NI

NiSource is a regulated gas-and-electric utility putting up unusually strong growth for the sector: FY2025 revenue of $6.52B rose 23.5% YoY, net income reached $930M (+22.2%), and operating income of $1.84B grew 26.1% on a 28.1% operating margin. The five-year arc is consistently upward — revenue climbed from $4.73B in FY2021 to $6.52B in FY2025 — and operating cash flow of $2.36B (+32.6%) comfortably funds the dividend ($530M paid) while supporting a heavy $2.78B capex program that is the engine of future rate-base growth.

The strategic story is the data-center pivot disclosed in the 10-K. NiSource issued a 19.9% interest in its Generation Holdings II subsidiary to Blackstone, which will provide up to $1.325 billion in additional capital contributions over seven years (backed by an Equity Commitment Letter), while NiSource retains 80.1% of profit and loss. Generation Holdings II and NIPSCO Holdings II become the exclusive vehicles for power, storage and generation for data-center customers in NIPSCO's service territory — a structurally advantaged position that brings outside capital to fund the buildout without diluting common shareholders.