NI US S&P 500Russell 1000 Earnings call
NiSource (NI) · Q2 2026 results and valuation
Share price: $45.55 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 6 May 2026
Net income down 91.0% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−91.0%
Net income vs Q1 2026
Outlook given
Net income 45.5M vs 507.1M
Revenue −44.5%
Against the same quarter last year (Q2 2025) it is −55.5%, so it is not just seasonal.
2 · How management spoke
Typical
Less upbeat than 64% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
The data center strategy provides a growth platform that returns an expected $1.4 billion in savings to customers over their lifespans.
Valuation
Is NiSource undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$45.55
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+17.7% for 10 yrs
Fair value / share
$-5.10
Buy below
$-3.82
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
-
Key theme
The company maintains its 2026 capital program because it believes Pennsylvania remains a constructive regulatory environment despite ongoing evaluations of its investment.
Source quote
“We continue to proactively engage with all stakeholders, including the governor's office and the commission as we evaluate our investment... We believe Pennsylvania remains a constructive regulatory environment. Our planned 2026 capital program is fully supported under the framework established in...”
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Guidance
Earnings growth is expected to be more weighted toward the second half of the year due to recovery mechanisms, new regulatory activity in Virginia and Ohio, and Alphabet's activity.
Source quote
“We expect earnings growth to be more weighted toward the second half, supported by approved recovery mechanisms, new regulatory activity in Virginia and Ohio and Alphabet's energization activity...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We continue to see favorable market dynamics that could expand opportunities beyond our current 9 gigawatt pipeline and are assessing execution pathways to advance and integrate that additional growth into...”
“We expect these benefits to begin flowing to customers as early as the fourth quarter of this year, and we see further opportunity for this to grow as we advance...”
“2026 has been an unusually active year with a record number of tornadoes driving increased outages and system impacts.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.29B | 2.32B | −44.5% | 1.25B | +3.4% |
| Operating income | 228.1M | 819.2M | −72.2% | 262.9M | −13.2% |
| Net income | 45.5M | 507.1M | −91.0% | 102.2M | −55.5% |
| EPS | 0.09 | 1.06 | −91.5% | 0.22 | −59.1% |
| P/E today 21.0 | 25.3 | 23.2 | +2.1 | 21.3 | +4.0 |
Topics
Most discussed now
- At the same time, NiSource continues to advance operational improvements through AI-enabled efficiency and continuous improvement…
- At NiSource, NiSource's strategy remains grounded in delivering safe, reliable and affordable energy while creating long-term value for its…
- NiSource's year-over-year results reflect increased revenue from new rates and recovery mechanisms, including the continued benefit of rate…
- These investments supported safe and reliable service and strengthened operational readiness across NiSource's business.
- NiSource can usually work those directly into its plan in the context of either the tracker programs or the regulatory...
Faded since Q1 2026
- Dropped This 15-year contract will provide faster access to energy than previously anticipated and accelerate savings benefits to customers.
- Dropped The structure is designed to ring-fence this activity from the core regulated business, preserving balance sheet strength and minimizing...
- Dropped NiSource will provide updates as projects move into construction phases beginning in 2026.
- Dropped Indiana is a very strong territory for developing opportunities given the geography, proximity to Chicago, the 345 kV transmission…
Latest announcements
Official filings, newest first.
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Other events · SEC 8-K