NiSource (NI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NI SEC filings page.
NiSource (NI) reported $6.5B in revenue for fiscal year 2025, up 23.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
NiSource expands earnings through an asset-heavy model where heavy reinvestment and rising debt constrain free cash generation.
In FY2025, operating cash flow of$2.4B exceeded net income of$929M , indicating that reported earnings were supported by cash from operations rather than existing only as accounting profit. Yet capital expenditures of$2.8B still left free cash flow at-$420M , revealing a business that converts earnings into operating cash but reinvests beyond that amount.
Debt-funded expansion is becoming more prominent: long-term debt rose to
Gross margin fell from
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of NiSource's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
NiSource has an operating margin of 28.1%, meaning the company retains $28 of operating profit per $100 of revenue. This strong profitability earns a score of 79/100, reflecting efficient cost management and pricing power. This is up from 27.6% the prior year.
NiSource's revenue surged 23.5% year-over-year to $6.5B, reflecting rapid business expansion. This strong growth earns a score of 89/100.
NiSource has elevated debt relative to equity (D/E of 1.64), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 26/100, reflecting increased financial risk.
NiSource's current ratio of 0.69 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.
While NiSource generated $2.4B in operating cash flow, capex of $2.8B consumed most of it, leaving -$420.0M in free cash flow. This results in a low score of 43/100, reflecting heavy capital investment rather than weak cash generation.
NiSource earns a strong 9.8% return on equity (ROE), meaning it generates $10 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 73/100. This is up from 8.8% the prior year.
NiSource scores 0.76, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($20.0B) relative to total liabilities ($26.4B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
NiSource passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, NiSource generates $2.54 in operating cash flow ($2.4B OCF vs $929.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
NiSource earns $2.87 in operating income for every $1 of interest expense ($1.8B vs $639.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
NiSource generated $1.3B in revenue in Q2 2026. This represents an increase of 3.4% from the same quarter a year earlier. Against the prior quarter it is down 44.5%.
NiSource's EBITDA was $590.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.4% from the same quarter a year earlier. Against the prior quarter it is down 46.7%.
NiSource reported $45.5M in net income in Q2 2026. This represents a decrease of 55.5% from the same quarter a year earlier. Against the prior quarter it is down 91.0%.
NiSource earned $0.09 per diluted share (EPS) in Q2 2026. This represents a decrease of 59.1% from the same quarter a year earlier. Against the prior quarter it is down 91.5%.
Cash & Balance Sheet
NiSource recorded an outflow of $417.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 156.1% from the same quarter a year earlier. Against the prior quarter it is down 14.9%.
NiSource held $70.0M in cash against $15.6B in long-term debt as of Q2 2026.
NiSource paid $0.30 per share in dividends in Q2 2026. This represents an increase of 7.1% from the same quarter a year earlier. Against the prior quarter it is down 50.0%.
Margins & Returns
NiSource's gross margin was 85.0% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 6.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 13.8 percentage points.
NiSource's operating margin was 17.7% in Q2 2026, reflecting core business profitability. This is down 3.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 17.6 percentage points.
NiSource's net profit margin was 3.5% in Q2 2026, showing the share of revenue converted to profit. This is down 4.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 18.3 percentage points.
NiSource's ROE was 0.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.8 percentage points.
Capital Allocation
NiSource invested $1.1B in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 66.7% from the same quarter a year earlier. Against the prior quarter it is up 36.3%.
Not reported for Q2 2026.
Not reported for Q2 2026.
NI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B+3.4% | $2.3B+8.0% | $6.5B+23.5% | $1.2B+15.2% | $1.2B+14.9% | $2.1B+26.0% | $5.3B+317.8% | $1.1B+4.8% |
| Cost of Revenue | $193.6M-26.1% | $669.2M+3.4% | N/A | $193.6M+16.7% | $261.8M+59.0% | $647.5M+52.4% | N/A | $165.9M-8.5% |
| Gross Profit | $1.1B+11.3% | $1.7B+10.1% | N/A | $1.0B+15.0% | $984.7M+7.0% | $1.5B+17.2% | N/A | $910.4M+7.6% |
| Operating Income | $228.1M-13.2% | $819.2M+7.9% | N/A | $297.5M+36.3% | $262.9M+10.9% | $759.4M+30.2% | N/A | $218.3M-6.3% |
| EBITDA | $590.3M+7.4% | $1.1B+8.8% | N/A | $604.4M+23.9% | $549.6M+12.0% | $1.0B+23.3% | N/A | $487.8M+9.9% |
| Interest Expense | $199.2M+43.2% | $191.6M+44.3% | N/A | $179.8M+33.6% | $139.1M+7.6% | $132.8M+14.2% | N/A | $134.6M+4.2% |
| Income Tax | $10.2M-57.1% | $85.8M-18.8% | N/A | $20.6M+29.6% | $23.8M+35.2% | $105.7M+39.1% | N/A | $15.9M+318.4% |
| Net Income | $45.5M-55.5% | $507.1M+6.8% | N/A | $94.7M+10.5% | $102.2M+19.1% | $474.8M+30.1% | N/A | $85.7M+0.7% |
| EPS (Basic) | $0.10-54.5% | $1.06+5.0% | $0.54+12.5% | $0.20+5.3% | $0.22+15.8% | $1.01+31.2% | $0.48-11.1% | $0.190.0% |
| EPS (Diluted) | $0.09-59.1% | $1.06+6.0% | $0.53+10.4% | $0.20+5.3% | $0.22+15.8% | $1.00+29.9% | $0.48-4.0% | $0.19+11.8% |
| Diluted Shares (Avg) | 481M+1.9% | 481M+1.8% | N/A | 474M+4.2% | 472M+4.9% | 473M+5.1% | N/A | 455M+1.4% |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.
NI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $37.5B+10.3% | $36.6B+10.6% | $35.9B+12.8% | $34.4B+11.6% | $34.0B+13.8% | $33.1B+12.8% | $31.8B+2.3% | $30.8B+10.8% |
| Current Assets | $2.2B+10.0% | $2.4B+10.3% | $2.4B+14.3% | $1.8B+14.4% | $2.0B+2.8% | $2.2B+6.0% | $2.1B-53.8% | $1.6B-11.0% |
| Cash & Equivalents | $70.0M-79.1% | $71.9M-72.3% | $110.1M-29.7% | $95.0M-24.7% | $335.4M+231.4% | $259.4M+153.8% | $156.6M-93.0% | $126.2M+125.4% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $846.5M+8.7% | $1.2B+11.7% | $1.2B+24.2% | $701.0M+22.6% | $778.6M+24.8% | $1.1B+30.8% | $964.2M+11.9% | $572.0M+0.4% |
| Long-Term Investments | $163.3M+12.7% | $156.7M+93.0% | $146.1M+68.5% | $159.0M+15.3% | $144.9M-0.4% | $81.2M-45.9% | $86.7M-45.5% | $137.9M-14.8% |
| Goodwill | $1.5B0.0% | $1.5B0.0% | $1.5B0.0% | $1.5B0.0% | $1.5B0.0% | $1.5B0.0% | $1.5B0.0% | $1.5B0.0% |
| Total Liabilities | $28.0B+11.2% | $26.9B+11.3% | $26.4B+14.3% | $25.3B+12.5% | $25.1B+14.2% | $24.2B+12.9% | $23.1B+1.3% | $22.5B+9.1% |
| Current Liabilities | $4.4B+29.4% | $3.7B-12.1% | $3.5B-15.9% | $3.5B+1.4% | $3.4B+36.1% | $4.2B+35.7% | $4.1B-21.9% | $3.5B-20.7% |
| Non-Current Liabilities | $5.6B+9.3% | $5.5B+7.9% | $5.3B+7.1% | $5.2B+4.6% | $5.1B+8.1% | $5.1B+8.3% | $4.9B+6.7% | $4.9B+5.9% |
| Long-Term Debt | $15.6B+7.9% | $15.5B+20.5% | $15.5B+28.0% | $14.5B+19.7% | $14.5B+13.0% | $12.8B+9.5% | $12.1B+9.2% | $12.1B+9.8% |
| Total Equity | $9.6B+7.8% | $9.7B+8.6% | $9.5B+8.8% | $9.1B+9.3% | $8.9B+12.9% | $8.9B+12.7% | $8.7B+5.0% | $8.3B+15.7% |
| Retained Earnings | -$196.2M+63.1% | -$96.6M+80.7% | -$315.2M+55.7% | -$572.0M+38.8% | -$532.1M+40.6% | -$501.4M+41.8% | -$711.7M+26.4% | -$934.9M+22.1% |
Not reported in any period shown, so not listed: Inventory.
NI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $680.4M+37.3% | $442.3M-35.6% | $712.6M+32.0% | $467.9M+37.6% | $495.4M+11.2% | $686.4M+50.5% | $539.8M+35.2% | $340.0M-1.4% |
| Depreciation & Amortization | $362.2M+26.3% | $288.3M+11.5% | $315.4M+13.4% | $306.9M+13.9% | $286.7M+13.1% | $258.6M+6.8% | $278.1M+8.1% | $269.5M+27.8% |
| Capital Expenditures | $1.1B+66.7% | $805.2M+26.3% | $846.3M+11.4% | $640.5M+0.9% | $658.2M+4.5% | $637.3M+8.1% | $760.0M0.0% | $634.7M-12.3% |
| Free Cash Flow | -$417.0M-156.1% | -$362.9M-839.1% | -$133.7M+39.3% | -$172.6M+41.4% | -$162.8M+11.7% | $49.1M+136.8% | -$220.2M+39.0% | -$294.7M+22.2% |
| Investing Cash Flow | -$1.2B-1.7% | -$872.6M+35.5% | -$1.1B-41.2% | -$830.3M-1.2% | -$1.2B-39.3% | -$1.4B-87.1% | -$798.5M+25.3% | -$820.5M+27.2% |
| Financing Cash Flow | $552.1M-29.2% | $391.7M-49.2% | $431.1M+44.4% | $116.3M-76.9% | $780.1M+85.3% | $771.4M+141.2% | $298.5M-89.5% | $503.4M-27.9% |
| Dividends Paid | $144.3M+9.2% | $149.0M+12.9% | $134.0M+8.1% | $132.2M+11.0% | $132.2M+10.8% | $132.0M+11.3% | $124.0M+19.9% | $119.1M+15.1% |
Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.
NI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.0%+6.0pp | 71.2%+1.3pp | N/A | 84.4%-0.2pp | 79.0%-5.8pp | 69.9%-5.2pp | N/A | 84.6%+2.2pp |
| Operating Margin | 17.7%-3.4pp | 35.3%-0.1pp | N/A | 24.0%+3.7pp | 21.1%-0.8pp | 35.3%+1.1pp | N/A | 20.3%-2.4pp |
| Net Margin | 3.5%-4.7pp | 21.8%-0.3pp | N/A | 7.6%-0.3pp | 8.2%+0.3pp | 22.1%+0.7pp | N/A | 8.0%-0.3pp |
| Return on Equity | 0.5%-0.7pp | 5.3%-0.1pp | N/A | 1.0%0.0pp | 1.1%+0.1pp | 5.3%+0.7pp | N/A | 1.0%-0.1pp |
| Return on Assets | 0.1%-0.2pp | 1.4%0.0pp | N/A | 0.3%0.0pp | 0.3%0.0pp | 1.4%+0.2pp | N/A | 0.3%0.0pp |
| Current Ratio | 0.50-0.1x | 0.65+0.1x | 0.69+0.2x | 0.52+0.1x | 0.59-0.2x | 0.52-0.1x | 0.51-0.3x | 0.46+0.1x |
| Debt-to-Equity | 1.630.0x | 1.60+0.2x | 1.64+0.2x | 1.59+0.1x | 1.630.0x | 1.440.0x | 1.39+0.1x | 1.45-0.1x |
| Asset Turnover | 0.030.0x | 0.060.0x | 0.180.0x | 0.040.0x | 0.040.0x | 0.060.0x | 0.17+0.1x | 0.030.0x |
| FCF Margin | -32.3%-19.3pp | -15.6%-17.9pp | -2.1%+2.1pp | -13.9%+13.5pp | -13.1%+3.9pp | 2.3%+10.1pp | -4.2%+24.4pp | -27.4%+9.5pp |
Note: The current ratio is below 1.0 (0.69), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| NiSource NI | FY2025 | $6.5B | $929.5M | 14.2% | $20.0B | 57/100 |
| Atmos Energy Corp ATO | FY2025 | $4.7B | $1.2B | 25.5% | $28.3B | 56/100 |
| Edison Intl EIX | FY2025 | $19.3B | $4.5B | 23.1% | $21.2B | 63/100 |
| Firstenergy Corp FE | FY2025 | $15.1B | $1.0B | 6.8% | $26.7B | 43/100 |
| Evergy Inc EVRG | FY2025 | $6.0B | $855.6M | 14.3% | $18.6B | 50/100 |
Where NiSource Ranks
Frequently Asked Questions
What is NiSource's annual revenue?
NiSource (NI) reported $6.5B in total revenue for fiscal year 2025. This represents a 23.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is NiSource's revenue growing?
NiSource (NI) revenue grew by 23.5% year-over-year, from $5.3B to $6.5B in fiscal year 2025.
Is NiSource profitable?
Yes, NiSource (NI) reported a net income of $929.5M in fiscal year 2025, with a net profit margin of 14.2%.
What is NiSource's EBITDA?
NiSource (NI) had EBITDA of $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does NiSource have?
As of fiscal year 2025, NiSource (NI) had $110.1M in cash and equivalents against $15.5B in long-term debt.
What is NiSource's gross margin?
NiSource (NI) had a gross margin of 75.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is NiSource's operating margin?
NiSource (NI) had an operating margin of 28.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is NiSource's net profit margin?
NiSource (NI) had a net profit margin of 14.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does NiSource pay dividends?
Yes, NiSource (NI) paid $1.12 per share in dividends during fiscal year 2025.
What is NiSource's return on equity (ROE)?
NiSource (NI) has a return on equity of 9.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is NiSource's free cash flow?
NiSource (NI) recorded an outflow of $420.0M in free cash flow during fiscal year 2025. This represents a 49.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is NiSource's operating cash flow?
NiSource (NI) generated $2.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are NiSource's total assets?
NiSource (NI) had $35.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are NiSource's capital expenditures?
NiSource (NI) invested $2.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is NiSource's current ratio?
NiSource (NI) had a current ratio of 0.69 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is NiSource's debt-to-equity ratio?
NiSource (NI) had a debt-to-equity ratio of 1.64 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is NiSource's return on assets (ROA)?
NiSource (NI) had a return on assets of 2.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is NiSource's P/E ratio?
NiSource (NI) trades at 21.5x earnings, its market capitalization divided by net income of $929.5M net income, FY2025. The market capitalization is $20.0B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is NiSource's price-to-sales ratio?
NiSource (NI) trades at 1.8x sales, its market capitalization divided by revenue of $11.4B revenue, trailing 12 months to June 30, 2026. The market capitalization is $20.0B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is NiSource's Altman Z-Score?
NiSource (NI) has an Altman Z-Score of 0.76, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is NiSource's Piotroski F-Score?
NiSource (NI) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are NiSource's earnings high quality?
NiSource (NI) has an earnings quality ratio of 2.54x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can NiSource cover its interest payments?
NiSource (NI) has an interest coverage ratio of 2.87x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is NiSource?
NiSource (NI) scores 57 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.