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 revenue.

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	1.7%	3.0%	42.0%
Short Term Investments	2.2%	1.6%	3.0%
Accounts Receivable	18.4%	18.3%	16.1%
Prepaid Expenses	2.3%	2.6%	2.2%
Other Current Assets	1.6%	0.5%	2.2%
Total Current Assets	36.4%	39.4%	84.1%
Property,Plant and Equipment	439.8%	481.8%	416.5%
Goodwill	22.8%	28.1%	27.8%
Long Term Investments	1.8%	1.6%	1.5%
Other Noncurrent Assets	69.3%	77.1%	75.8%
Total Assets	549.7%	601.7%	581.1%
Liabilities
Accounts Payable	17.2%	16.3%	14.0%
Accrued Liabilities	2.6%	3.2%	4.1%
Deferred Revenue	4.3%	5.1%	5.5%
Current Portion of Long Term Debt	11.3%	24.3%	57.0%
Other Current Liabilities	2.6%	3.2%	4.1%
Total Current Liabilities	53.0%	77.9%	98.5%
Long Term Debt	237.3%	251.0%	205.7%
Deferred Revenue Noncurrent	4.3%	5.1%	5.5%
Deferred Tax Liabilities	38.3%	43.2%	38.9%
Other Noncurrent Liabilities	5.1%	5.9%	5.6%
Total Liabilities	53.0%	77.9%	98.5%
Equity
Preferred Stock	0.0%	0.0%	9.1%
Common Stock	0.1%	0.1%	0.1%
Additional Paid In Capital	151.3%	180.2%	166.0%
Retained Earnings	-4.8%	-13.5%	-18.1%
Treasury Stock	1.5%	1.9%	1.9%
Accumulated Other Comprehensive Income	-0.1%	-0.6%	-0.6%
Noncontrolling Interest	33.9%	37.6%	34.9%
Total Stockholders Equity	144.9%	164.4%	154.6%
Total Liabilitiesand Equity	549.7%	601.7%	581.1%

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	24.3%	21.4%	28.7%
Expenses Depreciation and Amortization	17.9%	19.7%	17.0%
Expenses Share Based Compensation	0.8%	0.8%	0.6%
Expenses Operating Expenses	73.7%	75.7%	78.7%
Other Income Expense Operating Income	28.1%	27.6%	24.2%
Other Income Expense Interest Expense	9.8%	9.8%	9.2%
Other Income Expense Other Income/expense	0.3%	1.2%	0.1%
Other Income Expense Income Before Tax	18.6%	19.0%	15.2%
Income Tax Income Tax Expense	3.1%	3.0%	2.6%
net Income net Income	14.3%	14.4%	13.4%
net Income Comprehensive Income	15.9%	16.0%	12.7%
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	7.2%	8.6%	7.8%
Earnings Per Share Weighted Average Shares Diluted	7.3%	8.6%	8.4%

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	14.3%	14.4%	13.4%
Operating Activities Depreciation and Amortization	17.9%	19.7%	17.0%
Operating Activities Stock Based Compensation	0.8%	0.8%	0.6%
Operating Activities Deferred Income Taxes	3.6%	3.2%	2.5%
Operating Activities Changes In Operating Assets and Liabilities	7.1%	1.3%	-11.0%
Operating Activities Other Non Cash Items	0.4%	-0.9%	-0.3%
Operating Activities net Cash From Operating Activities	36.2%	33.7%	36.2%
Investing Activities Capital Expenditures	42.7%	49.5%	49.5%
Investing Activities Purchases of Investments	1.4%	0.3%	0.8%
Investing Activities Other Investing Activities	0.4%	-0.1%	0.0%
Investing Activities net Cash From Investing Activities	-69.4%	-60.8%	-66.8%
Financing Activities Proceeds From Debt	51.4%	42.2%	27.8%
Financing Activities Repayment of Debt	19.3%	0.0%	0.0%
Financing Activities Dividends Paid	8.1%	9.1%	7.7%
Financing Activities Proceeds From Stock Issuance	4.8%	11.6%	0.2%
Financing Activities Other Financing Activities	0.0%	0.0%	-1.2%
Financing Activities net Cash From Financing Activities	32.2%	-12.3%	71.8%
Cash Reconciliation Effect of Exchange Rate On Cash	2.1%	3.8%	42.7%
Cash Reconciliation net Change In Cash	-1.0%	-39.4%	41.2%
Cash Reconciliation Cash At Beginning of Period	2.1%	3.8%	42.7%
Cash Reconciliation Cash At End of Period	2.1%	3.8%	42.7%

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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