NINiSource
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
The biggest changes in the 10-K filed 2026-02-11, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
+32.6% Big change FY to 2025-12-31 vs 2024-12-31“This increase in cash from operating activities was primarily attributable to higher net income, depreciation expense, deferred taxes, supplier refunds received in 2025 and decreases in current year exchange gas receivables in 2025 compared to 2024.”
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Revenue
+23.5% Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Net income
+22.2% Big change FY to 2025-12-31 vs 2024-12-31“The increase in net income available to common shareholders during 2025 was primarily due to higher revenues, net of cost of energy, driven by our continued investment in safety and successful regulatory outcomes for these investments, reliability and low- or zero-emission generation year-over-year.”
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“The increase in net income available to common shareholders is partially offset by higher operation and maintenance expense, higher depreciation expense attributed to our planned capital expenditures, and increased interest expense.”
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Operating margin
27.6% → 28.1% (+0.6 pts) FY to 2025-12-31 vs 2024-12-31“Therefore, increases in these tracked operating expenses are offset by increases in operating revenues and have essentially no impact on net income.”
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“Therefore, increases in these tracked operating expenses are offset by increases in operating revenues and have essentially no impact on net income.”
Read it in the 10-K ↗
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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.