NiSource
Operator of Columbia Gas utilities and NIPSCO’s gas-electric system.
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Profile
Operates Columbia Gas utilities across the eastern U.S. and NIPSCO’s gas and electric system in northern Indiana, earning substantially all operating income through regulated rates. Infrastructure modernization, generation replacement, and a customer-funded data-center power buildout shape the capital program.
Runs fully regulated natural gas utilities under the Columbia Gas brands in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland, plus NIPSCO’s gas and electric utility in northern Indiana. Columbia Operations distributes and transports gas; NIPSCO Operations distributes gas and generates, buys, transmits, and delivers electricity.
Core execution is modernizing pipes, wires, and generation while maintaining safety and reliability and recovering investment through regulated customer rates. NIPSCO is replacing coal generation with owned and contracted renewable, storage, and flexible gas resources.
NiSource Generation Company is separately structured to build generation for large data-center loads, with those customers funding the related assets. Substantially all operating income comes from rate-regulated businesses; results depend on regulatory decisions, project delivery, weather-sensitive gas demand, and MISO’s regional electric market. NIPSCO remains majority-owned rather than wholly owned.
Company facts
Categories
Key statistics
Year to date −3.8% · Average volume (30d) 5.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 26, 2026 | Mizuho Securities | Target | $50 | $48 | |
| Jul 23, 2026 | KeyBanc | Reiterate | Overweight | $50 | |
| Jul 20, 2026 | Barclays | Reiterate | Overweight | $49 | $51 |
| Jul 1, 2026 | RBC Capital | Initiate | Outperform | $52 | |
| May 11, 2026 | Evercore ISI | Target | $45 | $52 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.16 | $0.16 | +1.4% | $1.15B | $1.34B | +17.0% | −3.64% |
| May 6, 2026Q1 FY26 | $1.05 | $1.06 | +1.0% | $2.52B | $2.36B | −6.3% | −1.03% |
| Feb 11, 2026Q4 FY25 | $0.50 | $0.51 | +2.9% | $1.43B | $1.90B | +33.0% | +1.16% |
| Oct 29, 2025Q3 FY25 | $0.20 | $0.19 | −5.0% | $1.20B | $1.27B | +6.1% | −0.78% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.18B | $1.28B | $1.27B | $1.90B | $2.36B | $1.34B | |
| Gross profit | $1.11B | $625.0M | $678.4M | $936.3M | $1.20B | $673.9M | |
| Operating income | $759.4M | $262.9M | $297.5M | $515.1M | $819.2M | $228.1M | |
| Net income | $474.8M | $102.2M | $94.7M | $257.8M | $507.1M | $45.5M | |
| Diluted EPS | $1.00 | $0.22 | $0.20 | $0.53 | $1.06 | $0.09 | |
| Gross margin | 50.7% | 48.7% | 53.3% | 49.2% | 51.0% | 50.2% | |
| Operating margin | 34.8% | 20.5% | 23.4% | 27.1% | 34.7% | 17.0% |
Fiscal years (4-quarter sums)FY21 $4.90B · FY22 $5.85B · FY23 $5.51B · FY24 $5.46B · FY25 $6.64B
Balance sheet, Jun 30, 2026Cash & short-term investments $70.0M · Total debt $17.57B · Total assets $37.54B · Shareholders' equity $9.57B
Dividends
Raised for 21 straight years — most recently to $0.30 from $0.28 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 20 | $0.30 | |
| Apr 30, 2026 | Apr 30 | May 20 | $0.30 | |
| Feb 3, 2026 | Feb 3 | Feb 20 | $0.30 | raised from $0.28 |
| Oct 31, 2025 | Oct 31 | Nov 20 | $0.28 | |
| Jul 31, 2025 | Jul 31 | Aug 20 | $0.28 | |
| Apr 30, 2025 | Apr 30 | May 20 | $0.28 | |
| Feb 3, 2025 | Feb 3 | Feb 20 | $0.28 | raised from $0.265 |
| Oct 31, 2024 | Oct 31 | Nov 20 | $0.265 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 479.44M · Float 477.63M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 54.96M | 11.46% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 31.35M | 6.54% | 13F | Aug 13, 2026 |
| T. Rowe Price Investment Management, Inc. | 29.84M | 6.22% | 13F | Aug 14, 2026 |
| State Street Corp | 27.62M | 5.76% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 27.07M | 5.65% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | Melody Birmingham | officer: EVP & Grp President, Utilities | −37,509 | $42.40 |
| May 22, 2026 | Melanie B. Berman | officer: EVP Administration & CHRO | −15,000 | $47.68 |
| May 21, 2026 | Lloyd M. Yates | director, officer: Director and President & CEO | −19,905 | $47.73 |
| May 20, 2026 | Melody Birmingham | officer: EVP & Grp President, Utilities | −2,500 | $47.43 |
| May 14, 2026 | Melody Birmingham | officer: EVP & Grp President, Utilities | −10,000 | $47.19 |
Peers
- Atmos Energy
Gas-distribution peer for safety and rate-base growth
- CenterPoint Energy
Indiana and Ohio electric-and-gas utility peer
- WEC Energy Group
Midwest combo-utility peer for gas, power, and data load
- ONE Gas
Pure-play LDC peer for regulated gas distribution
- Spire
Gas utility peer in LDC operations and supply planning
- American Electric Power
Electric utility peer for Indiana and Ohio power markets
- Duke Energy
Large Indiana and Ohio electric-and-gas utility peer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NiSource | $42.21 | +4.07% | $19.45B | 21.6 | 18.6 | 2.8 | +4.6% |
| Atmos Energy | $166.65 | +0.01% | $27.82B | 19.8 | 18.5 | 5.7 | +4.8% |
| CenterPoint Energy | $39.14 | −0.25% | $25.85B | 23.1 | 19.5 | 2.7 | +10.7% |
| WEC Energy Group | $106.22 | +0.01% | $34.60B | 20.6 | 19.9 | 3.4 | +2.6% |
| ONE Gas | $79.47 | −0.03% | $4.99B | 17.1 | 16.1 | 2.2 | −2.9% |
| Spire | $82.56 | −0.05% | $4.88B | 9.2 | 16.9 | 1.9 | −0.4% |
| American Electric Power | $125.76 | +2.84% | $66.59B | 21.2 | 18.4 | 3.0 | +7.0% |
| Duke Energy | $120.20 | −0.02% | $93.75B | 18.1 | 17.7 | 2.8 | +1.1% |
| Median | 19.8 | 18.4 | 2.8 | +2.6% |