NYSE : NI
NiSource Inc. — Financial statements
Utilities · Utilities - Regulated Gas · United States
Last price 44.75 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 21.47B
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Financial statements
NiSource Inc. (NI) reported revenue of 6.96B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 6.80B | 6.52B | 5.28B | 5.35B | 5.74B | 4.73B |
| Other Revenue | 160.30M | 119.40M | 172.20M | 157.60M | 112.00M | 168.30M |
| Revenue | 6.96B | 6.64B | 5.46B | 5.51B | 5.85B | 4.90B |
| Operations & Maintenance | 1.86B | 1.70B | 1.50B | 1.49B | 1.49B | 1.46B |
| Selling, General & Admin | 14.30M | 14.30M | 14.70M | |||
| Depreciation & Amortization | 1.30B | 1.17B | 1.04B | 908.20M | 820.80M | 748.40M |
| Other Operating Expenses | 1.87B | 1.94B | 1.45B | 1.83B | 2.35B | 1.65B |
| Total Operating Expenses | 5.05B | 4.82B | 4.00B | 4.23B | 4.66B | 3.85B |
| Operating Income | 1.91B | 1.82B | 1.45B | 1.27B | 1.19B | 1.05B |
| Interest Expense | -849.30M | -699.70M | -563.20M | -526.50M | -378.90M | -348.00M |
| Interest Income | 12.30M | 10.20M | 10.40M | 9.00M | 4.30M | 4.00M |
| Net Interest Expense | -837.00M | -689.50M | -552.80M | -517.50M | -374.60M | -344.00M |
| Allowance for Equity Funds for Construction | 51.50M | 32.70M | 75.10M | 25.20M | 15.10M | 13.10M |
| Allowance for Borrowed Funds for Construction | 37.80M | 37.80M | 40.10M | 25.30M | 6.70M | 4.60M |
| Other Non-Operating Income (Expenses) | 16.70M | 13.10M | -1.60M | 9.40M | 15.80M | -9.50M |
| EBT Excluding Unusual Items | 1.17B | 1.22B | 1.01B | 816.80M | 852.20M | 714.30M |
| Gain (Loss) on Sale of Assets | -700.00K | 100.00K | -2.90M | -2.90M | 104.20M | -7.70M |
| Asset Writedown | -700.00K | -6.10M | ||||
| Pretax Income | 1.17B | 1.22B | 1.00B | 813.90M | 956.40M | 706.60M |
| Income Tax Expense | 162.80M | 203.80M | 158.10M | 139.50M | 164.60M | 117.80M |
| Earnings From Continuing Ops. | 1.01B | 1.01B | 844.70M | 674.40M | 791.80M | 588.80M |
| Net Income to Company | 1.01B | 1.01B | 844.70M | 674.40M | 791.80M | 588.80M |
| Minority Interest in Earnings | -70.60M | -83.10M | -84.30M | 39.90M | 12.30M | -3.90M |
| Net Income | 939.90M | 929.50M | 760.40M | 714.30M | 804.10M | 584.90M |
| Preferred Dividends & Other Adjustments | -800.00K | 2.60M | 22.30M | 53.20M | 55.10M | 55.10M |
| Net Income to Common | 940.70M | 926.90M | 738.10M | 661.10M | 749.00M | 529.80M |
| Shares Outstanding (Basic) | 479.20M | 472.90M | 454.20M | 416.10M | 407.10M | 393.60M |
| Shares Outstanding (Diluted) | 480.73M | 474.50M | 456.00M | 447.90M | 442.70M | 417.30M |
| EPS (Basic) | 1.96 | 1.96 | 1.63 | 1.59 | 1.84 | 1.35 |
| EPS (Diluted) | 1.95 | 1.95 | 1.62 | 1.48 | 1.70 | 1.27 |
| Free Cash Flow | -1.94B | -793.80M | -861.50M | -710.70M | -793.70M | -620.10M |
| Free Cash Flow Per Share | -4.04 | -1.67 | -1.89 | -1.59 | -1.79 | -1.49 |
| Dividend Per Share | 0.30 | 1.14 | 1.07 | 1.01 | 0.95 | 0.90 |
| Profit Margin | 13.52% | 13.96% | 13.53% | 12.01% | 12.80% | 10.81% |
| Free Cash Flow Margin | -27.89% | -11.95% | -15.79% | -12.91% | -13.57% | -12.66% |
| EBITDA | 3.11B | 2.89B | 2.39B | 2.09B | 1.95B | 1.74B |
| EBITDA Margin | 44.64% | 43.47% | 43.84% | 38.01% | 33.26% | 35.49% |
| D&A For EBITDA | 1.20B | 1.06B | 940.30M | 818.10M | 756.60M | 689.00M |
| EBIT | 1.91B | 1.82B | 1.45B | 1.27B | 1.19B | 1.05B |
| EBIT Margin | 27.38% | 27.44% | 26.60% | 23.15% | 20.33% | 21.43% |
| Effective Tax Rate | 13.88% | 16.75% | 15.77% | 17.14% | 17.21% | 16.67% |
| Revenue as Reported | 6.96B | 6.64B | 5.46B | 5.51B | 5.85B | 4.90B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 57.50M | 110.10M | 156.60M | 2.25B | 40.80M | 84.20M |
| Accounts Receivable | 828.20M | 1.20B | 964.20M | 862.00M | 1.04B | 825.60M |
| Other Receivables | 50.70M | 66.00M | 45.70M | 66.00M | 128.10M | 99.60M |
| Inventory | 528.00M | 449.50M | 389.10M | 503.20M | 751.90M | 498.70M |
| Prepaid Expenses | 226.40M | 149.30M | 138.50M | 105.50M | 191.20M | 185.20M |
| Restricted Cash | 25.30M | 25.60M | 42.00M | 35.70M | 34.60M | 10.70M |
| Other Current Assets | 647.40M | 379.20M | 344.10M | 681.60M | 395.80M | 216.80M |
| Total Current Assets | 2.36B | 2.38B | 2.08B | 4.50B | 2.58B | 1.92B |
| Property, Plant & Equipment | 31.60B | 28.71B | 25.48B | 22.31B | 19.88B | 17.92B |
| Regulatory Assets | 2.45B | 2.23B | 2.16B | 2.25B | 2.35B | 2.29B |
| Goodwill | 1.49B | 1.49B | 1.49B | 1.49B | 1.49B | 1.49B |
| Long-Term Investments | 130.80M | 126.70M | 92.00M | 88.00M | 72.60M | 87.90M |
| Long-Term Deferred Charges | 668.40M | 774.50M | 387.70M | 275.10M | ||
| Other Long-Term Assets | 175.40M | 155.20M | 104.60M | 450.20M | 367.90M | 185.60M |
| Total Assets | 38.87B | 35.86B | 31.79B | 31.08B | 26.74B | 24.16B |
| Accounts Payable | 1.24B | 1.12B | 863.10M | 749.40M | 899.50M | 697.80M |
| Accrued Expenses | 694.00M | 612.70M | 584.00M | 565.30M | 625.20M | 526.70M |
| Short-Term Debt | 780.00M | 736.00M | 604.60M | 3.05B | 1.76B | 560.00M |
| Current Portion of Long-Term Debt | 1.26B | 166.40M | ||||
| Current Portion of Leases | 1.10B | 29.40M | 32.00M | 32.10M | 34.80M | 34.80M |
| Current Income Taxes Payable | 221.50M | 228.80M | 173.40M | 166.20M | 246.20M | 277.10M |
| Other Current Liabilities | 731.30M | 726.00M | 598.00M | 703.50M | 1.09B | 483.40M |
| Total Current Liabilities | 4.77B | 3.46B | 4.11B | 5.27B | 4.66B | 2.75B |
| Long-Term Debt | 16.38B | 15.20B | 11.85B | 10.87B | 9.38B | 9.03B |
| Long-Term Leases | 40.00M | 271.50M | 241.50M | 207.40M | 176.60M | 185.40M |
| Pension & Post-Retirement Benefits | 139.00M | 153.10M | 207.50M | 250.10M | 245.50M | 292.50M |
| Long-Term Deferred Tax Liabilities | 2.69B | 2.50B | 2.28B | 2.08B | 1.85B | 1.66B |
| Other Long-Term Liabilities | 2.89B | 2.61B | 2.42B | 2.26B | 2.52B | 2.97B |
| Total Liabilities | 26.91B | 24.20B | 21.12B | 20.94B | 18.83B | 16.88B |
| Preferred Stock, Redeemable | 486.10M | 1.55B | 1.55B | |||
| Common Stock | 4.80M | 4.80M | 4.70M | 4.50M | 4.20M | 4.10M |
| Additional Paid-In Capital | 9.89B | 9.87B | 9.52B | 8.88B | 7.38B | 7.20B |
| Retained Earnings | -211.70M | -315.20M | -711.70M | -967.00M | -1.21B | -1.58B |
| Treasury Stock | -99.90M | -99.90M | -99.90M | -99.90M | -99.90M | -99.90M |
| Comprehensive Income & Other | -13.60M | -6.20M | -30.40M | -33.60M | -37.10M | -126.80M |
| Total Common Equity | 9.57B | 9.45B | 8.68B | 7.78B | 6.03B | 5.40B |
| Minority Interest | 2.38B | 2.21B | 1.98B | 1.87B | 326.40M | 325.60M |
| Shareholders' Equity | 11.95B | 11.66B | 10.67B | 10.14B | 7.90B | 7.27B |
| Total Liabilities & Equity | 38.87B | 35.86B | 31.79B | 31.08B | 26.74B | 24.16B |
| Total Debt | 18.30B | 16.24B | 13.99B | 14.16B | 11.35B | 9.97B |
| Net Cash (Debt) | -18.25B | -16.13B | -13.83B | -11.92B | -11.31B | -9.89B |
| Net Cash Per Share | -37.95 | -33.99 | -30.33 | -26.61 | -25.55 | -23.70 |
| Filing Date Shares Outstanding | 479.67M | 478.53M | 469.94M | 447.52M | 412.51M | 405.39M |
| Total Common Shares Outstanding | 479.60M | 478.43M | 469.82M | 447.38M | 412.14M | 405.30M |
| Working Capital | -2.41B | -1.08B | -2.03B | -765.70M | -2.08B | -825.40M |
| Book Value Per Share | 19.96 | 19.75 | 18.48 | 17.40 | 14.63 | 13.33 |
| Tangible Book Value | 8.09B | 7.96B | 7.20B | 6.30B | 4.54B | 3.91B |
| Tangible Book Value Per Share | 16.86 | 16.65 | 15.32 | 14.08 | 11.02 | 9.66 |
| Machinery | 41.56B | 33.17B | 28.92B | 26.34B | 24.01B | 22.21B |
| Construction In Progress | 1.70B | 2.08B | 1.26B | 1.40B | 808.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 939.90M | 929.50M | 760.40M | 714.30M | 804.10M | 584.90M |
| Depreciation & Amortization | 1.20B | 1.06B | 940.30M | 818.10M | 756.60M | 689.00M |
| Other Amortization | 103.00M | 103.00M | 102.90M | 90.10M | 64.20M | 59.40M |
| Loss (Gain) on Sale of Assets | 800.00K | -105.30M | 5.60M | |||
| Stock-Based Compensation | 50.90M | 50.90M | 43.60M | 33.50M | 24.90M | 24.30M |
| Change in Accounts Receivable | -183.20M | -273.40M | -101.50M | 184.10M | -216.30M | -40.30M |
| Change in Inventory | -52.00M | -60.30M | 102.00M | 233.90M | -258.90M | -112.90M |
| Change in Accounts Payable | 189.90M | 131.80M | 71.50M | -171.80M | 165.00M | 54.90M |
| Change in Income Taxes | -14.50M | |||||
| Change in Other Net Operating Assets | -177.70M | 145.50M | -267.60M | -4.70M | 47.10M | -162.10M |
| Other Operating Activities | 324.30M | 270.70M | 129.90M | 37.60M | 128.00M | 115.10M |
| Operating Cash Flow | 2.38B | 2.36B | 1.78B | 1.94B | 1.41B | 1.22B |
| Capital Expenditures | -4.32B | -3.16B | -2.64B | -2.65B | -2.20B | -1.84B |
| Contributions to Nuclear Demissioning Trust | -261.00M | -188.30M | -166.80M | -160.80M | -151.70M | -121.10M |
| Other Investing Activities | 53.80M | -1.18B | -403.20M | -765.00M | -215.40M | -245.80M |
| Investing Cash Flow | -4.53B | -4.52B | -3.21B | -3.57B | -2.57B | -2.20B |
| Short-Term Debt Issued | 131.40M | 1.29B | 1.20B | 57.00M | ||
| Long-Term Debt Issued | 3.35B | 2.23B | 1.49B | 345.60M | ||
| Total Debt Issued | 2.49B | 3.48B | 2.23B | 2.78B | 1.55B | 57.00M |
| Short-Term Debt Repaid | -2.44B | |||||
| Long-Term Debt Repaid | -1.28B | -25.60M | -380.30M | -60.30M | -25.70M | |
| Total Debt Repaid | -29.20M | -1.28B | -2.47B | -380.30M | -60.30M | -25.70M |
| Net Debt Issued (Repaid) | 2.46B | 2.20B | -240.10M | 2.39B | 1.49B | 31.30M |
| Issuance of Common Stock | 63.40M | 312.10M | 612.60M | 12.90M | 154.30M | 1.14B |
| Common Dividends Paid | -571.50M | -530.40M | -481.00M | -413.50M | -381.50M | -345.20M |
| Preferred Dividends Paid | -8.20M | -43.80M | -55.10M | -55.10M | ||
| Dividends Paid | -571.50M | -530.40M | -489.20M | -457.30M | -436.60M | -400.30M |
| Other Financing Activities | 156.10M | 115.80M | -34.20M | 2.29B | -63.90M | 185.80M |
| Financing Cash Flow | 2.11B | 2.10B | -651.00M | 3.84B | 1.14B | 956.30M |
| Net Cash Flow | -36.70M | -62.90M | -2.08B | 2.21B | -19.50M | -30.70M |
| Free Cash Flow | -1.94B | -793.80M | -861.50M | -710.70M | -793.70M | -620.10M |
| Free Cash Flow Margin | -27.89% | -11.95% | -15.79% | -12.91% | -13.57% | -12.66% |
| Free Cash Flow Per Share | -4.04 | -1.67 | -1.89 | -1.59 | -1.79 | -1.49 |
| Levered Free Cash Flow | -2.22B | -1.12B | -648.33M | -1.64B | -684.96M | -614.69M |
| Unlevered Free Cash Flow | -1.69B | -678.29M | -296.32M | -1.31B | -448.15M | -397.19M |
| Cash Interest Paid | 571.60M | 571.60M | 479.40M | 442.50M | 352.30M | 331.80M |
| Cash Income Tax Paid | 3.30M | 3.30M | 4.30M | 9.40M | 7.20M | 5.40M |
| Change in Working Capital | -237.50M | -56.40M | -195.60M | 241.50M | -263.10M | -260.40M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 21.40B | 19.93B | 17.16B | 10.98B | 11.14B | 10.84B |
| Enterprise Value | 39.64B | 37.76B | 32.63B | 25.89B | 23.78B | 22.35B |
| PE Ratio | 22.88 | 21.50 | 23.25 | 16.60 | 14.87 | 20.46 |
| PS Ratio | 3.07 | 3.00 | 3.15 | 1.99 | 1.90 | 2.21 |
| PB Ratio | 2.23 | 1.71 | 1.61 | 1.08 | 1.41 | 1.49 |
| P/OCF Ratio | 8.97 | 8.44 | 9.63 | 5.67 | 7.90 | 8.90 |
| EV/Sales Ratio | 5.69 | 5.68 | 5.98 | 4.70 | 4.07 | 4.56 |
| EV/EBITDA Ratio | 12.76 | 13.08 | 13.65 | 12.37 | 12.22 | 12.85 |
| EV/EBIT Ratio | 20.80 | 20.71 | 22.49 | 20.31 | 20.00 | 21.29 |
| Debt / Equity Ratio | 1.53 | 1.39 | 1.31 | 1.40 | 1.44 | 1.37 |
| Debt / EBITDA Ratio | 5.87 | 5.60 | 5.81 | 6.73 | 5.80 | 5.68 |
| Net Debt / Equity Ratio | 1.53 | 1.38 | 1.30 | 1.18 | 1.43 | 1.36 |
| Net Debt / EBITDA Ratio | 5.88 | 5.59 | 5.78 | 5.70 | 5.81 | 5.69 |
| Net Debt / FCF Ratio | -9.40 | -20.32 | -16.05 | -16.77 | -14.25 | -15.95 |
| Quick Ratio | 0.20 | 0.40 | 0.28 | 0.60 | 0.26 | 0.37 |
| Current Ratio | 0.50 | 0.69 | 0.51 | 0.85 | 0.56 | 0.70 |
| Asset Turnover | 0.19 | 0.20 | 0.17 | 0.19 | 0.23 | 0.21 |
| Return on Equity (ROE) | 8.71% | 9.07% | 8.12% | 7.48% | 10.44% | 8.98% |
| Return on Assets (ROA) | 3.25% | 3.37% | 2.89% | 2.76% | 2.92% | 2.84% |
| Return on Capital Employed (ROCE) | 5.60% | 5.60% | 5.20% | 4.90% | 5.40% | 4.90% |
| Earnings Yield | 4.37% | 4.66% | 4.43% | 6.51% | 7.22% | 5.39% |
| FCF Yield | -9.08% | -3.98% | -5.02% | -6.48% | -7.13% | -5.72% |
| Dividend Yield | 2.69% | 2.74% | 2.94% | 4.14% | 3.53% | 3.35% |
| Payout Ratio | 61.56% | 57.06% | 64.33% | 64.02% | 54.30% | 68.44% |
| Buyback Yield / Dilution | -1.84% | -4.06% | -1.81% | -1.18% | -6.09% | -8.59% |
| Total Shareholder Return | 0.85% | -1.32% | 1.14% | 2.96% | -2.55% | -5.24% |