Company financials

NiSource

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

                    Revenue
                    FY2022
                
$5.7B
                    
                    +21.3%
                    
                    Net income
                    FY2025
                
$929.5M
                    
                    +22.2%
                    
                    Total assets
                    FY2025
                
$35.9B
                    ROA +2.6%
                    
                    P45
                    
                    +12.8%
                    
                    Operating cash flow
                    FY2025
                
$2.4B
                    
                    +32.6%

18 yrs · FY2008–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

22 accounts · 5 years

Total assets $35.9B

Total liabilities ~$26.4B

Shareholders equity $9.5B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$110.1M -29.7%	$156.6M -93.0%	$2.2B 5403.4%	$40.8M -51.5%	$84.2M
Accounts Receivable	$1.3B 25.1%	$1.0B 8.8%	$928.0M -20.7%	$1.2B 26.5%	$925.2M
Other Current Assets	$1.0B 9.8%	$913.7M -31.1%	$1.3B -3.5%	$1.4B 50.7%	$911.4M
Total Current Assets	$2.4B 14.3%	$2.1B -53.8%	$4.5B 74.1%	$2.6B 34.5%	$1.9B
Property,Plant and Equipment	$28.7B 12.7%	$25.5B 14.3%	$22.3B 12.3%	$19.8B 11.0%	$17.9B
Regulatory Assets	$2.2B 3.1%	$2.2B -3.9%	$2.2B -4.3%	$2.3B 2.7%	$2.3B
Other Noncurrent Assets	$2.6B 22.5%	$2.1B 1.9%	$2.1B 4.8%	$2.0B -5.1%	$2.1B
Total Assets	$35.9B 12.8%	$31.8B 2.3%	$31.1B 16.2%	$26.7B 10.7%	$24.2B
Liabilities
Current Portion of Long Term Debt	$755.7M -59.9%	$1.9B -38.6%	$3.1B 71.5%	$1.8B 189.9%	$618.1M
Other Current Liabilities	$2.7B 21.3%	$2.2B 1.6%	$2.2B -23.6%	$2.9B 34.8%	$2.1B
Total Current Liabilities	$3.5B -15.9%	$4.1B -21.9%	$5.3B 13.0%	$4.7B 69.7%	$2.7B
Long Term Debt	$15.5B 28.0%	$12.1B 9.2%	$11.1B 16.1%	$9.5B 3.7%	$9.2B
Regulatory Liabilities	$1.5B 5.7%	$1.4B -5.3%	$1.5B -14.9%	$1.8B -3.6%	$1.8B
Other Noncurrent Liabilities	$3.8B 7.7%	$3.5B 12.6%	$3.1B 8.2%	$2.9B -7.6%	$3.1B
Equity
Total Stockholders Equity	$9.5B 8.8%	$8.7B 5.0%	$8.3B 9.2%	$7.6B 9.0%	$6.9B
Common Stock	$4.8M 2.1%	$4.7M 4.4%	$4.5M 7.1%	$4.2M 2.4%	$4.1M
Additional Paid In Capital	$9.9B 3.6%	$9.5B 7.2%	$8.9B 20.4%	$7.4B 2.4%	$7.2B
Retained Earnings	$-315.2M 55.7%	$-711.7M 26.4%	$-967.0M 20.3%	$-1.2B 23.2%	$-1.6B
Treasury Stock	$99.9M 0.0%	$99.9M 0.0%	$99.9M 0.0%	$99.9M 0.0%	$99.9M
Accumulated Other Comprehensive Income	$-6.2M 79.6%	$-30.4M 9.5%	$-33.6M 9.4%	$-37.1M 70.7%	$-126.8M
Noncontrolling Interest	$2.2B 11.4%	$2.0B 6.3%	$1.9B 471.9%	$326.4M 0.2%	$325.6M
Total Liabilitiesand Equity	$35.9B 12.8%	$31.8B 2.3%	$31.1B 16.2%	$26.7B 10.7%	$24.2B

Income Statement

Revenue, expense, and profitability

6 accounts · 5 years

Revenue $5.7B

Operating income $1.3B

Net income $929.5M

Account	2025	2024	2023	2022	2021
IncomeStatement
Income Tax Income Tax Expense	$203.8M 28.9%	$158.1M 13.3%	$139.5M -15.2%	$164.6M 39.7%	$117.8M
net Income Other Items Below Tax	$-83.1M 20.9%	$-105.0M -726.8%	$-12.7M 70.3%	$-42.8M 27.5%	$-59.0M
net Income net Income	$929.5M 22.2%	$760.4M 6.5%	$714.3M -11.2%	$804.1M 37.5%	$584.9M
Earnings Per Share Basic Eps	$2 20.2%	$2 2.5%	$2 -13.6%	$2 36.3%	$1
Earnings Per Share Diluted Eps	$2 20.4%	$2 9.5%	$1 -12.9%	$2 33.9%	$1
Earnings Per Share Weighted Average Shares Diluted	$474.5M 4.1%	$456.0M 1.8%	$447.9M 1.2%	$442.7M 6.1%	$417.3M

Cash Flow Statement

Operating, investing, and financing flows

14 accounts · 5 years

Operating cash flow $2.4B

Investing cash flow $-4.5B

Financing cash flow $2.1B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	$2.4B 32.6%	$1.8B -7.9%	$1.9B 37.3%	$1.4B 15.7%	$1.2B
Operating Activities net Income	$1.0B 19.9%	$844.7M 25.3%	$674.4M -14.8%	$791.8M 34.5%	$588.8M
Operating Activities Depreciation and Amortization	$1.2B 11.9%	$1.0B 14.9%	$908.2M 10.6%	$820.8M 9.7%	$748.4M
Operating Activities Stock Based Compensation	$50.9M 16.7%	$43.6M 30.1%	$33.5M 34.5%	$24.9M 2.5%	$24.3M
Operating Activities Other Non Cash Items	$131.2M 187.5%	$-150.0M -147.0%	$319.0M 239.9%	$-228.1M -58.8%	$-143.6M
Investing Activities Capital Expenditures	$-3.9B -25.4%	$-3.1B 9.1%	$-3.4B -34.8%	$-2.5B -21.6%	$-2.1B
Investing Activities Other Investing Activities	$-643.1M -449.7%	$-117.0M 28.8%	$-164.4M -280.6%	$-43.2M 66.0%	$-127.2M
Investing Activities net Cash From Investing Activities	$-4.5B -40.8%	$-3.2B 10.0%	$-3.6B -39.0%	$-2.6B -16.6%	$-2.2B
Financing Activities Proceeds From Debt	$3.4B 50.3%	$2.2B 4.2%	$2.1B 58.9%	$1.3B	$0
Financing Activities Repayment of Debt	$-1.3B 23.5%	$-1.7B -340.6%	$-380.3M -530.7%	$-60.3M -134.6%	$-25.7M
Financing Activities Dividends Paid	$-605.0M -12.1%	$-539.5M -18.0%	$-457.3M -4.7%	$-436.6M -8.9%	$-400.9M
Financing Activities Other Financing Activities	$633.9M 195.3%	$-665.4M -126.2%	$2.5B 768.5%	$292.6M -78.8%	$1.4B
Financing Activities net Cash From Financing Activities	$2.1B 422.4%	$-651.0M -116.9%	$3.8B 236.7%	$1.1B 19.3%	$956.3M
Cash Reconciliation net Change In Cash	$-62.9M 97.0%	$-2.1B -194.4%	$2.2B 11411.3%	$-19.5M 36.5%	$-30.7M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	+63.2%	+70.6%
Operating margin	—	—	—	+22.1%	+21.3%
Net margin	—	—	—	+14.0%	+12.4%
FCF margin	—	—	—	-19.5%	-18.2%
Growth
Revenue CAGR (3y)	—	—	—	+4.3%	-1.8%
Returns
ROE	+9.8%	+8.8%	+8.6%	+10.6%	+8.4%
ROA	+2.6%	+2.4%	+2.3%	+3.0%	+2.4%
ROIC	—	—	—	+5.6%	+5.0%
Liquidity
Current ratio	0.69x	0.51x	0.85x	0.55x	0.70x
Quick ratio	0.40x	0.28x	0.60x	0.26x	0.37x
Leverage
D/E	2.79x	2.66x	2.76x	2.53x	2.48x
Interest coverage	—	—	—	3.50x	2.95x
Efficiency
Asset turnover	—	—	—	0.21x	0.20x
Cash conversion cycle	—	—	—	—	—

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FY2025 fundamentals · no price

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