NiSource posts full-year 2025 net income of $929.5M

NiSource (NYSE:NI) signaled a fundamental shift in its growth trajectory today, reporting record 2025 results alongside a transformative capital plan that hitches the utility’s future to the burgeoning AI and data center sector.

The Merrillville, Indiana-based company posted full-year adjusted net income of $905.2 million, or $1.90 per share, comfortably beating its own guidance and marking a nearly 9% increase over 2024.

The utility’s results were a secondary story to its ambitious 2026–2030 roadmap.

NiSource reaffirmed it will invest $28 billion over the next five years, a 45% surge compared to its previous plan.

The centerpiece of this expansion is a nearly $7 billion strategic partnership with Amazon Web Services (AWS) in Northern Indiana.

Under a first-of-its-kind "GenCo" structure, NiSource will build two 1,300-megawatt natural gas-fired turbines and 400 megawatts of battery storage exclusively to power Amazon's multi-billion dollar data center campuses.

The Amazon deal is uniquely structured to flow back $1 billion in savings to residential ratepayers, a move designed to secure regulatory favor as the company expands its footprint.

The shift into high-load data center infrastructure is expected to accelerate NiSource's earnings growth significantly.

The company also raised its long-term compound annual growth rate (CAGR) for adjusted EPS to 8%–9% through 2033, up from its historical 6%–8% base utility target.

This growth is underpinned by an anticipated 9%–11% expansion of its rate base, fueled by the $11 billion hardening of its gas distribution networks and the $7 billion data center blitz.

Looking to the immediate future, NiSource reaffirmed its 2026 adjusted EPS guidance of $2.02 to $2.07.