Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
The building programme outpaces operating cash, and the gap widened
Capital spending nearly doubled from a year earlier, leaving a gap that debt and new shares must fill.
For investorsWhat has to go right for the build to reach earnings per share
For foundersSelling dedicated capacity to a few very large customers
The drop in other taxes was worth more than the 2.21-point margin rise, while costs tied to the asset base outgrew revenue.
Interest rose faster than operating income, so the cost of funding the build shapes what reaches shareholders.
Net profit grew far faster than operating profit because the tax rate nearly halved, a lift that rests on federal credits.
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Business Lens describes NiSource from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
