NISOURCE INC. (NI): Results of Operations and Financial Condition
NISOURCE INC. (NI) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 FOR IMMEDIATE RELEASE August 5, 2026 FOR ADDITIONAL INFORMATION Media Investors media@nisource.com investors@nisource.com NiSource announces second quarter results • Reaffirming 2026 non-GAAP consolidated adjusted EPS guidance • Reaffirming 2026-2033 non-GAAP consoli
How this was made
The 30-second read
Why it matters
The key tradable items are the reaffirmed 2026 non-GAAP adjusted EPS range ($2.02 to $2.07), the 2026-2033 adjusted EPS CAGR (9% to 10%), and the $28.6B 2026-2030 capital investment plan, including $1.4B in savings progress tied to Amazon and Alphabet agreements.
Market read
Guidance reaffirmation plus large capex and data center contract progress can move expectations for earnings durability and rate base growth.
What to watch
Investors may focus on weather sensitivity, regulatory approval timing, and whether data center special contracts translate into durable rate base and cash flows versus non-GAAP presentation effects.
NiSource announces second quarter results and reaffirms 2026 non-GAAP consolidated adjusted EPS guidance.
Second-quarter GAAP and non-GAAP earnings per share were below the same period of 2025, while six-month non-GAAP consolidated adjusted EPS exceeded the prior-year period and the company reaffirmed its 2026 non-GAAP consolidated adjusted EPS guidance.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net income available to common shareholdersGAAP | $45.5 million | – | – |
| Earnings per diluted shareGAAP | $0.09 of earnings per diluted share | – | – |
| Adjusted net income available to common shareholdersnon-GAAP | $77.6 million | – | – |
| Consolidated adjusted EPSnon-GAAP | $0.16 of consolidated adjusted EPS | – | – |
| Six-month net income available to common shareholdersGAAP | $556.2 million | – | – |
| Six-month diluted earnings per shareGAAP | $1.15 diluted earnings per share | – | – |
| Six-month adjusted net income available to common shareholdersnon-GAAP | $587.2 million | – | – |
| Six-month consolidated adjusted EPSnon-GAAP | $1.22 of consolidated adjusted EPS | – | – |
2026 outlook
- Notenon-GAAP consolidated adjusted EPS guidance of $2.02-$2.07
- Notecompound annual growth rate (CAGR) with respect to non-GAAP consolidated adjusted EPS of 9%-10% from 2026-2033
- Note2026-2030 consolidated capital investment plan of $28.6 billion, including $21.0 billion of base capital investments and $7.6 billion of strategic data center infrastructure investments
- Noteexpected to support 9%-11% consolidated rate base growth from 2026-2033
What drove it
- Regulatory approvals of Amazon and Alphabet special contracts advanced the company’s data center strategy.
- $1.4 billion in savings for existing customers through recently approved Amazon and Alphabet agreements.
- Management cited disciplined execution of efficiency initiatives and regulatory mechanisms that provide visibility into cost recovery.
- Management cited elevated storm activity during the season.
Concerns
- Second-quarter GAAP net income available to common shareholders and earnings per diluted share were below the same period of 2025.
- Second-quarter non-GAAP adjusted net income available to common shareholders and consolidated adjusted EPS were below the same period of 2025.
- The company identified execution, financing, construction, cost-estimate, regulatory recovery, customer-performance and credit-rating risks associated with its data center strategy.
What to watch
- Execution of the $28.6 billion 2026-2030 consolidated capital investment plan.
- Development and regulatory execution of the Amazon and Alphabet special contracts.
- Delivery of the reaffirmed 2026 non-GAAP consolidated adjusted EPS guidance of $2.02-$2.07.
- Progress toward 9%-11% consolidated rate base growth from 2026-2033.
- Efficiency initiatives, cost recovery and the effects of weather conditions.
Analysis
NiSource reported lower second-quarter earnings versus the same period of 2025. GAAP net income available to common shareholders was $45.5 million, or $0.09 of earnings per diluted share, compared with $102.2 million, or $0.22 of earnings per diluted share. Non-GAAP adjusted net income available to common shareholders was $77.6 million and consolidated adjusted EPS was $0.16, compared with $101.9 million and $0.22, respectively, in the same period of 2025.
The six-month comparison was more favorable on the non-GAAP measure. Six-month consolidated adjusted EPS was $1.22, compared with $1.19 for the same period of 2025, and six-month adjusted net income available to common shareholders was $587.2 million, compared with $564.2 million. Six-month GAAP net income available to common shareholders was $556.2 million, compared with $577.0 million, while diluted earnings per share was $1.15 compared with $1.22.
Management emphasized utility service during elevated storm activity, efficiency initiatives and regulatory mechanisms that provide visibility into cost recovery. The release does not provide revenue, segment revenue, gross margin, operating income, operating cash flow, free cash flow or balance-sheet figures, limiting assessment of demand, mix, margins and cash conversion from the supplied filing text.
The strategic focus is data center infrastructure. NiSource cited regulatory approvals of Amazon and Alphabet special contracts, stated that the agreements are advancing $1.4 billion in savings for existing customers, and maintained a $28.6 billion 2026-2030 consolidated capital investment plan. That plan includes $21.0 billion of base capital investments and $7.6 billion of strategic data center infrastructure investments, and is expected to support 9%-11% consolidated rate base growth from 2026-2033.
NiSource reaffirmed 2026 non-GAAP consolidated adjusted EPS guidance of $2.02-$2.07 and its 9%-10% compound annual growth rate for non-GAAP consolidated adjusted EPS from 2026-2033. The company does not provide a GAAP equivalent or reconciliation for this guidance, citing unpredictable factors including weather, asset sales, impairments and other unusual or infrequent items. Execution, financing, construction and regulatory recovery related to data center projects remain central factors to monitor.
Management, verbatim
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.
Lloyd Yates, President and CEO
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.
Lloyd Yates, President and CEO
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
Not in the filing
stated, not guessed- Total revenue for the second quarter 2026 and comparative periods
- Segment revenue and segment earnings metrics
- Gross profit and gross margin
- Operating income and operating margin
- Operating expenses
- Income tax expense and tax rate
- Operating cash flow
- Free cash flow
- Cash, cash equivalents and debt balances
- Share repurchases and dividends
- Prior-quarter comparisons for reported earnings metrics
- Percentage year-over-year and quarter-over-quarter changes for reported earnings metrics
- Revenue, gross margin, operating expenses and tax-rate guidance
- Base plan adjusted EPS guidance figure
- Previous-release outlook for comparison with actual results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is a Form 8-K with NiSource’s Q2 2026 results and reaffirmed 2026 adjusted EPS guidance, alongside its multi-year capex and data center strategy updates.
Ticker impact
NiSource reported Q2 2026 GAAP and non-GAAP results and reaffirmed 2026 adjusted EPS guidance of $2.02 to $2.07.
Likely modest positive bias if investors view the reaffirmation and data center contract approvals as de-risking earnings growth; otherwise limited upside given GAAP net income decline.
The filing provides fresh, decision-relevant guidance numbers and capex targets, but it is a reaffirmation rather than an upward revision, and GAAP earnings were lower year over year.
Market effects
Reaffirmed utility earnings growth and large capex plus data center load strategy may support sentiment toward regulated utilities with growth visibility.
Limited direct regional spillover beyond US regulated gas and electric utilities.
Low, as the disclosure is US utility-specific.
Counterpoint
The reaffirmed guidance may already be priced, and the year-over-year GAAP net income decline suggests underlying earnings pressure despite non-GAAP stability.
Key entities
- companyNiSource Inc.
US regulated utility reporting Q2 2026 results and reaffirming 2026 adjusted EPS guidance and long-range growth targets.
- counterpartyAmazon
Referenced as part of recently approved special contracts supporting NiSource’s data center strategy.
- counterpartyAlphabet
Referenced as part of recently approved special contracts supporting NiSource’s data center strategy.
