NiSource Inc. (NI): Business Model Canvas [Dec-2025 Updated]

You're looking at a utility that's defintely not standing still; NiSource Inc. (NI) is pivoting hard from traditional regulated service to a massive infrastructure build-out, driven by data center demand and clean energy goals. They are planning to deploy $\mathbf{\$28.0}$ billion in capital expenditures through 2030 while managing $\mathbf{3.3}$ million residential gas customers and targeting net-zero electric power by 2040. This strategic shift, which underpins their $\mathbf{\$6.13}$ billion trailing twelve months revenue as of Q3 2025, creates unique risks and rewards within their regulated asset base. Let's break down exactly how this utility is structuring itself to capture growth in the energy transition-you'll want to see the details on their key partnerships and revenue streams below.

NiSource Inc. (NI) - Canvas Business Model: Key Partnerships

The Key Partnerships for NiSource Inc. are foundational to executing its massive capital deployment and regulatory strategy across its utility footprint.

Blackstone Infrastructure Partners entered a significant equity arrangement to support NiSource Inc.'s capital needs, particularly for the renewable generation transition.

State Public Utility Commissions, such as the Indiana Utility Regulatory Commission (IURC), are critical gatekeepers for capital recovery and rate base growth.

Construction and Engineering Firms are executing the multi-year, multi-billion dollar investment strategy, which has recently been expanded.

The newly consolidated capital expenditure plan extends through 2030, totaling $28.0 billion.

• Total Consolidated Capital Plan (through 2030): $28.0 billion
• Increase over prior five-year plan: Approximately $8.6 billion
• Base Plan Capital Expenditures (through 2030): $21.0 billion
• Strategic Data Center Investments (GenCo): Nearly $7.0 billion
• Expected Rate Base Growth (2026 to 2030): 8%-10%

Diverse Suppliers are a focus area for NiSource Inc. to align its supply chain with the communities it serves.

The commitment is to reach a specific spending threshold by the end of 2025.

• Target Diverse Supplier Spend by late 2025: 25%
• Diverse Supplier Spend as of end of 2023: 19%

Technology Vendors provide the digital backbone for operational improvements and customer engagement, often involving proprietary software development.

• Project Apollo AI Implementation: Deployed across 17 operations centers
• Labor Hours Saved via Project Apollo (since 2023): Over 60,000+ hours
• Annual Operating and Maintenance (O&M) Costs (held flat since 2016): $1.4 billion annually
• Gas Service Lines Mapped via GIS (as of publication): Over 98% (up from 4% before 2020)

NiSource Inc. (NI) - Canvas Business Model: Key Activities

You're looking at the core actions NiSource Inc. takes to run its regulated utility business and fund its growth, especially as the energy landscape shifts. Here's the breakdown of what they are actively doing, grounded in the latest numbers.

Regulated Gas and Electric Service

NiSource Inc. keeps the lights on and the gas flowing across six states through its regulated subsidiaries. This involves the day-to-day operation and maintenance of a massive network.

The physical footprint for gas distribution is substantial, serving about 3.3 million customers:

• Distributes natural gas through approximately 55,000 miles of distribution main pipeline.
• Maintains about 1,000 miles of transmission main pipeline.

For the electric side, primarily through NIPSCO in northern Indiana, the activity includes managing the grid infrastructure. As of mid-2025, customer growth was modest but positive:

• Electric business customer base saw a 1% increase year-to-date Q2 2025.
• Gas business customer base saw a 0.6% rise year-to-date Q2 2025.

The electric operations also manage significant fixed assets:

The company also operates 66 transmission and 250 distribution substations, with a transmission system spanning 3000 circuit-miles.

Infrastructure Modernization

A major activity is pouring capital into the existing system to ensure reliability and prepare for future demand. NiSource Inc. has a consolidated capital expenditure plan extending through 2030.

Here are the key investment figures:

This $28.0 billion total plan is approximately $8.6 billion more than the prior five-year plan. The investments are designed to support specific growth targets:

• Targeted annual rate base growth of 8%-10% from 2026 to 2030.
• Targeted annual base plan non-GAAP adjusted EPS growth of 6%-8% from 2026 to 2030.

For context on recent spending, NIPSCO's approved gas rate adjustments supported an estimated $1.1 billion in investments through the end of 2024.

Clean Energy Transition

NiSource Inc. is actively managing the retirement of older generation assets while building out cleaner capacity. The goal is a near-total exit from coal.

Key transition milestones and targets include:

• Targeting 100% coal-free by the 2026-2028 window.
• Projected retirement of R.M. Schahfer Generating Station units (847 MW) by the end of 2025.
• Projected retirement of Michigan City Generating Station units by 2026-2028.
• Goal of 90% reduction in Scope 1 greenhouse gas emissions by 2030 compared to a 2005 baseline.
• Goal of 50% reduction in methane emissions from main and service lines by 2025.

Capital is being deployed to meet these goals, with up to $2.2 billion projected for renewable generation capital expenditures through 2025, plus an additional approximately $1 billion in capacity-focused capital expenditures.

Specific renewable projects are coming online; for example, the Dunns Bridge I Solar facility is 265 MW, and the combined Dunns Bridge I & II projects are expected to generate approximately $59 million in additional tax revenue over their life.

Regulatory Management

Securing regulatory approval for capital recovery and rate adjustments is a constant, critical activity for NiSource Inc. as a regulated utility.

Recent regulatory outcomes include:

• Secured annual rate base growth targets of 8%-10% for the 2025-2029 period.
• Reaffirming long-term non-GAAP adjusted EPS growth of 6%-8% annually through 2029, and 14%-16% FFO to debt through 2029.
• NIPSCO gas rates were adjusted, resulting in an estimated increase of approximately $5 per month (or 7.1 percent) for the average residential customer using 72 therms per month, phased in by no later than March 1, 2025.

The company also manages cost recovery through mechanisms like the deferral of under-recovered gas and fuel costs, which are used to adjust future billings.

Large-Load Development

A significant new activity is constructing dedicated generation assets, primarily through the new subsidiary GenCo, to serve massive, new data center customers. This is explicitly structured to shield existing ratepayers from the cost.

The primary data center investment activity involves a contract with an investment-grade customer for a 2.4 GW load:

Construction for these GenCo assets is slated to begin in 2026 and is expected to wrap up by 2032. NiSource Inc. is also in talks for an additional 1 to 3 gigawatts of projects.

For comparison, NIPSCO expects its non-data center load in 2028 will be about 2.3 GW.

NiSource Inc. (NI) - Canvas Business Model: Key Resources

You're looking at the core assets that power NiSource Inc.'s regulated business model as of late 2025. These aren't abstract concepts; they are tangible, regulated assets that underpin the company's ability to earn a return for shareholders.

Regulated Asset Base: This is the foundation of NiSource Inc.'s earnings power. Management reaffirmed the expectation for this base to grow annually within a target range of 8%-10% through 2029. This growth is directly tied to the multi-billion dollar capital expenditure program focused on modernization and new energy transition assets.

Utility Infrastructure: The physical network is massive and essential for service delivery. NiSource Inc.'s natural gas utilities operate nearly 60,000 miles of pipeline and related facilities. This infrastructure supports approximately 3.3 million natural gas customers across its service area.

Generation Capacity: For its electric operations, primarily through NIPSCO in northern Indiana, NiSource Inc. owns more than 3,000 megawatts of generation capacity. This mix is actively transitioning, with recent additions including solar projects like Dunns Bridge I, a 265 MW facility. Furthermore, a major data center contract involves constructing 2 combined cycle gas turbine power plants, each with a nominal output of 1,300 megawatts.

Exclusive Service Territory: NiSource Inc. benefits from a regulated structure granting it monopoly rights to deliver energy services across six states: Indiana, Ohio, Pennsylvania, Virginia, Maryland, and Kentucky. This limits direct competition in the distribution segments.

Human Capital and AI: The workforce is substantial, with NiSource reporting 7,746 total employees in 2024. The company is actively integrating technology; as of May 2025, the implementation of AI across operations had already resulted in over 60,000 hours of productivity gains since 2023.

Here's a quick look at the key quantifiable resources:

The strategic deployment of capital against these resources is managed through specific operational units. You can see the scope of the assets managed by the subsidiaries:

• NIPSCO Operations: Serves electric and gas customers in Northern Indiana.
• Columbia Gas of Ohio: Delivers gas to approximately 1.5 million customers.
• Columbia Gas of Pennsylvania: Serves over 446,000 customers.
• Columbia Gas of Virginia: Provides gas to more than 290,000 customers.
• Columbia Gas of Kentucky: Delivers gas to approximately 135,000 customers.
• Columbia Gas of Maryland: Serves about 34,000 customers.

Also, the company's capital plan is substantial, with a base plan refreshed to approximately $21 billion over five years, plus an additional ~$7 billion for GenCo investments related to data centers, totaling about $28 billion in capital expenditures over the next five years.

NiSource Inc. (NI) - Canvas Business Model: Value Propositions

Reliable and Safe Energy: Core promise of uninterrupted natural gas and electric service.

NiSource Inc. maintains its commitment to safety and reliability through specific operational benchmarks and certifications. The company retained its certification for the American Petroleum Institute Recommended Practice (API RP) 1173, making it only one of two utilities in the world with this conformance certification. Furthermore, NiSource is leveraging technology to enhance field operations; as of Q2 2025, AI-driven solutions improved field productivity by 24%, which translates to 83,000 incremental work hours. The company also uses software to assess gas distribution lines and other assets across water bodies to proactively prepare for weather-related events that may impact service.

Decarbonization Leadership: Targeting 90% GHG reduction by 2030 and net-zero electric by 2040.

NiSource Inc. is advancing toward its goal of achieving net zero greenhouse gas (GHG) emissions from its operations by 2040. As of the end of 2024, the company had reduced Scope 1 GHG emissions by approximately 72% from 2005 levels. This progress keeps NiSource on track to meet the interim target of a 90% reduction of Scope 1 GHG emissions by 2030 from 2005 levels. The electric generation transition plan supports the retirement of all coal operations by 2028.

Customer Affordability: Passing through $1 billion in bill savings from GenCo data center projects.

Through the Indiana Utility Regulatory Commission (IURC)-approved GenCo structure, NiSource Inc. is isolating the cost of new large-load growth from existing customers. The initial agreement with a large data center customer is expected to generate approximately $1 billion in cost savings for current NIPSCO customers. These savings are structured to be returned as credits on monthly electric bills over a 15-year period. For residential customers specifically, this translates to roughly $7 in monthly savings.

Modernized Service: Smart meter technology deployed to 85% of the customer base.

NiSource Inc. is modernizing service through the deployment of Advanced Metering Infrastructure (AMI) technology across its NIPSCO service area. The electric AMI mass deployment, which began in May 2024, covers 490,000 electric meters and is expected to extend through 2027. For the gas system, approximately 870,000 meters are eligible for an AMI communications module upgrade, with exchanges expected to run from July 2024 through the end of 2026.

Economic Development Capacity: Providing large-scale power for new industrial and data center loads.

The GenCo structure is designed to attract major investment by providing dedicated generation capacity for large customers like data centers. The first major partnership is set to provide up to 3 gigawatts (GW) of new generation capacity for data center campuses. This infrastructure investment is nearly $7 billion. The total consolidated capital expenditure plan announced by NiSource Inc. is $28.0 billion, which includes approximately $7.0 billion specifically for strategic data center investments. For comparison, NIPSCO expects its non-data center load in 2028 to be about 2.3 GW.

Here are the key quantitative metrics supporting these Value Propositions as of late 2025:

The commitment to operational excellence is also shown by AI-driven solutions improving field productivity by 24%, equating to 83,000 incremental work hours as of Q2 2025.

NiSource Inc. (NI) - Canvas Business Model: Customer Relationships

You're looking at how NiSource Inc. manages the connection with the millions of people and businesses relying on their gas and electric service across the Midwest and Mid-Atlantic. It's a relationship defined by regulation, but increasingly driven by digital tools.

Direct, Regulated Service: Non-competitive, long-term relationship managed by state commissions.

The core relationship is non-competitive because NiSource Inc. operates as a fully regulated utility. This means state commissions set the rules and rates, creating a long-term, essential service bond with customers. As of late 2025, NiSource Inc. serves approximately 3.3 million natural gas customers and 500,000 electric customers across six states: Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia.

This regulated structure underpins the investment strategy, with NiSource Inc. planning for approximately $20 billion in regulated utility infrastructure investment opportunities spanning the next five years.

Digital Self-Service: Encouraging use of mobile apps and website for billing and requests.

NiSource Inc. is heavily pushing digital adoption to make doing business easier. This focus paid off, as its subsidiaries were named among the easiest to do business with in Escalent's 2025 Cogent Syndicated Utility Trusted Brand & Customer Engagement: Residential study. The Customer Effort Score (CES) reflects this success:

The company uses AI-powered chatbots to enhance customer relationships, enabling 24x7 customer service and personalized support, with the ability to complete 4 distinct transactions directly within the chat interface. Honestly, customers expect this level of digital access now.

Proactive Communication: Real-time outage and service updates via text, email, and chat.

To keep customers informed, NiSource Inc. engages through multichannel, real-time communication options. They focus on connecting customers with updates via text, email, and chat. This commitment to communication helped NiSource Inc. and its operating companies exceed their customer satisfaction survey goal in 2024, which measures satisfaction across various interactions, including the MyAccount website and mobile app use.

Key communication and service touchpoints include:

• Top-ranked websites and mobile apps.
• Live or automated chat support.
• Bill payment options and assistance programs.

Energy Efficiency Programs: Annual investment of around $42 million to help customers save.

NiSource Inc. continues to support customer savings through energy efficiency initiatives, which are often recovered through regulator-approved alternative revenue programs. The planned annual investment level to support these customer programs is around $42 million. In 2023, nearly 600,000 customers participated in these programs, saving them more than $7 million on their energy bills.

Dedicated Account Management: For large commercial and industrial customers.

The Gas Distribution Operations segment serves residential, commercial, and industrial customers across its service territory. While specific account manager headcounts aren't public, the structure dedicates resources to these larger users, who are a significant portion of the company's revenue base. The company is also navigating new, large-scale customer relationships, such as the agreement with Amazon for a data center campus, which involves nearly $7.0 billion in capital investment related to data centers within the consolidated capital expenditure plan.

Finance: draft 13-week cash view by Friday.

NiSource Inc. (NI) - Canvas Business Model: Channels

You're looking at how NiSource Inc. gets its energy-gas and electricity-to its customers, which is a massive physical and digital undertaking across six states. The channels here are less about selling a product and more about reliable, regulated delivery and service access.

Physical Infrastructure: Gas pipelines and electric transmission/distribution lines

The core channel is the physical network itself. NiSource operates as one of the largest natural gas utility companies, delivering gas to approximately 3.3 million customers across its Columbia Gas and NIPSCO brands in six states. Additionally, the NIPSCO segment provides electric distribution, generation, and transmission services to nearly 500,000 electric customers in northern Indiana.

The scale of the gas network is significant. As of the end of 2024, NIPSCO Gas alone operated approximately 17,900 miles of distribution main pipeline and the associated customer service lines, plus 690 miles of transmission main pipeline in its service areas. Across all operations, the company distributes natural gas through approximately 55,000 miles of distribution main pipeline and about 1,000 miles of transmission main pipeline.

This infrastructure is the subject of heavy capital deployment. NiSource expects to make capital investments totaling approximately $19.4 billion during the 2025-2029 period, and the extended base plan through 2030 calls for $21.0 billion in base plan capital expenditures. This investment is aimed at systematic modernization and replacement of utility infrastructure.

Digital Platforms: Company website and mobile applications for self-service

You access a lot of service functions digitally now, which is a key channel for efficiency. NiSource is definitely leaning into this; they even won the SAP Innovation Award in 2024 for using digitization to serve customers. The company continually enhances its websites and mobile apps for self-service options like bill payment and program enrollment.

The focus on digital ease is measurable. In the 2025 Cogent Syndicated Utility Trusted Brand & Customer Engagement: Residential study, NiSource companies were recognized as 'easiest to do business with.' For example, NIPSCO scored a 770 on the Customer Effort Score in the Midwest Region, and Columbia Gas of Virginia scored 780 in the South Region. These scores reflect user-friendliness of online tools and accessibility of information.

• Website access for reviewing Q3 2025 financial results conference call replay.
• Ongoing deployment of Advanced Metering Infrastructure (AMI) system upgrades across the NIPSCO service area.
• Use of data and analytics through artificial intelligence in upgraded work and asset management systems.

Customer Contact Centers: Traditional call centers for service inquiries and emergencies

When digital channels don't cut it, the traditional call center remains a vital connection point. While specific 2025 call volume metrics aren't public, the commitment to service is evident in the overall customer satisfaction rankings. The company supports customer care agents for live or automated chat interactions as part of its service enhancements.

For investor relations, the company hosts conference calls to discuss performance, such as the one for third quarter 2025 results on October 29, 2025, at 11 a.m. EDT, with a dedicated replay line available: +1 (800) 770-2030, conference ID 5571489. This shows the structured process for high-level communication.

Field Operations: Technicians and crews for maintenance, meter reading, and emergency response

Field operations are the boots-on-the-ground channel, essential for maintenance and emergency response, which is tied directly to safety performance. NiSource has approximately 7,700 valued employees focused on delivering energy safely. The company's strategy includes using technology to raise productivity and efficiency across the dispatch of its operations team.

In 2024, NiSource added 21,000 new customers, requiring field deployment for service connections and infrastructure checks. The company is focused on maintaining industry-leading safety and performance, which is a key component of its value proposition to stakeholders.

Here's a look at the scale of the workforce and financial commitment to the field:

Finance: draft 13-week cash view by Friday.

NiSource Inc. (NI) - Canvas Business Model: Customer Segments

You're looking at the core of NiSource Inc.'s operations, which centers on serving distinct energy needs across its regulated footprint. The customer base is segmented to manage service delivery, regulatory strategy, and capital investment effectively.

Residential Customers represent the bedrock of the utility business, demanding consistent and reliable natural gas and electric service across the six states where NiSource operates through its Columbia Gas and NIPSCO brands. As of late 2025, the scale of this segment is quite clear.

For NIPSCO specifically, which handles the electric utility operations in northern Indiana, you are looking at about 500,000 electric customers.

Commercial Customers are the businesses that require medium-scale energy supply to run their daily operations. This group relies on NiSource Inc. for dependable service to support local economies in the service territories.

Industrial Customers are the large-scale manufacturers and heavy users of both natural gas and electricity. For instance, in 2024, Columbia Operations saw total sales and transportation volumes increase, primarily due to higher industrial usage. This segment's demand profiles are crucial for load forecasting.

The Strategic Large-Load Customers segment is a newer, high-growth focus, specifically targeting major economic projects like data centers. This is where NiSource Inc. is making significant directed capital plays, primarily through its NIPSCO subsidiary and the newly approved GenCo entity, which is designed to serve these loads flexibly while shielding existing retail customers from capacity expansion costs.

Here are the concrete figures tied to this strategic focus area as of late 2025:

• GenCo Strategy: Approved by the IURC to own, build, and manage generation assets for the data center industry.
• Investment Plan: NiSource announced a $7 billion plan specifically to power data center growth in northern Indiana.
• Contract Value: One major data center contract is estimated to represent approximately $6 billion to $7 billion in capital investment.
• Capacity Commitment: The contract involves a capacity commitment starting in 2027, increasing annually through 2032, potentially reaching 2,400 MW by 2032.
• New Generation: The investment includes construction of two 1,300-megawatt combined-cycle, natural gas-fired turbines and 400 megawatts of battery storage.

This new segment is supported by a consolidated capital expenditure plan of $28.0 billion over five years, with the data center component being a major driver.

NiSource Inc. (NI) - Canvas Business Model: Cost Structure

You're looking at the major expenses driving NiSource Inc.'s operations as of late 2025. For a regulated utility, the cost structure is heavily weighted toward long-term asset investment and the associated financing costs.

Capital Expenditures (CapEx)

NiSource Inc. has a massive, multi-year investment plan driving significant cash outflows. The company extended its base capital plan to cover the period through 2030, totaling $28.0 billion. This new consolidated plan is a substantial increase over prior projections. A major driver for this elevated CapEx is the strategic investment in infrastructure to support data center development, which accounts for nearly $7.0 billion of the total. The base plan capital expenditures specifically projected for 2026 to 2030 amount to $21.0 billion. This heavy investment is necessary to modernize the grid and gas infrastructure for safety, reliability, and future load growth.

Fuel and Purchased Power

Fuel and purchased power represent a significant variable cost, especially for the electric generation side of the business, though much of this is a pass-through cost to customers. For the Columbia Operations segment specifically, the cost of energy for the three months ended September 30, 2025, was $379.8 million. It's important to note that for NIPSCO's electric operations, the planned retirement of Units 17 and 18 at the R.M. Schahfer Generating Station by the end of 2025 is projected to result in an approximate cost reduction of $70 million from eliminated fuel and purchase power costs. For gas distribution, the cost of natural gas is passed through dollar-for-dollar to customers via approved recovery mechanisms.

Operating and Maintenance (O&M)

Operating and Maintenance (O&M) costs cover the day-to-day running of the systems, including ensuring system integrity, safety compliance, and personnel expenses. For the Columbia Operations segment, O&M expenses for the three months ended September 30, 2025, were $243.0 million. Like fuel costs, certain O&M components are subject to regulatory trackers, meaning fluctuations can be offset by adjustments in future customer billings.

Interest Expense

Given the high capital requirements, NiSource Inc. relies on debt financing, leading to substantial interest expense. The company is characterized by high leverage, with a stated debt-to-equity ratio of 1.77 as of late 2025, although the ratio for the quarter ending September 30, 2025, was reported as 1.729. For the three months ended September 30, 2025, the reported interest expense, net, was $132.8 million (reported as $(132.8) million in the income statement line item). Managing the cost of this debt is critical, especially in an environment where refinancing or issuing new bonds is necessary to fund ongoing infrastructure programs.

Depreciation and Amortization

Depreciation and Amortization (D&A) is a non-cash expense that directly reflects the size and age of the utility's asset base, which is growing due to the massive CapEx program. For the three months ended March 31, 2025, Depreciation and amortization expense for the Columbia Operations segment was $108.2 million. The overall D&A expense is tied to the gross property, plant, and equipment (PPE), which is projected to grow significantly as the $28.0 billion capital plan is executed.

Here is a snapshot of some key cost components based on recent reporting periods:

You should keep an eye on how the regulatory recovery mechanisms are tracking against these large fixed and variable costs. If onboarding for new projects takes longer than planned, the depreciation expense will start before the associated rate base growth is fully realized in revenue.

• Debt-to-Equity Ratio (Target/Reported): 1.77 / 1.729 (as of Q3 2025)
• Projected Base CapEx (2026-2030): $21.0 billion
• Data Center Investment within Total CapEx: Nearly $7.0 billion
• Projected Customer Growth Rate (Rate Base 2026-2030): 8% to 10% annually

Finance: draft 13-week cash view by Friday.

NiSource Inc. (NI) - Canvas Business Model: Revenue Streams

You're looking at how NiSource Inc. brings in its money as of late 2025, which is heavily anchored in regulated utility service across its footprint. The core of the business is collecting revenue through rates approved by regulators, which provides a good degree of stability, even if growth is managed by regulatory cycles.

The Trailing Twelve Months (TTM) revenue figure gives you the big picture of the company's scale leading up to the latest reports. The most recent TTM revenue reported as of Q3 2025 shows significant growth compared to the prior year.

Regulated Natural Gas Sales is a primary component, covering revenue recovered through approved rates in six states. NiSource Inc. serves approximately 3.5 million natural gas customers through its Columbia Gas brands across states like Ohio, Pennsylvania, Virginia, Kentucky, and Maryland. The revenue from these sales is directly tied to the volume of gas delivered and the approved cost recovery mechanisms in those jurisdictions.

Regulated Electric Sales come from the NIPSCO Operations segment, which handles generation, transmission, and distribution primarily in northern Indiana. This segment serves about 500,000 electric customers. Revenue here is also subject to Indiana Utility Regulatory Commission (IURC) approvals, which recently included a favorable electric rate case approval that is expected to positively influence performance.

You're seeing a new, emerging revenue component from Fixed-Rate Contracts, specifically tied to the GenCo strategy involving regulated data center assets. While the major capacity commitment for a large data center contract starts in 2027, the development is already factored into forward guidance. For 2026, management initiated consolidated Adjusted EPS guidance that includes $0.01 to $0.02 per share coming directly from these Genco-related assets.

Revenue from Wholesale and Transmission involves transactions that occur outside of the core regulated retail sales to end-users. While this is a standard utility revenue component, specific dollar amounts for these transactions outside of the main regulated segments aren't explicitly broken out in the high-level summaries you're seeing. Still, the overall revenue growth in Q3 2025 was driven by higher customer revenues and other revenues, suggesting activity across all streams.

Here's a quick look at the drivers influencing recent revenue changes:

• New rates from base rate proceedings contributed $24.8 million to the change in operating revenues for the three months ended June 30, 2025, versus 2024.
• The Q3 2025 revenue of $1.27 billion was above the consensus estimate of $983.25 million.
• The TTM revenue growth of 19.62% year-over-year as of Q3 2025 is a strong indicator of recent performance.
• NiSource Inc. is reaffirming its 2025 non-GAAP adjusted EPS guidance in the upper half of the $1.85 to $1.89 range.

The company's customer base is also a direct input to these revenue streams, showing modest growth. For example, in Q2 2025, there was a 1% increase in the electric business and a 0.6% rise in the gas business customer base.