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 · 3 years

Total assets $35.9B

Total liabilities $3.5B

Shareholders equity $9.5B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	0.3%	0.5%	7.2%
Short Term Investments	0.4%	0.3%	0.5%
Accounts Receivable	3.3%	3.0%	2.8%
Prepaid Expenses	0.4%	0.4%	0.4%
Other Current Assets	0.3%	0.1%	0.4%
Total Current Assets	6.6%	6.5%	14.5%
Property,Plant and Equipment	80.0%	80.1%	71.7%
Goodwill	4.1%	4.7%	4.8%
Long Term Investments	0.3%	0.3%	0.3%
Other Noncurrent Assets	12.6%	12.8%	13.1%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	3.1%	2.7%	2.4%
Accrued Liabilities	0.5%	0.5%	0.7%
Deferred Revenue	0.8%	0.8%	0.9%
Current Portion of Long Term Debt	2.1%	4.0%	9.8%
Other Current Liabilities	0.5%	0.5%	0.7%
Total Current Liabilities	9.6%	12.9%	16.9%
Long Term Debt	43.2%	41.7%	35.4%
Deferred Revenue Noncurrent	0.8%	0.8%	0.9%
Deferred Tax Liabilities	7.0%	7.2%	6.7%
Other Noncurrent Liabilities	0.9%	1.0%	1.0%
Total Liabilities	9.6%	12.9%	16.9%
Equity
Preferred Stock	0.0%	0.0%	1.6%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	27.5%	30.0%	28.6%
Retained Earnings	-0.9%	-2.2%	-3.1%
Treasury Stock	0.3%	0.3%	0.3%
Accumulated Other Comprehensive Income	-0.0%	-0.1%	-0.1%
Noncontrolling Interest	6.2%	6.2%	6.0%
Total Stockholders Equity	26.4%	27.3%	26.6%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $6.5B

Operating income $1.8B

Net income $929.5M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	18.2%	16.6%	17.2%
Expenses Cost of Revenue	4.4%	3.6%	4.9%
Expenses Depreciation and Amortization	3.3%	3.3%	2.9%
Expenses Share Based Compensation	0.1%	0.1%	0.1%
Expenses Operating Expenses	13.4%	12.6%	13.5%
Other Income Expense Operating Income	5.1%	4.6%	4.2%
Other Income Expense Interest Expense	1.8%	1.6%	1.6%
Other Income Expense Other Income/expense	0.1%	0.2%	0.0%
Other Income Expense Income Before Tax	3.4%	3.2%	2.6%
Income Tax Income Tax Expense	0.6%	0.5%	0.4%
net Income net Income	2.6%	2.4%	2.3%
net Income Comprehensive Income	2.9%	2.7%	2.2%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.3%	1.4%	1.3%
Earnings Per Share Weighted Average Shares Diluted	1.3%	1.4%	1.4%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 3 years

Operating cash flow $2.4B

Investing cash flow $-4.5B

Financing cash flow $2.1B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	2.6%	2.4%	2.3%
Operating Activities Depreciation and Amortization	3.3%	3.3%	2.9%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%
Operating Activities Deferred Income Taxes	0.7%	0.5%	0.4%
Operating Activities Changes In Operating Assets and Liabilities	1.3%	0.2%	-1.9%
Operating Activities Other Non Cash Items	0.1%	-0.2%	-0.0%
Operating Activities net Cash From Operating Activities	6.6%	5.6%	6.2%
Investing Activities Capital Expenditures	7.8%	8.2%	8.5%
Investing Activities Purchases of Investments	0.3%	0.1%	0.1%
Investing Activities Other Investing Activities	0.1%	-0.0%	0.0%
Investing Activities net Cash From Investing Activities	-12.6%	-10.1%	-11.5%
Financing Activities Proceeds From Debt	9.3%	7.0%	4.8%
Financing Activities Repayment of Debt	3.5%	0.0%	0.0%
Financing Activities Dividends Paid	1.5%	1.5%	1.3%
Financing Activities Proceeds From Stock Issuance	0.9%	1.9%	0.0%
Financing Activities Other Financing Activities	0.0%	0.0%	-0.2%
Financing Activities net Cash From Financing Activities	5.9%	-2.0%	12.4%
Cash Reconciliation Effect of Exchange Rate On Cash	0.4%	0.6%	7.3%
Cash Reconciliation net Change In Cash	-0.2%	-6.6%	7.1%
Cash Reconciliation Cash At Beginning of Period	0.4%	0.6%	7.3%
Cash Reconciliation Cash At End of Period	0.4%	0.6%	7.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+75.7%	+78.6%	+71.3%
Operating margin	+28.1%	+27.6%	+24.2%
Net margin	+14.3%	+14.4%	+13.4%
FCF margin	-6.4%	-15.8%	-13.3%
Growth
Revenue CAGR (3y)	+4.4%	+3.7%	+6.1%
Returns
ROE	+9.8%	+8.8%	+8.6%
ROA	+2.6%	+2.4%	+2.3%
ROIC	+6.0%	+5.3%	+5.3%
Liquidity
Current ratio	0.69x	0.51x	0.85x
Quick ratio	0.38x	0.27x	0.59x
Leverage
D/E	0.37x	0.47x	0.64x
Interest coverage	2.87x	2.81x	2.65x
Efficiency
Asset turnover	0.18x	0.17x	0.17x
Cash conversion cycle	—	—	—

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NiSource

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