NiSource (NI) Q3 2025 10-Q Quarterly Report
NiSource (NI) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 29, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
NiSource Q3 2025 10-Q Analysis
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
NiSource Q3 2025 Quarterly FinancialsXBRL
Revenue
$1.2B
▲ +18.6% YoY▼ -0.5% QoQ
Net Income
$95M
▲ +10.5% YoY▼ -7.3% QoQ
Operating Margin
24.0%
▲ +312bp YoY▲ +290bp QoQ
Net Margin
7.6%
▼ -56bp YoY▼ -56bp QoQ
ROE
1.0%
Total Assets
$34.4B
EPS (Diluted)
$0.20
▲ +5.3% YoY▼ -9.1% QoQ
Operating Cash Flow
$468M
▲ +37.6% YoY▼ -5.6% QoQ
Source: XBRL data from NiSource Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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