NiSource Q3 10-Q: $129.5M Net Income, $216.9M Storm Hit, Microsoft and AGP Deals Detailed
NI sits 16% above its 52-week low of $38.42.
Summary
NiSource's Q3 10-Q shows net income of $129.5 million ($0.27 per diluted share) after absorbing about $216.9 million of August storm costs, and details the new Microsoft data center contract plus a roughly $2.2 billion AGP battery tolling agreement.
Key Events · Earnings and Guidance · NI
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Q3 Earnings Grew on New Rates
Net income available to common was $129.5 million, or $0.27 per diluted share, versus $94.7 million, or $0.20, a year earlier; revenue rose to $1,349.4 million from $1,273.1 million.
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August Storms Cost $216.9 Million
The August 11 severe weather event drove approximately $216.9 million of costs, including $13.2 million of O&M expense and $41.6 million of damaged-asset retirements, with about $162.1 million capitalized for restoration.
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Microsoft Contract Ramps to 788 MW
The October 2026 Microsoft agreement commits capacity beginning in 2028 and rising to 788 MW in 2031 over a 20-year initial term, and will be submitted to the IURC for approval.
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AGP Battery Deal Worth ~$2.2 Billion
GenCo's October tolling agreement covers a 600 MWAC / 2,400 MWh battery storage system for approximately $2.2 billion over about 20.5 years, with first-phase commercial operation expected by December 1, 2027, subject to AGP securing EPC and interconnection agreements by January 31, 2027.
Analysis · NI · Energy & Transportation
The 10-Q puts hard numbers behind this morning's earnings release and adds disclosures the 8-K did not carry. Q3 net income available to common rose to $129.5 million ($0.27 per diluted share) from $94.7 million ($0.20), on revenue of $1,349.4 million versus $1,273.1 million. The quarter absorbed roughly $216.9 million of costs from the August 11 storms, including $13.2 million of O&M expense and $41.6 million of damaged-asset retirements, with about $162.1 million capitalized into the rate base. The bigger story is the data center build-out: a new Microsoft contract ramps to 788 MW by 2031 over a 20-year term, and the October AGP tolling agreement commits roughly $2.2 billion over about 20.5 years for a 600 MWAC / 2,400 MWh battery system. Funding that plan is why the balance sheet keeps growing — long-term debt rose to $16.4 billion from $15.5 billion at year-end after the May and August note sales, and the ATM still has about $1.15 billion of capacity. The debt-to-capitalization ratio of 51.3% sits well inside the 70% covenant, so the leverage is manageable, but the equity overhang and the construction risk are what investors are underwriting.
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At the time of this filing, NI was trading at $44.44 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $20.9B. The 52-week trading range was $38.42 to $49.21. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.