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Screener / SEC EDGAR /CIK 0001111711 /10-K filed Feb 11, 2026, compared with Feb 12, 2025 /Numbers from the XBRL of the 10-Ks
Utilities peers:
AWKNIAEEPNWEVRGATO
NYSE Utilities · Electric & Gas Utilities

NiSource NI

NI quote by TradingView

NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states. 10-K, Item 1

Headquarters
Merrillville, IN
CEO
Lloyd M. Yates
Next results
around Feb 10, 2027
Compare with peers Embed

NI among Utilities peers

Six ratios from the latest 10-K. Each corner is the share of 30 peers the company is above, not a score.

Compare
Revenue growth: 23.5%, above 97% of 30 peers (their median 9.7%) REVENUE GROWTH 23.5% · above 97% Operating margin: 28.0%, above 86% of 28 peers (their median 23.1%) OPERATING MARGIN 28.0% · above 86% Net margin: 13.8%, above 50% of 30 peers (their median 13.9%) NET MARGIN 13.8% · above 50% FCF margin: -23.0%, above 17% of 23 peers (their median -11.5%) FCF MARGIN -23.0% · above 17% Return on capital: 5.5%, above 64% of 28 peers (their median 5.3%) RETURN ON CAPITAL 5.5% · above 64%
NI Peer median Below the median

What changed

32 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 11, 2026 against Feb 12, 2025.

Risk factors
32 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Critical audit matters changed
New this year: NISOURCE INC. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (continued) (“The Company’s subsidiaries’ rates are determined and approved in regulatory proceedings based on an analysis of the subsidiaries’ costs to provide utility service and a return on, and recovery of, the subsidiaries’ investment in the utility business. Regulatory decisions can have an impact on the re”); NISOURCE INC. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (continued) (“Order Under Federal Power Act Section 202(c), and other filings with the IURC to identify evidence that may contradict management’s assertion regarding probability of abandonment.”). Same as last year: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
10-K · XBRL
Accounting checks
9 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
4 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

10 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 9 checks found nothing to note

  • Critical audit matters changed
    New this year: NISOURCE INC. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (continued) (“The Company’s subsidiaries’ rates are determined and approved in regulatory proceedings based on an analysis of the subsidiaries’ costs to provide utility service and a return on, and recovery of, the subsidiaries’ investment in the utility business. Regulatory decisions can have an impact on the re”); NISOURCE INC. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (continued) (“Order Under Federal Power Act Section 202(c), and other filings with the IURC to identify evidence that may contradict management’s assertion regarding probability of abandonment.”). Same as last year: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
  • Receivables +24.2% vs revenue +23.5% (+0.7 pts)
8 more checks with nothing to note
  • Cash from operations $2.4B vs net income $929.5M (FY ending Dec 31, 2025)
  • Same auditor in both 10-Ks: DELOITTE & TOUCHE LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

32 paragraphs in Risk Factors that were not in the 10-K filed Feb 12, 2025. Quoted as filed.

All 32 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    Our ability to construct the currently contemplated generation and transmission assets, and any future generation, transmission or distribution assets in a timely manner and within budget is contingent upon many variables and subject to substantial risks. These variables include, but are not limited to, the ability of key suppliers,…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    In addition, we are subject to the risk that we may construct or purchase certain projects to capture anticipated future growth (including in connection with potential data center customers), which may not materialize, and may cause the construction to occur over an extended period of time, in which case we may be unable to recover any…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    Climate change is exacerbating risks to our physical infrastructure by increasing the frequency of extreme weather, including temperature stresses to our electric and gas systems and equipment and storms and floods that damage infrastructure. In addition, climate change is likely to cause lake and river level changes that affect the…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    In addition, we expect to incur significant additional indebtedness in order to construct the generation and transmission assets needed to serve ADS and any future data center customers. See “Data Center Operations and Strategy Risks—We will be required to obtain significant additional financing in order to construct the Contract Assets…

New risk paragraphs, against peers

Latest 10-K of each, Utilities companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$5.7B$5.3B$5.3B$6.5B
Net income$804.1M$714.3M$760.4M$929.5M
Operating cash flow$1.4B$1.9B$1.8B$2.4B
Free cash flow−$793.7M−$710.7M−$832.5M−$420.0M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$6.5B ▲ 23.5% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

4 filings in the last 30 days · SEC EDGAR

All filings

About the company

NiSource, Merrillville, IN · from the 10-K filed Feb 11, 2026

NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states. NiSource is the successor to an Indiana corporation organized in 1987 under the name of NIPSCO Industries, Inc., which changed its name to NiSource Inc. on April 14, 1999. NiSource’s principal subsidiaries include NiSource Gas Distribution Group, Inc.

Headquarters
Merrillville, IN
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 28, 2026
Incorporated in
DE

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Sources

The 10-K filed Feb 11, 2026 (open at SEC), compared with the 10-K filed Feb 12, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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