← Who reports today · Utilities
NI · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 4.6% y/y to $1.34B, operating margin 17.0% vs 20.5%, net income $45.5M (−55.5% y/y).
Net income attributable to NiSource
$45.5M
down 55.5% y/y
Total operating revenues
$1,342M
up 4.6% y/y
Operating income
$228M
down 13.2% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Customer revenues | $1,290 · +3.4% |
| Other revenues | $52.9 · +44.9% |
| Total operating revenues | $1,342 · +4.6% |
| Operation and maintenance | $475 · +19.9% |
| Depreciation and amortization | $362 · +26.3% |
| Cost of energy | $194 · −26.1% |
| Other taxes | $83.6 · +12.7% |
| Operating income | $228 · −13.2% · 17.0% margin |
| Other, net | $18.2 · ×36 |
| Interest expense, net | $199 · +43.2% |
| Income before income taxes | $47.1 · −62.1% |
| Income taxes | $10.2 · −57.1% · 21.7% effective rate |
| Net loss attributable to noncontrolling interest | $8.6 · +406% |
| Net income attributable to NiSource | $45.5 · −55.5% · $0.09/sh · 3.4% margin |
Verdict: revenue grew 4.6% y/y to $1.34B, operating margin 17.0% vs 20.5%, net income $45.5M (−55.5% y/y).
Diluted EPS $0.09 vs $0.22 a year earlier; non-GAAP consolidated adjusted EPS $0.16 vs $0.22; 2026 adjusted EPS guidance of $2.02-$2.07 reaffirmed; 2026-2030 capital investment plan of $28.6 billion, including $7.6 billion of strategic data center investments.
Source and notation
Source: NiSource earnings release, 8-K EX-99 of 08/05/2026, and Form 10-Q filed 08/05/2026 (SEC EDGAR). Utility layout: operating revenues less fuel and purchased power, operations and maintenance, depreciation and taxes other than income taxes give operating income; interest and other income lead to pre-tax income. The income statement lines were taken from the release by hand; the program found every figure in the release or 10-Q text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open as an image: NI, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Cite / embed this chart
Free to use in articles, research and social posts with credit to Who Reports Today and a link — licensed under CC BY 4.0 (terms).
Chart: “NI Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/ni/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/ni/q2-2026"><img src="https://whoreportstoday.com/t/ni/q2-2026/sankey.png" alt="NI Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/ni/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/ni/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/ni/q2-2026">NI Q2 2026 earnings chart (Who Reports Today)</a>
This is an archived report: the image at this link won’t change. If you change the chart (crop, translate), say so in the credit. Company logos and trademarks are not covered by the license.
- Interest expense rose to $199.2M from $139.1M and depreciation to $362.2M from $286.7M as the company invests heavily, so pre-tax income fell to $47.1M from $124.3M.
- Adjustments in the quarter include $21.4M of workplace continuity costs during the April 2026 NIPSCO lockout and $5.4M for the Value Captured initiative.
- The company is advancing $1.4 billion in savings for existing customers through recently approved Amazon and Alphabet agreements.
- Operating income was $228M, a 17.0% margin vs 20.5% a year earlier.
- The effective tax rate was 21.7% vs 19.1% a year earlier.
- Diluted EPS was $0.09 vs $0.22 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
NI — NiSource is a U.S. regulated utility holding company: natural gas distribution through Columbia Gas companies in several states and electric and gas service in Indiana through NIPSCO.
Headquarters: Merrillville, Indiana.
Heads-up
- net income fell 56% y/y in Q2 2026
Net income for Q2 2026: $45.5M, −56% y/y. In the report's figures: costs grew faster than revenue: depreciation and amortization +26% y/y, operation and maintenance +20% y/y, interest expense, net +43% y/y. Based on the Q2 2026 report.
The company's report ↗More reports: NRG · Q2 2026 · PCG · Q3 2026 · PEG · Q2 2026 · PNW · Q2 2026 · PPL · Q2 2026 · SO · Q2 2026 · SRE · Q2 2026 · VST · Q2 2026 · WEC · Q3 2026 · XEL · Q3 2026 · all reports