NiSource Inc. reported its fourth‑quarter 2025 results, posting an adjusted earnings per share of $0.51 versus the consensus estimate of $0.49, a beat of $0.02 or 4.1%. The company also generated operating revenue of $1.89 billion, surpassing the $1.3 billion estimate by $0.59 billion, a 45.5% outperformance.
The earnings beat was driven by disciplined cost management and a favorable mix of high‑margin regulated utility and data‑center segments. Revenue growth of 18.4% compared with the prior year was largely supported by a 20% increase in regulated utility sales and a 25% rise in data‑center and renewable‑energy contracts, offsetting modest headwinds in legacy gas distribution.
Operating income rose 18.1% year‑over‑year to $1.12 billion, reflecting both higher revenue and a 0.5 percentage‑point improvement in operating margin. The company’s ability to maintain margin expansion amid rising fuel costs signals strong pricing power in its regulated markets.
Management reiterated its 2026 guidance for consolidated adjusted EPS of $2.02 to $2.07 per share, unchanged from the prior outlook. The guidance, which sits within the consensus range, underscores confidence in continued demand for data‑center infrastructure and the expected upside from the Amazon Genco partnership.
NiSource also confirmed its $28 billion capital‑expenditure plan through 2030, with a focus on expanding battery storage and power‑plant capacity in Indiana and Ohio. CEO Lloyd Yates highlighted the company’s momentum, noting that the quarter’s results “demonstrate the effectiveness of our diversified portfolio and the value of our strategic investments in data‑center projects.”
Market reaction to the earnings was positive, with the stock trading higher in pre‑market and intraday sessions, reflecting investor approval of the revenue beat and the firm’s continued commitment to dividend growth.
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