NiSource plans to invest approximately $28.0 billion from 2026–2030, including nearly $7.0 billion in strategic data center infrastructure tied to a landmark agreement with Amazon that is designed to return more than $1 billion in savings to retail customers. The company expects an 8%-9% compound annual growth rate in non-GAAP consolidated adjusted EPS and 9%-11% consolidated rate base growth from 2026 through 2033.
Cyborg Score Rationale
The company reported full-year 2025 adjusted EPS of $1.90, up from $1.70 in 2024, an increase of nearly 12% that outpaced prior expectations. A growing data center pipeline is emerging as a major potential demand driver, with 1–3 GW in active strategic negotiations and up to another 3 GW under development, with the company citing roughly two dozen live data center projects and more than 40 inquiries in Virginia, while Indiana supports over 140 active economic development projects. While regulatory approvals, cost pressures and policy shifts remain real risks, the company's strengthened balance sheet, rising dividend and sizable capital pipeline position it as a regulated growth story.
Top Insights
GAAP net income available to common shareholders for 2025 reached $929.5 million, or $1.95 of earnings per diluted share, compared to $739.7 million, or $1.62 per diluted share in 2024.
The executed agreement with Amazon tied to the Genco generation project is expected to return roughly $1.0 billion to NIPSCO customers over time, with potential bill reductions of about $7–$9 per customer per month at full ramp while Genco contributes an incremental 1–2¢ to consolidated EPS beginning in 2026.
The company approved a greater than 7% dividend increase for 2026 and has a stated commitment to growing dividends in line with adjusted EPS.
NiSource has met or exceeded the upper end of its guidance range each of the last five years, and each time this target is achieved, the company adjusts its future adjusted EPS guidance upwards to reflect these accomplishments.
Named Competitors
Duke Energy — Major regulated utility serving Carolinas, Florida, and Midwest
American Electric Power — Regulated utility with extensive transmission and distribution networks
Exelon — Large regulated utility with nuclear and renewable generation portfolio
Recent Developments
(February 2026) 2025 earnings beat guidance with adjusted EPS of $1.90; company reaffirmed 2026 consolidated adjusted EPS guidance of $2.02–$2.07
(February 2026) Zoning approval received for five Amazon data center parcels in Jasper County as prerequisite for site work and special contract execution
(January 2026) Board declared quarterly common stock dividend of $0.30 per share, reflecting greater than 7% increase for 2026
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