NiSource Q3 Earnings Lag Estimates, Revenues Rise Y/Y, Capex Up

NiSource Inc. NI has reported third-quarter 2025 operating earnings per share (EPS) of 19 cents, which missed the Zacks Consensus Estimate of 20 cents by 5%. The bottom line was lower than the year-ago quarter’s earnings by a penny.
 
On a GAAP basis, the company reported an EPS of 20 cents compared with 19 cents in the prior-year quarter.

NI’s Total Revenues

Operating revenues of $1.28 billion beat the Zacks Consensus Estimate of $1.17 billion by 8.6%. The top line also increased 18.3% from the prior-year quarter’s figure of $1.08 billion.

Highlights of NI’s Earnings Release

Total operating expenses amounted to $0.98 billion, up 13.7% from the year-ago quarter’s $0.86 billion.

Operating income totaled $297.5 million, up 36.3% from the year-ago figure of $218.3 million.

Net interest expenses amounted to $179.8 million, up 33.6% from the prior-year quarter’s $134.6 million.

Total gas distribution in Sales and Transportation (excluding weather) was recorded at 100.2 Million British Thermal Units per day (MMDth), up 3.5% from the prior-year quarter’s 96.8 MMDth.

Total electric sales (excluding weather) were recorded at 4,621.6 gigawatt-hours (GWh), up 0.8% from the prior-year quarter’s 4,587.1 GWh.

NI’s Financial Update

NiSource's cash and cash equivalents as of Sept. 30, 2025, were $95 million compared with $156.6 million as of Dec. 31, 2024.

Long-term debts (excluding those due within a year) as of Sept. 30, 2025, were $14.47 billion compared with $12.07 billion as of Dec. 31, 2024.

Net cash flows from operating activities in the first nine months of 2025 were $1.65 billion compared with $1.24 billion in the first nine months of 2024.

NI’s liquidity as of Sept. 30, 2025, was nearly $3 billion, which is sufficient to meet near-term obligations.

NI’s 2025 Guidance

The company reaffirmed 2025 non-GAAP earnings of $1.85-$1.89 per share, and expects 2026 non-GAAP earnings in the range of $2.02-$2.07. The Zacks Consensus Estimate for 2025 and 2026 earnings per share is pegged at $1.88 and $2.03 per share, respectively, which are within the company’s guided range.

NI expects to witness an earnings CAGR of 6-8% through 2030.

It expects a capital expenditure of $28 billion for the 2026-2030 period. The newly consolidated capital expenditure plan totals $28 billion, nearly $8.6 billion higher than the previous five-year plan, driven largely by $7 billion in strategic investments for data centers.

NI’s Zacks Rank

NiSource currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Releases

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CNP’s long-term earnings growth is currently pegged at 7.93%. The Zacks Consensus Estimate for 2025 earnings per share is pegged at $1.76, indicating year-over-year growth of 8.64%.

 

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