NiSource (NI)
Market Price (6/17/2026): $47.81 | Market Cap: $22.9 BilSector: Utilities | Industry: Multi-Utilities
NiSource (NI)
Market Price (6/17/2026): $47.81Market Cap: $22.9 BilSector: UtilitiesIndustry: Multi-Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, Dividend Yield is 2.4% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, CFO LTM is 2.1 Bil Low stock price volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include Renewable Energy Transition. Themes include Solar Energy Generation, Wind Energy Development, and Battery Storage & Grid Modernization. | Trading close to highsDist 52W High is -1.2%, Dist 3Y High is -1.2% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 73% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -18% Key risksNI key risks include [1] regulatory and political pressure jeopardizing specific strategic initiatives like the Genco spinoff, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, Dividend Yield is 2.4% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, CFO LTM is 2.1 Bil |
| Low stock price volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition. Themes include Solar Energy Generation, Wind Energy Development, and Battery Storage & Grid Modernization. |
| Trading close to highsDist 52W High is -1.2%, Dist 3Y High is -1.2% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 73% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -18% |
| Key risksNI key risks include [1] regulatory and political pressure jeopardizing specific strategic initiatives like the Genco spinoff, Show more. |
Qualitative Assessment
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Updated on 6/15/2026
NiSource (NI) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Consistent Q1 2026 Earnings with Reaffirmed Guidance. NiSource reported Q1 2026 earnings per share (EPS) of $1.06, matching analysts' consensus estimates for the quarter. While revenue of $2.36 billion fell below analyst expectations of $2.52 billion, the company reaffirmed its 2026 non-GAAP earnings guidance of $2.02–$2.07 per share, signaling operational stability despite the slight revenue miss.
2. Long-Term Capital Investment Plan and Growth Outlook. The company outlined a substantial $28.60 billion capital expenditure plan for 2026-2030, aimed at utility system modernization and data center-related infrastructure. This investment strategy supports a projected rate base growth of 8-10% through 2029 and a raised long-term earnings growth target through 2033, providing a positive future outlook. However, the scale of these investments also introduces regulatory and execution risks, which likely temper significant immediate stock movements.
Show more
NiSource (NI) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Consistent Q1 2026 Earnings with Reaffirmed Guidance. NiSource reported Q1 2026 earnings per share (EPS) of $1.06, matching analysts' consensus estimates for the quarter. While revenue of $2.36 billion fell below analyst expectations of $2.52 billion, the company reaffirmed its 2026 non-GAAP earnings guidance of $2.02–$2.07 per share, signaling operational stability despite the slight revenue miss.
2. Long-Term Capital Investment Plan and Growth Outlook. The company outlined a substantial $28.60 billion capital expenditure plan for 2026-2030, aimed at utility system modernization and data center-related infrastructure. This investment strategy supports a projected rate base growth of 8-10% through 2029 and a raised long-term earnings growth target through 2033, providing a positive future outlook. However, the scale of these investments also introduces regulatory and execution risks, which likely temper significant immediate stock movements.
Show more
Updated on 6/15/2026
NiSource (NI) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Consistent Q1 2026 Earnings with Reaffirmed Guidance. NiSource reported Q1 2026 earnings per share (EPS) of $1.06, matching analysts' consensus estimates for the quarter. While revenue of $2.36 billion fell below analyst expectations of $2.52 billion, the company reaffirmed its 2026 non-GAAP earnings guidance of $2.02–$2.07 per share, signaling operational stability despite the slight revenue miss.
2. Long-Term Capital Investment Plan and Growth Outlook. The company outlined a substantial $28.60 billion capital expenditure plan for 2026-2030, aimed at utility system modernization and data center-related infrastructure. This investment strategy supports a projected rate base growth of 8-10% through 2029 and a raised long-term earnings growth target through 2033, providing a positive future outlook. However, the scale of these investments also introduces regulatory and execution risks, which likely temper significant immediate stock movements.
3. Mixed Analyst Sentiment and Modest Price Targets. NiSource maintains a "Buy" consensus rating from analysts, with an average 1-year price target ranging from approximately $50.33 to $52.3. However, individual analyst actions during the period have been mixed, with some setting higher price targets (e.g., Evercore and KeyCorp at $52) while others provided more conservative or neutral ratings, indicating a balanced market perspective on the stock's near-term growth potential.
4. Stable Dividend Payout. NiSource consistently declared quarterly common stock dividends of $0.30 per share during the period, with payments scheduled for February 20, 2026, and August 20, 2026. The company has a history of increasing its dividend, with a 6.29% growth over the past five years and a current annual yield of 2.54%, which likely provides a stable base for investor interest and contributes to the stock's relatively level performance.
Show less
NiSource (NI) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Consistent Q1 2026 Earnings with Reaffirmed Guidance. NiSource reported Q1 2026 earnings per share (EPS) of $1.06, matching analysts' consensus estimates for the quarter. While revenue of $2.36 billion fell below analyst expectations of $2.52 billion, the company reaffirmed its 2026 non-GAAP earnings guidance of $2.02–$2.07 per share, signaling operational stability despite the slight revenue miss.
2. Long-Term Capital Investment Plan and Growth Outlook. The company outlined a substantial $28.60 billion capital expenditure plan for 2026-2030, aimed at utility system modernization and data center-related infrastructure. This investment strategy supports a projected rate base growth of 8-10% through 2029 and a raised long-term earnings growth target through 2033, providing a positive future outlook. However, the scale of these investments also introduces regulatory and execution risks, which likely temper significant immediate stock movements.
3. Mixed Analyst Sentiment and Modest Price Targets. NiSource maintains a "Buy" consensus rating from analysts, with an average 1-year price target ranging from approximately $50.33 to $52.3. However, individual analyst actions during the period have been mixed, with some setting higher price targets (e.g., Evercore and KeyCorp at $52) while others provided more conservative or neutral ratings, indicating a balanced market perspective on the stock's near-term growth potential.
4. Stable Dividend Payout. NiSource consistently declared quarterly common stock dividends of $0.30 per share during the period, with payments scheduled for February 20, 2026, and August 20, 2026. The company has a history of increasing its dividend, with a 6.29% growth over the past five years and a current annual yield of 2.54%, which likely provides a stable base for investor interest and contributes to the stock's relatively level performance.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 1.5% change in NI stock from 2/28/2026 to 6/16/2026 was primarily driven by a 2.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6162026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.01 | 47.72 | 1.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,642 | 6,822 | 2.7% |
| Net Income Margin (%) | 14.0% | 14.1% | 0.7% |
| P/E Multiple | 24.2 | 23.8 | -1.7% |
| Shares Outstanding (Mil) | 478 | 479 | -0.1% |
| Cumulative Contribution | 1.5% |
Market Drivers
2/28/2026 to 6/16/2026| Return | Correlation | |
|---|---|---|
| NI | 1.5% | |
| Market (SPY) | 9.7% | 9.6% |
| Sector (XLU) | -4.9% | 87.6% |
Fundamental Drivers
The 9.6% change in NI stock from 11/30/2025 to 6/16/2026 was primarily driven by a 7.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6162026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.56 | 47.72 | 9.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,327 | 6,822 | 7.8% |
| Net Income Margin (%) | 14.2% | 14.1% | -0.4% |
| P/E Multiple | 23.0 | 23.8 | 3.5% |
| Shares Outstanding (Mil) | 472 | 479 | -1.4% |
| Cumulative Contribution | 9.6% |
Market Drivers
11/30/2025 to 6/16/2026| Return | Correlation | |
|---|---|---|
| NI | 9.6% | |
| Market (SPY) | 10.4% | 9.3% |
| Sector (XLU) | 0.9% | 84.0% |
Fundamental Drivers
The 23.9% change in NI stock from 5/31/2025 to 6/16/2026 was primarily driven by a 15.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6162026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.51 | 47.72 | 23.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,932 | 6,822 | 15.0% |
| Net Income Margin (%) | 14.7% | 14.1% | -3.9% |
| P/E Multiple | 20.8 | 23.8 | 14.2% |
| Shares Outstanding (Mil) | 470 | 479 | -1.8% |
| Cumulative Contribution | 23.9% |
Market Drivers
5/31/2025 to 6/16/2026| Return | Correlation | |
|---|---|---|
| NI | 23.9% | |
| Market (SPY) | 28.8% | 13.5% |
| Sector (XLU) | 13.1% | 76.0% |
Fundamental Drivers
The 95.3% change in NI stock from 5/31/2023 to 6/16/2026 was primarily driven by a 67.3% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6162026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.44 | 47.72 | 95.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,943 | 6,822 | 14.8% |
| Net Income Margin (%) | 12.0% | 14.1% | 18.0% |
| P/E Multiple | 14.2 | 23.8 | 67.3% |
| Shares Outstanding (Mil) | 413 | 479 | -13.8% |
| Cumulative Contribution | 95.3% |
Market Drivers
5/31/2023 to 6/16/2026| Return | Correlation | |
|---|---|---|
| NI | 95.3% | |
| Market (SPY) | 86.6% | 27.8% |
| Sector (XLU) | 52.1% | 81.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NI Return | 25% | 3% | 0% | 43% | 17% | 15% | 148% |
| Peers Return | 12% | 4% | -6% | 19% | 14% | 11% | 67% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| NI Win Rate | 42% | 50% | 67% | 75% | 58% | 67% | |
| Peers Win Rate | 52% | 60% | 58% | 58% | 65% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NI Max Drawdown | -9% | -24% | -19% | -8% | -10% | -7% | |
| Peers Max Drawdown | -11% | -25% | -22% | -12% | -15% | -10% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DUK, D, SO, AEP, SRE. See NI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/16/2026 (YTD)
How Low Can It Go
| Event | NI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.8% | -9.5% |
| % Gain to Breakeven | 20.2% | 10.5% |
| Time to Breakeven | 177 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.1% | -24.5% |
| % Gain to Breakeven | 11.3% | 32.4% |
| Time to Breakeven | 33 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.5% | -33.7% |
| % Gain to Breakeven | 43.9% | 50.9% |
| Time to Breakeven | 661 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -12.5% | -3.7% |
| % Gain to Breakeven | 14.3% | 3.9% |
| Time to Breakeven | 165 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.2% | -12.2% |
| % Gain to Breakeven | 11.3% | 13.9% |
| Time to Breakeven | 26 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -12.3% | -17.9% |
| % Gain to Breakeven | 14.0% | 21.8% |
| Time to Breakeven | 16 days | 123 days |
In The Past
NiSource's stock fell -7.5% during the 2025 US Tariff Shock. Such a loss loss requires a 8.1% gain to breakeven.
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| Event | NI | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -30.5% | -33.7% |
| % Gain to Breakeven | 43.9% | 50.9% |
| Time to Breakeven | 661 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -54.5% | -53.4% |
| % Gain to Breakeven | 119.6% | 114.4% |
| Time to Breakeven | 392 days | 1085 days |
In The Past
NiSource's stock fell -7.5% during the 2025 US Tariff Shock. Such a loss loss requires a 8.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About NiSource (NI)
NiSource Inc. (NI) is a regulated energy holding company primarily operating as a natural gas and electric utility across multiple states in the United States. Its core business involves two main segments: the distribution of natural gas and the generation, transmission, and distribution of electricity.
For its Gas Distribution Operations, NiSource delivers natural gas to approximately 853,000 customers in northern Indiana, and a substantial 2.4 million residential, commercial, and industrial customers across Ohio, Pennsylvania, Virginia, Kentucky, and Maryland. The company manages an extensive network of over 54,600 miles of distribution pipelines and 1,000 miles of transmission pipelines to serve these diverse customer bases. In its Electric Operations segment, NiSource generates, transmits, and distributes electricity to approximately 483,000 customers in 20 counties in northern Indiana, also engaging in wholesale electric and transmission transactions. Its power generation portfolio includes a mix of coal, natural gas, hydro, and significant wind energy assets.
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- FedEx for natural gas and electricity.
- AT&T for energy infrastructure.
- Union Pacific for energy delivery.
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- Natural Gas Distribution: NiSource delivers natural gas to residential, commercial, and industrial customers across several states through its extensive pipeline network.
- Electricity Generation and Distribution: NiSource generates electricity from various sources and distributes it to residential, commercial, and industrial customers in northern Indiana.
- Wholesale Electric and Transmission Services: NiSource engages in the wholesale sale of electricity and provides transmission services for electric power.
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NiSource (NI) operates as a regulated natural gas and electric utility company. As such, it primarily serves a broad base of end-users rather than a few major corporate customers. The company's major customer categories are:
- Residential Customers: Individuals and households that use natural gas and electricity for domestic purposes.
- Commercial Customers: Businesses and other non-residential entities, such as offices, retail stores, and small enterprises, that use natural gas and electricity for their operations.
- Industrial Customers: Large-scale manufacturing and industrial facilities that require significant volumes of natural gas and electricity for their production processes.
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Lloyd Yates
President and Chief Executive Officer, NiSource Inc. Lloyd Yates has served as NiSource's President and Chief Executive Officer since February 2022, and was elected to the NiSource Board of Directors in 2020. He brings over 40 years of experience in the regulated utility industry. Prior to joining NiSource, Yates held executive positions at Duke Energy Corporation, including Executive Vice President, Customer and Delivery Operations, and President, Carolinas Region. He also served as President and CEO for Progress Energy Carolinas and held various leadership roles at PECO Energy. Yates holds a bachelor's degree in mechanical engineering from the University of Pittsburgh and a Master of Business Administration from St. Joseph's University. He is the current Chair of the Board of Directors of the American Gas Association and a board member for Marsh & McLennan Companies, Inc. He has also served on the boards of Sonoco Products Company and American Water Works, Inc.
Shawn Anderson
Executive Vice President and Chief Financial Officer, NiSource Inc. Shawn Anderson became NiSource's Executive Vice President and Chief Financial Officer in March 2023. He has 15 years of experience with NiSource, having previously served as Senior Vice President & Chief Strategy and Risk Officer from June 2020 to March 2023, and Vice President, Strategy & Chief Risk Officer from January 2019 to May 2020. Anderson also held various finance and regulatory positions at Columbia Gas of Ohio, a NiSource subsidiary, including Vice President of Regulatory Affairs. He earned a bachelor's degree in business administration from The Ohio State University and a Master of Business Administration from Ohio University.
Melody Birmingham
Executive Vice President and Group President, Utilities, NiSource Inc. Melody Birmingham joined NiSource's executive leadership team in May 2022. She currently serves as Executive Vice President and Group President, Utilities, leading the company's six-state gas and electric business segments. Before this role, she was Executive Vice President and Chief Innovation Officer. Prior to NiSource, Birmingham was Senior Vice President and Chief Administrative Officer at Duke Energy, where she oversaw information technology, enterprise security, administrative services, and supply chain. She also served as State President of Duke Energy's Indiana operations. She has over 25 years of executive and leadership experience in the utility sector.
William Jefferson
Executive Vice President and Chief Operating and Safety Officer, NiSource Inc. William Jefferson joined NiSource's leadership team in May 2022. In his current role, he oversees emergency response, engineering and asset management, environmental health and safety, field operations support, major projects, operational excellence, work management, and contractor support. Before his tenure at NiSource, Jefferson served as Site Vice President for STP Nuclear Operating Company, where he also held positions as Plant General Manager and Operations Director.
Melanie Berman
Executive Vice President of Administration and Chief Human Resources Officer, NiSource Inc. Melanie Berman was appointed to NiSource's executive leadership team in May 2022. She is responsible for administration and human resources functions within the company.
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Key Risks to NiSource (NI)
- Regulatory and Rate Case Risk: As a heavily regulated utility, NiSource's financial performance and ability to recover costs and invest in infrastructure are intrinsically linked to decisions made by state utility commissions. Unfavorable regulatory outcomes, such as denied rate increases, disallowed cost recovery, or reduced authorized returns on equity, can significantly impact the company's profitability, cash flow, and ability to fund necessary capital expenditures for system modernization and safety.
- Transition to Clean Energy and Decarbonization Risk: NiSource operates substantial coal-fired generation capacity (over 1,100 MW). Increasing societal and regulatory pressure to reduce carbon emissions, coupled with evolving environmental standards and the declining economics of coal generation, poses a significant risk. This could necessitate accelerated retirement of coal assets, potentially leading to stranded costs, and require substantial capital investments in new, cleaner generation sources (e.g., renewables, natural gas combined cycle plants) to maintain reliability and meet environmental goals.
- Infrastructure Integrity, Safety, and Capital Expenditure Risk: NiSource operates extensive natural gas distribution and transmission pipelines (over 55,000 miles) and electric infrastructure. The integrity and safe operation of this aging infrastructure are critical. Risks include pipeline leaks, explosions, and equipment failures, which can result in significant safety incidents, environmental damage, financial liabilities, reputational harm, and increased regulatory scrutiny. Furthermore, the ongoing need for substantial capital expenditures for maintenance, modernization, and replacement of this vast infrastructure can exert pressure on financial resources and potentially impact dividend policy or debt levels.
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- Electrification of buildings and transportation, which threatens the long-term demand for natural gas distributed by NiSource's Gas Distribution Operations as consumers switch to electric alternatives for heating and cooking.
- Increased adoption of distributed generation and energy storage solutions (e.g., rooftop solar, home batteries) by customers, which reduces demand for utility-generated electricity and impacts NiSource's Electric Operations.
- Accelerated regulatory and market pressure to retire fossil fuel generation assets, particularly NiSource's significant coal-fired power plants, potentially leading to stranded asset costs and requiring costly transitions to renewable energy sources within its Electric Operations.
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NiSource operates in regulated natural gas distribution and electric utility markets across several U.S. states. The addressable market sizes for its main products and services vary by region and can be understood in terms of total market revenue or customer base within its service territories.
Natural Gas Distribution
NiSource distributes natural gas to approximately 3.3 million customers across six states: Indiana, Ohio, Pennsylvania, Virginia, Kentucky, and Maryland.- Indiana: The total natural gas utility market in Indiana serves over 2 million customers, comprising 1,847,625 households and 166,425 businesses, with an annual consumption of 821.0 Bcf. In 1997, the natural gas distribution industry in Indiana generated $2 billion in revenue. NiSource serves about 853,000 natural gas customers in northern Indiana.
- Ohio: The Natural Gas Distribution industry in Ohio is projected to reach a market size of $7.3 billion in 2026. Across the state, natural gas fuels over 3.7 million customers, including 3,505,394 households and 265,303 businesses, with an annual consumption of 1,288.0 Bcf.
- Pennsylvania: Pennsylvania has over 3.1 million natural gas customers, of which nearly 2.9 million are residential. Total natural gas consumption in Pennsylvania was 1,873 Bcf in 2023. The natural gas sector contributed more than $41 billion in economic activity in 2022.
- Virginia: The natural gas market in Virginia serves over 1.4 million customers, including 1,298,297 households and 104,497 businesses, with an annual consumption of 678.0 Bcf. In 2015, the value of natural gas delivered to consumers in Virginia was $2.63 billion.
- Kentucky: In 2023, total natural gas consumption in Kentucky was 310,541 MMCF, with 789,333 residential and 88,412 commercial consumers. The Coal & Natural Gas Power industry in Kentucky is projected to be $3.1 billion in 2026.
- Maryland: The Natural Gas Distribution industry in Maryland is projected to reach $2.5 billion in 2026. Maryland's natural gas market serves over 1.2 million customers, including 1,205,798 households and 79,222 businesses, consuming 235.0 Bcf annually.
Electric Operations
NiSource generates, transmits, and distributes electricity to approximately 483,000 customers in 20 counties in northern Indiana.- Indiana (Northern Indiana): NiSource's NIPSCO brand serves 483,000 electric customers across the northern third of Indiana. The broader electric power transmission industry in Indiana is projected to have a market size of $11.2 billion in 2026. Total retail electricity sales in Indiana were 99,219,607 megawatthours in 2024. As of February 2026, the Indiana Electric Utility Residential Revenue was $528.76 million per month. The total electric power revenue in Indiana was $6.8 billion in 1997.
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## NiSource's Future Revenue Growth Driven by Strategic Investments and Economic Development
NiSource (NYSE: NI) is poised for significant revenue growth over the next 2-3 years, primarily driven by substantial capital investments in infrastructure modernization, expansion of strategic data center infrastructure, and continued renewable energy initiatives. The company projects an 8%-9% compound annual growth rate (CAGR) in non-GAAP consolidated adjusted EPS and 9%-11% consolidated rate base growth from 2026 through 2033.
Here are the key drivers of NiSource's anticipated revenue growth:
* **Strategic Data Center Infrastructure Investments:** NiSource plans to invest nearly $7.0 billion from 2026–2030 in strategic data center infrastructure. This includes building new natural gas combined cycle generators, battery energy storage, and associated transmission infrastructure to serve large-load customers, notably a landmark agreement with Amazon Web Services. This expansion into data center infrastructure is a major inflection point, expected to drive immediate revenue and earnings growth.
* **Utility System Modernization:** A core component of NiSource's capital plan is the ongoing modernization of its natural gas and electric utility systems. The company plans to invest approximately $28.0 billion from 2026–2030 in its consolidated capital plan, which includes utility system modernization initiatives. This substantial investment in infrastructure upgrades, including replacing legacy gas mains and services and enhancing grid resilience, directly contributes to rate base growth, allowing the company to earn its regulated rate of return.
* **Renewable Energy Generation and Transition:** NiSource continues to invest in and transition to renewable energy sources, particularly within its NIPSCO unit. While specific figures for the next 2-3 years are integrated into the broader capital plan, the company has been focused on adding significant amounts of renewable energy through "build-transfer agreements" (BTAs) and power-purchase agreements (PPAs). These investments in electric generation and decarbonization efforts, along with the retirement of coal assets, are part of the strategic initiatives to meet future energy demands and support revenue growth.
* **Rate Base Growth and Constructive Regulatory Environment:** The planned capital expenditures are expected to drive 9%-11% consolidated rate base growth from 2026 through 2033. A constructive regulatory environment with mechanisms for fast cash flow recovery, with approximately 85% of capital spending recovered within 12 months, supports the conversion of this rate base growth into increased revenue. Rate case monetizations and alignment of infrastructure investments are also key to revenue generation.
* **Economic Development and Customer Growth:** NiSource's service territories are experiencing healthy economic growth, supported by investments in onshoring, manufacturing, and data centers. This economic development is expected to drive increased industrial demand through its systems, supporting customer growth and, consequently, revenue growth.
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Share Issuance
- In April 2021, NiSource announced its intention to offer 7,500,000 Equity Units, each with a stated amount of $100, aiming to address all anticipated discrete equity needs through 2024.
- NiSource established an "at-the-market" (ATM) equity offering program in February 2024, authorizing the sale of up to $900 million in common stock through December 31, 2025. This program was superseded in October 2025 by a new ATM equity offering program to sell up to $1.5 billion in common stock through December 31, 2028.
- The company anticipates an annual equity issuance of $300-$500 million as part of its five-year plan from October 2025. Shares outstanding increased from 0.448 billion in 2023 to 0.475 billion in 2025.
Inbound Investments
- In October 2025, Blackstone Infrastructure Partners committed $1.5 billion for a 19.9% minority stake in NiSource's subsidiary, GenCo. This investment was made through cash contributions of $35.2 million to Generation Holdings II in exchange for the indirect equity interest.
Capital Expenditures
- NiSource outlined a consolidated capital expenditure plan of $28 billion over the five-year period from 2026-2030, which represents a 45% increase from its prior five-year plan.
- Approximately $6 billion to $7 billion of the updated capital budget is allocated to GenCo for strategic data center infrastructure investments, including the construction of two 1,300-megawatt combined cycle gas plants and 400 megawatts of battery storage for a major investment-grade customer.
- The company's base capital plan through 2030 is $21 billion, focused on utility system modernization, with the data center investments being incremental to this base plan. From 2025 to 2029, annual investments were projected to range from $3.4 billion to $4.3 billion, with a primary focus on gas system hardening (48%), electric system modernization (17%), and electric generation (14%).
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 93.04 |
| Mkt Cap | 65.3 |
| Rev LTM | 19,941 |
| Op Inc LTM | 5,255 |
| FCF LTM | -3,382 |
| FCF 3Y Avg | -1,883 |
| CFO LTM | 6,036 |
| CFO 3Y Avg | 5,883 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.8% |
| Rev Chg 3Y Avg | 4.5% |
| Rev Chg Q | 9.2% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 10.8% |
| Op Inc Chg 3Y Avg | 10.9% |
| Op Mgn LTM | 25.2% |
| Op Mgn 3Y Avg | 25.6% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 31.8% |
| CFO/Rev 3Y Avg | 33.6% |
| FCF/Rev LTM | -16.1% |
| FCF/Rev 3Y Avg | -12.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Columbia Operations | 3,343 | 2,716 | |||
| Northern Indiana Public Service Company LLC (NIPSCO) Operations | 3,308 | 2,752 | |||
| Corporate and Other | 600 | 582 | 505 | 478 | 492 |
| Eliminations | -610 | -595 | -517 | -478 | -473 |
| Electric Operations | 1,785 | 1,832 | 1,697 | ||
| Gas Distribution Operations | 3,733 | 4,020 | 3,184 | ||
| Total | 6,642 | 5,455 | 5,505 | 5,851 | 4,900 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Northern Indiana Public Service Company LLC (NIPSCO) Operations | 938 | 720 | |||
| Columbia Operations | 895 | 729 | |||
| Corporate and Other | 2 | 7 | 15 | -12 | 2 |
| Eliminations | 0 | 0 | |||
| Electric Operations | 379 | 362 | 388 | ||
| Gas Distribution Operations | 902 | 916 | 618 | ||
| Total | 1,835 | 1,456 | 1,296 | 1,266 | 1,007 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Northern Indiana Public Service Company LLC (NIPSCO) Operations | 18,127 | 15,824 | 13,963 | ||
| Columbia Operations | 15,904 | 14,770 | 13,664 | ||
| Corporate and Other | 1,828 | 1,195 | 3,450 | 1,758 | 1,824 |
| Eliminations | 0 | ||||
| Electric Operations | 7,993 | 7,179 | |||
| Gas Distribution Operations | 16,986 | 15,154 | |||
| Total | 35,859 | 31,788 | 31,077 | 26,737 | 24,157 |
Price Behavior
Price Behavior
| Market Price | $47.72 | |
| Market Cap ($ Bil) | 22.9 | |
| First Trading Date | 10/19/1984 | |
| Distance from 52W High | -1.2% | |
| 50 Days | 200 Days | |
| DMA Price | $47.16 | $44.02 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 1.2% | 8.4% |
| 3M | 1YR | |
| Volatility | 18.7% | 17.9% |
| Downside Capture | 9.61 | 13.04 |
| Upside Capture | 11.24 | 35.09 |
| Correlation (SPY) | 7.1% | 12.9% |
NI Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.07 | 0.11 | 0.25 | 0.22 | 0.25 | 0.36 |
| Up Beta | -1.10 | -0.18 | 0.03 | -0.04 | 0.07 | 0.26 |
| Down Beta | 1.25 | 0.78 | 0.45 | 0.40 | 0.27 | 0.45 |
| Up Capture | -36% | 9% | 18% | 26% | 28% | 18% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 8 | 21 | 32 | 70 | 139 | 424 |
| Down Capture | 50% | 49% | 44% | 25% | 29% | 54% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 11 | 19 | 29 | 52 | 107 | 316 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NI | |
|---|---|---|---|---|
| NI | 24.1% | 17.9% | 1.06 | - |
| Sector ETF (XLU) | 13.9% | 14.6% | 0.67 | 76.0% |
| Equity (SPY) | 27.2% | 12.4% | 1.66 | 12.5% |
| Gold (GLD) | 25.8% | 27.4% | 0.82 | 12.8% |
| Commodities (DBC) | 23.3% | 18.9% | 0.98 | -9.9% |
| Real Estate (VNQ) | 13.6% | 13.5% | 0.69 | 53.4% |
| Bitcoin (BTCUSD) | -37.7% | 42.4% | -1.00 | 13.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NI | |
|---|---|---|---|---|
| NI | 17.0% | 20.0% | 0.71 | - |
| Sector ETF (XLU) | 9.9% | 17.3% | 0.42 | 84.0% |
| Equity (SPY) | 13.8% | 17.1% | 0.63 | 38.0% |
| Gold (GLD) | 17.6% | 18.2% | 0.78 | 16.3% |
| Commodities (DBC) | 7.8% | 19.4% | 0.30 | 9.4% |
| Real Estate (VNQ) | 2.5% | 18.8% | 0.04 | 60.8% |
| Bitcoin (BTCUSD) | 12.1% | 54.2% | 0.42 | 9.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NI | |
|---|---|---|---|---|
| NI | 10.4% | 23.1% | 0.42 | - |
| Sector ETF (XLU) | 9.5% | 19.3% | 0.42 | 84.2% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 46.4% |
| Gold (GLD) | 12.8% | 16.1% | 0.66 | 13.5% |
| Commodities (DBC) | 6.2% | 18.0% | 0.27 | 13.1% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 65.4% |
| Bitcoin (BTCUSD) | 60.7% | 66.8% | 1.00 | 8.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -1.4% | -2.1% | -4.9% |
| 2/11/2026 | -0.2% | 1.3% | 4.4% |
| 10/29/2025 | -2.1% | -0.5% | 1.5% |
| 8/6/2025 | -2.5% | -1.3% | -7.2% |
| 5/7/2025 | 2.8% | -3.9% | -0.9% |
| 2/12/2025 | 1.0% | 4.3% | 0.6% |
| 10/30/2024 | 2.1% | 3.1% | 12.0% |
| 8/7/2024 | 0.5% | 2.3% | 8.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 13 |
| # Negative | 9 | 10 | 11 |
| Median Positive | 1.0% | 1.2% | 4.8% |
| Median Negative | -1.1% | -0.8% | -2.2% |
| Max Positive | 2.8% | 4.3% | 12.0% |
| Max Negative | -5.9% | -3.9% | -7.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -1.4% | -2.1% | -4.9% |
| 2/11/2026 | -0.2% | 1.3% | 4.4% |
| 10/29/2025 | -2.1% | -0.5% | 1.5% |
| 8/6/2025 | -2.5% | -1.3% | -7.2% |
| 5/7/2025 | 2.8% | -3.9% | -0.9% |
| 2/12/2025 | 1.0% | 4.3% | 0.6% |
| 10/30/2024 | 2.1% | 3.1% | 12.0% |
| 8/7/2024 | 0.5% | 2.3% | 8.0% |
| 5/8/2024 | -1.1% | -0.6% | -1.8% |
| 2/21/2024 | 0.9% | 0.0% | 3.2% |
| 11/1/2023 | 1.0% | -0.4% | 1.9% |
| 8/2/2023 | 0.8% | -2.7% | -2.7% |
| 5/3/2023 | 0.8% | 1.9% | -4.4% |
| 2/22/2023 | 2.4% | 1.8% | -2.2% |
| 11/7/2022 | -5.9% | -0.3% | 7.5% |
| 8/3/2022 | 0.6% | 0.8% | -2.0% |
| 5/4/2022 | 2.5% | 1.2% | 8.5% |
| 2/23/2022 | -0.5% | 1.0% | 6.7% |
| 11/3/2021 | 2.2% | 1.2% | 0.3% |
| 8/4/2021 | -0.2% | -0.9% | -0.4% |
| 5/5/2021 | -0.6% | -0.5% | -1.8% |
| 2/17/2021 | 1.3% | 1.0% | 4.8% |
| 11/2/2020 | 2.1% | 1.1% | 6.6% |
| 8/5/2020 | 0.9% | 0.6% | -7.8% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 13 |
| # Negative | 9 | 10 | 11 |
| Median Positive | 1.0% | 1.2% | 4.8% |
| Median Negative | -1.1% | -0.8% | -2.2% |
| Max Positive | 2.8% | 4.3% | 12.0% |
| Max Negative | -5.9% | -3.9% | -7.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/17/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
| 06/30/2019 | 07/31/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | 2.02 | 2.04 | 2.07 | 0.0% | 0.0% | Affirmed | Guidance: 2.04 for 2026 |
| 2026 EPS Growth | 8.0% | Higher New | |||||
| 2033 EPS CAGR | 0.09 | 0.1 | 0.1 | 11.8% | 1.0% | Raised | Guidance: 0.09 for 2033 |
Prior: Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Non-GAAP Consolidated Adjusted EPS | 2.02 | 2.04 | 2.07 | 0 | Affirmed | Guidance: 2.04 for 2026 | |
| 2030 Capital Investment | 28.00 Bil | 0 | Affirmed | Guidance: 28.00 Bil for 2026 | |||
| 2030 Data Center Infrastructure Investments | 7.00 Bil | ||||||
| 2033 Non-GAAP Consolidated Adjusted EPS CAGR | 0.08 | 0.09 | 0.09 | 0 | Affirmed | Guidance: 0.09 for 2026 | |
| 2033 Consolidated Rate Base Growth | 9.0% | 10.0% | 11.0% | 11.1% | 1.0% | Raised | Guidance: 9.0% for 2026 |
Insider Activity
Updated 5/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Yates, Lloyd M | Director and President & CEO | Direct | Sell | 5262026 | 47.73 | 19,905 | 950,066 | 24,798,443 | Form |
| 2 | Birmingham, Melody | EVP & Grp President, Utilities | Direct | Sell | 5212026 | 47.43 | 2,500 | 118,575 | 5,503,603 | Form |
| 3 | Birmingham, Melody | EVP & Grp President, Utilities | Direct | Sell | 5212026 | 47.19 | 10,000 | 471,850 | 5,563,078 | Form |
| 4 | Gode, Gunnar | SVP Chief Accting&Tax Officer | Direct | Sell | 2192026 | 46.00 | 2,175 | 100,050 | 1,345,822 | Form |
| 5 | Anderson, Shawn | EVP & CFO | Direct | Sell | 2172026 | 45.01 | 12,500 | 562,625 | 6,134,934 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Yates, Lloyd M | Director and President & CEO | Direct | Sell | 5262026 | 47.73 | 19,905 | 950,066 | 24,798,443 | Form |
| 2 | Birmingham, Melody | EVP & Grp President, Utilities | Direct | Sell | 5212026 | 47.43 | 2,500 | 118,575 | 5,503,603 | Form |
| 3 | Birmingham, Melody | EVP & Grp President, Utilities | Direct | Sell | 5212026 | 47.19 | 10,000 | 471,850 | 5,563,078 | Form |
| 4 | Gode, Gunnar | SVP Chief Accting&Tax Officer | Direct | Sell | 2192026 | 46.00 | 2,175 | 100,050 | 1,345,822 | Form |
| 5 | Anderson, Shawn | EVP & CFO | Direct | Sell | 2172026 | 45.01 | 12,500 | 562,625 | 6,134,934 | Form |
| 6 | Cuccia, Kimberly S | EVP, GC & Corporate Secretary | Direct | Sell | 11262025 | 43.13 | 8,000 | 345,040 | 1,778,983 | Form |
| 7 | Anderson, Shawn | EVP & CFO | Direct | Sell | 9022025 | 42.33 | 11,115 | 470,498 | 6,255,391 | Form |
| 8 | Berman, Melanie B | EVP Administration & CHRO | Direct | Sell | 6022025 | 39.42 | 6,227 | 245,499 | 1,138,670 | Form |
| 9 | Yates, Lloyd M | Director and President & CEO | Direct | Sell | 5192025 | 38.93 | 16,127 | 627,824 | 13,693,544 | Form |
| 10 | Jesanis, Michael E | Direct | Sell | 5152025 | 37.81 | 6,178 | 233,590 | 701,037 | Form | |
| 11 | Jesanis, Michael E | Direct | Sell | 5152025 | 38.22 | 4,000 | 152,880 | 944,762 | Form |
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Multi-Utilities Resources |
| Public Utilities Fortnightly |
| Power Magazine |
| Energy Central |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/16/2026