Nisource
NI · NYSEElectric & Other Services Combined · Fiscal year ends Dec 31
Nisource reported revenue of $6.5B in the fiscal year ended Dec 2025, up 23.5% from the year before. Operating income was $1.8B, an operating margin of 28.1%, and net income was $930M. Operating cash flow of $2.4B less capital expenditure of $2.8B left free cash flow of −$420M. Net debt was $15.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.7B | $5.7B | $5.3B | $5.3B | $6.5B |
| Operating income | $1B | $1.3B | $1.3B | $1.5B | $1.8B |
| Interest expense | $341M | $362M | $490M | $517M | $639M |
| Income tax | $118M | $165M | $140M | $158M | $204M |
| Net income | $585M | $804M | $714M | $760M | $930M |
| Diluted EPS | 1.27 | 1.70 | 1.48 | 1.62 | 1.95 |
| Diluted shares | 417M | 443M | 448M | 456M | 475M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $84M | $41M | $2.2B | $157M | $110M |
| Receivables | $826M | $1B | $862M | $964M | $1.2B |
| Current assets | $1.9B | $2.6B | $4.5B | $2.1B | $2.4B |
| Net PP&E | $17.9B | $19.8B | $22.3B | $25.5B | $28.7B |
| Goodwill | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B |
| Total assets | $24.2B | $26.7B | $31.1B | $31.8B | $35.9B |
| Payables | $698M | $900M | $749M | $863M | $1.1B |
| Deferred revenue | $238M | $325M | $294M | $269M | $283M |
| Current liabilities | $2.7B | $4.7B | $5.3B | $4.1B | $3.5B |
| Short-term debt | $560M | $1.8B | $24M | $1.3B | $20M |
| Long-term debt | $9.2B | $9.5B | $11.1B | $12.1B | $15.5B |
| Shareholders' equity | $6.9B | $7.6B | $8.3B | $8.7B | $9.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $1.4B | $1.9B | $1.8B | $2.4B |
| Capital expenditure | $1.8B | $2.2B | $2.6B | $2.6B | $2.8B |
| Free cash flow | −$620M | −$794M | −$711M | −$833M | −$420M |
| Depreciation & amortisation | $748M | $821M | $908M | $1B | $1.2B |
| Stock-based compensation | $24M | $25M | $34M | $44M | $51M |
| Dividends paid | $345M | $382M | $414M | $481M | $530M |
| Dividend per share | 0.88 | 0.94 | 1.00 | 1.06 | 1.12 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.3% | −6.8% | −1.2% | 23.5% |
| Operating income growth (YoY) | – | 25.7% | 2.3% | 12.4% | 26.1% |
| EPS growth (YoY) | – | 33.9% | −12.9% | 9.5% | 20.4% |
| Operating margin | 21.3% | 22.1% | 24.2% | 27.6% | 28.1% |
| Net margin | 12.4% | 14.0% | 13.4% | 14.4% | 14.3% |
| Return on equityBlank when equity is negative | 8.4% | 10.6% | 8.6% | 8.8% | 9.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.7% | 5.7% | 5.0% | 5.3% | 5.7% |
| Free cash flow margin | −13.1% | −13.8% | −13.3% | −15.8% | −6.4% |
| Cash conversion (CFO ÷ net income) | 2.08x | 1.75x | 2.71x | 2.34x | 2.54x |
| Receivable days | 64 | 66 | 59 | 67 | 67 |
| Interest cover | 2.95x | 3.50x | 2.65x | 2.81x | 2.87x |
| Debt ÷ equity | 1.40x | 1.49x | 1.34x | 1.54x | 1.64x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $9.7B | $11.2B | $8.8B | $13.2B | $15.4B |
| Current ratio | 0.70x | 0.55x | 0.85x | 0.51x | 0.69x |
Recent filings
More in Electric & Other Services Combined
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.