NI

Nisource Inc.

$47.07 +0.17 (+0.36%) At close · Jul 13

Market Cap

$22.57B

479,439,245

Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.

Revenue

$6.52B +23.5%

FY2025

Net Income

$929.5M +22.2%

FY2025

Gross Margin

27.07% -76pp

FY2020

Operating Margin

28.14% +0.6pp

FY2025

Diluted EPS

$1.95 +20.4%

FY2025

Operating Cash Flow

$2.36B +32.6%

FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Income Statement Balance Sheet Cash Flow All Metrics

Annual Quarterly

Line Item	3Y	5Y	10Y	FY2026 (G)	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Revenue	+4.4%	+7.8%	+3.4%	—	$11.33B	$6.52B	$5.28B	$5.35B	$5.74B	$4.73B	$4.47B	$5.05B	$4.99B	$4.87B	$4.49B	$4.65B	$6.47B	$5.66B	$5.06B	$6.02B	$6.42B
Cost of Revenue	+3.4%	-7.2%	—	—	—	—	—	—	—	—	—	$1.53B	$1.76B	$1.52B	$1.39B	$1.64B	$2.22B	$1.82B	$1.54B	$2.56B	—
Gross Profit	-37.1%	-16.6%	-9.9%	—	—	—	—	—	—	—	$1.21B	$5.21B	$5.11B	$4.87B	$3.1B	$3.01B	$4.25B	$3.84B	$3.52B	$3.46B	$3.45B
Gross Margin	—	—	—	—	—	—	—	—	—	—	27.07%	103.08%	102.47%	100%	69.06%	64.67%	65.63%	67.91%	69.54%	57.53%	53.69%
Amortization of Intangibles	—	—	—	—	—	—	—	—	—	$0	$0	$11M	$11M	$11M	$11M	$11M	$11M	$11M	$155.5M	$144.6M	—
Depreciation & Amortization	+12.5%	+10.0%	+8.3%	—	$1.2B	$1.17B	$1.04B	$908.2M	$820.8M	$748.4M	$725.9M	$717.4M	$599.6M	$570.3M	$547.1M	$524.4M	$605.5M	$577.3M	$561.9M	$538.2M	$596.3M
Restructuring Charges	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	$1.1M	—
Impairment of Real Estate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	$7.8M	—
Total Operating Expenses	+24.4%	+7.3%	—	—	—	—	—	—	—	—	—	$4.32B	$4.99B	$3.96B	$2.24B	$2.21B	$3.03B	$2.73B	$2.51B	$2.57B	$2.54B
Operating Income	+13.2%	+27.2%	+8.7%	—	$1.9B	$1.84B	$1.46B	$1.3B	$1.27B	$1.01B	$550.8M	$890.7M	$124.7M	$910.6M	$858.2M	$799.9M	$1.26B	$1.14B	$1.04B	$905.1M	$921.3M
Operating Margin	—	—	—	—	—	28.14%	27.55%	24.22%	22.06%	21.28%	12.31%	17.63%	2.5%	18.68%	19.1%	17.2%	19.51%	20.21%	20.6%	15.04%	14.35%
EBITDA	+12.9%	+18.7%	+8.5%	—	$3.09B	$3B	$2.5B	$2.2B	$2.09B	$1.76B	$1.28B	$1.61B	$724.3M	$1.48B	$1.41B	$1.32B	$1.87B	$1.72B	$1.6B	$1.44B	$1.52B
Interest Expense	+20.9%	+11.5%	+5.3%	—	$697.8M	$639M	$517.2M	$489.6M	$361.6M	$341.1M	$370.7M	$378.9M	$353.3M	$353.2M	$349.5M	$380.2M	$443.6M	$414.8M	$418.3M	$376.8M	$392.3M
Other Non-Operating Income	—	—	—	—	-$669.1M	-$618.9M	-$452.7M	-$481.6M	-$309.4M	-$300.3M	-$582.1M	-$384.1M	-$355.3M	-$467.5M	-$348M	-$460M	-$421.3M	-$390.6M	-$416.6M	-$438M	-$485.2M
Equity in Earnings of Unconsolidated Entities	+47.2%	—	—	—	$54.8M	—	—	—	—	—	—	—	—	—	—	—	$46.6M	$35.9M	$32.2M	$14.6M	$15M
Income Tax	+7.4%	—	+3.7%	—	$183.9M	$203.8M	$158.1M	$139.5M	$164.6M	$117.8M	-$17.1M	$123.5M	-$180M	$314.5M	$182.1M	$141.3M	$310.4M	$261.9M	$215.5M	$163.3M	$141.5M
Net Income	+4.9%	—	+12.5%	—	$961.8M	$929.5M	$760.4M	$714.3M	$804.1M	$584.9M	-$17.6M	$383.1M	-$50.6M	$128.5M	$331.5M	$286.5M	$530M	$532.1M	$416.1M	$299.1M	$292M
Net Margin	—	—	—	—	—	14.25%	14.39%	13.36%	14.01%	12.36%	-0.39%	7.58%	-1.01%	2.64%	7.38%	6.16%	8.19%	9.41%	8.22%	4.97%	4.55%
Net Income Attributable to Noncontrolling Interests	—	+89.5%	—	—	$80.3M	$83.1M	$84.3M	$3.9M	-$12.3M	$3.9M	$3.4M	—	—	—	—	—	—	—	—	—	—
Net Income Available to Common Stockholders	+7.5%	—	—	—	$965.4M	$929.5M	$739.7M	$661.7M	$749M	$529.8M	-$72.7M	$328M	-$65.6M	—	—	—	—	—	—	—	—
Comprehensive Income	-40.5%	-23.1%	—	—	—	—	—	—	—	—	—	—	—	$110.2M	$341.5M	$275.5M	$523M	$554M	$410.3M	—	—
EPS (Basic) USD/shares	+2.1%	—	+8.1%	—	—	$1.96	$1.63	$1.59	$1.84	$1.35	-$0.19	$0.88	-$0.18	$0.39	$1.03	$0.90	$1.68	$1.70	$1.43	$1.06	$1.05
EPS (Diluted) USD/shares	+4.7%	—	+8.0%	$2.02 – $2.07*	—	$1.95	$1.62	$1.48	$1.70	$1.27	-$0.19	$0.87	-$0.18	$0.39	$1.02	$0.90	$1.67	$1.70	$1.39	$1.03	$1.04
Shares Outstanding (Basic Avg) shares	+5.1%	+4.2%	+4.1%	—	—	472.9M	454.2M	416.1M	407.1M	393.6M	384.35M	374.65M	356.49M	329.39M	321.81M	317.75M	—	312.4M	—	280.4M	277.8M
Shares Outstanding (Diluted Avg) shares	+2.3%	+4.3%	+4.0%	—	—	474.5M	456M	447.9M	442.7M	417.3M	384.35M	375.99M	356.49M	330.76M	323.52M	319.84M	—	313.65M	—	288.5M	280.1M

Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2010–FY2025: $73.9M in buybacks, $5.16B in dividends.

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against the industry, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue

—

Utilities - Regulated Gas median 3.87×

EV/EBIT

—

Utilities - Regulated Gas median 18.99×

P/E (TTM)

23.42×

Utilities - Regulated Gas median 18.16×

Valuation over time computed as of each quarter's filing date

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (USD)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Columbia Operations	$3,324,800,000	$2,628,400,000	$2,661,000,000	$2,948,200,000	—	—	—	—
NIPSCO Operations	$3,198,000,000	$2,654,500,000	$2,686,800,000	$2,790,400,000	—	—	—	—
Corporate And Other	$0	$0	$0	$0	$492,400,000	$467,500,000	$468,900,000	$518,300,000
Electric Operations	—	—	—	—	$1,697,100,000	$1,536,600,000	$1,699,200,000	$1,708,200,000
Gas Distribution Operations	—	—	—	—	$3,183,500,000	$3,140,200,000	$3,522,800,000	$3,419,500,000
Intersegment Elimination	—	—	—	—	—	—	-$482,000,000	-$531,500,000

Segment Operating Income

Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.

By Segment (USD)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
NIPSCO Operations	$938,100,000	$719,800,000	$541,700,000	$493,100,000	—	—	—	—
Columbia Operations	$895,100,000	$728,700,000	$738,300,000	$785,000,000	—	—	—	—
Electric Operations	—	—	$378,700,000	$362,400,000	$387,800,000	$348,800,000	$406,800,000	$386,100,000
Gas Distribution Operations	—	—	$901,900,000	$915,800,000	$617,500,000	$199,100,000	$675,400,000	-$254,100,000
Corporate And Other	—	—	$14,900,000	-$12,400,000	$1,600,000	$2,900,000	-$191,500,000	-$7,300,000

Operating Margin by Segment (%)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Columbia Operations	26.9%	27.7%	27.7%	26.6%	—	—	—	—
NIPSCO Operations	29.3%	27.1%	20.2%	17.7%	—	—	—	—
Corporate And Other	—	—	—	—	0.3%	0.6%	-40.8%	-1.4%
Electric Operations	—	—	—	—	22.9%	22.7%	23.9%	22.6%
Gas Distribution Operations	—	—	—	—	19.4%	6.3%	19.2%	-7.4%

Key facts CIK 1111711 CUSIP 65473P105 13F (30d) 64 filings 61 filers Visit website Investor relations