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NiSource

No base rate yet — NI has 0 graded prints on the record, and the bar is 3.PowerWebsite
Ticker
NI
Beat
energy
Size
Public Company
Revenue
$1.3B
as of Jun 2026
Cash
$70.0M
as of Jun 2026
Researched · Fresh
1 day ago

A boring Indiana gas/electric utility that quietly became an AI-power landlord — ~$28B 2026-30 capex, ~9GW of hyperscaler demand funnelled through a Blackstone-capitalised, ring-fenced GenCo, and a 9-10% EPS CAGR that the market is paying a deserved ~22x for. Own the re-rate; the kill-switch is a hyperscaler walking on the ADS termination option.

Orbit · who it trades with and competes with
2 on the rings · 2 trade · 0 rival
2 mentions across our dossiers
Focus · Energy
NiSource
NI · public
No published house view
Trades with
Links · 2 companies · 2 trade · 0 rival
“The release says the company is advancing $1.4B of savings for existing customers through recently approved Amazon and Alphabet agreements, and describes regulatory approvals of the Amazon and Alphabet special contracts.”Alphabet · TRADE · from NiSource’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

NI · weekly close
44.57 USD+3.0%
Friday 30 Oct 2026 · last 52 Fridays 39.42–49.08
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 15,941,302 sh · 3.49 days to cover, FINRA · settled 15 Oct 2026
  2. Next print: in 108 days, Scheduled · 19 Feb 2027, scheduled
44.57USD+3.0%energy +1.0%NI · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 15 Oct 2026
15,941,302 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
3.49
see the whole series
Financials

The reported figures

Revenue · quarterly
$1.3B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$1.3B USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
NiSource, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$1.0B USD22.7% share of revenue-$379M USD$724M USD$56.0M USD413.4M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$1.4B USD26.2% share of revenue-$361M USD$760M USD$2.2B USD447.5M sharesFiled · primarysec.gov
Q1 ’2431 Mar 2024$1.7B USD34.2% share of revenue-$133M USD$590M USD$102M USD448.3M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$1.1B USD21.8% share of revenue-$184M USD$630M USD$101M USD448.5M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$1.1B USD20.3% share of revenue-$295M USD$635M USD$126M USD466.8M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$5.3B USD7.9% share of revenue-$220M USD$760M USD$157M USD469.9M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$2.1B USD35.3% share of revenue$49.1M USD$637M USD$259M USD470.7M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$1.2B USD21.1% share of revenue-$163M USD$658M USD$335M USD470.9M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$1.2B USD24.0% share of revenue-$173M USD$641M USD$95.0M USD477.2M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$6.5B USD7.9% share of revenue-$134M USD$846M USD$110M USD478.5M sharesFiled · primarysec.gov
Q1 ’2631 Mar 2026$2.3B USD35.3% share of revenue-$363M USD$805M USD$71.9M USD479.4M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$1.3B USD17.7% share of revenue-$417M USD$1.1B USD$70.0M USD479.6M sharesFiled · primarysec.gov

NiSource’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$1.3B+3.4% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $1.0B, as of Sep 2023Revenue Q4 ’23: $1.4B, as of Dec 2023Revenue Q1 ’24: $1.7B, as of Mar 2024Revenue Q2 ’24: $1.1B, as of Jun 2024Revenue Q3 ’24: $1.1B, as of Sep 2024Revenue Q4 ’24: $5.3B, as of Dec 2024Revenue Q1 ’25: $2.1B, as of Mar 2025Revenue Q2 ’25: $1.2B, as of Jun 2025Revenue Q3 ’25: $1.2B, as of Sep 2025Revenue Q4 ’25: $6.5B, as of Dec 2025Revenue Q1 ’26: $2.3B, as of Mar 2026Revenue Q2 ’26: $1.3B, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
17.7%-3.4 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 22.7%, as of Sep 2023Operating margin Q4 ’23: 26.2%, as of Dec 2023Operating margin Q1 ’24: 34.2%, as of Mar 2024Operating margin Q2 ’24: 21.8%, as of Jun 2024Operating margin Q3 ’24: 20.3%, as of Sep 2024Operating margin Q4 ’24: 7.9%, as of Dec 2024Operating margin Q1 ’25: 35.3%, as of Mar 2025Operating margin Q2 ’25: 21.1%, as of Jun 2025Operating margin Q3 ’25: 24.0%, as of Sep 2025Operating margin Q4 ’25: 7.9%, as of Dec 2025Operating margin Q1 ’26: 35.3%, as of Mar 2026Operating margin Q2 ’26: 17.7%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$417M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$379M, as of Sep 2023Free cash flow Q4 ’23: -$361M, as of Dec 2023Free cash flow Q1 ’24: -$133M, as of Mar 2024Free cash flow Q2 ’24: -$184M, as of Jun 2024Free cash flow Q3 ’24: -$295M, as of Sep 2024Free cash flow Q4 ’24: -$220M, as of Dec 2024Free cash flow Q1 ’25: $49.1M, as of Mar 2025Free cash flow Q2 ’25: -$163M, as of Jun 2025Free cash flow Q3 ’25: -$173M, as of Sep 2025Free cash flow Q4 ’25: -$134M, as of Dec 2025Free cash flow Q1 ’26: -$363M, as of Mar 2026Free cash flow Q2 ’26: -$417M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$70.0M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $56.0M, as of Sep 2023Cash Q4 ’23: $2.2B, as of Dec 2023Cash Q1 ’24: $102M, as of Mar 2024Cash Q2 ’24: $101M, as of Jun 2024Cash Q3 ’24: $126M, as of Sep 2024Cash Q4 ’24: $157M, as of Dec 2024Cash Q1 ’25: $259M, as of Mar 2025Cash Q2 ’25: $335M, as of Jun 2025Cash Q3 ’25: $95.0M, as of Sep 2025Cash Q4 ’25: $110M, as of Dec 2025Cash Q1 ’26: $71.9M, as of Mar 2026Cash Q2 ’26: $70.0M, as of Jun 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
479.6M+16% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 413.4M, as of Sep 2023Shares outstanding Q4 ’23: 447.5M, as of Dec 2023Shares outstanding Q1 ’24: 448.3M, as of Mar 2024Shares outstanding Q2 ’24: 448.5M, as of Jun 2024Shares outstanding Q3 ’24: 466.8M, as of Sep 2024Shares outstanding Q4 ’24: 469.9M, as of Dec 2024Shares outstanding Q1 ’25: 470.7M, as of Mar 2025Shares outstanding Q2 ’25: 470.9M, as of Jun 2025Shares outstanding Q3 ’25: 477.2M, as of Sep 2025Shares outstanding Q4 ’25: 478.5M, as of Dec 2025Shares outstanding Q1 ’26: 479.4M, as of Mar 2026Shares outstanding Q2 ’26: 479.6M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-11-02funding round424B5: preliminary supplement, notes due 2032Preliminary supplement dated 2 Nov 2026 for notes due 2032; amount and coupon blank in this copy; proceeds for general corporate purposes including capital expenditures and repaying debt.agent:company-events · SEC EDGAR 424B5
2026-10-28filing10-Q: NiSource Q3 2026 revenues $1,349.4mQuarter ended 30 Sep 2026: operating revenues $1,349.4M (Q3 2025: $1,273.1M); net income $129.5M; diluted EPS $0.27.agent:company-events · SEC EDGAR 10-Q
2026-10-28guidance8-K: NiSource Q3 2026 GAAP EPS $0.27Q3 2026 GAAP net income to common $129.5m, $0.27 diluted EPS; non-GAAP $130.9m, $0.27. 2027 guidance $2.22-$2.30; seven-year capex plan $40.0bn.agent:company-events · SEC EDGAR 8-K
2026-10-24editorial noteSources added: 0 → 4The dossier's cited-link count grew from 0 to 4 (deep-dive-2026-06-20.md → deep-dive-2026-10-24.md).dossier
2026-10-16filingNiSource 8-K: battery storage tolling agreement, about $2.2bn storage paymentsOn 15 Oct 2026 NiSource Generation Company LLC signed a Battery Storage System Tolling Agreement with Atlas Storage 1 LLC for a 600 MWAC/2,400 MWh MISO project; term about 20.5 years; aggregate storage payments about $2.2bn.agent:company-events · SEC EDGAR 8-K
dossier age
1 days
researched 2 Nov 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 6 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-10-24), 387 words, 6 filing mentions
  2. The dossier: What held, 58 words, no filing mention
Research

The NiSource dossier

The verdict

A boring Indiana gas/electric utility that quietly became an AI-power landlord — a ~$28B 2026-30 capital plan, ~9GW of hyperscaler demand funnelled through a Blackstone-capitalised ring-fenced GenCo earning an unlevered IRR the 10-K says should BEAT its regulated return, and a 9-10% EPS CAGR the market is paying a deserved ~22-23x for. Own the contracted re-rate; the kill-switch is Amazon exercising its Mar-2029 option to halve the ADS contract.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-10-24)

  1. Q3 2026 revenue and operating income (actuals): total operating revenues $1,349.4M against $1,273.1M in Q3 2025, up 6.0%. Operating income $340.3M ($297.5M). Net interest expense $210.5M ($179.8M) [Form 10-QThe quarterly version of the annual report. Lighter, and not audited. Q3, statements of income].
  2. Q3 2026 earnings (actuals): GAAP net income available to common shareholders $129.5M, $0.27 per diluted share ($94.7M, $0.20). Non-GAAP adjusted net income $130.9M, $0.27 consolidated adjusted EPS ($91.8M, $0.19). Diluted shares 481.1M (473.7M) [Q3 release, Schedule 1].
  3. Nine months to 2026-09-30 (actuals): revenues $5,054.9M ($4,739.3M) [10-Q Q3]; GAAP net income to common $685.7M, $1.42 per share ($671.7M, $1.42); adjusted $718.1M, $1.49 ($656.0M, $1.38). Adjustments include $21.4M of costs from the April 2026 NIPSCO lockout and $11.4M of "Value Captured" consulting and severance [Q3 release, Schedule 1].
  4. Guidance (all guidance, as of 2026-10-28): 2026 consolidated adjusted EPS narrowed to the upper half of $2.02-$2.07. New 2027 guidance: $2.22-$2.30. The plan now runs to 2033: $40.0B of capital in 2027-2033 ($32.0B base plan, $8.0B data centres), supporting 9%-10% consolidated investment-base growth. The consolidated adjusted EPS CAGR is raised to 10%-11% for 2027-2033, from 9%-10% for 2026-2033. Base-plan EPS growth is 6%-8% a year with 8%-10% rate-base growth [Q3 release].
  5. Microsoft is a third data-centre customer. In October 2026 NIPSCO signed a contract to supply Microsoft's data centre in its territory. Capacity starts in 2028 and rises to 788 MW from 2031. The term is 20 years from energization. Microsoft pays an initial capacity payment in 2026, then monthly capacity charges from Q2 2027 with specified minimums. The charge adjusts to give an unlevered IRR "within a defined range", expected to beat NIPSCO's current electric return. Termination payments are meant to reimburse NIPSCO's investment. The contract and a GenCo PPA both need IURC approval [10-Q Q3, MD&A]. The release says signed GenCo agreements now give about $1.75B of savings for existing customers, up from $1.4B in the Q2 release [Q3 release; research-layer: the previous dossier, fact 3].
  6. GenCo build (as of the 10-Q): the CCGT for the ADS (Amazon) contract has its major permits and a Full Notice to Proceed to the EPC contractor; site construction has begun [10-Q Q3, MD&A].
  7. Balance sheet, 2026-09-30 against 2025-12-31 (actuals): long-term debt excluding current portion $16,380.8M ($15,457.8M); cash and equivalents $57.5M ($110.1M) [10-Q Q3, balance sheet]. At 2026-06-30 the same debt line was $15,612.6M.

What held

  • 2026 guidance holds, now at the upper half of the range (fact 4).
  • The data-centre model keeps the same shape: a long contract, a capacity charge set for a target IRR, termination payments, and IURC approval (fact 5).
  • The build is still funded with debt: long-term debt up about $0.9B in nine months (fact 7).

How our view changed

3 dossiers

Every dossier we have written on NiSource, newest first.

  1. current

    A boring Indiana gas/electric utility that quietly became an AI-power landlord

  2. A boring Indiana gas/electric utility that quietly became an AI-power landlord

  3. A boring Indiana gas/electric utility that quietly became an AI-power landlord

Research trail

The research around NiSource

Covered in the Knowledge Base

Energy & Power

Company details

IndustryEnergy
SizePublic Company
WebsiteVisit NiSource

Others in energy

5 names

Where NiSource sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.