NI · Full Picture

NISOURCE INC. — the full picture

Earnings window · 2026-07-15 to 2026-08-09 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

1. Rate Case Outcomes · Pricing & realizationPriority 83
   +6.1% revenue; 4 forward row(s); structured_verified
   Columbia of Pennsylvania approved ROE: 10.00%, requested incremental revenue: $110.4 million, approved incremental revenue: $55.6 million, filing date: March 20, 2025, rates effective: January 2026.
2. Data Center Strategy · Strategic & business-model shiftsPriority 82
   +12.7% assets; 1 forward row(s); quote_verified
   The aggregate cost of Contract Assets and Pool Resource Assets supporting existing data center customers is estimated between $9.25 billion to $9.75 billion.
3. Data Center Agreements · Regulatory action & investigationsPriority 78
   -88.7% revenue; 2 sources (news, press_release); 2 forward row(s); quote_verified
   NiSource received regulatory approvals of its Amazon and Alphabet special contracts (described as "recently approved Amazon and Alphabet agreements").
4. Capital Expenditure Plan · Capital expenditurePriority 75
   +3.4% assets; 3 sources (news, press_release, sec_filing); 5 forward row(s); quote_verified
   NIPSCO filed a Gas TDSIC Plan (2026 - 2030) in December 2025 seeking recovery of $741.0 million of estimated capital including indirect costs and AFUDC; a hearing was in May 2026 with final order expected in third quarter 2026.
5. GHG Regulation Changes · UnclassifiedPriority 66
   7 forward row(s); quote_verified
   In June 2025, the EPA proposed to repeal GHG emissions standards for fossil fuel-fired power plants that were finalized in May 2024, and if finalized as proposed this action would allow customers to avoid approximately $675 million in additional cost as contemplated through the 2024 NIPSCO IRP.
6. Data Center / Load Growth · Demand, orders & backlogPriority 62
   2 sources (news, press_release); quote_verified
   NiSource has 3.8 gigawatts of capacity with hyperscale customers and an additional 5 GW in the pipeline
7. Issuance of Senior Unsecured Notes · UnclassifiedPriority 61
   -3.3% liability (realized); structured_verified
   In May 2026, NiSource issued $500.0 million of 4.75% senior unsecured notes maturing in 2031 and $750.0 million of 5.30% senior unsecured notes maturing in 2036.
8. Revenue Performance and Mix · Revenue growth & mixPriority 55
   2 sources (news, sec_filing); quote_verified
   Columbia Operations operating revenues for the three months ended June 30, 2026: $600.5 million.
9. Guidance / Outlook · Guidance & outlookPriority 54
   2 sources (news, press_release); 2 forward row(s); quote_verified
   NiSource expects a 9%-10% compound annual growth rate through 2033
10. Operating Expense Trends · Operating expenses (SG&A)Priority 53
    quote_verified
    Consolidated total operating expenses for the three months ended June 30, 2026: $1,114.3 million.
11. Data Center Infrastructure Investment · UnclassifiedPriority 52
    +0.8% assets; 5 forward row(s); quote_verified
    NiSource expects to make approximately $600 million of capital investments in connection with Pool Resource Assets initially being developed to serve contracted data center customers.
12. Operating Margin Drivers · Operating income & profitabilityPriority 52
    quote_verified
    Consolidated operating income for the six months ended June 30, 2026: $1,047.3 million.

Threads by pillar

Revenue & Demand Priority 89 · 4 threads

• Rate Case OutcomesPriority 83 · Filing
• Data Center / Load GrowthPriority 62 · News, Release
• End-Market Demand TrendsPriority 35 · Filing
• Revenue Performance and MixPriority 55 · News, Filing

Costs & Margins Priority 75 · 7 threads

• Operating Margin DriversPriority 52 · Filing
• Net Income and EPS PerformancePriority 49 · News, Release
• Operating Expense TrendsPriority 53 · Filing
• Headcount / RestructuringPriority 50 · Release, Filing
• Supply Chain ConstraintsPriority 29 · Filing
• Manufacturing and CapacityPriority 27 · Filing
• Grid Modernization and ReliabilityPriority 25 · Filing

Capital & Balance Sheet Priority 86 · 5 threads

• Capital Expenditure PlanPriority 75 · News, Release, Filing
• Equity Financing ActivitiesPriority 49 · Filing
• Liquidity and Debt PositionPriority 48 · Filing
• Contractual ObligationsPriority 51 · Filing
• Operating Cash Flow TrendsPriority 41 · Filing

Strategy & Portfolio Priority 85 · 2 threads

• Data Center StrategyPriority 82 · Filing
• Renewable Generation TransitionPriority 46 · Filing

Legal, Regulatory & Policy Priority 82 · 3 threads

• Data Center AgreementsPriority 78 · News, Release
• Regulatory Approval MilestonesPriority 49 · News
• Trade Policy and TariffsPriority 30 · Filing

Guidance & Outlook Priority 54 · 1 thread

• Guidance / OutlookPriority 54 · News, Release

Management & Governance Priority 36 · 1 thread

• ESG and sustainabilityPriority 36 · Filing

Unclassified Priority 84 · 5 threads

• GHG Regulation ChangesPriority 66 · Filing
• Issuance of Senior Unsecured NotesPriority 61 · Filing
• Data Center Infrastructure InvestmentPriority 52 · Filing
• Federal Power Act Emergency OrderPriority 44 · Filing
• Storm Asset ImpairmentPriority 42 · Filing

Expected impact by metric