Nisource Inc 10-Q for FY2026 Q2

Nisource Inc. (NI)

10-Q 2026-08-05 For: 2026-06-30

Added on August 05, 2026

About this 10-Q

Nisource Inc filed this 10-Q on August 5, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.29B; up 3.4% from $1.25B a year earlier
Net income: $45.5M; down 55.5% from net income of $102.2M a year earlier
Diluted EPS: $0.09; down 59.1% from $0.22 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


DE		35-2108964
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

801 East 86th Avenue
Merrillville,	IN	46410
(Address of principal executive offices)		(Zip Code)


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	NI	NYSE


			Page

	Defined Terms		3

PART I	FINANCIAL INFORMATION

	Item 1.	Financial Statements - unaudited

		Condensed Statements of Consolidated Income (unaudited)	9

		Condensed Statements of Consolidated Comprehensive Income (unaudited)	10

		Condensed Consolidated Balance Sheets (unaudited)	11

		Condensed Statements of Consolidated Cash Flows (unaudited)	13

		Condensed Statements of Consolidated Equity (unaudited)	14

		Notes to Condensed Consolidated Financial Statements (unaudited)	17

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	64

	Item 4.	Controls and Procedures	64

PART II	OTHER INFORMATION

	Item 1.	Legal Proceedings	65

	Item 1A.	Risk Factors	65

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	65

	Item 3.	Defaults Upon Senior Securities	65

	Item 4.	Mine Safety Disclosures	65

	Item 5.	Other Information	65

	Item 6.	Exhibits	66

	Signature		67


DEFINED TERMS
The following is a list of frequently used abbreviations or acronyms that are found in this report:

NiSource Subsidiaries and Affiliates (not exhaustive)
Columbia of Kentucky			Columbia Gas of Kentucky, Inc.
Columbia of Maryland			Columbia Gas of Maryland, Inc.

Columbia of Ohio			Columbia Gas of Ohio, Inc.
Columbia of Pennsylvania			Columbia Gas of Pennsylvania, Inc.
Columbia of Virginia			Columbia Gas of Virginia, Inc.
GenCo			NiSource Generation Company LLC, formerly known as NIPSCO Generation LLC
Generation Holdings I			Generation Holdings I LLC
Generation Holdings II			Generation Holdings II LLC
NIPSCO			Northern Indiana Public Service Company LLC
NIPSCO Holdings I			NIPSCO Holdings I LLC
NIPSCO Holdings II			NIPSCO Holdings II LLC
NiSource ("we," "us" or "our")			NiSource Inc.
Rosewater			Rosewater Wind Generation LLC and its wholly owned subsidiary, Rosewater Wind Farm LLC
Indiana Crossroads Solar			Indiana Crossroads Solar Generation LLC and its wholly owned subsidiary, Meadow Lake Solar Park LLC
Indiana Crossroads Wind			Indiana Crossroads Wind Generation LLC and its wholly owned subsidiary, Indiana Crossroads Wind Farm LLC
Dunn's Bridge I			Dunn's Bridge I Solar Generation LLC and its wholly owned subsidiary, Dunns Bridge Solar Center, LLC




Abbreviations and Other

ADS			Amazon Data Services, Inc.
ADS Contract			NIPSCO agreement to provide electricity to ADS' data centers
AFUDC			Allowance for funds used during construction


Alphabet			Alphabet, Inc.
Alphabet Contract			NIPSCO agreement to provide electricity to Alphabet's data centers
AOCI			Accumulated other comprehensive income (loss)
ASC			Accounting standards codification
ASU			Accounting standards update
ATM			At-the-market
BESS			Battery energy storage system


BIP Orion Holdco L.P.			BIP Orion Holdco L.P., a Delaware limited partnership and also an affiliate of Blackstone
BIP Orion Holdco II L.P.			BIP Orion Holdco II L.P., a Delaware limited partnership and also an affiliate of Blackstone
Blackstone			Blackstone Infrastructure Partners L.P.
Blackstone Investor			BIP Orion Holdco L.P. and BIP Orion Holdco II L.P. (GenCo Minority Interest Transaction)
BTA			Build-transfer agreement



CCGT			Combined cycle gas turbine
CCRs			Coal combustion residuals
CEO			Chief executive officer
CEP			Ohio capital expenditure program


DEFINED TERMS
CERCLA			Comprehensive Environmental Response Compensation and Liability Act (also known as Superfund)
CODM			Chief operating decision maker
Columbia Operations			Reportable segment comprised of the results of NiSource Gas Distribution company, including all of its Columbia Gas distribution companies and related subsidiaries
Contract Assets			Generation assets and related transmission infrastructure to be developed in connection with the ADS Contract








Current Data Center Contracts			The ADS Contract and the Alphabet Contract
DSM			Demand side management
Dunn's Bridge II			Dunn's Bridge II Solar Generation LLC

EPA			United States Environmental Protection Agency
EPC			Engineering, procurement, and construction
EPC Contracts			Engineering, procurement, and construction contracts
EPS			Earnings per share
ESA			Energy storage agreement
FAC			Fuel adjustment clause
FASB			Financial Accounting Standards Board
FERC			Federal Energy Regulatory Commission
FMCA			Indiana federally mandated cost adjustment mechanism
GAAP			Generally Accepted Accounting Principles
GCA			Gas cost adjustment
GCT			Generation cost tracker
GenCo Minority Interest Transaction			A transaction between Generation Holdings I, Generation Holdings II (sole owner of GenCo) and Blackstone Investor entered into in October 2025, that offered equity interests in Generation Holdings II in exchange for capital contributions by the parties.

Generation Holdings II LLC Agreement			Amended And Restated Limited Liability Company Agreement of Generation Holdings II
GHG			Greenhouse gases
GWh			Gigawatt hours


IRP			Ohio infrastructure replacement program

IURC			Indiana Utility Regulatory Commission

JV			Joint venture





MGP			Manufactured gas plant
MISO			Midcontinent Independent System Operator
MMDth			Million dekatherms
MW			Megawatts
MWh			Megawatt hours

NIPSCO Electric			The electric generation, transmission and distribution activities of the NIPSCO Operations reportable segment
NIPSCO Gas			The gas distribution activities of the NIPSCO Operations reportable segment
NIPSCO Holdings II LLC Agreement			Third Amended And Restated Limited Liability Company Agreement of NIPSCO Holdings II

NIPSCO Operations			Reportable segment comprised of the results of NIPSCO Holdings I, NIPSCO Holdings II, and NIPSCO and all related subsidiaries
NYMEX			New York Mercantile Exchange

OPEB			Other postemployment benefits


PHMSA			Pipeline and Hazardous Materials Safety Administration


DEFINED TERMS
Pool Resource Assets			Portfolio of electric generation assets and related assets owned or contracted for by NIPSCO and/or its affiliates (primarily including GenCo) and designed to serve the needs of data center customers.
PPA			Power purchase agreement







ROE			Return on equity
SAVE			Steps to advance Virginia's energy plan
Scope 1 GHG Emissions			Direct emissions from sources owned or controlled by us (e.g., emissions from our combustion of fuel, vehicles, and process emissions and fugitive emissions)
Scope 2 GHG Emissions			Indirect emissions from sources owned or controlled by us
SEC			Securities and Exchange Commission

SMRP			Kentucky safety modification and replacement program
SMS			Safety management system



TDSIC			Indiana transmission, distribution and storage system improvement charge
Templeton			Templeton Wind Energy Center LLC


VIE			Variable interest entity

2018 Plan			2018 integrated resource plan
2021 Plan			2021 integrated resource plan
2024 Plan			2024 integrated resource plan


Index			Page
Condensed Statements of Consolidated Income (unaudited)			9
Condensed Statements of Consolidated Comprehensive Income (unaudited)			10
Condensed Consolidated Balance Sheets (unaudited)			11
Condensed Statements of Consolidated Cash Flows (unaudited)			13
Condensed Statements of Consolidated Equity (unaudited)			14
Notes to Condensed Consolidated Financial Statements (unaudited)			17
1. Basis of Accounting Presentation			17
2. Recent Accounting Pronouncements			17
3. Revenue Recognition			17
4. Noncontrolling Interests			21
5. Earnings Per Share			23


6. Equity			24
7. Short-Term Borrowings			24
8. Long-Term Debt			26

9. Regulatory Matters			26
10. Risk Management Activities			27
11. Fair Value			29
12. Goodwill			32
13. Income Taxes			32
14. Pension and Other Postemployment Benefits			32
15. Other Commitments and Contingencies			34
16. Accumulated Other Comprehensive Loss			36
17. Business Segment Information			37
18. Other, Net			40
19. Supplemental Disclosures of Cash Flow Information			40


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2026		2025		2026		2025
Operating Revenues
Customer revenues	$	1,289.5	$	1,246.5	$	3,611.8	$	3,396.0
Other revenues	52.9		36.5		93.7		70.2
Total Operating Revenues	1,342.4		1,283.0		3,705.5		3,466.2
Operating Expenses
Cost of energy	193.6		261.8		862.8		909.3
Operation and maintenance	474.9		396.2		964.1		824.0
Depreciation and amortization	362.2		286.7		650.5		545.3
Loss on impairment of assets	—		0.4		—		0.7
Loss on sale of assets, net	—		0.8		—		0.8
Other taxes	83.6		74.2		180.8		163.8
Total Operating Expenses	1,114.3		1,020.1		2,658.2		2,443.9

Operating Income	228.1		262.9		1,047.3		1,022.3
Other Income (Deductions)
Interest expense, net	(199.2)		(139.1)		(390.8)		(271.9)
Other, net	18.2		0.5		32.6		6.3

Total Other Deductions, Net	(181.0)		(138.6)		(358.2)		(265.6)
Income before Income Taxes	47.1		124.3		689.1		756.7
Income Taxes	10.2		23.8		96.0		129.5


Net Income	36.9		100.5		593.1		627.2
Net income (loss) attributable to noncontrolling interest	(8.6)		(1.7)		40.5		50.2
Net Income Attributable to NiSource	45.5		102.2		552.6		577.0
Preferred dividends redemption premium	—		—		3.6		—
Net Income Available to Common Shareholders	$	45.5	$	102.2	$	556.2	$	577.0
Earnings Per Share
Basic Earnings Per Share	$	0.10	$	0.22	$	1.16	$	1.22
Diluted Earnings Per Share	$	0.09	$	0.22	$	1.15	$	1.22
Basic Average Common Shares Outstanding	479.7		471.0		479.4		470.6
Diluted Average Common Shares	481.2		472.1		481.0		472.3


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, net of taxes)	2026		2025		2026		2025
Net Income	$	36.9	$	100.5	$	593.1	$	627.2
Other comprehensive (loss) income:
Net unrealized (loss) gain on available-for-sale debt securities(1)	0.7		1.0		(0.5)		1.8
Reclassification adjustment for cash flow hedges(2)	(0.1)		(0.1)		(0.2)		(0.2)
Unrecognized pension and OPEB benefit (costs)(3)	(0.9)		0.1		(2.6)		0.6
Total other comprehensive (loss) income	(0.3)		1.0		(3.3)		2.2
Comprehensive Income	$	36.6	$	101.5	$	589.8	$	629.4


(in millions)	June 30, 2026		December 31, 2025
ASSETS
Property, Plant and Equipment
Plant	$	40,300.8	$	38,058.8
Accumulated depreciation and amortization	(9,779.5)		(9,370.6)


Net Property, Plant and Equipment(1)	30,521.3		28,688.2
Investments and Other Assets
Unconsolidated affiliates	8.2		8.1
Available-for-sale debt securities (amortized cost of $164.6 and $145.8, respectively)	163.3		146.1
Other investments	121.5		118.6
Total Investments and Other Assets	293.0		272.8
Current Assets
Cash and cash equivalents	70.0		110.1
Restricted cash	25.4		25.6
Accounts receivable	886.7		1,238.1
Allowance for credit losses	(40.2)		(40.6)
Accounts receivable, net	846.5		1,197.5
Gas storage	173.6		252.0
Materials and supplies, at average cost	212.4		189.0
Electric production fuel, at average cost	22.4		8.5
Exchange gas receivable	37.9		66.0

Regulatory assets	400.0		274.2
Income tax receivable	7.6		15.7


Prepayments	246.1		149.3
Other current assets	157.5		89.3
Total Current Assets(1)	2,199.4		2,377.2
Other Assets
Regulatory assets	2,360.8		2,225.2
Goodwill	1,485.9		1,485.9

Deferred charges and other	683.2		809.4
Total Other Assets(2)	4,529.9		4,520.5
Total Assets	$	37,543.6	$	35,858.7


(in millions, except share amounts)	June 30, 2026		December 31, 2025
CAPITALIZATION AND LIABILITIES
Capitalization
Stockholders’ Equity
Common stock - $0.01 par value,750,000,000 shares authorized; 479,498,053 and 478,432,058 shares outstanding, respectively	$	4.8	$	4.8

Treasury stock	(99.9)		(99.9)
Additional paid-in capital	9,875.4		9,866.6
Retained deficit	(196.2)		(315.2)
Accumulated other comprehensive loss	(9.5)		(6.2)
Total NiSource Stockholders’ Equity	9,574.6		9,450.1
Noncontrolling interest in consolidated subsidiaries	2,319.8		2,209.8
Total Stockholders’ Equity	11,894.4		11,659.9
Long-term debt, excluding amounts due within one year	15,612.6		15,457.8
Total Capitalization	27,507.0		27,117.7
Current Liabilities
Current portion of long-term debt	1,098.4		19.7
Short-term borrowings	692.0		736.0
Accounts payable	1,135.6		1,124.5
Dividends payable - common stock	148.0		4.4

Customer deposits and credits	163.8		283.4
Taxes accrued	246.3		228.8
Interest accrued	241.4		206.2

Asset retirement obligations	48.1		55.0
Exchange gas payable	76.8		125.4


Regulatory liabilities	188.1		260.1
Accrued compensation and employee benefits	190.7		246.8


Other accruals	185.3		167.1
Total Current Liabilities(1)	4,414.5		3,457.4
Other Liabilities

Deferred income taxes	2,623.8		2,500.1


Deferred credits	78.7		77.2
Accrued liability for postretirement and postemployment benefits	140.1		153.1
Regulatory liabilities	1,586.2		1,513.3
Asset retirement obligations	811.8		781.9
Other noncurrent liabilities	381.5		258.0
Total Other Liabilities(1)	5,622.1		5,283.6
Commitments and Contingencies (Refer to Note 15, "Other Commitments and Contingencies")
Total Capitalization and Liabilities	$	37,543.6	$	35,858.7


Six Months Ended June 30, (in millions)	2026		2025
Operating Activities
Net Income	$	593.1	$	627.2
Adjustments to Reconcile Net Income to Net Cash from Operating Activities:

Depreciation and amortization	650.5		545.3
Deferred income taxes and investment tax credits	107.6		120.4
Loss on sale of assets	—		0.8


Payments for asset retirement obligations	(12.1)		(31.3)
Other adjustments	38.2		22.3
Changes in Assets and Liabilities:








Components of working capital(1)	(272.0)		(64.8)
Regulatory assets/liabilities	(56.1)		(23.7)


Deferred charges and other noncurrent assets	18.0		(14.9)
Other noncurrent liabilities and deferred credits and charges	55.5		0.5
Net Cash Flows from Operating Activities	1,122.7		1,181.8
Investing Activities
Capital expenditures	(1,902.6)		(1,295.5)





Milestone payments to renewable generation asset developers	—		(958.0)
Advanced deposits	(92.1)		(160.9)
Other investing activities	(112.1)		(151.9)
Net Cash Flows used for Investing Activities	(2,106.8)		(2,566.3)
Financing Activities
Proceeds from issuance of long-term debt	1,239.7		2,362.0
Repayments of finance lease obligations	(10.4)		(10.9)



Net change in commercial paper and other short-term borrowings	(44.0)		(604.6)
Issuance of common stock, net of issuance costs	7.0		6.8


Equity costs, premiums and other debt related costs	(24.7)		(17.7)
Contributions from NIPSCO and GenCo minority interest holders	124.5		134.3

Distribution to NIPSCO minority interest holders	(47.0)		(44.4)
Distributions to tax equity partners	(8.0)		(9.8)
Dividends paid - common stock	(293.3)		(264.2)



Net Cash Flows from Financing Activities	943.8		1,551.5
Change in cash, cash equivalents and restricted cash	(40.3)		167.0
Cash, cash equivalents and restricted cash at beginning of period	135.7		198.6
Cash, Cash Equivalents and Restricted Cash at End of Period	$	95.4	$	365.6
(1) Refer to Note 19, "Supplemental Disclosures of Cash Flow Information," for additional information.


(in millions)	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	70.0	$	110.1
Restricted cash	25.4		25.6
Total Cash, Cash Equivalents and Restricted Cash	$	95.4	$	135.7


(in millions)	Common Stock		Treasury Stock		Additional Paid-In Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance as of March 31, 2026	$	4.8	$	(99.9)	$	9,859.1	$	(96.6)	$	(9.2)	$	2,269.3	$	11,927.5
Comprehensive Income:
Net income (loss)	—		—		—		45.5		—		(8.6)		36.9
Other comprehensive loss, net of tax	—		—		—		—		(0.3)		—		(0.3)
Dividends:
Common stock ($0.30 per share)	—		—		—		(145.1)		—		—		(145.1)

Noncontrolling Interests:
Contributions from noncontrolling interests	—		—		—		—		—		91.0		91.0
Distributions to noncontrolling interests	—		—		—		—		—		(31.9)		(31.9)

Stock Issuances:




Employee stock purchase plan	—		—		2.1		—		—		—		2.1
Long-term incentive plan	—		—		12.0		—		—		—		12.0
401(k) and profit sharing	—		—		2.2		—		—		—		2.2

Balance as of June 30, 2026	$	4.8	$	(99.9)	$	9,875.4	$	(196.2)	$	(9.5)	$	2,319.8	$	11,894.4


(in millions)	Common Stock		Treasury Stock		Additional Paid-In Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance as of December 31, 2025	$	4.8	$	(99.9)	$	9,866.6	$	(315.2)	$	(6.2)	$	2,209.8	$	11,659.9
Comprehensive Income:
Net income	—		—		—		552.6		—		40.5		593.1
Other comprehensive loss, net of tax	—		—		—		—		(3.3)		—		(3.3)
Dividends:
Common stock ($0.90 per share)	—		—		—		(437.2)		—		—		(437.2)

Noncontrolling Interests:

Contributions from noncontrolling interests	—		—		—		—		—		124.5		124.5
Distributions to noncontrolling interests	—		—		—		—		—		(55.0)		(55.0)


Stock Issuances:


Series A preferred stock redemption premium	—		—		—		3.6		—		—		3.6

Employee stock purchase plan	—		—		4.0		—		—		—		4.0

401(k) and profit sharing	—		—		4.8		—		—		—		4.8

Balance as of June 30, 2026	$	4.8	$	(99.9)	$	9,875.4	$	(196.2)	$	(9.5)	$	2,319.8	$	11,894.4


	Common
Shares (in thousands)	Shares	Treasury	Outstanding
Balance as of March 31, 2026	483,328	(3,963)	479,365
Issued:


Employee stock purchase plan	45	—	45
Long-term incentive plan	42	—	42
401(k) and profit sharing	46	—	46



Balance as of June 30, 2026	483,461	(3,963)	479,498

	Common
Shares (in thousands)	Shares	Treasury	Outstanding
Balance as of December 31, 2025	482,395	(3,963)	478,432
Issued:


Employee stock purchase plan	90	—	90
Long-term incentive plan	873	—	873
401(k) and profit sharing	103	—	103



Balance as of June 30, 2026	483,461	(3,963)	479,498


	Common
Shares (in thousands)	Shares	Treasury	Outstanding
Balance as of March 31, 2025	474,581	(3,963)	470,618
Issued:
Employee stock purchase plan	48	—	48
Long-term incentive plan	62	—	62
401(k) and profit sharing	56	—	56



Balance as of June 30, 2025	474,747	(3,963)	470,784

	Common
Shares (in thousands)	Shares	Treasury	Outstanding
Balance as of December 31, 2024	473,785	(3,963)	469,822
Issued:

Employee stock purchase plan	94	—	94
Long-term incentive plan	744	—	744
401(k) and profit sharing	124	—	124



Balance as of June 30, 2025	474,747	(3,963)	470,784


Three months ended June 30, 2026 (in millions)	Columbia Operations		NIPSCO Operations		Corporate and Other		Total
Gas Distribution
Residential	$	399.9	$	102.2	$	—	$	502.1
Commercial	124.6		41.4		—		166.0
Industrial	40.3		21.0		—		61.3
Off-system	11.5		—		—		11.5


Miscellaneous(1)	8.5		3.0		—		11.5
Subtotal	$	584.8	$	167.6	$	—	$	752.4
Electric Generation and Power Delivery
Residential	—		183.1		—		183.1
Commercial	—		181.7		—		181.7
Industrial	—		159.2		—		159.2
Wholesale	—		9.9		—		9.9
Public Authority	—		3.7		—		3.7
Miscellaneous(1)	—		(0.5)		—		(0.5)
Subtotal	$	—	$	537.1	$	—	$	537.1
Total Customer Revenues(2)	584.8		704.7		—		1,289.5
Other Revenues(3)	12.2		39.2		1.5		52.9
Total Operating Revenues	$	597.0	$	743.9	$	1.5	$	1,342.4
(1)Amounts included in Columbia Operations primarily relate to earnings share mechanisms, late fees, and wholesale revenues. Amounts included in NIPSCO Operations primarily relate to late fees, property rentals, transmission revenue, and offsetting regulatory program deferrals. (2)Customer revenue amounts exclude intersegment revenues. See Note 17, "Business Segment Information," for discussion of intersegment revenues. (3)Amounts included in Columbia Operations primarily relate to alternative revenue programs including weather normalization adjustment mechanisms. Amounts included in NIPSCO Operations primarily relate to alternative revenue programs including weather normalization adjustment mechanisms, MISO multi-value projects and revenue from FERC jurisdictional transmission assets. Amounts included in Corporate and Other primarily relate to products and services revenue.

Three months ended June 30, 2025 (in millions)	Columbia Operations		NIPSCO Operations		Corporate and Other		Total
Gas Distribution
Residential	$	397.0	$	114.2	$	—	$	511.2
Commercial	126.2		45.5		—		171.7
Industrial	37.6		22.6		—		60.2
Off-system	22.8		—		—		22.8


Miscellaneous(1)	8.7		3.3		—		12.0
Subtotal	$	592.3	$	185.6	$	—	$	777.9
Electric Generation and Power Delivery
Residential	$	—	$	163.9	$	—	$	163.9
Commercial	—		161.0		—		161.0
Industrial	—		133.5		—		133.5

Wholesale	—		11.9		—		11.9


Six months ended June 30, 2026 (in millions)	Columbia Operations		NIPSCO Operations		Corporate and Other		Total
Gas Distribution
Residential	$	1,309.1	$	420.8	$	—	$	1,729.9
Commercial	455.6		157.0		—		612.6
Industrial	97.7		55.1		—		152.8
Off-system	28.3		—		—		28.3


Miscellaneous(1)	22.7		6.1		—		28.8
Subtotal	$	1,913.4	$	639.0	$	—	$	2,552.4
Electric Generation and Power Delivery
Residential	$	—	$	359.9	$	—	$	359.9
Commercial	—		353.8		—		353.8
Industrial	—		314.7		—		314.7
Wholesale	—		18.4		—		18.4
Public Authority	—		8.0		—		8.0
Miscellaneous(1)	—		4.6		—		4.6
Subtotal	$	—	$	1,059.4	$	—	$	1,059.4
Total Customer Revenues(2)	1,913.4		1,698.4		—		3,611.8
Other Revenues(3)	6.8		84.0		2.9		93.7
Total Operating Revenues	$	1,920.2	$	1,782.4	$	2.9	$	3,705.5
(1)Amounts included in Columbia Operations are primarily relate to earnings share mechanisms, late fees, and wholesale revenues. Amounts included in NIPSCO Operations primarily relate to late fees, property rentals, transmission revenue, and offsetting regulatory program deferrals. (2)Customer revenue amounts exclude intersegment revenues. See Note 17, "Business Segment Information," for discussion of intersegment revenues. (3)Amounts included in Columbia Operations primarily relate to alternative revenue programs including weather normalization adjustment mechanisms. Amounts included in NIPSCO Operations primarily relate to alternative revenue programs including weather adjustment mechanisms, MISO multi-value projects and revenue from FERC jurisdictional transmission assets. Amounts included in Corporate and Other primarily relate to products and services revenue.

Six months ended June 30, 2025 (in millions)	Columbia Operations		NIPSCO Operations		Corporate and Other		Total
Gas Distribution
Residential	$	1,248.2	$	405.6	$	—	$	1,653.8
Commercial	432.7		148.6		—		581.3
Industrial	85.5		54.0		—		139.5
Off-system	45.1		—		—		45.1


Miscellaneous(1)	20.7		8.0		—		28.7
Subtotal	$	1,832.2	$	616.2	$	—	$	2,448.4
Electric Generation and Power Delivery
Residential	$	—	$	331.8	$	—	$	331.8
Commercial	—		321.1		—		321.1
Industrial	—		276.1		—		276.1

Wholesale	—		19.5		—		19.5


(in millions)	Columbia Operations		NIPSCO Operations		Total
Balance as of December 31, 2025	$	15.6	$	25.0	$	40.6
Current period provisions	24.4		10.2		34.6
Write-offs charged against allowance	(30.2)		(10.2)		(40.4)
Recoveries of amounts previously written off	4.7		0.7		5.4
Balance as of June 30, 2026	$	14.5	$	25.7	$	40.2


(in millions)	Columbia Operations		NIPSCO Operations		Total
Balance as of December 31, 2024	$	9.8	$	13.9	$	23.7
Current period provisions	42.3		25.0		67.3
Write-offs charged against allowance	(50.8)		(15.0)		(65.8)
Recoveries of amounts previously written off	14.3		1.1		15.4
Balance as of December 31, 2025	$	15.6	$	25.0	$	40.6


(in millions)	Customer Accounts Receivable, Billed (less reserve)		Customer Accounts Receivable, Unbilled (less reserve)
Balance as of December 31, 2025	$	698.8	$	465.2
Balance as of June 30, 2026	$	694.5	$	118.0


Recurring Fair Value Measurements June 30, 2026 (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2026
Assets


Risk management assets	$	—	$	11.6	$	—	$	11.6

Available-for-sale debt securities	—		163.3		—		163.3
Equity securities(1)(2)	9.4		—		—		9.4
Total	$	9.4	$	174.9	$	—	$	184.3
Liabilities

Risk management liabilities	$	—	$	14.3	$	—	$	14.3
Total	$	—	$	14.3	$	—	$	14.3


Recurring Fair Value Measurements December 31, 2025 (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2025
Assets



Risk management assets	$	—	$	18.8	$	—	$	18.8


Available-for-sale debt securities	—		146.1		—		146.1
Equity Securities(1)(2)	8.5		—		—		8.5
Total	$	8.5	$	164.9	$	—	$	173.4
Liabilities

Risk management liabilities	$	—	$	5.9	$	—	$	5.9
Total	$	—	$	5.9	$	—	$	5.9


June 30, 2026 (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses(1)		Fair Value
Available-for-sale debt securities
U.S. Treasury debt securities	$	10.4	$	—	$	(0.1)	$	10.3
Corporate/Other debt securities	154.2		1.4		(2.6)		153.0
Total	$	164.6	$	1.4	$	(2.7)	$	163.3

December 31, 2025 (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses(2)		Fair Value
Available-for-sale debt securities
U.S. Treasury debt securities	$	9.5	$	—	$	—	$	9.5
Corporate/Other debt securities	136.3		2.4		(2.1)		136.6
Total	$	145.8	$	2.4	$	(2.1)	$	146.1


(in millions)	Carrying Amount as of June 30, 2026		Estimated Fair Value as of June 30, 2026		Carrying Amount as of Dec. 31, 2025		Estimated Fair Value as of Dec. 31, 2025
Long-term debt (including current portion)	$	16,711.0	$	16,015.4	$	15,477.5	$	14,975.3


	Pension Benefits				OPEB
Three Months Ended June 30, (in millions)	2026		2025		2026		2025
Components of Net Periodic Benefit Cost(1)
Service cost	$	5.2	$	4.9	$	0.9	$	1.0
Interest cost	14.1		16.0		4.6		5.6
Expected return on assets	(22.5)		(23.1)		(4.2)		(4.2)
Amortization of prior service credit	—		—		(1.1)		(0.4)
Recognized actuarial loss	5.9		6.4		—		0.4

Total Net Periodic Benefit Cost	$	2.7	$	4.2	$	0.2	$	2.4
(1)The service cost component and all non-service cost components of net periodic benefit (income) cost are presented in "Operation and maintenance" and "Other, net," respectively, on the Condensed Statements of Consolidated Income (unaudited).


(in millions)	Gains and Losses on Securities(1)		Gains and Losses on Cash Flow Hedges(1)		Pension and OPEB Items(1)		Accumulated Other Comprehensive Loss(1)
Balance as of March 31, 2026	$	(1.1)	$	(13.7)	$	5.6	$	(9.2)
Other comprehensive income (loss) before reclassifications	0.6		—		(1.1)		(0.5)
Amounts reclassified from accumulated other comprehensive loss	0.1		(0.1)		0.2		0.2
Net current-period other comprehensive income (loss)	0.7		(0.1)		(0.9)		(0.3)

Balance as of June 30, 2026	$	(0.4)	$	(13.8)	$	4.7	$	(9.5)
(1)All amounts are net of tax. Amounts in parentheses indicate debits.


Three Months Ended June 30, 2026
(in millions)	Columbia Operations		NIPSCO Operations		Total of Reportable Segments
Operating Revenues
External Revenue	$	597.0	$	743.9	$	1,340.9
Intersegment Revenue	3.5		0.3		3.8
Total Operating Revenue	$	600.5	$	744.2	$	1,344.7

Cost of energy	80.8		111.8		192.6
O&M	225.2		270.4		495.6
Depreciation	131.4		222.2		353.6
Total other taxes	59.8		19.4		79.2





Operating Income	$	103.3	$	120.4	$	223.7


Three Months Ended June 30, 2025
(in millions)	Columbia Operations		NIPSCO Operations		Total of Reportable Segments
Operating Revenues
External revenue	$	601.2	$	680.6	$	1,281.8
Intersegment revenue	3.5		0.2		3.7
Total Operating Revenue	604.7		680.8		1,285.5

Cost of energy	110.4		151.4		261.8
O&M	207.7		211.0		418.7
Depreciation	111.7		165.9		277.6

Total other taxes	52.4		18.1		70.5
Other segment items(1)	0.3		0.4		0.7




Operating Income	$	122.2	$	134.0	$	256.2


Six Months Ended June 30, 2026
(in millions)	Columbia Operations		NIPSCO Operations		Total of Reportable Segments
Operating Revenues
External revenue	$	1,920.2	$	1,782.4	$	3,702.6
Intersegment revenue	6.9		0.6		7.5
Total Operating Revenue	$	1,927.1	$	1,783.0	$	3,710.1

Cost of energy	464.7		397.1		861.8
O&M	503.6		491.8		995.4
Depreciation	252.3		384.9		637.2
Total other taxes	130.9		40.3		171.2





Operating Income	$	575.6	$	468.9	$	1,044.5


Six Months Ended June 30, 2025
(in millions)	Columbia Operations		NIPSCO Operations		Total of Reportable Segments
Operating Revenues
External revenue	$	1,841.8	$	1,622.0	$	3,463.8
Intersegment revenue	6.7		0.5		7.2
Total Operating Revenue	1,848.5		1,622.5		3,471.0

Cost of energy	490.2		419.1		909.3
O&M	450.7		413.0		863.7
Depreciation	219.9		307.2		527.1

Total other taxes	119.4		36.6		156.0
Other segment items(1)	0.3		0.7		1.0




Operating Income	$	568.0	$	445.9	$	1,013.9


Three Months Ended June 30, 2026
(in millions)	Total Reportable Segments		Corporate and Other		Eliminations		Consolidated NiSource
Total Operating Revenue	$	1,344.7	$	163.4	$	(165.7)	$	1,342.4
Operating Income	223.7		4.4		—		228.1


Index			Page
Executive Summary			42
Summary of Consolidated Financial Results			44
Results and Discussion of Segment Operations			45
Columbia Operations			46
NIPSCO Operations			49
Liquidity and Capital Resources			54
Regulatory, Environmental and Safety Matters			59
Market Risk Disclosures			62
Other Information			63


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except per share amounts)	2026		2025		Favorable (Unfavorable)		2026		2025		Favorable (Unfavorable)
Operating Revenues	$	1,342.4	$	1,283.0	$	59.4	$	3,705.5	$	3,466.2	$	239.3
Operating Expenses
Cost of energy	193.6		261.8		68.2		862.8		909.3		46.5
Other operating expenses	920.7		758.3		(162.4)		1,795.4		1,534.6		(260.8)
Total Operating Expenses	1,114.3		1,020.1		(94.2)		2,658.2		2,443.9		(214.3)
Operating Income	228.1		262.9		(34.8)		1,047.3		1,022.3		25.0
Total Other Deductions, Net	(181.0)		(138.6)		(42.4)		(358.2)		(265.6)		(92.6)
Income Taxes	10.2		23.8		13.6		96.0		129.5		33.5


Net Income	36.9		100.5		(63.6)		593.1		627.2		(34.1)
Net income (loss) attributable to noncontrolling interest	(8.6)		(1.7)		6.9		40.5		50.2		9.7
Net Income Attributable to NiSource	45.5		102.2		(56.7)		552.6		577.0		(24.4)
Preferred dividends redemption premium	—		—		—		3.6		—		3.6
Net Income Available to Common Shareholders	$	45.5	$	102.2	$	(56.7)	$	556.2	$	577.0	$	(20.8)
Earnings Per Share
Basic Earnings Per Share	$	0.10	$	0.22	$	(0.12)	$	1.16	$	1.22	$	(0.06)
Diluted Earnings Per Share	$	0.09	$	0.22	$	(0.13)	$	1.15	$	1.22	$	(0.07)


	Favorable (Unfavorable)
Changes in Operating Revenues (in millions)	Three Months Ended June 30, 2026 vs 2025		Six Months Ended June 30, 2026 vs 2025
Rates from base rate proceedings and regulatory capital programs	$	27.8	$	84.4

The effects of customer growth	0.8		2.0
The effects of customer usage	(0.7)		(1.6)
The effects of weather in 2026 compared to 2025, net of weather and revenue normalization mechanisms	(8.9)		(23.1)


Other	3.4		8.8
Change in operating revenues (before cost of energy and other tracked items)	$	22.4	$	70.5
Operating revenues offset in operating expense
Higher tracker deferrals within operation and maintenance, depreciation, and tax	3.0		33.6
Lower cost of energy billed to customers	(29.6)		(25.5)

Total change in operating revenues	$	(4.2)	$	78.6


	Favorable (Unfavorable)
Changes in Operating Expenses (in millions)	Three Months Ended June 30, 2026 vs 2025		Six Months Ended June 30, 2026 vs 2025
Higher depreciation and amortization expense	$	(19.7)	$	(32.4)
Higher outside services expenses	(6.4)		(11.3)
Higher property tax	(6.9)		(9.2)
Higher employee and administrative related expenses	(2.1)		(2.7)







Value Captured initiative	(2.5)		(2.5)
Other	(3.7)		(4.8)
Change in operating expenses (before cost of energy and other tracked items)	$	(41.3)	$	(62.9)
Operating expenses offset in operating revenue
Higher tracker deferrals within operation and maintenance, depreciation, and tax	(3.0)		(33.6)
Lower cost of energy billed to customers	29.6		25.5

Total change in operating expense	$	(14.7)	$	(71.0)


(in millions)
Company	Approved ROE		Requested Incremental Revenue		Approved Incremental Revenue		Filing Date	Rates Effective
Approved Rate Cases
Columbia of Pennsylvania	10.00	%	$	110.4	$	55.6	March 20, 2025	January 2026
Columbia of Maryland	9.80	%	$	10.7	$	7.8	September 24, 2024	April 2025
Columbia of Kentucky	9.75	%	$	23.8	$	14.3	May 16, 2024	January 2025
Columbia of Virginia(1)	9.75	%	$	37.2	$	28.2	April 29, 2024	October 2024
Columbia of Ohio	9.60	%	$	221.4	$	68.3	June 30, 2021	March 2023
NIPSCO - Gas(2)	9.75	%	$	161.9	$	120.9	October 25, 2023	August 2024
NIPSCO - Electric(3)	9.75	%	$	368.7	$	257.0	September 12, 2024	July 2025
Pending Rate Cases
Columbia of Virginia(4)	In Process		$	64.4	In Process		May 7, 2026	October 2026 & 2027

Columbia of Kentucky	In Process		$	28.8	In Process		May 20, 2026	January 2027



(4.1)			Form of 4.750% Notes due 2031 (incorporated by reference to Exhibit 4.1 to the NiSource Inc. Form 8-K filed on May 18, 2026).

(4.2)			Form of 5.300% Notes due 2036 (incorporated by reference to Exhibit 4.2 to the NiSource Inc. Form 8-K filed on May 18, 2026).

(31.1)			Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

(31.2)			Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

(32.1)			Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).*

(32.2)			Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).*

(101.INS)			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

(101.SCH)			Inline XBRL Schema Document

(101.CAL)			Inline XBRL Calculation Linkbase Document

(101.LAB)			Inline XBRL Labels Linkbase Document

(101.PRE)			Inline XBRL Presentation Linkbase Document

(101.DEF)			Inline XBRL Definition Linkbase Document

(104)			Cover page Interactive Data File (formatted as inline XBRL, and contained in Exhibit 101.)

*			Exhibit filed herewith.
**			Schedules and similar attachments to this Exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the U.S. Securities and Exchange Commission (the “SEC”) upon request


/s/ Lloyd M. Yates
Lloyd M. Yates
President and Chief Executive Officer

Date: August 5, 2026


/s/ Shawn Anderson
Shawn Anderson
Executive Vice President and Chief Financial Officer

Date: August 5, 2026