FirmAtlas
Company handbook · NI · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
NI · CIK 1111711 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026
NiSource Inc.
$42.68
+1.43 (+3.47%)
Close, Oct 16, 2026 · 52-week $38–49
Last fiscal year
NiSource Inc. reported revenue of $6.5B for the year ended Dec 31, 2025 (FY25), up 23.5% from FY24. Net income was $930M, operating cash flow $2.4B and free cash flow −$420M. Source: 10-K filed Feb 11, 2026.
Market cap
$20.4B
P/E
22.6
EV/EBITDA
11.9x
P/B
2.1
Div yield
2.76%
ROIC
6.4%
Revenue 1Y
23.5%/yr
EPS 1Y
20.4%/yr
Shares 1Y
+2%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOLloyd Yates
HQMerrillville, IN
AuditorDeloitte & Touche LLP
Year endsDecember
Revenue by segment · FY25
Columbia Operations51%
NIPSCO Operations49%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
6.5%
11.4%
17.8%
−1.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$6.4B deployed
Capex
$5.4B
84.2%
Dividends
$1.0B
15.8%
Operating cash flow over the period: $4.1B. Total debt changed by +$3.4B.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
5,283
6,523+23.5%
6,739
YoY
+23.5%
Operating income
1,456
1,835+26.1%
1,860
Operating margin
27.6%
28.1%+0.6 pp
—
EBITDA
2,499
3,003+20.2%
—
EBITDA margin
47.3%
46.0%−1.3 pp
—
Interest expense
517
639+23.5%
—
Interest coverage
4.83x
4.70x−0.13x
—
Net income
760
930+22.2%
905
YoY
+22.2%
Net margin
14.4%
14.3%−0.1 pp
—
EPS (diluted, $)
1.62
1.95+20.4%
1.89
YoY
+20.4%
Balance sheet
Total assets
31,788
35,859+12.8%
37,544
Cash & short-term investments
199
136−31.7%
—
Accounts receivable
964
1,198+24.2%
—
Net PP&E
25,454
28,688+12.7%
—
Other assets
5,171
5,837+12.9%
—
Total liabilities
23,104
26,409+14.3%
27,969
Accounts payable
863
1,124+30.3%
—
Total debt
12,074
15,458+28.0%
15,613
Other liabilities
10,166
9,826−3.3%
—
Shareholders’ equity
8,684
9,450+8.8%
9,575
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,782
2,362+32.6%
2,303
Net income
845
1,013+19.9%
—
Depreciation & amortization
1,043
1,168+11.9%
—
Stock-based compensation
44
51+16.7%
—
Working capital & other
(150)
131n/m
—
Cash from investing
(3,213)
(4,524)n/m
—
Capex
(2,614)
(2,782)n/m
—
Investments bought
(18)
(94)n/m
—
Other investing
(581)
(1,648)n/m
—
Cash from financing
(651)
2,099n/m
—
Debt raised
2,230
3,352+50.3%
—
Debt repaid
0
(1,260)n/m
—
Dividends
(481)
(530)n/m
—
Shares issued
613
312−49.1%
—
Other financing
(3,012)
225n/m
—
Net change in cash
(2,082)
(63)n/m
—
Free cash flow (OCF − capex)
(832)
(420)n/m
(1,086)
Where the cash went
Operating cash flow
1,782
2,362+32.6%
2,303
Reinvested in the business
2,614
2,782+6.4%
—
% of operating cash flow
146.7%
117.8%
Capex
2,614
2,782+6.4%
3,389
Free cash flow
(832)
(420)n/m
(1,086)
YoY
n/m
Returned to shareholders
481
530+10.3%
—
% of free cash flow
—
—
Dividends
481
530+10.3%
—
Change in total debt
—
3,383
—
Cash left over
—
2,433
—
FCF conversion (FCF ÷ net income)
−109.5%
−45.2%+64.3 pp
—
Owner earnings
—
(657)
—
Owner earnings margin
—
−10.1%
—
Returns & ratios
ROIC (all capital)
5.6%
6.4%+0.8 pp
—
ROIC (operating)
4.5%
5.3%+0.8 pp
—
Net debt / EBITDA
4.75x
5.10x+0.35x
—
Debt / equity
1.39x
1.64x+0.25x
—
ROE
8.8%
9.8%+1.1 pp
—
ROA
2.4%
2.6%+0.2 pp
—
ROCE
5.3%
5.7%+0.4 pp
—
NOPAT
1,150
1,450+26.1%
—
Invested capital (operating)
25,555
28,761+12.5%
—
Invested capital (all)
20,560
24,772+20.5%
—
Reinvestment rate
—
221.1%
—
Net debt is 5.1x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,240
1,887
2,322
1,290
vs year-ago quarter
Operating income
298
516
819
228
Net income
95
258
507
46
vs year-ago quarter
Net margin
7.6%
13.7%
21.8%
3.5%
EPS (diluted, $)
0.20
0.54
1.06
0.09
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
34,403
35,859
36,601
37,544
Cash & equivalents
120
136
97
95
Total debt
14,472
15,458
15,459
15,613
Shareholders’ equity
9,118
9,450
9,658
9,575
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
468
713
442
680
Capex
640
846
805
1,097
Free cash flow
(173)
(134)
(363)
(417)
vs year-ago quarter