61 billion for 2025 compared with $5.52 billion in 2024, which reflects a year-over-year rise of 19.8%.

Highlights of NI’s Earnings Release

Total operating expenses amounted to $1.39 billion, up 18.5% from the year-ago quarter’s $1.17 billion.

Operating income totaled $504 million, up 18.1% from the year-ago figure of $426.6 million.

Net interest expenses amounted to $187.3 million, up 36.7% from the prior-year quarter’s $137 million.

Total gas distribution in Sales and Transportation (excluding weather) was recorded at 171.4 Million British Thermal Units per day (MMDth), down 1.4% from the prior-year quarter’s 173.8 MMDth.

Total electric sales (excluding weather) were recorded at 3853.3 gigawatt-hours (GWh), up 0.2% from the prior-year quarter’s 3843.7 GWh.

NI’s Financial Update

NiSource's cash and cash equivalents as of Dec. 31, 2025 were $110.1 million compared with $156.6 million as of Dec. 31, 2024.

Long-term debts (excluding those due within a year) as of Dec. 31, 2025 were $15.46 billion compared with $12.07 billion as of Dec. 31, 2024.

Net cash flows from operating activities in 2025 were $2.36 billion compared with $1.78 billion in 2024.

NI’s liquidity as of Dec. 31, 2025 was nearly $4.7 billion, which is sufficient to meet near-term obligations.

NI’s 2026 Guidance

The company reaffirmed its 2026 non-GAAP earnings in the range of $2.02-$2.07. The Zacks Consensus Estimate for 2026 earnings per share is pegged at $2.04, which is just below the company’s guided range.

NI expects earnings to witness a CAGR of 8-9% through 2033.

NiSource anticipates a capital expenditure of $28 billion for 2026-2030. The consolidated capital expenditure plan includes utility system modernization initiatives and roughly $7 billion in strategic data center infrastructure investments.

NI’s Zacks Rank

NiSource currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Releases

NextEra Energy, Inc.NEE reported fourth-quarter 2025 adjusted earnings of 54 cents per share, which beat the Zacks Consensus Estimate of 53 cents by 1.9%. The bottom line was also up 1.9% year over year.

In the fourth quarter, NextEra Energy’s operating revenues were $6.5 billion, which missed the Zacks Consensus Estimate of $6.52 billion by 0.33%. The top line improved 20.7% year over year.

CMS Energy Corporation CMS reported fourth-quarter 2025 earnings per share of 95 cents, which beat the Zacks Consensus Estimate of 94 cents by 1.3%. The bottom line also increased 9.2% from 87 cents in the prior-year quarter.

Operating revenues totaled $2.23 billion, which outpaced the Zacks Consensus Estimate of $2.11 billion by 5.9%. The top line also increased 12.3% from $1.99 billion in the prior-year quarter.

WEC Energy GroupWEC reported fourth-quarter 2025 earnings of $1.42 per share, which beat the Zacks Consensus Estimate of $1.38 by 2.9%. The bottom line decreased 0.7% and came a penny lower from the year-ago quarter’s $1.43.

Operating revenues of $2.54 billion surpassed the Zacks Consensus Estimate of $2.45 billion by around 3.7%. The top line also increased 11% from $2.28 billion recorded in the year-ago quarter.

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