Company file · NI
NiSource
NiSource's revenue rose 23.5% in FY2025, to $6.5B, and net income rose 22.2% to $930M
Revenue rose 23.5% to $6.5B in FY2025, from $5.3B in FY2024. Net income rose 22.2% to $930M. Columbia Operations was the largest segment, at 51% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, NiSource (NYSE: NI) took in $6.5B of revenue (up 23.5% on fiscal 2024); net income was $930M (up 22.2%). The most recent quarter, ended Sep 30, 2026, brought revenue of $1.3B, up 4.7% year over year, with net income of $130M. Columbia Operations was the biggest single line by segment: 51% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 11, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).
Source: 10-K FY2025, filed Feb 11, 2026
Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Oct 28, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Columbia Operations (51%) and NIPSCO Operations (49%), as shares of total revenue. Total revenue was $6.5B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: NiSource 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
By segment
Source: NiSource 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
The bull case and the bear case
The bull case
- Revenue rose 23.5% in FY2025 to $6.5B, from $5.3B a year earlier. 10-K, FY2025
- Net income rose 22.2% in FY2025 to $930M, from $760M. 10-K, FY2025
- Operating cash flow rose 32.6% in FY2025 to $2.4B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $1.3B, up 4.7% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Diluted shares rose 4.1% in FY2025, which spreads profit across more shares. 10-K, FY2025
- Total debt rose 16.1% in FY2025 to $16.2B. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include rates and regulators; capital spending; weather and operations. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
NiSource is in the Multi-Utilities industry, part of the utilities sector. The SEC files it under Electric & Other Services Combined.
NiSource reports 2 segments: Columbia Operations and NIPSCO Operations.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the Multi-Utilities industry. They are not a summary of NiSource’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Rates and regulatorsRegulators set much of what it can charge, so decisions can limit earnings.
- Capital spendingBuilding and upgrading networks needs large investment financed with debt.
- Weather and operationsStorms, wildfires and outages can cause costs and liability.
- Fuel and power costsFuel and purchased-power costs can change faster than rates.
- Interest ratesHigher borrowing costs raise the cost of funding projects.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $5.3B | $5.3B | $6.5B |
| Net income | $714M | $760M | $930M |
| Operating cash flow | $1.9B | $1.8B | $2.4B |
| Cash & equivalents (year end) | $2.2B | $157M | $110M |
| Total debt (year end) | $14.1B | $14.0B | $16.2B |
| Diluted shares | 448M | 456M | 474M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- S-1 filings and IPOs
- Form 144: notice of a proposed sale
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 28, 2026 | Sep 30, 2026 |
| 10-Q | Aug 5, 2026 | Jun 30, 2026 |
| 10-Q | May 6, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 30, 2026 | May 11, 2026 |
| 10-K | Feb 11, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about NiSource
How does NiSource make money?
In fiscal 2025, revenue totaled $6.5B. By segment in FY2025: Columbia Operations (51%) and NIPSCO Operations (49%), as shares of total revenue. Total revenue was $6.5B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
What was NiSource's revenue in fiscal 2025?
Revenue came to $6.5B in the year ended Dec 31, 2025. Going back two years, it was $5.3B in fiscal 2023 and $5.3B in fiscal 2024, so the latest year was up 23.5%. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
Is NiSource profitable?
Yes, by US accounting rules (GAAP): net income was $930M in fiscal 2025, up 22.2% from $760M a year earlier. For the quarter ended Sep 30, 2026, net income was $130M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
What did NiSource report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $1.3B, against $1.2B in the same quarter a year before (up 4.7%), and net income of $130M, against $95M (up 36.7%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.
How much cash and debt does NiSource have?
On Sep 30, 2026, cash and cash equivalents stood at $58M and total debt at $17.2B. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 28, 2026.
What are the main risks NiSource faces?
NiSource's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 11, 2026. Risks that are common among companies in the Multi-Utilities industry include Rates and regulators; capital spending; weather and operations; fuel and power costs; interest rates. The first: Regulators set much of what it can charge, so decisions can limit earnings. Source: 10-K, Item 1A Risk Factors.
Where do these NiSource numbers come from?
Two filings NiSource made with the SEC: its fiscal 2025 10-K, filed Feb 11, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning NiSource
- Citadel Advisors: 3,715,541 shares, reported value $176.7M at Jun 30, 2026 (+360.8% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Bridgewater Associates: 1,410,001 shares, reported value $67.0M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 747,300 shares, reported value $35.5M at Jun 30, 2026 (+8,203.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Two Sigma Investments: 85,264 shares, reported value $4.1M at Jun 30, 2026 (+36.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in NI
- The editor holds no position in NiSource (NI). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell NI from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold NI, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| NiSourceNI | FY2025 | $6.5B | +23.5% | $930M |
| NextEra EnergyNEE | FY2025 | $27.4B | +10.7% | $6.8B |
| Dominion EnergyD | FY2025 | $16.5B | +16.5% | $3.0B |
| SempraSRE | FY2025 | $12.4B | +5.1% | $1.8B |
| Xcel EnergyXEL | FY2025 | $14.7B | +9.1% | $2.0B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.