NiSource (NI) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and NiSource published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. NiSource reports EPS two ways: GAAP, under the accounting rules every US filer follows, and consolidated adjusted EPS (non-GAAP), which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• NiSource's earnings release does not include an income statement. Revenue on this page is total operating revenues from the Form 10-Q, which includes $50.3 million of other revenues on top of $1,299.1 million of customer revenues. Segment rows exclude intersegment revenue, so they add up to the consolidated total.
• From Q3 2026 NiSource records revenue from its GenCo operations, which supply capacity and electricity to data center customers, in Corporate and Other.
• Since 2026 NiSource reports base plan adjusted EPS and consolidated adjusted EPS. Consolidated adjusted EPS adds earnings from data center operations to the base plan.

Source: NiSource Q3 2026 results (Form 8-K, Exhibit 99.1), October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How NiSource splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• NiSource's Columbia Operations revenue was $502 million in Q3 2026, up 4% from $485 million in Q3 2025, 37% of total revenue.
• NiSource's NIPSCO Operations revenue was $835 million in Q3 2026, up 6% from $787 million in Q3 2025, 62% of total revenue.
• NiSource's Corporate and Other revenue was $12.0 million in Q3 2026, up 900% from $1.2 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, NiSource said:

“NiSource is narrowing its 2026 non-GAAP consolidated adjusted EPS guidance to the upper half of $2.02-$2.07.”

“In 2027, non-GAAP consolidated adjusted EPS is expected to be in the range of $2.22-$2.30.”

“The new consolidated seven-year total capital expenditures of $40.0 billion are expected to support 9%-10% consolidated investment base growth from 2027-2033 and an expected consolidated non-GAAP adjusted EPS compound annual growth rate (CAGR) of 10%-11% for 2027-2033.”

“The company's base plan non-GAAP adjusted EPS growth is expected to be 6%-8% annually with 8%-10% rate base growth expected from 2027-2033.”

Source: NiSource Q3 2026 release, Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the NI forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Diluted EPS as first reported in each quarter's earnings release. Revenue is total operating revenues from that quarter's Form 10-Q, because NiSource's releases do not print revenue. Q4 2025 revenue is derived as full-year 2025 ($6,642.2 million, Form 10-K) minus the first nine months ($4,739.3 million). NiSource's revenue peaks in the first quarter, when gas heating demand is highest.

We do not hold a confirmed date for NiSource's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

NiSource is a regulated gas and electric utility with two reportable segments. In Q3 2026 Columbia Operations, its gas distribution companies, brought in $502.2 million of operating revenue, NIPSCO Operations in Indiana, which serves both gas and electric customers, $835.2 million, and Corporate and Other $12.0 million, for a total of $1,349.4 million against $1,273.1 million a year earlier. (NiSource Form 10-Q, Q3 2026, Oct 28, 2026)

In the summer quarter electricity is the larger part of NiSource's revenue: electric customer revenue was $673.2 million and gas distribution customer revenue $625.9 million. NIPSCO Electric revenue rose to $708.1 million from $658.3 million, with industrial revenue up to $180.8 million from $156.9 million as industrial sales grew to 2,413.6 GWh from 2,158.2 GWh. (NiSource Form 10-Q, Q3 2026, Oct 28, 2026)

Most of the revenue increase came from rates. At NIPSCO, rates from base rate proceedings, regulatory capital and DSM programs added $28.9 million, partly offset by a $15.5 million tax credit passback, and higher cost of energy billed to customers added $22.3 million. At Columbia, rates from base rate proceedings and regulatory capital programs added $23.6 million, while lower cost of energy billed to customers took away $11.9 million. (NiSource Form 10-Q, Q3 2026, Oct 28, 2026)

Corporate and Other revenue rose to $12.0 million from $1.2 million. NiSource began recording revenue from GenCo, which provides capacity and electricity to data center customers, in that line in Q3 2026. In October 2026 NIPSCO signed a contract with Microsoft for a data center, with a capacity commitment beginning in 2028 that increases to 788 MW commencing in 2031, subject to approval by the IURC. (NiSource Form 10-Q, Q3 2026, Oct 28, 2026)

NiSource's Columbia Operations had 2,408,595 customers at the end of the quarter, 3,820 more than a year earlier, and NIPSCO had 496,815 electric customers and 878,222 gas customers. (NiSource Form 10-Q, Q3 2026, Oct 28, 2026)

NiSource's GAAP diluted EPS was $0.27 in Q3 2026, against $0.20 a year earlier, on net income available to common shareholders of $129.5 million. Consolidated adjusted EPS, also $0.27, adds back $6.0 million of Value Captured initiative costs and removes a $4.0 million benefit from weather compared to normal, for a net adjustment of $1.4 million after tax. (NiSource Q3 2026 earnings release, Oct 28, 2026)

Interest expense, net rose to $210.5 million from $179.8 million and depreciation and amortization to $337.8 million from $306.9 million, while other taxes fell to $34.5 million from $74.6 million. The effective tax rate was 8.6%, against 16.1%, mainly because of higher federal investment and production tax credits pass back. Net income attributable to noncontrolling interest, the minority owners of NIPSCO and GenCo, was $9.5 million. (NiSource Form 10-Q, Q3 2026, Oct 28, 2026)

Diluted average common shares rose to 481.1 million from 473.7 million. For the first nine months GAAP diluted EPS was $1.42, unchanged from 2025, and consolidated adjusted EPS was $1.49, against $1.38. (NiSource Q3 2026 earnings release, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

NiSource guides annual adjusted EPS, not quarterly figures. In the Q3 2026 release it narrowed 2026 consolidated adjusted EPS guidance to the upper half of $2.02-$2.07 and introduced 2027 guidance of $2.22-$2.30. (NiSource Q3 2026 earnings release, Oct 28, 2026)

NiSource also extended its capital plan through 2033: $40.0 billion of capital expenditures, made up of $32.0 billion in the base plan and $8.0 billion for data center investments, which it expects to support base plan adjusted EPS growth of 6%-8% a year and a consolidated adjusted EPS CAGR of 10%-11% for 2027-2033. It said its signed GenCo agreements are expected to deliver about $1.75 billion in savings for existing customers. (NiSource Q3 2026 earnings release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover NiSource, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones NiSource's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning NI is on is NI a buy or a sell?, what analysts expect next is on the NI forecast, and what the company does is on the NiSource (NI) stock page.

Every number on this page can be traced to a document NiSource published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.