NiSource Q4 Earnings Surpass Estimates, Revenues Increase Y/Y

Core Insights - NiSource Inc. reported fourth-quarter 2025 operating earnings per share (EPS) of 51 cents, exceeding the Zacks Consensus Estimate of 49 cents by 4.1%, and reflecting a 4.1% increase from the previous year [1] - The company reported total revenues of $6.61 billion for 2025, a year-over-year rise of 19.8% compared to $5.52 billion in 2024 [2] Financial Performance - Operating revenues for the fourth quarter were $1.89 billion, surpassing the Zacks Consensus Estimate of $1.3 billion by 45.5%, and increased 18.4% from $1.6 billion in the prior-year quarter [2] - Total operating expenses amounted to $1.39 billion, up 18.5% from $1.17 billion in the previous year [3] - Operating income totaled $504 million, reflecting an 18.1% increase from $426.6 million in the prior-year quarter [3] - Net interest expenses were $187.3 million, a 36.7% increase from $137 million in the prior-year quarter [3] Sales and Distribution - Total gas distribution in Sales and Transportation was recorded at 171.4 Million British Thermal Units per day, down 1.4% from 173.8 MMDth in the prior-year quarter [4] - Total electric sales were recorded at 3853.3 gigawatt-hours, up 0.2% from 3843.7 GWh in the prior-year quarter [4] Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2025, were $110.1 million, down from $156.6 million as of December 31, 2024 [5] - Long-term debts as of December 31, 2025, were $15.46 billion, compared to $12.07 billion as of December 31, 2024 [5] - Net cash flows from operating activities in 2025 were $2.36 billion, an increase from $1.78 billion in 2024 [5] - Liquidity as of December 31, 2025, was nearly $4.7 billion, sufficient to meet near-term obligations [5] Future Guidance - NiSource reaffirmed its 2026 non-GAAP earnings guidance in the range of $2.02-$2.07, with the Zacks Consensus Estimate for 2026 EPS at $2.04 [6] - The company expects earnings to witness a compound annual growth rate (CAGR) of 8-9% through 2033 [6] - NiSource plans a capital expenditure of $28 billion for 2026-2030, focusing on utility system modernization and strategic data center infrastructure investments [8]