Short answer
NiSource (NI) filed its Q3 2025 10-Q quarterly report on Oct 29, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $1.2B (up 18.6% year over year) with net income of $95M.
Q3 2025 key financials · XBRL
- Revenue
- $1.2B
- +18.6% YoY · −0.5% QoQ
- Net income
- $95M
- +10.5% YoY · −7.3% QoQ
- Operating margin
- 24.0%
- EPS (diluted)
- $0.20
- +5.3% YoY · −9.1% QoQ
Source: XBRL data from the NiSource (NI) Q3 2025 10-Q on SEC EDGAR. USD.
NiSource Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $1,273.1M Q3 2025, up $196.8M (+18.3%) YoY; Nine months $4,739.3M, up $872.0M (+22.5%) YoY
- Operating income margin 23.4% (Q3 2025) vs 20.3% (Q3 2024); Nine months margin 27.9% vs 26.8% YoY
- Best performing segment: NIPSCO Ops revenue $787.3M Q3 (+$134.4M), operating income $232.6M (+$61.3M); Worst: Columbia Ops smaller revenue $488.2M (+$61.5M) and operating income $52.1M (+$10.9M)
- Cash from ops $1,649.7M up $408.0M YoY; Investing spent $3,396.6M up $982.1M, driven by renewable projects and Data Center milestone payments
- Management highlights growth via new Data Center Contract with $7B asset build, ongoing energy transition retiring coal units by 2028, and projects capital investment $4.0-$4.3B in 2025; cautious on labor market and supply cost risks
Risk Factors
- New risk: Construction of 400 MW battery storage and 2x1,300 MW turbines delayed or over budget could reduce Data Center Contract returns, require additional financing
- Most materially updated: Increased financing needs and potential dilution due to expected significant long-term debt and equity issuance for new asset construction
- Regulatory risk: IURC oversight of Data Center Contract without traditional rate-making may impair cost recovery if liquidated damages or capacity shortfalls occur
- Operational risk: Customer concentration risk high; Customer can reduce capacity by 50% or terminate contract early, capping reimbursements and risking asset underutilization
- Financial risk: MISO capacity accreditation changes risk asset de-accreditation, requiring costly additional generation investments initially funded by NiSource with delayed customer cost recovery
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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