Company financials

NiSource

Utilities Multi-Utilities Merrillville, Indiana Last filing Feb 11, 2026 · FY2025

                    Revenue
                    FY2025
                
$6.5B
                    3y CAGR +4.4%
                    
                    P68
                    
                    +23.5%
                    
                    Net income
                    FY2025
                
$929.5M
                    Net margin +14.3%
                    
                    P58
                    
                    +22.2%
                    
                    Total assets
                    FY2025
                
$35.9B
                    ROA +2.6%
                    
                    P45
                    
                    +12.8%
                    
                    Operating cash flow
                    FY2025
                
$2.4B
                    FCF margin -6.4%
                    
                    P71
                    
                    +32.6%

20 yrs · FY2003–FY2025 3 gaps (2004, 2007–2006) 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 10 years

Total assets $35.9B

Total liabilities $3.5B

Shareholders equity $9.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	0.3%	0.5%	7.2%	0.2%	0.3%	0.5%	0.6%	0.5%	0.1%	0.1%
Short Term Investments	0.4%	0.3%	0.5%	0.6%	0.7%	0.8%	0.7%	0.6%	0.0%	0.0%
Accounts Receivable	3.3%	3.0%	2.8%	3.9%	3.4%	3.6%	3.8%	4.9%	4.5%	4.5%
Prepaid Expenses	0.4%	0.4%	0.4%	0.8%	0.4%	0.4%	0.7%	0.6%	0.7%	0.7%
Other Current Assets	0.3%	0.1%	0.4%	0.8%	0.4%	0.4%	0.7%	0.6%	0.7%	0.7%
Total Current Assets	6.6%	6.5%	14.5%	9.7%	8.0%	7.5%	8.2%	9.4%	8.8%	9.4%
Property,Plant and Equipment	80.0%	80.1%	71.7%	74.2%	74.0%	75.4%	74.6%	71.3%	71.9%	69.9%
Goodwill	4.1%	4.7%	4.8%	5.6%	6.2%	6.7%	6.6%	7.8%	8.5%	9.0%
Long Term Investments	0.3%	0.3%	0.3%	0.3%	0.4%	0.4%	1.0%	0.9%	1.0%	1.0%
Other Noncurrent Assets	12.6%	12.8%	13.1%	15.3%	17.0%	15.9%	16.2%	18.3%	18.2%	19.6%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	3.1%	2.7%	2.4%	3.4%	2.9%	2.7%	2.9%	4.1%	3.1%	2.9%
Accrued Liabilities	0.5%	0.5%	0.7%	1.3%	1.6%	0.5%	0.6%	0.3%	0.5%	0.4%
Deferred Revenue	0.8%	0.8%	0.9%	1.2%	1.0%	1.1%	—	—	—	—
Current Portion of Long Term Debt	2.1%	4.0%	9.8%	6.6%	2.3%	2.3%	7.8%	9.1%	6.0%	8.0%
Other Current Liabilities	0.5%	0.5%	0.7%	1.3%	1.6%	0.5%	0.6%	0.3%	0.5%	0.4%
Total Current Liabilities	9.6%	12.9%	16.9%	17.4%	11.4%	10.3%	16.5%	18.5%	15.9%	18.5%
Long Term Debt	43.2%	41.7%	35.4%	35.4%	37.9%	41.5%	34.4%	32.5%	38.7%	34.1%
Deferred Revenue Noncurrent	0.8%	0.8%	0.9%	1.2%	1.0%	1.1%	—	—	—	—
Deferred Tax Liabilities	7.0%	7.2%	6.7%	6.9%	6.9%	6.7%	12.8%	13.0%	12.9%	23.0%
Other Noncurrent Liabilities	0.9%	1.0%	1.0%	1.1%	2.9%	1.3%	1.0%	0.8%	1.0%	1.1%
Total Liabilities	9.6%	12.9%	16.9%	17.4%	11.4%	10.3%	16.5%	18.5%	15.9%	18.5%
Equity
Preferred Stock	0.0%	0.0%	1.6%	5.8%	6.4%	4.0%	3.9%	4.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	27.5%	30.0%	28.6%	27.6%	29.8%	31.3%	29.4%	29.4%	27.7%	27.6%
Retained Earnings	-0.9%	-2.2%	-3.1%	-4.5%	-6.5%	-8.0%	-6.0%	-6.4%	-5.4%	-5.2%
Treasury Stock	0.3%	0.3%	0.3%	0.4%	0.4%	0.5%	0.4%	0.5%	0.5%	0.5%
Accumulated Other Comprehensive Income	-0.0%	-0.1%	-0.1%	-0.1%	-0.5%	-0.7%	-0.4%	-0.2%	-0.2%	-0.1%
Noncontrolling Interest	6.2%	6.2%	6.0%	1.2%	1.3%	0.4%	—	—	—	—
Total Stockholders Equity	26.4%	27.3%	26.6%	28.3%	28.8%	26.1%	26.4%	26.4%	21.6%	21.8%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $6.5B

Operating income $1.8B

Net income $929.5M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	18.2%	16.6%	17.2%	21.5%	19.6%	20.3%	22.3%	22.9%	24.4%	24.0%
Expenses Cost of Revenue	4.4%	3.6%	4.9%	7.9%	5.8%	5.0%	6.8%	8.1%	7.6%	7.4%
Expenses Depreciation and Amortization	3.3%	3.3%	2.9%	3.1%	3.1%	3.3%	3.2%	2.7%	2.9%	2.9%
Expenses Share Based Compensation	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.2%	0.2%
Expenses Operating Expenses	13.4%	12.6%	13.5%	17.1%	16.1%	18.7%	19.1%	22.9%	19.8%	19.4%
Other Income Expense Operating Income	5.1%	4.6%	4.2%	4.7%	4.2%	2.5%	3.9%	0.6%	4.6%	4.6%
Other Income Expense Interest Expense	1.8%	1.6%	1.6%	1.4%	1.4%	1.7%	1.7%	1.6%	1.8%	1.9%
Other Income Expense Other Income/expense	0.1%	0.2%	0.0%	0.2%	0.2%	0.1%	-0.0%	0.2%	-0.1%	-0.0%
Other Income Expense Income Before Tax	3.4%	3.2%	2.6%	3.6%	2.9%	-0.1%	2.2%	-1.1%	2.2%	2.7%
Income Tax Income Tax Expense	0.6%	0.5%	0.4%	0.6%	0.5%	-0.1%	0.5%	-0.8%	1.6%	1.0%
net Income net Income	2.6%	2.4%	2.3%	3.0%	2.4%	-0.1%	1.7%	-0.2%	0.6%	1.8%
net Income Comprehensive Income	2.9%	2.7%	2.2%	3.3%	2.6%	-0.4%	1.4%	-0.2%	0.6%	1.8%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	-0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	-0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.3%	1.4%	1.3%	1.5%	1.6%	1.7%	1.7%	1.6%	1.7%	1.7%
Earnings Per Share Weighted Average Shares Diluted	1.3%	1.4%	1.4%	1.7%	1.7%	1.7%	1.7%	1.6%	1.7%	1.7%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $2.4B

Investing cash flow $-4.5B

Financing cash flow $2.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	2.6%	2.4%	2.3%	3.0%	2.4%	-0.1%	1.7%	-0.2%	0.6%	1.8%
Operating Activities Depreciation and Amortization	3.3%	3.3%	2.9%	3.1%	3.1%	3.3%	3.2%	2.7%	2.9%	2.9%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.2%	0.2%
Operating Activities Deferred Income Taxes	0.7%	0.5%	0.4%	0.6%	0.5%	-0.1%	0.5%	-0.9%	1.5%	1.0%
Operating Activities Changes In Operating Assets and Liabilities	1.3%	0.2%	-1.9%	2.4%	0.9%	-0.1%	-2.1%	1.8%	0.4%	1.4%
Operating Activities Other Non Cash Items	0.1%	-0.2%	-0.0%	0.0%	-0.0%	-0.0%	-0.0%	0.0%	0.0%	-0.0%
Operating Activities net Cash From Operating Activities	6.6%	5.6%	6.2%	5.3%	5.0%	5.0%	7.0%	2.5%	3.7%	4.3%
Investing Activities Capital Expenditures	7.8%	8.2%	8.5%	8.2%	7.6%	8.0%	8.0%	8.3%	8.5%	7.9%
Investing Activities Purchases of Investments	0.3%	0.1%	0.1%	0.3%	0.4%	0.7%	0.6%	0.4%	0.8%	0.2%
Investing Activities Other Investing Activities	0.1%	-0.0%	0.0%	-0.0%	0.0%	0.0%	-0.0%	-0.0%	-0.0%	0.1%
Investing Activities net Cash From Investing Activities	-12.6%	-10.1%	-11.5%	-9.6%	-9.1%	-4.0%	-8.5%	-8.8%	-9.1%	-8.6%
Financing Activities Proceeds From Debt	9.3%	7.0%	4.8%	1.3%	0.0%	13.5%	3.3%	1.6%	16.3%	2.7%
Financing Activities Repayment of Debt	3.5%	0.0%	0.0%	—	—	—	—	—	—	—
Financing Activities Dividends Paid	1.5%	1.5%	1.3%	1.4%	1.4%	1.5%	1.3%	1.3%	1.1%	1.1%
Financing Activities Proceeds From Stock Issuance	0.9%	1.9%	0.0%	0.6%	1.2%	1.0%	1.1%	3.9%	1.7%	0.1%
Financing Activities Other Financing Activities	0.0%	0.0%	-0.2%	-0.2%	-0.2%	0.0%	0.0%	-0.2%	-0.7%	-0.0%
Financing Activities net Cash From Financing Activities	5.9%	-2.0%	12.4%	4.3%	4.0%	-1.1%	1.6%	6.7%	5.4%	4.2%
Cash Reconciliation Effect of Exchange Rate On Cash	0.4%	0.6%	7.3%	0.3%	0.4%	0.6%	0.7%	0.6%	0.2%	0.2%
Cash Reconciliation net Change In Cash	-0.2%	-6.6%	7.1%	-0.1%	-0.1%	-0.1%	0.1%	0.4%	0.0%	-0.0%
Cash Reconciliation Cash At Beginning of Period	0.4%	0.6%	7.3%	0.3%	0.4%	0.6%	0.7%	0.6%	0.2%	0.2%
Cash Reconciliation Cash At End of Period	0.4%	0.6%	7.3%	0.3%	0.4%	0.6%	0.7%	0.6%	0.2%	0.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+75.7%	+78.6%	+71.3%	+63.2%	+70.6%	+75.2%	+69.6%	+64.7%	+68.8%	+69.1%
Operating margin	+28.1%	+27.6%	+24.2%	+22.1%	+21.3%	+12.3%	+17.6%	+2.5%	+18.9%	+19.3%
Net margin	+14.3%	+14.4%	+13.4%	+14.0%	+12.4%	-0.4%	+7.6%	-1.0%	+2.6%	+7.4%
FCF margin	-6.4%	-15.8%	-13.3%	-13.8%	-13.1%	-14.6%	-4.3%	-25.6%	-19.6%	-15.0%
Growth
Revenue CAGR (3y)	+4.4%	+3.7%	+6.1%	+4.3%	-1.8%	-2.8%	+4.0%	+2.4%	-2.6%	-1.0%
Returns
ROE	+9.8%	+8.8%	+8.6%	+10.6%	+8.4%	-0.3%	+6.4%	-0.9%	+3.0%	+8.1%
ROA	+2.6%	+2.4%	+2.3%	+3.0%	+2.4%	-0.1%	+1.7%	-0.2%	+0.6%	+1.8%
ROIC	+6.0%	+5.3%	+5.3%	+5.6%	+5.1%	+3.6%	+4.4%	+0.8%	+2.0%	+4.7%
Liquidity
Current ratio	0.69x	0.51x	0.85x	0.55x	0.70x	0.73x	0.49x	0.51x	0.55x	0.51x
Quick ratio	0.38x	0.27x	0.59x	0.23x	0.33x	0.40x	0.27x	0.29x	0.29x	0.25x
Leverage
D/E	0.37x	0.47x	0.64x	0.62x	0.40x	0.40x	0.63x	0.70x	0.74x	0.85x
Interest coverage	2.87x	2.81x	2.65x	3.50x	2.95x	1.49x	2.35x	0.35x	2.61x	2.48x
Efficiency
Asset turnover	0.18x	0.17x	0.17x	0.21x	0.20x	0.20x	0.22x	0.23x	0.24x	0.24x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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