NiSource narrows 2026 forecast, introduces 2027 EPS outlook
NiSource said it narrowed its 2026 adjusted EPS guidance to the upper half of $2.02 to $2.07 and expects $2.22 to $2.30 in 2027. The company also extended its capital plan through 2033.
Key takeaways
- NiSource Inc. (NI) narrowed its 2026 non-GAAP consolidated adjusted EPS guidance to the upper half of $2.02 to $2.07 and introduced 2027 guidance of $2.22 to $2.30 in results released Oct. 28. The company also extended its capital plan through 2033 to $40.0 billion.
NiSource Inc. (NI) said in results released Oct. 28 that it narrowed its 2026 non-GAAP consolidated adjusted EPS guidance to the upper half of $2.02 to $2.07. It also introduced 2027 guidance of $2.22 to $2.30.
The utility extended its capital plan through 2033. The company said its new seven-year total capital expenditures are $40.0 billion for 2027 through 2033.
Third-quarter results
Here's how the company did:
- GAAP diluted EPS: 27 cents vs. 20 cents a year earlier
- Adjusted EPS: 27 cents vs. 19 cents a year earlier
- Net income available to common shareholders: $129.5 million vs. $94.7 million a year earlier
- Adjusted net income available to common shareholders: $130.9 million vs. $91.8 million a year earlier
For the nine months ended Sept. 30, adjusted EPS was $1.49, compared with $1.38 a year earlier.
Adjustments in the quarter included $6.0 million of costs tied to the Value Captured initiative, which the company described as non-recurring third-party consulting costs and incremental severance.
2026 and 2027 guidance
The company narrowed its 2026 forecast to the upper half of the $2.02 to $2.07 range it reaffirmed on Aug. 5.
For 2027, it expects non-GAAP consolidated adjusted EPS of $2.22 to $2.30.
The company raised its expected consolidated adjusted EPS compound annual growth rate for 2027 through 2033 to 10% to 11%. Its August release gave a 9% to 10% growth rate for 2026 through 2033.
The company expects base plan adjusted EPS growth of 6% to 8% annually, extended through 2033.
Capital plan through 2033
The seven-year plan is driven by $32.0 billion in base plan capital expenditures and $8.0 billion for data center investments for 2027 through 2033. The company expects these to support 9% to 10% consolidated investment base growth over the period, with 8% to 10% rate base growth on the base plan.
In August, the company gave a 2026 through 2030 capital investment plan of $28.6 billion, including $21.0 billion of base capital investments and $7.6 billion of data center infrastructure investments.
The company also said it expanded GenCo cost savings for existing customers to approximately $1.75 billion through a new agreement with Microsoft.
President and Chief Executive Officer Lloyd Yates said, “The extension of our long-term plan reflects the significant opportunities ahead for NiSource and our confidence in our ability to deliver.” He added that the plan “supports critical infrastructure investments to enhance the safety, reliability, and resiliency of our systems.”
The company said its base plan adjusted EPS excludes the impact of data center operations and development activities. It also said it does not provide GAAP equivalents for its base plan or consolidated adjusted EPS guidance, because of factors such as weather and impairments that it cannot estimate.