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

Compare with peers → Embed

FY2025 at a glance

Sales up 23.5%, free cash flow up to -$420.0M

XBRL, from each 10-K

RevenueStatements ↓

$6.5B

from $5.3B in FY2024

FY2016FY2025

Net incomeStatements ↓

$929.5M

from $760.4M in FY2024

FY2016FY2025

Free cash flowStatements ↓

-$420.0M

from -$832.5M in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$1.95

from $1.62 in FY2024

FY2016FY2025

Operating marginStatements ↓

28.1%

from 27.6% in FY2024

FY2016FY2025

Total debtStatements ↓

$16.2B

from $14.0B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	1.95	Sales (ttm)	6.8B	Net income (ttm)	939.9M	Sales growth	+23.5%	EPS growth	+20.4%	Sales Q/Q	+4.7%
Free cash flow	-1.6B	Gross margin	-	Oper. margin	28.0%	Net margin	13.8%	FCF margin	-23.0%	ROE	9.8%
ROA	2.4%	R&D / sales	-	Dividend	1.12	Debt/Eq	1.91	Curr. ratio	0.50	Cash	57.5M
Op. cash flow (ttm)	2.4B	EBITDA	3.0B	EBITDA margin	46.0%	Net debt	18.2B	Quick ratio	0.50	Interest cover	2.87
ROIC	5.5%	Payout ratio	57.4%	Tax rate	16.8%	Stock pay / sales	0.8%	Shares out.	479.7M	Shares Y/Y	+4.1%
Book / share	19.95	Cash / share	0.12	Sales / share	14.17	Asset turnover	0.17	Days sales out.	67	Sales 3Y CAGR	+4.4%
Sales 5Y CAGR	+7.8%	EPS 3Y CAGR	+4.7%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Revenue growth sped up to +23.5%-1.2% → +23.5% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

NI against Utilities peers

Ten years, side by side → · All 31 →

NIPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 31 companies, the better end on the right. Hover a dot for the company.

Sales growth

+23.5%2nd of 31 · median +9.7%

Net margin

13.8%16th of 31 · median 13.8%

Return on equity

9.8%18th of 31 · median 10.3%

Free cash flow margin

-23.0%20th of 24 · median -13.7%

Debt / equity (less is better)

1.9122nd of 30 · median 1.70

NI and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
NI NiSource	$6.8B	+23.5%	-	13.8%	9.8%	-23.0%	1.91
AEE Ameren	$8.7B	+15.4%	-	17.9%	11.4%	-16.0%	1.59
EVRG Evergy	$6.0B	+2.0%	-	14.6%	8.7%	-18.2%	1.52
PNW Pinnacle West Capital	$5.7B	+4.2%	-	11.6%	8.8%	-16.3%	1.53
AWK American Water Works	$5.3B	+9.7%	-	21.3%	9.5%	-21.7%	1.37
ATO Atmos Energy	$4.9B	+12.9%	-	28.5%	9.2%	-41.1%	0.67

Profitability

1 of 3

✓
Net margin above the peer median13.8% vs 13.8%
!
Return on equity below 15%9.8%
!
A profit in 8 of 10 years

Net margin, FY2016 to FY2025: 7.4% → 14.3%

Balance sheet

0 of 3

!
Interest covered less than 5 timesOperating income is 2.9× interest expense
!
Debt larger than equityDebt / equity 1.91 on the latest balance sheet (peer median 1.70)
!
Current ratio below 1Current ratio 0.50

Debt / equity at each year end, FY2016 to FY2025: 1.87 → 1.72

What the debt is made of ↓

Cash and shareholders

2 of 4

!
Free cash flow positive in 0 of 10 years−$420.0M last year
!
Share count up over 5 years+23.5%
✓
Dividend per share up over 5 years$0.84 → $1.12
✓
Cash from operations above net income$2.4B vs $929.5M

Free cash flow, FY2016 to FY2025: -671.9M → -420.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. This company's debt note has no tagged lines yet, so fixed or floating rate is not shown. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 6.5B Net income 929.5M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $6.5B of revenue came from

by segment, year to Dec 31, 2025

Columbia Operations $3.3B · 51%
NIPSCO Operations $3.2B · 49%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

NI's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue6.5B

Net income929.5M

Free cash flow-420.0M

EPS (diluted)1.95

Dividend per share1.12

Diluted shares474.5M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Columbia Operations	3.3B	51.0%	+26.5%
NIPSCO Operations	3.2B	49.0%	+20.5%
Corporate Segment and Other Operating Segment	0	0.0%	-

10-K 0001111711-26-000027, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4.5B	4.9B	5.0B	5.1B	4.5B	4.7B	5.7B	5.3B	5.3B	6.5B
Cost of revenue	1.4B	1.5B	1.8B	1.5B	-	-	-	-	-	-
Gross profit	4.5B	4.9B	5.1B	5.2B	-	-	-	-	-	-
Operating income	866.1M	921.2M	124.7M	890.7M	550.8M	1.0B	1.3B	1.3B	1.5B	1.8B
Interest expense	349.5M	353.2M	353.3M	378.9M	370.7M	341.1M	361.6M	489.6M	517.2M	639.0M
Pretax income	513.6M	443.0M	-230.6M	506.6M	-31.3M	706.6M	956.4M	813.9M	1.0B	1.2B
Income tax	182.1M	314.5M	-180.0M	123.5M	-17.1M	117.8M	164.6M	139.5M	158.1M	203.8M
Net income	331.5M	128.5M	-50.6M	383.1M	-17.6M	584.9M	804.1M	714.3M	760.4M	929.5M
EPS (diluted)	1.02	0.39	-0.18	0.87	-0.19	1.27	1.70	1.48	1.62	1.95
Diluted shares	323.5M	330.8M	356.5M	376.0M	384.3M	417.3M	442.7M	447.9M	456.0M	474.5M
Depreciation & amortization	547.1M	570.3M	599.6M	717.4M	725.9M	748.4M	820.8M	908.2M	1.0B	1.2B
EBITDA	1.4B	1.5B	724.3M	1.6B	1.3B	1.8B	2.1B	2.2B	2.5B	3.0B
Gross margin	100.0%	100.0%	102.5%	103.1%	-	-	-	-	-	-
Operating margin	19.3%	18.9%	2.5%	17.6%	12.3%	21.3%	22.1%	24.2%	27.6%	28.1%
Net margin	7.4%	2.6%	-1.0%	7.6%	-0.4%	12.4%	14.0%	13.4%	14.4%	14.3%
Revenue growth	-	+8.5%	+2.4%	+1.2%	-11.5%	+5.8%	+21.3%	-6.8%	-1.2%	+23.5%
EPS growth	-	-61.8%	-146%	-	-122%	-	+33.9%	-12.9%	+9.5%	+20.4%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	26.4M	29.0M	112.8M	139.3M	116.5M	84.2M	40.8M	2.2B	156.6M	110.1M
Receivables	847.0M	898.9M	1.1B	856.9M	791.3M	825.6M	1.0B	862.0M	964.2M	1.2B
Current assets	1.8B	1.8B	2.1B	1.9B	1.7B	1.9B	2.6B	4.5B	2.1B	2.4B
Property & equipment	13.1B	14.4B	15.5B	16.9B	16.6B	17.9B	19.8B	22.3B	25.5B	28.7B
Goodwill	1.7B	1.7B	1.7B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B
Total assets	18.7B	20.0B	21.8B	22.7B	22.0B	24.2B	26.7B	31.1B	31.8B	35.9B
Accounts payable	539.4M	625.6M	883.8M	666.0M	589.0M	697.8M	899.5M	749.4M	863.1M	1.1B
Current liabilities	3.5B	3.2B	4.0B	3.7B	2.3B	2.7B	4.7B	5.3B	4.1B	3.5B
Total debt	7.6B	8.7B	8.1B	8.4B	9.7B	9.8B	10.0B	12.1B	14.0B	16.2B
Shareholders' equity	4.1B	4.3B	5.8B	6.0B	5.8B	6.9B	7.6B	8.3B	8.7B	9.5B
Retained earnings	-972.2M	-1.1B	-1.4B	-1.4B	-1.8B	-1.6B	-1.2B	-967.0M	-711.7M	-315.2M

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	803.3M	742.2M	540.1M	1.6B	1.1B	1.2B	1.4B	1.9B	1.8B	2.4B
Capital spending	1.5B	1.7B	1.8B	1.8B	1.8B	1.8B	2.2B	2.6B	2.6B	2.8B
Free cash flow	-671.9M	-953.6M	-1.3B	-219.1M	-654.1M	-620.1M	-793.7M	-710.7M	-832.5M	-420.0M
Stock-based pay (added back)	46.5M	40.1M	28.6M	25.9M	17.4M	24.3M	24.9M	33.5M	43.6M	50.9M
Dividends paid	205.5M	229.1M	273.3M	298.5M	321.6M	345.2M	381.5M	413.5M	481.0M	530.4M
Buybacks	9.4M	7.2M	4.0M	0	0	-	-	-	-	-
Debt raised	500.0M	3.2B	350.0M	750.0M	3.0B	0	345.6M	1.5B	2.2B	3.4B
Debt repaid	-	-	-	-	-	-	-	0	0	1.3B
Investing cash flow	-1.6B	-1.8B	-1.9B	-1.9B	-879.1M	-2.2B	-2.6B	-3.6B	-3.2B	-4.5B
Financing cash flow	790.5M	1.1B	1.5B	366.4M	-247.7M	956.3M	1.1B	3.8B	-651.0M	2.1B
Dividend per share	0.64	0.70	0.78	0.80	0.84	0.88	0.94	1.00	1.06	1.12

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	46.5M	40.1M	28.6M	25.9M	17.4M	24.3M	24.9M	33.5M	43.6M	50.9M
Stock-based pay / revenue	1.0%	0.8%	0.6%	0.5%	0.4%	0.5%	0.4%	0.6%	0.8%	0.8%
Operating lease cost	-	-	-	17.9M	20.3M	15.6M	10.4M	11.3M	14.7M	14.3M
Operating lease cash paid	-	-	-	17.9M	20.2M	15.4M	10.3M	11.1M	14.5M	15.7M
Finance lease principal paid	-	-	-	10.6M	18.4M	25.7M	30.3M	33.1M	25.6M	22.0M
Right-of-use assets	-	-	57.0M	64.2M	39.9M	33.8M	35.7M	32.9M	26.4M	25.8M
Operating lease liabilities	-	-	-	64.8M	40.2M	34.6M	36.7M	34.1M	27.3M	26.9M
Finance lease liabilities	-	-	-	-	195.0M	185.6M	174.7M	205.4M	246.2M	274.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on NI in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/NI/export.csv") into a cell.