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NiSource (NI) Financials

NiSource logo
$47.01 -0.18 (-0.38%)
Closing price 05/13/2026 03:59 PM Eastern
Extended Trading
$47.19 +0.18 (+0.38%)
As of 08:51 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for NiSource

Annual Income Statements for NiSource

This table shows NiSource's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 287 332 129 -66 328 -73 530 749 662 740 930
Consolidated Net Income / (Loss)		 302 332 129 -51 383 -14 589 792 674 845 1,013
Net Income / (Loss) Continuing Operations		 199 332 129 -51 383 -14 589 792 674 845 1,013
Total Pre-Tax Income 		340 514 443 -231 507 -31 707 956 814 1,003 1,216
Total Operating Income		 800 866 921 125 891 551 1,007 1,266 1,296 1,456 1,835
Total Gross Profit		 1,582 1,657 1,754 1,000 2,319 1,987 2,051 2,251 2,477 2,808 3,348
Total Revenue		 4,652 4,493 4,875 5,115 5,209 4,682 4,900 5,851 5,505 5,455 6,642
Operating Revenue		 4,625 4,493 4,875 5,115 5,209 4,682 4,900 5,851 5,505 5,455 6,642
Total Cost of Revenue		 3,070 2,836 3,120 4,114 2,890 2,695 2,848 3,600 3,028 2,647 3,295
Operating Cost of Revenue		 3,070 2,836 3,120 4,114 2,890 2,695 2,848 3,600 3,028 2,647 3,295
Total Operating Expenses		 782 790 833 876 1,429 1,436 1,044 985 1,182 1,352 1,512
Depreciation Expense		 524 547 570 600 717 726 748 821 908 1,043 1,168
Other Operating Expenses / (Income)		 256 244 257 275 297 299 288 268 271 300 344
Impairment Charge		 1.60 -1.00 5.50 1.20 415 411 7.70 -104 2.90 9.00 0.60
Total Other Income / (Expense), net		 -460 -353 -478 -355 -384 -582 -300 -309 -482 -453 -619
Interest Expense		 477 350 465 399 379 614 341 362 490 517 639
Other Income / (Expense), net		 17 -3.00 -14 44 -5.20 32 41 52 8.00 65 20
Income Tax Expense		 141 182 315 -180 124 -17 118 165 140 158 204
Preferred Stock Dividends Declared		 - 0.00 0.00 15 55 55 55 55 53 21 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - 0.00 0.00 3.40 3.90 -12 -40 84 83
Basic Earnings per Share		 $0.90 $1.03 $0.39 ($0.18) $0.88 ($0.19) $1.35 $1.84 $1.59 $1.63 $1.96
Weighted Average Basic Shares Outstanding		 317.75M 321.81M 329.40M 356.49M 374.60M 384.30M 393.60M 407.10M 416.10M 454.20M 472.90M
Diluted Earnings per Share		 $0.90 $1.02 $0.39 ($0.18) $0.87 ($0.19) $1.27 $1.70 $1.48 $1.62 $1.95
Weighted Average Diluted Shares Outstanding		 319.84M 323.52M 330.80M 356.49M 376M 384.30M 417.30M 442.70M 447.90M 456M 474.50M
Weighted Average Basic & Diluted Shares Outstanding		 318.30M 321.80M 329.50M 364.40M 382.26M 391.86M 405.39M - 447.52M 469.94M 478.53M
Cash Dividends to Common per Share		 $0.83 $0.64 $0.70 $0.78 $0.80 $0.84 $0.88 $0.94 $1.00 $1.06 $1.12

Quarterly Income Statements for NiSource

This table shows NiSource's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 77 226 344 86 86 224 475 102 95 258 511
Consolidated Net Income / (Loss)		 98 192 400 103 97 244 527 101 107 278 556
Net Income / (Loss) Continuing Operations		 98 192 400 103 97 244 527 101 107 278 556
Total Pre-Tax Income 		102 228 476 121 113 293 632 124 128 332 642
Total Operating Income		 233 363 583 237 218 417 759 263 298 516 819
Total Gross Profit		 505 694 903 562 553 790 1,108 625 678 936 1,205
Total Revenue		 1,027 1,422 1,706 1,085 1,076 1,588 2,183 1,283 1,273 1,903 2,363
Operating Revenue		 1,027 1,422 1,706 1,085 1,076 1,588 2,183 1,283 1,273 1,903 2,363
Total Cost of Revenue		 523 728 803 522 523 798 1,075 658 595 967 1,158
Operating Cost of Revenue		 523 728 803 522 523 798 1,075 658 595 967 1,158
Total Operating Expenses		 272 331 320 325 335 374 349 362 381 421 386
Depreciation Expense		 211 257 242 254 270 278 259 287 307 315 288
Other Operating Expenses / (Income)		 61 71 77 67 66 90 90 74 75 106 97
Impairment Charge		 0.00 2.90 0.00 2.90 0.00 - 0.30 0.40 0.00 -0.10 0.00
Other Special Charges / (Income)		 -0.20 - - 1.60 -0.50 - 0.00 0.80 -0.60 - 0.00
Total Other Income / (Expense), net		 -131 -135 -107 -116 -105 -124 -127 -139 -170 -183 -177
Interest Expense		 129 141 116 129 135 137 133 139 180 187 192
Other Income / (Expense), net		 -1.60 6.10 9.20 13 29 13 5.80 0.50 9.90 3.90 14
Income Tax Expense		 3.80 36 76 18 16 49 106 24 21 54 86
Preferred Stock Dividends Declared		 8.10 12 21 0.00 0.00 - 0.00 0.00 0.00 - 3.60
Net Income / (Loss) Attributable to Noncontrolling Interest		 13 -46 35 17 11 20 52 -1.70 12 21 98
Basic Earnings per Share		 $0.19 $0.53 $0.77 $0.19 $0.19 $0.48 $1.01 $0.22 $0.20 $0.53 $1.06
Weighted Average Basic Shares Outstanding		 413.50M 416.10M 447.90M 448.50M 451.90M 454.20M 470.40M 471M 472.10M 472.90M 479M
Diluted Earnings per Share		 $0.17 $0.51 $0.77 $0.19 $0.19 $0.47 $1.00 $0.22 $0.20 $0.53 $1.06
Weighted Average Diluted Shares Outstanding		 448.30M 447.90M 449.40M 450.20M 454.50M 456M 472.50M 472.10M 473.70M 474.50M 480.90M
Weighted Average Basic & Diluted Shares Outstanding		 413.42M 447.52M 448.31M 448.51M 466.78M 469.94M 470.70M 470.86M 477.20M 478.53M 479.44M
Cash Dividends to Common per Share		 $0.25 - $0.53 - $0.27 - $0.56 $0.28 $0.28 - $0.60

Annual Cash Flow Statements for NiSource

This table details how cash moves in and out of NiSource's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -33 -9.20 2.40 83 27 -23 -31 -20 2,206 -2,083 -63
Net Cash From Operating Activities		 1,457 803 742 540 1,583 1,104 1,218 1,409 1,935 1,782 2,362
Net Cash From Continuing Operating Activities		 1,163 803 742 540 1,583 1,104 1,218 1,409 1,935 1,782 2,362
Net Income / (Loss) Continuing Operations		 302 332 129 -51 383 -14 589 792 674 845 1,013
Consolidated Net Income / (Loss)		 302 332 129 -51 383 -14 589 792 674 845 1,013
Depreciation Expense		 524 547 570 600 717 726 748 821 908 1,043 1,168
Non-Cash Adjustments To Reconcile Net Income		 46 35 139 36 440 671 30 -103 -8.10 -29 -22
Changes in Operating Assets and Liabilities, net		 295 -118 -103 -52 43 -278 -149 -101 361 -78 204
Net Cash From Investing Activities		 1,950 -1,603 -1,809 -1,926 -1,922 -879 -2,205 -2,570 -3,572 -3,213 -4,524
Net Cash From Continuing Investing Activities		 2,380 -1,603 -1,809 -1,926 -1,922 -879 -2,206 -2,570 -3,572 -3,213 -4,524
Purchase of Property, Plant & Equipment		 -1,361 -1,475 -1,696 -1,818 -1,802 -1,758 -1,838 -2,203 -2,646 -2,614 -2,782
Purchase of Investments		 -55 -38 -168 -90 -140 -145 -103 -74 -43 -18 -94
Sale and/or Maturity of Investments		 58 33 163 82 132 131 98 76 40 93 39
Other Investing Activities, net		 3,737 -123 -107 -102 -112 -224 -363 -369 -923 -674 -1,687
Net Cash From Financing Activities		 -3,412 791 1,069 1,469 366 -248 956 1,141 3,842 -651 2,099
Net Cash From Continuing Financing Activities		 -3,520 791 1,069 1,469 366 -248 956 1,141 3,842 -651 2,099
Repayment of Debt		 -3,122 482 -2,282 -1,271 -856 -4,242 -9.20 -126 190 -1,676 -1,151
Repurchase of Preferred Equity		 - - - - - - 0.00 0.00 -400 -500 0.00
Repurchase of Common Equity		 -20 -9.40 -7.20 -4.00 -18 -247 -18 -13 -30 -67 -27
Payment of Dividends		 -263 -206 -229 -285 -355 -377 -401 -437 -471 -556 -619
Issuance of Debt		 0.00 500 3,250 1,300 1,350 4,324 0.00 1,548 2,139 1,436 3,352
Issuance of Common Equity		 23 23 337 848 244 294 1,385 154 2,175 712 544
Other Financing Activities, net		 -137 - - - - - - 15 241 0.00 0.00

Quarterly Cash Flow Statements for NiSource

This table details how cash moves in and out of NiSource's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -85 2,175 -2,141 478 -471 40 105 62 -246 16 -47
Net Cash From Operating Activities		 345 399 456 446 340 540 686 495 468 713 442
Net Cash From Continuing Operating Activities		 344 399 456 430 341 542 686 495 468 713 442
Net Income / (Loss) Continuing Operations		 98 192 400 103 97 244 527 101 107 278 556
Consolidated Net Income / (Loss)		 98 192 400 103 97 244 527 101 107 278 556
Depreciation Expense		 211 257 242 254 270 278 259 287 307 315 288
Non-Cash Adjustments To Reconcile Net Income		 -11 20 -12 -37 -20 30 -10 -20 -19 28 -16
Changes in Operating Assets and Liabilities, net		 46 -70 -174 110 -6.00 -11 -89 128 73 91 -387
Net Cash From Investing Activities		 -1,128 -1,068 -723 -871 -821 -799 -1,353 -1,214 -830 -1,128 -873
Net Cash From Continuing Investing Activities		 -1,128 -1,068 -723 -871 -821 -799 -1,353 -1,214 -830 -1,128 -873
Purchase of Property, Plant & Equipment		 -724 -760 -590 -630 -635 -760 -637 -658 -641 -846 -805
Purchase of Investments		 - - - - - - 0.00 - - -94 0.00
Sale and/or Maturity of Investments		 - - - - - - 0.00 - - 39 0.00
Other Investing Activities, net		 -404 -305 -134 -241 -186 -114 -715 -555 -190 -227 -67
Net Cash From Financing Activities		 698 2,844 -1,874 421 503 299 771 780 116 431 392
Net Cash From Continuing Financing Activities		 698 2,844 -1,874 915 9.10 299 771 780 116 431 384
Repayment of Debt		 148 611 -1,834 -585 748 -5.20 161 -5.40 -1,256 117 555
Repurchase of Preferred Equity		 - -6.20 -486 486 -486 -14 0.00 - - - 0.00
Repurchase of Common Equity		 -2.60 -11 -58 -2.40 -2.90 -4.40 -15 -2.30 -4.30 -4.80 -23
Payment of Dividends		 -114 -114 -127 -137 -145 -128 -154 -165 -146 -155 -169
Issuance of Debt		 458 192 644 1,090 -647 348 742 850 1,260 335 0.00
Issuance of Common Equity		 209 1,924 2.70 63 542 105 38 103 263 139 29
Other Financing Activities, net		 - 247 -17 - - -2.10 0.00 - - - -9.10

Annual Balance Sheets for NiSource

This table presents NiSource's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 17,493 18,692 19,962 21,804 22,660 22,041 24,157 26,737 31,077 31,788 35,859
Total Current Assets		 1,577 1,762 1,763 2,055 1,854 1,659 1,921 2,584 4,499 2,080 2,377
Cash & Equivalents		 16 26 29 113 139 117 84 41 2,245 157 110
Restricted Cash		 30 9.60 9.40 8.30 9.10 9.10 11 35 36 42 26
Accounts Receivable		 681 852 945 1,147 905 825 925 1,170 928 1,010 1,264
Inventories, net		 537 494 471 423 425 401 499 752 503 389 450
Prepaid Expenses		 - - - - - - - - 106 139 149
Current Deferred & Refundable Income Taxes		 - - - - - - - - - - 16
Other Current Assets		 314 379 309 365 375 307 402 587 682 344 364
Plant, Property, & Equipment, net		 12,112 13,068 14,360 15,543 16,912 16,620 17,882 19,843 22,275 25,454 28,688
Plant, Property & Equipment, gross		 18,965 19,682 21,313 22,781 24,542 24,180 25,171 27,551 30,482 34,153 38,059
Accumulated Depreciation		 6,853 6,614 6,954 7,258 7,630 7,560 7,290 7,709 8,207 8,699 9,371
Total Noncurrent Assets		 3,804 3,862 3,839 4,206 3,894 3,762 4,354 4,310 4,303 4,254 5,099
Long-Term Investments		 195 200 210 206 230 252 259 224 247 179 273
Goodwill		 1,691 1,691 1,691 1,691 1,486 1,486 1,486 1,486 1,486 1,486 1,486
Other Noncurrent Operating Assets		 1,665 1,729 1,707 2,089 2,178 2,024 2,609 2,600 2,570 2,589 3,340
Total Liabilities & Shareholders' Equity		 17,493 18,692 19,962 21,804 22,660 22,041 24,157 26,737 31,077 31,788 35,859
Total Liabilities		 13,649 14,621 15,642 16,053 16,673 16,203 16,884 18,835 20,941 21,120 24,199
Total Current Liabilities		 2,658 3,452 3,178 4,037 3,746 2,279 2,746 4,661 5,265 4,113 3,457
Short-Term Debt		 1,001 1,851 1,490 2,027 1,787 526 618 1,792 3,072 1,886 756
Accounts Payable		 433 539 626 884 666 589 698 900 749 863 1,125
Customer Deposits		 316 264 263 239 256 243 238 325 294 269 283
Dividends Payable		 - - - - - - 0.00 - - - 4.40
Current Deferred & Payable Income Tax Liabilities		 184 195 208 223 232 244 277 246 166 173 229
Current Employee Benefit Liabilities		 141 161 195 150 156 142 183 168 228 268 247
Other Current Liabilities		 415 283 240 290 384 430 627 1,092 619 497 608
Other Current Nonoperating Liabilities		 129 120 112 91 99 105 106 138 136 157 206
Total Noncurrent Liabilities		 10,992 11,169 12,463 12,016 12,927 13,923 14,138 14,174 15,676 17,006 20,741
Long-Term Debt		 5,949 6,058 7,512 7,105 7,856 9,220 9,183 9,524 11,056 12,075 15,458
Asset Retirement Reserve & Litigation Obligation		 1,604 1,528 3,006 2,871 2,769 2,381 2,312 2,254 1,991 2,130 2,295
Noncurrent Deferred & Payable Income Tax Liabilities		 2,380 2,541 1,305 1,342 1,485 1,471 1,659 1,855 2,080 2,282 2,500
Noncurrent Employee Benefit Liabilities		 760 713 337 389 373 336 293 246 250 208 153
Other Noncurrent Operating Liabilities		 299 328 303 309 444 516 690 297 299 313 335
Total Equity & Noncontrolling Interests		 3,844 4,071 4,320 5,751 5,987 5,838 7,273 7,902 10,136 10,668 11,660
Total Preferred & Common Equity		 3,844 4,071 4,320 5,751 5,987 5,752 6,947 7,575 8,270 8,684 9,450
Preferred Stock		 - - 0.00 880 880 880 1,547 1,547 486 0.00 0.00
Total Common Equity		 3,844 4,071 4,320 4,871 5,107 4,872 5,401 6,029 7,784 8,684 9,450
Common Stock		 5,081 5,157 5,533 6,407 6,670 6,894 7,208 7,380 8,884 9,526 9,871
Retained Earnings		 -1,123 -972 -1,073 -1,399 -1,371 -1,765 -1,581 -1,214 -967 -712 -315
Treasury Stock		 -79 -89 -96 -100 -100 -100 -100 -100 -100 -100 -100
Accumulated Other Comprehensive Income / (Loss)		 -35 -25 -43 -37 -93 -157 -127 -37 -34 -30 -6.20
Noncontrolling Interest		 - - - - 0.00 86 326 326 1,867 1,984 2,210

Quarterly Balance Sheets for NiSource

This table presents NiSource's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 27,344 27,828 31,077 29,338 29,898 30,828 31,788 33,105 34,029 34,403 36,601
Total Current Assets		 1,857 1,815 4,499 2,060 1,944 1,616 2,080 2,185 1,999 1,848 2,409
Cash & Equivalents		 151 56 2,245 102 101 126 157 259 335 95 72
Restricted Cash		 40 51 36 38 35 33 42 44 30 25 25
Accounts Receivable		 647 607 928 889 637 595 1,010 1,176 812 744 1,305
Inventories, net		 463 542 503 324 373 391 389 261 368 475 304
Prepaid Expenses		 - - 106 - - - 139 138 144 157 209
Current Deferred & Refundable Income Taxes		 - - - - - - - - - - 12
Other Current Assets		 419 380 682 707 798 471 344 306 310 352 483
Plant, Property, & Equipment, net		 21,175 21,712 22,275 22,946 23,613 24,881 25,454 26,490 27,452 28,000 29,427
Plant, Property & Equipment, gross		 29,135 29,816 30,482 31,301 32,031 33,454 34,153 35,313 36,448 37,202 39,044
Accumulated Depreciation		 7,960 8,104 8,207 8,355 8,419 8,572 8,699 8,823 8,997 9,202 9,617
Total Noncurrent Assets		 4,157 4,139 4,303 4,332 4,341 4,331 4,254 4,431 4,579 4,555 4,964
Long-Term Investments		 82 82 247 242 236 233 179 173 260 283 281
Goodwill		 1,486 1,486 1,486 1,486 1,486 1,486 1,486 1,486 1,486 1,486 1,486
Other Noncurrent Operating Assets		 2,589 2,571 2,570 2,604 2,620 2,611 2,589 2,772 2,833 2,786 3,197
Total Liabilities & Shareholders' Equity		 27,344 27,828 31,077 29,338 29,898 30,828 31,788 33,105 34,029 34,403 36,601
Total Liabilities		 19,772 20,059 20,941 19,543 20,078 20,499 21,120 22,159 23,032 23,161 24,674
Total Current Liabilities		 4,091 4,395 5,265 3,125 2,508 3,486 4,113 4,242 3,412 3,533 3,727
Short-Term Debt		 1,619 2,247 3,072 1,246 667 1,528 1,886 2,052 1,282 1,291 1,308
Accounts Payable		 718 648 749 613 584 615 863 726 684 712 999
Customer Deposits		 208 287 294 190 188 262 269 143 160 274 148
Dividends Payable		 112 112 - 119 120 125 - 134 135 137 147
Current Deferred & Payable Income Tax Liabilities		 209 176 166 170 164 135 173 216 172 179 241
Current Employee Benefit Liabilities		 152 183 228 136 174 239 268 142 161 218 154
Other Current Liabilities		 949 592 619 504 465 434 497 686 640 524 511
Other Current Nonoperating Liabilities		 125 150 136 149 146 147 157 142 178 198 219
Total Noncurrent Liabilities		 15,681 15,664 15,676 16,418 17,570 17,014 17,006 17,917 19,620 19,628 20,947
Long-Term Debt		 11,003 11,011 11,056 11,725 12,810 12,086 12,075 12,833 14,474 14,472 15,459
Asset Retirement Reserve & Litigation Obligation		 2,161 2,113 1,991 1,992 2,012 2,171 2,130 2,190 2,214 2,238 2,373
Noncurrent Deferred & Payable Income Tax Liabilities		 1,986 2,011 2,080 2,160 2,198 2,207 2,282 2,354 2,387 2,405 2,588
Noncurrent Employee Benefit Liabilities		 237 236 250 245 242 238 208 204 201 174 158
Other Noncurrent Operating Liabilities		 295 292 299 298 308 312 313 337 344 337 369
Total Equity & Noncontrolling Interests		 7,571 7,769 10,136 9,795 9,820 10,329 10,668 10,946 10,997 11,242 11,928
Total Preferred & Common Equity		 7,230 7,212 8,270 7,896 7,869 8,345 8,684 8,897 8,883 9,118 9,658
Preferred Stock		 1,153 1,154 486 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 6,078 6,060 7,784 7,896 7,869 8,345 8,684 8,897 8,883 9,118 9,658
Common Stock		 7,387 7,397 8,884 8,891 8,899 9,409 9,526 9,527 9,543 9,803 9,864
Retained Earnings		 -1,174 -1,201 -967 -862 -896 -935 -712 -501 -532 -572 -97
Treasury Stock		 -100 -100 -100 -100 -100 -100 -100 -100 -100 -100 -100
Accumulated Other Comprehensive Income / (Loss)		 -36 -37 -34 -34 -34 -30 -30 -29 -28 -13 -9.20
Noncontrolling Interest		 341 557 1,867 1,899 1,951 1,984 1,984 2,049 2,114 2,124 2,269

Annual Metrics And Ratios for NiSource

This table displays calculated financial ratios and metrics derived from NiSource's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -11.77% -3.42% 8.51% 4.92% 1.85% -10.12% 4.65% 19.41% -5.90% -0.91% 21.76%
EBITDA Growth		 3.92% 4.99% 4.77% -47.81% 106.75% -18.35% 37.23% 19.08% 3.41% 15.89% 17.94%
EBIT Growth		 1.84% 5.60% 5.17% -81.47% 426.46% -34.17% 79.74% 25.80% -1.10% 16.61% 22.07%
NOPAT Growth		 -2.21% 19.61% -52.20% -67.33% 671.64% -42.76% 117.61% 24.90% 2.43% 14.21% 24.61%
Net Income Growth		 -43.00% 9.73% -61.24% -139.38% 857.11% -103.71% 4,246.48% 34.48% -14.83% 25.25% 19.88%
EPS Growth		 -46.11% 13.33% -61.76% -146.15% 583.33% -121.84% 768.42% 33.86% -12.94% 9.46% 20.37%
Operating Cash Flow Growth		 10.40% -44.86% -7.61% -27.23% 193.15% -30.27% 10.32% 15.72% 37.30% -7.94% 32.60%
Free Cash Flow Firm Growth		 -101.62% -806.01% -69.10% -30.22% 97.83% 1,528.74% -258.94% -75.17% -47.32% 24.81% -32.42%
Invested Capital Growth		 5.28% 11.07% 11.14% 11.07% 4.80% -0.26% 9.89% 13.26% 14.78% 11.60% 13.37%
Revenue Q/Q Growth		 7.37% 4.64% 1.48% 1.86% -1.22% -3.83% 4.20% 5.33% -4.88% 3.13% 4.98%
EBITDA Q/Q Growth		 23.05% 1.55% 2.33% -28.38% 3.50% 26.61% 3.60% 6.35% 1.01% 3.30% 4.38%
EBIT Q/Q Growth		 42.56% 0.75% 2.91% -66.55% 3.97% 88.58% 5.83% 8.18% -1.44% 4.20% 5.07%
NOPAT Q/Q Growth		 35.25% 8.11% -53.29% 120.14% -25.86% 86.90% 15.32% 6.43% -0.37% 3.54% 5.84%
Net Income Q/Q Growth		 -23.89% 9.73% -52.35% 44.58% -24.99% 94.12% 16.96% 9.39% -6.81% 6.61% 3.48%
EPS Q/Q Growth		 -28.00% 14.61% -51.85% 21.74% -25.64% 75.95% 11.40% 13.33% -0.67% -2.41% 3.17%
Operating Cash Flow Q/Q Growth		 -10.46% 1.06% -7.33% -52.61% 87.44% -8.77% 2.80% 7.20% 1.36% 8.57% 7.89%
Free Cash Flow Firm Q/Q Growth		 -101.42% 6.45% -29.05% -9.02% 95.09% -34.47% -22.43% -0.32% -22.67% 30.30% -3.82%
Invested Capital Q/Q Growth		 3.23% 2.89% 2.05% 6.54% 0.58% 3.32% 4.52% 4.35% 5.36% 2.45% 2.72%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 34.01% 36.87% 35.99% 19.56% 44.53% 42.43% 41.87% 38.47% 45.00% 51.47% 50.40%
EBITDA Margin		 29.03% 31.56% 30.47% 15.16% 30.77% 27.96% 36.66% 36.56% 40.17% 46.99% 45.51%
Operating Margin		 17.20% 19.28% 18.90% 2.44% 17.10% 11.77% 20.55% 21.64% 23.53% 26.68% 27.63%
EBIT Margin		 17.57% 19.21% 18.62% 3.29% 17.00% 12.45% 21.38% 22.53% 23.68% 27.86% 27.93%
Profit (Net Income) Margin		 6.49% 7.38% 2.64% -0.99% 7.35% -0.30% 12.02% 13.53% 12.25% 15.48% 15.24%
Tax Burden Percent		 88.88% 64.54% 29.01% 21.94% 75.62% 45.37% 83.33% 82.79% 82.86% 84.23% 83.25%
Interest Burden Percent		 41.59% 59.51% 48.80% -137.10% 57.21% -5.37% 67.44% 72.56% 62.44% 65.97% 65.56%
Effective Tax Rate		 41.57% 35.46% 70.99% 0.00% 24.38% 0.00% 16.67% 17.21% 17.14% 15.77% 16.75%
Return on Invested Capital (ROIC)		 4.49% 4.96% 2.13% 0.63% 4.49% 2.52% 5.22% 5.84% 5.25% 5.30% 5.87%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.43% 1.85% 0.47% -0.93% 1.31% -1.73% 2.59% 3.37% 1.76% 2.30% 2.40%
Return on Net Nonoperating Assets (RNNOA)		 1.54% 3.42% 0.93% -1.63% 2.04% -2.76% 3.76% 4.59% 2.23% 2.82% 3.20%
Return on Equity (ROE)		 6.03% 8.38% 3.06% -1.00% 6.53% -0.24% 8.98% 10.44% 7.48% 8.12% 9.07%
Cash Return on Invested Capital (CROIC)		 -0.66% -5.53% -8.42% -9.87% -0.20% 2.77% -4.20% -6.59% -8.52% -5.66% -6.66%
Operating Return on Assets (OROA)		 3.88% 4.77% 4.70% 0.81% 3.98% 2.61% 4.54% 5.18% 4.51% 4.84% 5.49%
Return on Assets (ROA)		 1.44% 1.83% 0.66% -0.24% 1.72% -0.06% 2.55% 3.11% 2.33% 2.69% 2.99%
Return on Common Equity (ROCE)		 6.03% 8.38% 3.06% -0.92% 5.55% -0.20% 7.04% 7.86% 5.73% 6.43% 7.37%
Return on Equity Simple (ROE_SIMPLE)		 7.86% 8.14% 2.97% -0.88% 6.40% -0.25% 8.48% 10.45% 8.16% 9.73% 0.00%
Net Operating Profit after Tax (NOPAT)		 467 559 267 87 674 386 839 1,048 1,073 1,226 1,528
NOPAT Margin		 10.05% 12.44% 5.48% 1.71% 12.93% 8.24% 17.12% 17.91% 19.50% 22.47% 23.00%
Net Nonoperating Expense Percent (NNEP)		 3.06% 3.11% 1.67% 1.55% 3.18% 4.24% 2.63% 2.47% 3.49% 2.99% 3.46%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 5.45% 4.42% 4.98% 5.48%
Cost of Revenue to Revenue		 65.99% 63.13% 64.01% 80.44% 55.47% 57.57% 58.13% 61.53% 55.00% 48.53% 49.60%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 16.81% 17.59% 17.09% 17.12% 27.43% 30.67% 21.32% 16.83% 21.46% 24.79% 22.77%
Earnings before Interest and Taxes (EBIT)		 817 863 908 168 886 583 1,048 1,318 1,304 1,520 1,855
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,350 1,418 1,485 775 1,603 1,309 1,796 2,139 2,212 2,563 3,023
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.22 1.36 1.59 1.55 1.72 1.58 1.82 1.70 1.35 1.96 2.09
Price to Tangible Book Value (P/TBV)		 2.47 2.59 2.87 2.56 2.43 2.27 2.51 2.26 1.67 2.37 2.49
Price to Revenue (P/Rev)		 1.01 1.23 1.41 1.48 1.69 1.64 2.01 1.76 1.91 3.12 2.98
Price to Earnings (P/E)		 16.34 16.69 53.60 0.00 26.83 0.00 18.55 13.72 15.89 23.02 21.29
Dividend Yield		 3.47% 3.73% 3.42% 3.74% 3.40% 4.19% 3.52% 3.71% 3.93% 2.91% 2.70%
Earnings Yield		 6.12% 5.99% 1.87% 0.00% 3.73% 0.00% 5.39% 7.29% 6.29% 4.34% 4.70%
Enterprise Value to Invested Capital (EV/IC)		 1.07 1.11 1.19 1.18 1.23 1.18 1.26 1.22 1.12 1.34 1.37
Enterprise Value to Revenue (EV/Rev)		 2.45 2.94 3.21 3.37 3.64 3.85 4.32 3.96 4.44 5.98 5.69
Enterprise Value to EBITDA (EV/EBITDA)		 8.44 9.32 10.53 22.26 11.82 13.77 11.77 10.83 11.06 12.72 12.51
Enterprise Value to EBIT (EV/EBIT)		 13.94 15.30 17.23 102.61 21.40 30.92 20.18 17.58 18.77 21.45 20.38
Enterprise Value to NOPAT (EV/NOPAT)		 24.37 23.63 58.54 197.71 28.13 46.74 25.20 22.11 22.79 26.59 24.75
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.82 16.44 21.08 31.95 11.97 16.32 17.36 16.44 12.64 18.30 16.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 42.42 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.81 1.94 2.08 1.59 1.61 1.67 1.35 1.43 1.39 1.31 1.39
Long-Term Debt to Equity		 1.55 1.49 1.74 1.24 1.31 1.58 1.26 1.21 1.09 1.13 1.33
Financial Leverage		 1.08 1.85 1.99 1.76 1.56 1.59 1.45 1.36 1.27 1.22 1.33
Leverage Ratio		 4.20 4.57 4.61 4.15 3.79 3.78 3.52 3.35 3.21 3.02 3.03
Compound Leverage Factor		 1.75 2.72 2.25 -5.69 2.17 -0.20 2.38 2.43 2.00 1.99 1.99
Debt to Total Capital		 64.39% 66.02% 67.57% 61.36% 61.70% 62.54% 57.40% 58.88% 58.23% 56.68% 58.17%
Short-Term Debt to Total Capital		 9.28% 15.45% 11.18% 13.62% 11.43% 3.38% 3.62% 9.32% 12.66% 7.66% 2.71%
Long-Term Debt to Total Capital		 55.11% 50.57% 56.39% 47.74% 50.27% 59.16% 53.78% 49.56% 45.56% 49.03% 55.46%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 5.91% 5.63% 5.65% 9.06% 8.05% 2.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.55% 1.91% 1.70% 7.69% 8.06% 7.93%
Common Equity to Total Capital		 35.61% 33.98% 32.43% 32.73% 32.67% 31.26% 31.63% 31.37% 32.08% 35.26% 33.90%
Debt to EBITDA		 5.15 5.58 6.06 11.78 6.02 7.45 5.46 5.29 6.39 5.45 5.36
Net Debt to EBITDA		 4.97 5.41 5.89 11.36 5.78 7.16 5.26 5.15 5.24 5.30 5.23
Long-Term Debt to EBITDA		 4.41 4.27 5.06 9.16 4.90 7.04 5.11 4.45 5.00 4.71 5.11
Debt to NOPAT		 14.87 14.15 33.69 104.62 14.32 25.28 11.68 10.80 13.16 11.39 10.61
Net Debt to NOPAT		 14.36 13.73 32.76 100.88 13.75 24.30 11.26 10.51 10.81 11.08 10.34
Long-Term Debt to NOPAT		 12.73 10.84 28.11 81.40 11.66 23.91 10.95 9.09 10.30 9.85 10.12
Altman Z-Score		 0.46 0.44 0.50 0.34 0.49 0.44 0.56 0.55 0.54 0.71 0.80
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 8.74% 14.99% 15.61% 21.64% 24.68% 23.43% 20.85% 18.78%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.59 0.51 0.55 0.51 0.49 0.73 0.70 0.55 0.85 0.51 0.69
Quick Ratio		 0.26 0.25 0.31 0.31 0.28 0.41 0.37 0.26 0.60 0.28 0.40
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -69 -624 -1,054 -1,373 -30 425 -675 -1,183 -1,743 -1,310 -1,735
Operating Cash Flow to CapEx		 107.06% 54.45% 43.77% 29.73% 87.86% 171.91% 66.26% 63.97% 73.14% 68.15% 84.90%
Free Cash Flow to Firm to Interest Expense		 -0.14 -1.78 -2.27 -3.44 -0.08 0.69 -1.98 -3.27 -3.56 -2.53 -2.72
Operating Cash Flow to Interest Expense		 3.05 2.30 1.60 1.35 4.18 1.80 3.57 3.90 3.95 3.44 3.70
Operating Cash Flow Less CapEx to Interest Expense		 0.20 -1.92 -2.05 -3.20 -0.58 0.75 -1.82 -2.20 -1.45 -1.61 -0.66
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.22 0.25 0.25 0.24 0.23 0.21 0.21 0.23 0.19 0.17 0.20
Accounts Receivable Turnover		 5.71 5.86 5.43 4.89 5.08 5.41 5.60 5.58 5.25 5.63 5.84
Inventory Turnover		 5.47 5.50 6.46 9.21 6.82 6.53 6.33 5.76 4.83 5.93 7.86
Fixed Asset Turnover		 0.40 0.36 0.36 0.34 0.32 0.28 0.28 0.31 0.26 0.23 0.25
Accounts Payable Turnover		 5.88 5.83 5.36 5.45 3.73 4.30 4.43 4.51 3.67 3.28 3.32
Days Sales Outstanding (DSO)		 63.95 62.29 67.28 74.63 71.90 67.47 65.21 65.36 69.55 64.83 62.46
Days Inventory Outstanding (DIO)		 66.75 66.35 56.47 39.64 53.51 55.92 57.65 63.40 75.64 61.51 46.45
Days Payable Outstanding (DPO)		 62.04 62.60 68.14 66.95 97.88 84.98 82.45 80.98 99.37 111.16 110.10
Cash Conversion Cycle (CCC)		 68.67 66.04 55.61 47.32 27.53 38.41 40.41 47.78 45.81 15.18 -1.18
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 10,682 11,865 13,187 14,647 15,350 15,311 16,825 19,056 21,872 24,408 27,671
Invested Capital Turnover		 0.45 0.40 0.39 0.37 0.35 0.31 0.30 0.33 0.27 0.24 0.26
Increase / (Decrease) in Invested Capital		 536 1,183 1,322 1,460 703 -39 1,514 2,231 2,816 2,536 3,263
Enterprise Value (EV)		 11,392 13,207 15,642 17,258 18,946 18,021 21,147 23,166 24,464 32,597 37,807
Market Capitalization		 4,682 5,534 6,888 7,573 8,802 7,686 9,827 10,277 10,512 17,030 19,792
Book Value per Share		 $12.06 $12.61 $12.83 $13.41 $13.67 $12.71 $13.75 $14.84 $18.83 $18.60 $19.80
Tangible Book Value per Share		 $5.96 $6.62 $7.12 $8.15 $9.69 $8.84 $9.97 $11.19 $15.23 $15.42 $16.69
Total Capital		 10,793 11,981 13,322 14,884 15,630 15,584 17,074 19,217 24,264 24,629 27,873
Total Debt		 6,950 7,909 9,002 9,133 9,643 9,746 9,802 11,316 14,128 13,960 16,214
Total Long-Term Debt		 5,949 6,058 7,512 7,105 7,856 9,220 9,183 9,524 11,056 12,075 15,458
Net Debt		 6,710 7,673 8,754 8,805 9,264 9,369 9,448 11,016 11,600 13,583 15,805
Capital Expenditures (CapEx)		 1,361 1,475 1,696 1,816 1,802 642 1,838 2,203 2,646 2,614 2,782
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -124 125 37 -75 -254 -219 -302 -360 26 -346 -460
Debt-free Net Working Capital (DFNWC)		 -79 161 75 46 -105 -94 -207 -284 2,307 -147 -325
Net Working Capital (NWC)		 -1,080 -1,690 -1,415 -1,981 -1,892 -620 -825 -2,076 -766 -2,033 -1,080
Net Nonoperating Expense (NNE)		 165 228 139 138 290 400 250 256 399 381 515
Net Nonoperating Obligations (NNO)		 6,839 7,794 8,867 8,896 9,364 9,473 9,552 11,154 11,736 13,740 16,011
Total Depreciation and Amortization (D&A)		 533 555 578 607 717 726 748 821 908 1,043 1,168
Debt-free, Cash-free Net Working Capital to Revenue		 -2.67% 2.78% 0.75% -1.47% -4.87% -4.68% -6.17% -6.15% 0.47% -6.34% -6.93%
Debt-free Net Working Capital to Revenue		 -1.70% 3.58% 1.54% 0.90% -2.02% -2.00% -4.23% -4.86% 41.90% -2.70% -4.89%
Net Working Capital to Revenue		 -23.22% -37.62% -29.03% -38.74% -36.32% -13.24% -16.85% -35.49% -13.91% -37.27% -16.26%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.90 $0.00 $0.39 ($0.18) $0.88 ($0.19) $1.35 $0.00 $1.59 $1.63 $1.96
Adjusted Weighted Average Basic Shares Outstanding		 317.75M 0.00 329.39M 356.49M 374.60M 384.35M 393.60M 0.00 416.10M 454.20M 472.90M
Adjusted Diluted Earnings per Share		 $0.90 $0.00 $0.39 ($0.18) $0.87 ($0.19) $1.27 $0.00 $1.48 $1.62 $1.95
Adjusted Weighted Average Diluted Shares Outstanding		 319.84M 0.00 330.76M 356.49M 376M 384.35M 417.30M 0.00 447.90M 456M 474.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 319.74M 0.00 337.41M 372.49M 382.26M 391.86M 405.39M 0.00 447.52M 469.94M 478.53M
Normalized Net Operating Profit after Tax (NOPAT)		 468 558 649 88 987 673 845 962 1,076 1,234 1,528
Normalized NOPAT Margin		 10.07% 12.43% 13.31% 1.72% 18.95% 14.37% 17.26% 16.44% 19.54% 22.61% 23.01%
Pre Tax Income Margin		 7.31% 11.43% 9.09% -4.51% 9.73% -0.67% 14.42% 16.35% 14.78% 18.38% 18.31%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.71 2.47 1.95 0.42 2.34 0.95 3.07 3.64 2.66 2.94 2.90
NOPAT to Interest Expense		 0.98 1.60 0.58 0.22 1.78 0.63 2.46 2.90 2.19 2.37 2.39
EBIT Less CapEx to Interest Expense		 -1.14 -1.75 -1.70 -4.13 -2.42 -0.10 -2.32 -2.45 -2.74 -2.12 -1.45
NOPAT Less CapEx to Interest Expense		 -1.87 -2.62 -3.07 -4.34 -2.98 -0.42 -2.93 -3.19 -3.21 -2.68 -1.96
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 87.19% 61.99% 178.29% -563.04% 92.56% -2,652.82% 68.09% 55.14% 69.90% 63.87% 61.15%
Augmented Payout Ratio		 93.94% 64.83% 183.89% -570.95% 97.21% -4,388.73% 71.18% 56.78% 74.38% 71.84% 63.80%

Quarterly Metrics And Ratios for NiSource

This table displays calculated financial ratios and metrics derived from NiSource's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 478,533,171.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 478,533,171.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.07
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -5.70% -16.58% -13.21% -0.49% 4.76% 11.66% 27.95% 18.28% 18.28% 19.85% 8.24%
EBITDA Growth		 19.54% 3.66% 12.89% 24.63% 16.89% 13.10% 22.65% 9.26% 18.82% 17.91% 9.58%
EBIT Growth		 38.73% -4.90% 11.29% 46.28% 6.96% 16.60% 29.13% 5.36% 24.20% 20.82% 8.94%
NOPAT Growth		 69.54% -0.90% 15.79% 56.36% -16.40% 13.76% 28.99% 5.00% 33.01% 24.31% 12.21%
Net Income Growth		 54.96% -20.44% 18.50% 122.68% -1.42% 27.31% 31.58% -2.52% 10.31% 13.96% 5.60%
EPS Growth		 41.67% -1.92% 8.45% 111.11% 11.76% -7.84% 29.87% 15.79% 5.26% 12.77% 6.00%
Operating Cash Flow Growth		 167.36% 6.97% -33.25% -12.23% -1.42% 35.22% 50.46% 11.20% 37.62% 32.01% -35.56%
Free Cash Flow Firm Growth		 -11.93% -30.58% -81.96% -43.48% -26.50% 12.82% 21.05% 2.81% 0.39% -29.34% -8.15%
Invested Capital Growth		 13.68% 14.78% 18.06% 16.75% 14.76% 11.60% 13.16% 14.01% 13.07% 13.37% 12.68%
Revenue Q/Q Growth		 -5.74% 38.41% 19.99% -36.43% -0.77% 47.52% 37.50% -41.23% -0.77% 49.47% 24.18%
EBITDA Q/Q Growth		 9.48% 41.53% 33.34% -39.68% 2.68% 36.94% 44.60% -46.27% 11.67% 35.89% 34.39%
EBIT Q/Q Growth		 35.40% 59.33% 60.73% -57.81% -1.00% 73.70% 77.99% -65.58% 16.70% 68.97% 60.49%
NOPAT Q/Q Growth		 73.27% 36.22% 60.45% -58.71% -7.35% 85.35% 81.93% -66.39% 17.36% 73.22% 64.23%
Net Income Q/Q Growth		 112.53% 95.02% 108.60% -74.24% -5.92% 151.86% 115.60% -80.92% 6.47% 160.19% 99.78%
EPS Q/Q Growth		 88.89% 200.00% 50.98% -75.32% 0.00% 147.37% 112.77% -78.00% -9.09% 165.00% 100.00%
Operating Cash Flow Q/Q Growth		 -32.05% 15.74% 14.28% -2.35% -23.68% 58.76% 27.16% -27.83% -5.55% 52.30% -37.93%
Free Cash Flow Firm Q/Q Growth		 -4.41% -10.41% -18.48% -5.05% 7.94% 23.91% -7.30% -29.31% 5.65% 1.20% 10.27%
Invested Capital Q/Q Growth		 4.51% 5.36% 3.56% 2.39% 2.73% 2.45% 5.01% 3.16% 1.88% 2.72% 4.37%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 49.14% 48.80% 52.92% 51.84% 51.38% 49.72% 50.75% 48.71% 53.29% 49.20% 50.98%
EBITDA Margin		 43.05% 44.02% 48.92% 46.42% 48.03% 44.59% 46.89% 42.88% 48.25% 43.87% 47.48%
Operating Margin		 22.68% 25.50% 34.19% 21.85% 20.28% 26.25% 34.78% 20.49% 23.37% 27.09% 34.67%
EBIT Margin		 22.52% 25.93% 34.73% 23.05% 23.00% 27.08% 35.05% 20.53% 24.15% 27.30% 35.28%
Profit (Net Income) Margin		 9.58% 13.50% 23.46% 9.50% 9.01% 15.39% 24.13% 7.83% 8.40% 14.63% 23.54%
Tax Burden Percent		 96.28% 84.28% 84.04% 85.42% 85.92% 83.41% 83.29% 80.85% 83.86% 83.83% 86.64%
Interest Burden Percent		 44.17% 61.76% 80.37% 48.28% 45.62% 68.13% 82.65% 47.19% 41.51% 63.94% 77.02%
Effective Tax Rate		 3.72% 15.72% 15.96% 14.58% 14.08% 16.59% 16.71% 19.15% 16.14% 16.17% 13.36%
Return on Invested Capital (ROIC)		 6.48% 5.78% 7.21% 4.54% 4.13% 5.16% 7.12% 4.09% 4.88% 5.79% 7.52%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.42% 4.79% 6.46% 3.77% 3.45% 4.35% 6.35% 3.31% 3.91% 4.76% 6.55%
Return on Net Nonoperating Assets (RNNOA)		 8.42% 6.08% 8.72% 5.56% 5.05% 5.33% 8.43% 4.59% 5.29% 6.34% 9.06%
Return on Equity (ROE)		 14.90% 11.86% 15.93% 10.11% 9.19% 10.49% 15.55% 8.68% 10.17% 12.13% 16.57%
Cash Return on Invested Capital (CROIC)		 -7.28% -8.52% -11.08% -9.82% -8.43% -5.66% -6.68% -7.53% -6.58% -6.66% -6.01%
Operating Return on Assets (OROA)		 4.88% 4.94% 6.48% 4.22% 4.15% 4.70% 6.66% 3.94% 4.68% 5.36% 6.90%
Return on Assets (ROA)		 2.08% 2.57% 4.38% 1.74% 1.63% 2.67% 4.58% 1.50% 1.63% 2.87% 4.61%
Return on Common Equity (ROCE)		 11.42% 9.08% 12.55% 8.10% 7.31% 8.30% 12.59% 6.99% 8.24% 9.86% 13.44%
Return on Equity Simple (ROE_SIMPLE)		 10.03% 0.00% 9.33% 10.09% 9.49% 0.00% 10.92% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 224 306 490 202 188 348 632 213 249 432 710
NOPAT Margin		 21.84% 21.49% 28.74% 18.66% 17.43% 21.89% 28.97% 16.57% 19.60% 22.71% 30.03%
Net Nonoperating Expense Percent (NNEP)		 1.06% 0.99% 0.75% 0.77% 0.68% 0.81% 0.77% 0.78% 0.98% 1.03% 0.97%
Return On Investment Capital (ROIC_SIMPLE)		 - 1.26% - - - 1.41% 2.45% 0.79% 0.92% 1.55% 2.47%
Cost of Revenue to Revenue		 50.86% 51.20% 47.08% 48.16% 48.62% 50.28% 49.25% 51.29% 46.71% 50.80% 49.02%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 26.46% 23.28% 18.72% 29.84% 31.10% 23.57% 15.96% 28.22% 29.92% 22.11% 16.31%
Earnings before Interest and Taxes (EBIT)		 231 369 593 250 248 430 765 263 307 519 834
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 442 626 835 504 517 708 1,024 550 614 835 1,122
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.62 1.35 1.42 1.63 1.86 1.96 2.10 2.12 2.24 2.09 2.30
Price to Tangible Book Value (P/TBV)		 2.15 1.67 1.75 2.01 2.27 2.37 2.52 2.55 2.67 2.49 2.72
Price to Revenue (P/Rev)		 1.70 1.91 2.14 2.44 2.94 3.12 3.15 3.08 3.22 2.98 3.25
Price to Earnings (P/E)		 14.72 15.89 16.35 17.48 20.96 23.02 21.50 21.28 22.76 21.29 22.98
Dividend Yield		 4.15% 3.93% 3.74% 3.61% 3.02% 2.91% 2.70% 2.72% 2.55% 2.70% 2.46%
Earnings Yield		 6.79% 6.29% 6.12% 5.72% 4.77% 4.34% 4.65% 4.70% 4.39% 4.70% 4.35%
Enterprise Value to Invested Capital (EV/IC)		 1.18 1.12 1.14 1.20 1.29 1.34 1.37 1.37 1.41 1.37 1.41
Enterprise Value to Revenue (EV/Rev)		 4.22 4.44 4.90 5.32 5.81 5.98 5.93 5.89 5.99 5.69 5.99
Enterprise Value to EBITDA (EV/EBITDA)		 11.16 11.06 11.15 11.58 12.39 12.72 12.78 12.90 13.08 12.51 13.09
Enterprise Value to EBIT (EV/EBIT)		 18.48 18.77 18.86 19.31 21.08 21.45 20.78 21.17 21.45 20.38 21.23
Enterprise Value to NOPAT (EV/NOPAT)		 22.68 22.79 22.44 22.98 25.97 26.59 25.72 26.15 26.24 24.75 25.36
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.80 12.64 15.06 16.93 18.74 18.30 17.48 17.51 17.30 16.00 19.28
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.71 1.39 1.32 1.37 1.32 1.31 1.36 1.43 1.40 1.39 1.41
Long-Term Debt to Equity		 1.42 1.09 1.20 1.30 1.17 1.13 1.17 1.32 1.29 1.33 1.30
Financial Leverage		 1.55 1.27 1.35 1.48 1.46 1.22 1.33 1.38 1.35 1.33 1.38
Leverage Ratio		 3.50 3.21 3.16 3.29 3.24 3.02 3.01 3.07 3.02 3.03 3.05
Compound Leverage Factor		 1.54 1.98 2.54 1.59 1.48 2.06 2.49 1.45 1.26 1.94 2.35
Debt to Total Capital		 63.05% 58.23% 56.98% 57.85% 56.86% 56.68% 57.62% 58.89% 58.37% 58.17% 58.43%
Short-Term Debt to Total Capital		 10.68% 12.66% 5.47% 2.86% 6.38% 7.66% 7.94% 4.79% 4.78% 2.71% 4.56%
Long-Term Debt to Total Capital		 52.37% 45.56% 51.50% 54.98% 50.48% 49.03% 49.68% 54.10% 53.59% 55.46% 53.87%
Preferred Equity to Total Capital		 5.49% 2.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 2.65% 7.69% 8.34% 8.37% 8.29% 8.06% 7.93% 7.90% 7.86% 7.93% 7.91%
Common Equity to Total Capital		 28.82% 32.08% 34.68% 33.78% 34.85% 35.26% 34.44% 33.20% 33.76% 33.90% 33.66%
Debt to EBITDA		 6.06 6.39 5.62 5.60 5.49 5.45 5.41 5.63 5.44 5.36 5.37
Net Debt to EBITDA		 5.90 5.24 5.46 5.45 5.33 5.30 5.24 5.41 5.30 5.23 5.25
Long-Term Debt to EBITDA		 5.03 5.00 5.08 5.32 4.87 4.71 4.66 5.17 5.00 5.11 4.95
Debt to NOPAT		 12.30 13.16 11.32 11.11 11.50 11.39 10.89 11.41 10.92 10.61 10.41
Net Debt to NOPAT		 11.98 10.81 10.98 10.81 11.17 11.08 10.54 10.96 10.64 10.34 10.17
Long-Term Debt to NOPAT		 10.22 10.30 10.23 10.56 10.21 9.85 9.39 10.48 10.03 10.12 9.60
Altman Z-Score		 0.36 0.44 0.51 0.52 0.54 0.59 0.67 0.63 0.66 0.68 0.75
Noncontrolling Interest Sharing Ratio		 23.36% 23.43% 21.21% 19.80% 20.41% 20.85% 19.04% 19.53% 19.04% 18.78% 18.88%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.41 0.85 0.66 0.78 0.46 0.51 0.52 0.59 0.52 0.69 0.65
Quick Ratio		 0.19 0.60 0.32 0.29 0.21 0.28 0.34 0.34 0.24 0.40 0.37
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -2,274 -2,510 -2,974 -3,124 -2,876 -2,189 -2,348 -3,037 -2,865 -2,831 -2,540
Operating Cash Flow to CapEx		 47.66% 52.51% 77.39% 70.74% 53.57% 71.03% 107.70% 75.27% 73.05% 84.20% 54.93%
Free Cash Flow to Firm to Interest Expense		 -17.60 -17.80 -25.58 -24.16 -21.37 -15.97 -17.68 -21.83 -15.94 -15.11 -13.26
Operating Cash Flow to Interest Expense		 2.67 2.83 3.92 3.45 2.53 3.94 5.17 3.56 2.60 3.80 2.31
Operating Cash Flow Less CapEx to Interest Expense		 -2.93 -2.56 -1.15 -1.43 -2.19 -1.61 0.37 -1.17 -0.96 -0.71 -1.89
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.22 0.19 0.19 0.18 0.18 0.17 0.19 0.19 0.19 0.20 0.20
Accounts Receivable Turnover		 8.40 5.25 5.51 8.16 8.80 5.63 5.75 8.46 9.45 5.84 5.50
Inventory Turnover		 5.00 4.83 7.64 6.16 5.53 5.93 9.98 8.24 7.22 7.86 11.96
Fixed Asset Turnover		 0.28 0.26 0.24 0.23 0.23 0.23 0.24 0.24 0.24 0.25 0.24
Accounts Payable Turnover		 5.10 3.67 4.26 3.96 4.08 3.28 4.36 4.82 4.71 3.32 3.91
Days Sales Outstanding (DSO)		 43.47 69.55 66.23 44.71 41.47 64.83 63.52 43.13 38.61 62.46 66.36
Days Inventory Outstanding (DIO)		 72.98 75.64 47.74 59.21 66.06 61.51 36.57 44.28 50.59 46.45 30.52
Days Payable Outstanding (DPO)		 71.52 99.37 85.59 92.26 89.43 111.16 83.70 75.74 77.44 110.10 93.24
Cash Conversion Cycle (CCC)		 44.94 45.81 28.38 11.66 18.10 15.18 16.39 11.66 11.75 -1.18 3.64
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 20,760 21,872 22,651 23,191 23,824 24,408 25,632 26,441 26,938 27,671 28,881
Invested Capital Turnover		 0.30 0.27 0.25 0.24 0.24 0.24 0.25 0.25 0.25 0.26 0.25
Increase / (Decrease) in Invested Capital		 2,498 2,816 3,465 3,327 3,064 2,536 2,981 3,249 3,115 3,263 3,250
Enterprise Value (EV)		 24,436 24,464 25,718 27,863 30,747 32,597 35,165 36,108 37,873 37,807 40,847
Market Capitalization		 9,818 10,512 11,231 12,807 15,541 17,030 18,707 18,863 20,388 19,792 22,189
Book Value per Share		 $14.66 $18.83 $17.63 $17.55 $18.61 $18.60 $18.93 $18.87 $19.37 $19.80 $20.18
Tangible Book Value per Share		 $11.07 $15.23 $14.31 $14.24 $15.29 $15.42 $15.77 $15.71 $16.21 $16.69 $17.08
Total Capital		 21,027 24,264 22,766 23,297 23,943 24,629 25,831 26,753 27,005 27,873 28,694
Total Debt		 13,258 14,128 12,971 13,477 13,615 13,960 14,885 15,756 15,763 16,214 16,767
Total Long-Term Debt		 11,011 11,056 11,725 12,810 12,086 12,075 12,833 14,474 14,472 15,458 15,459
Net Debt		 12,908 11,600 12,588 13,105 13,222 13,583 14,409 15,131 15,361 15,805 16,388
Capital Expenditures (CapEx)		 724 760 590 630 635 760 637 658 641 846 805
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -602 26 41 -33 -500 -346 -309 -497 -513 -460 -107
Debt-free Net Working Capital (DFNWC)		 -333 2,307 182 103 -341 -147 -5.30 -131 -394 -325 -10
Net Working Capital (NWC)		 -2,580 -766 -1,065 -564 -1,870 -2,033 -2,057 -1,414 -1,685 -1,080 -1,318
Net Nonoperating Expense (NNE)		 126 114 90 99 91 103 106 112 142 154 154
Net Nonoperating Obligations (NNO)		 12,991 11,736 12,856 13,372 13,495 13,740 14,686 15,444 15,697 16,011 16,954
Total Depreciation and Amortization (D&A)		 211 257 242 254 270 278 259 287 307 315 288
Debt-free, Cash-free Net Working Capital to Revenue		 -10.40% 0.47% 0.78% -0.62% -9.45% -6.34% -5.21% -8.11% -8.11% -6.93% -1.57%
Debt-free Net Working Capital to Revenue		 -5.76% 41.90% 3.46% 1.97% -6.45% -2.70% -0.09% -2.14% -6.23% -4.89% -0.15%
Net Working Capital to Revenue		 -44.58% -13.91% -20.30% -10.77% -35.34% -37.27% -34.68% -23.06% -26.63% -16.26% -19.32%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.19 $0.53 $0.77 $0.19 $0.19 $0.48 $1.01 $0.22 $0.20 $0.53 $1.06
Adjusted Weighted Average Basic Shares Outstanding		 413.50M 416.10M 447.90M 448.50M 451.90M 454.20M 470.40M 471M 472.10M 472.90M 479M
Adjusted Diluted Earnings per Share		 $0.17 $0.51 $0.77 $0.19 $0.19 $0.47 $1.00 $0.22 $0.20 $0.53 $1.06
Adjusted Weighted Average Diluted Shares Outstanding		 448.30M 447.90M 449.40M 450.20M 454.50M 456M 472.50M 472.10M 473.70M 474.50M 480.90M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 413.42M 447.52M 448.31M 448.51M 466.78M 469.94M 470.70M 470.86M 477.20M 478.53M 479.44M
Normalized Net Operating Profit after Tax (NOPAT)		 224 308 490 205 187 348 633 214 249 432 710
Normalized NOPAT Margin		 21.82% 21.66% 28.74% 18.89% 17.39% 21.89% 28.98% 16.64% 19.56% 22.71% 30.03%
Pre Tax Income Margin		 9.95% 16.01% 27.91% 11.13% 10.49% 18.45% 28.97% 9.69% 10.02% 17.45% 27.17%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.79 2.61 5.10 1.93 1.84 3.14 5.76 1.89 1.71 2.77 4.35
NOPAT to Interest Expense		 1.74 2.17 4.22 1.57 1.39 2.54 4.76 1.53 1.39 2.31 3.70
EBIT Less CapEx to Interest Expense		 -3.81 -2.78 0.03 -2.94 -2.88 -2.41 0.96 -2.84 -1.85 -1.75 0.15
NOPAT Less CapEx to Interest Expense		 -3.87 -3.22 -0.85 -3.31 -3.32 -3.01 -0.04 -3.20 -2.17 -2.21 -0.50
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 65.48% 69.90% 65.75% 62.18% 66.28% 63.87% 58.33% 61.08% 60.57% 61.15% 60.89%
Augmented Payout Ratio		 68.55% 74.38% 76.06% 71.44% 75.59% 71.84% 60.91% 63.67% 63.27% 63.80% 64.16%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends I’m seeing in NiSource (NYSE: NI) using the quarterly statements from the last four years. The focus is on what could matter to retail investors over the near term, based on cash flow, profitability, and balance-sheet dynamics.

  • Revenue growth in the latest quarter: Operating revenue reached 1.9029 billion in Q4 2025, up from 1.5878 billion in Q4 2024 — roughly a 20% YoY increase. This suggests favorable pricing or volume dynamics in the latest period.
  • Strong quarterly operating cash flow (latest quarter): Net cash from continuing operating activities was 712.6 million in Q4 2025, the strongest quarterly operating cash flow for 2025 versus earlier quarters (Q3 2025 was 467.9 million, Q2 2025 ~495.4 million). This indicates solid, recurring cash generation from operations.
  • Quarterly profitability remains solid, with EPS around $0.53: Q4 2025 Basic EPS was 0.53 and Diluted EPS was 0.53, with Net income attributable to common shareholders at 257.8 million. This points to continued profitability at the per-share level despite seasonality.
  • Healthy equity base persists: Total Common Equity sits in the neighborhood of about 9.1 billion in late 2025 (roughly consistent with the prior quarter’s level), indicating a solid equity base to support ongoing capital needs.
  • Financing activity supports liquidity in the latest quarter: Net cash from financing activities in Q4 2025 was 431.1 million, signaling the company was able to raise/allocate funds to support operations and capex, contributing to liquidity resilience.
  • Ongoing capital investment (capex) remains elevated: Purchase of property, plant & equipment was 846.3 million in Q4 2025 (and 640.5 million in Q3 2025), underscoring continued capital expenditure to support the utility asset base.
  • Asset base and leverage trend: Total assets rose to about 34.40 billion by 2025 Q3 from lower levels in prior years, reflecting an expanding asset base (driven in part by capex and investments). Long-term debt is still sizable (around 14.5 billion by mid-2025), consistent with a capital-heavy utility profile.
  • Significant ongoing cash outflows tied to investing activities: Net cash from continuing investing activities was negative in the latest quarter (-1.1275 billion in Q4 2025), with other quarters also showing substantial investing cash outlays. This highlights high capital spending and its impact on near-term cash balances.
  • Cash balance volatility and leverage considerations: There were quarters with negative net change in cash (for example, a decline of about 246.1 million in Q3 2025), underscoring cash balance volatility due to the combination of capex outlays and financing needs. The substantial long-term debt load (approx. 14.47 billion mid-2025) also adds leverage considerations for risk-aware investors.
05/14/26 06:11 AM ETAI Generated. May Contain Errors.

NiSource Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NiSource's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

NiSource's net income appears to be on an upward trend, with a most recent value of $1.01 billion in 2025, rising from $302.10 million in 2015. The previous period was $844.70 million in 2024. See NiSource's forecast for analyst expectations on what's next for the company.

NiSource's total operating income in 2025 was $1.84 billion, based on the following breakdown:
  • Total Gross Profit: $3.35 billion
  • Total Operating Expenses: $1.51 billion

Over the last 10 years, NiSource's total revenue changed from $4.65 billion in 2015 to $6.64 billion in 2025, a change of 42.8%.

NiSource's total liabilities were at $24.20 billion at the end of 2025, a 14.6% increase from 2024, and a 77.3% increase since 2015.

In the past 10 years, NiSource's cash and equivalents has ranged from $15.50 million in 2015 to $2.25 billion in 2023, and is currently $110.10 million as of their latest financial filing in 2025.

Over the last 10 years, NiSource's book value per share changed from 12.06 in 2015 to 19.80 in 2025, a change of 64.2%.


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Financial statements for NYSE:NI last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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