NINiSource

Utilities · Electric & Gas Utilities · NYSE

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

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RevenueFY2016–25 $6.5B+23.5% Highest in 10 years 10-K FY2025 · XBRL Net incomeFY2016–25 $929.5M+22.2% Highest in 10 years 10-K FY2025 · XBRL Free cash flowFY2016–25 −$420.0M FY2024: −$832.5M 10-K FY2025 · XBRL Operating marginFY2016–25 28.1%+0.6 pts 19.3% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 11, 2026 against Feb 12, 2025

Area	What changed	Source
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.

What's new, in their words

10-K filed Feb 11, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-12. Quoted as filed.

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,…
10-K, Item 1A

All 32 new paragraphs →

Accounting checks

latest 10-K

9 of 10 clear 1 worth a look. Checks, not verdicts.

!
Critical audit matters changedNew 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)
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Cash from operations $2.4B vs net income $929.5M (FY ending 2025-12-31)
✓
Same auditor in both 10-Ks: DELOITTE & TOUCHE LLP
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Nov 9, 20268-K Other events 8-K item 8.01
Oct 28, 20268-K Quarterly results 8-K item 2.02
Oct 28, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026
Oct 16, 20268-K New debt or obligation 8-K item 2.03

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