What is NiSource Inc.'s earnings per share (EPS)?

NiSource Inc. (NI) reported diluted earnings per share of $1.95 for fiscal year 2025. This represents a 20.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

NiSource Inc. (NI) Financials

FY2025 annual

Revenue $6.5B +23.5% YoY

Net Income $929.5M +22.2% YoY

EPS (Diluted) $1.95 +20.4% YoY

Free Cash Flow -$420.0M +49.5% YoY

Market Cap $20.5B as of Oct 20, 2026

Price / Sales 1.8x on $11.4B revenue, trailing 12 months to June 30, 2026

Price / Earnings 22.1x on $929.5M net income, FY2025

Price / Book 2.1x on $9.6B equity, Q2 FY2026

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 Oct 20, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

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 Inc. (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).

Rhea AI NI FY2025 2026-10-03

NiSource is growing earnings while funding a capital-heavy business with rising leverage and cash flow below reinvestment needs.

In FY2025, operating cash flow still fell short of capital expenditures, so improved cash generation did not fully fund reinvestment. As the resulting shortfall narrowed, debt-to-equity rose from 1.4x to 1.6x, indicating expansion relies partly on balance-sheet funding.

Revenue reached $6.5B in FY2025, but operating margin rose only to 28.1%. That gap indicates growth added profit without dramatically changing the cost structure, pointing to modest operating leverage rather than a step-change in efficiency.

Short-term coverage remained below 1.0x at 0.7x, meaning current liabilities exceeded current assets. At the same time, debt-to-equity rose from 1.4x to 1.6x, so expansion is occurring alongside greater balance-sheet dependence and a tighter short-term funding posture.

Financial Health Signals

Financial Health Score 57/100

Scored as: Utilities peer group

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 Inc.'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.

Profitability

NiSource Inc. 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.

Growth

NiSource Inc.'s revenue surged 23.5% year-over-year to $6.5B, reflecting rapid business expansion. This strong growth earns a score of 89/100.

Leverage

NiSource Inc. 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.

Liquidity

NiSource Inc.'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.

Cash Flow

While NiSource Inc. 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.

Returns

NiSource Inc. 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 72/100. This is up from 8.8% the prior year.

Altman Z-Score Distress

0.77

NiSource Inc. scores 0.77, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($20.5B) 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.

Piotroski F-Score Neutral

6/9

NiSource Inc. 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.

Earnings Quality Cash-Backed

2.54x

For every $1 of reported earnings, NiSource Inc. 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.

Interest Coverage Adequate

2.87x

NiSource Inc. 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

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Earnings & Revenue

Revenue

$1.3B

YoY+3.4%

QoQ-44.5%

5Y CAGR+5.5%

10Y CAGR+3.7%

NiSource Inc. 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%.

EBITDA

$590.3M

YoY+7.4%

QoQ-46.7%

NiSource Inc.'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%.

Net Income

$45.5M

YoY-55.5%

QoQ-91.0%

NiSource Inc. 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%.

EPS (Diluted)

$0.09

YoY-59.1%

QoQ-91.5%

5Y CAGR-3.9%

10Y CAGR0.0%

NiSource Inc. 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

Free Cash Flow

-$417.0M

YoY-156.1%

QoQ-14.9%

NiSource Inc. 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%.

Cash & Debt

$70.0M

YoY-79.1%

QoQ-2.6%

5Y CAGR-2.0%

10Y CAGR+16.1%

NiSource Inc. held $70.0M in cash against $15.6B in long-term debt as of Q2 2026.

Dividends Per Share

$0.30

YoY+7.1%

QoQ-50.0%

5Y CAGR+6.4%

10Y CAGR+6.2%

NiSource Inc. 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%.

Shares Outstanding

480M

YoY+1.8%

QoQ0.0%

5Y CAGR+4.1%

10Y CAGR+4.1%

NiSource Inc. had 480M shares outstanding in Q2 2026. This represents an increase of 1.8% from the same quarter a year earlier. It is unchanged from the prior quarter.

Margins & Returns

Gross Margin

85.0%

YoY+6.0pp

QoQ+13.8pp

NiSource Inc.'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.

Operating Margin

17.7%

YoY-3.4pp

QoQ-17.6pp

NiSource Inc.'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.

Net Margin

3.5%

YoY-4.7pp

QoQ-18.3pp

NiSource Inc.'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.

Return on Equity

0.5%

YoY-0.7pp

QoQ-4.8pp

NiSource Inc.'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

Capital Expenditures

$1.1B

YoY+66.7%

QoQ+36.3%

5Y CAGR+20.5%

10Y CAGR+11.4%

NiSource Inc. 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%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

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.

NI quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$11.4B	$6.5B+23.5%	$5.3B-1.2%	$5.3B-6.8%	$5.7B+21.3%	$4.7B+5.8%	$4.5B-11.5%	$5.1B+1.2%	$5.0B+2.4%	$4.9B+8.5%	$4.5B-3.4%	$4.7B-11.8%	$5.3B+14.0%	$4.6B-8.1%	$5.0B-12.5%	$5.8B
Cost of Revenue	N/A	$1.6B+39.9%	$1.1B-26.2%	$1.5B-27.3%	$2.1B+51.6%	$1.4B+25.5%	$1.1B-27.7%	$1.5B-12.9%	$1.8B+16.0%	$1.5B+9.2%	$1.4B-15.4%	$1.6B-30.7%	$2.4B+20.9%	$2.0B+29.4%	$1.5B-40.7%	$2.6B
Gross Profit	N/A	$4.9B+19.0%	$4.2B+8.8%	$3.8B+5.1%	$3.6B+8.7%	$3.3B-0.7%	$3.4B-4.4%	$3.5B+8.9%	$3.2B-33.7%	$4.9B+8.5%	$4.5B-3.4%	$4.7B+60.4%	$2.9B+8.9%	$2.7B-24.2%	$3.5B+1.5%	$3.5B
Operating Income	N/A	$1.8B+26.1%	$1.5B+12.4%	$1.3B+2.3%	$1.3B+25.7%	$1.0B+82.8%	$550.8M-38.2%	$890.7M+614.3%	$124.7M-86.5%	$921.2M+6.4%	$866.1M+8.3%	$799.9M+1.4%	$789.1M+13.0%	$698.1M-32.9%	$1.0B+14.9%	$905.1M
EBITDA	N/A	$3.0B+20.2%	$2.5B+13.4%	$2.2B+5.6%	$2.1B+18.9%	$1.8B+37.5%	$1.3B-20.6%	$1.6B+122.0%	$724.3M-51.4%	$1.5B+5.5%	$1.4B+6.7%	$1.3B+3.8%	$1.3B+9.2%	$1.2B-27.1%	$1.6B+11.0%	$1.4B
Interest Expense	N/A	$639.0M+23.5%	$517.2M+5.6%	$489.6M+35.4%	$361.6M+6.0%	$341.1M-8.0%	$370.7M-2.2%	$378.9M+7.2%	$353.3M0.0%	$353.2M+1.1%	$349.5M-8.1%	$380.2M+0.2%	$379.5M+1.1%	$375.3M-10.3%	$418.3M+11.0%	$376.8M
Income Tax	N/A	$203.8M+28.9%	$158.1M+13.3%	$139.5M-15.2%	$164.6M+39.7%	$117.8M+788.9%	-$17.1M-113.8%	$123.5M+168.6%	-$180.0M-157.2%	$314.5M+72.7%	$182.1M+28.9%	$141.3M-15.3%	$166.8M+53.6%	$108.6M-49.4%	$214.7M+31.5%	$163.3M
Net Income	N/A	$929.5M+22.2%	$760.4M+6.5%	$714.3M-11.2%	$804.1M+37.5%	$584.9M+3423.3%	-$17.6M-104.6%	$383.1M+857.1%	-$50.6M-139.4%	$128.5M-61.2%	$331.5M+15.7%	$286.5M-45.9%	$530.0M-0.4%	$532.1M+27.9%	$416.1M+39.1%	$299.1M
EPS (Basic)	N/A	$1.96+20.2%	$1.63+2.5%	$1.59-13.6%	$1.84+36.3%	$1.35+810.5%	-$0.19-121.6%	$0.88+588.9%	-$0.18-146.2%	$0.39-62.1%	$1.03+14.4%	$0.90-46.4%	$1.68-1.2%	$1.70+18.9%	$1.43+34.9%	$1.06
EPS (Diluted)	$1.88	$1.95+20.4%	$1.62+9.5%	$1.48-12.9%	$1.70+33.9%	$1.27	-$0.19	$0.87	-$0.18-146.2%	$0.39-61.8%	$1.02+13.3%	$0.90-46.1%	$1.67-1.8%	$1.70+22.3%	$1.39+35.0%	$1.03
Diluted Shares (Avg)	N/A	475M+4.1%	456M+1.8%	448M+1.2%	443M+6.1%	417M	384M	376M	356M+7.8%	331M+2.2%	324M+1.2%	320M+1.0%	317M+1.0%	314M+4.4%	300M+4.1%	289M

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

NI quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$35.9B+12.8%	$31.8B+2.3%	$31.1B+16.2%	$26.7B+10.7%	$24.2B+9.6%	$22.0B-2.7%	$22.7B+3.9%	$21.8B+9.2%	$20.0B+6.8%	$18.7B+6.9%	$17.5B-28.9%	$24.6B+8.5%	$22.7B+3.7%	$21.8B+5.5%	$20.7B
Current Assets	$2.4B+14.3%	$2.1B-53.8%	$4.5B+74.1%	$2.6B+34.5%	$1.9B+15.8%	$1.7B-10.5%	$1.9B-9.8%	$2.1B+16.6%	$1.8B+0.1%	$1.8B+11.7%	$1.6B-28.1%	$2.2B+1.6%	$2.2B-8.8%	$2.4B+4.3%	$2.3B
Cash & Equivalents	$110.1M-29.7%	$156.6M-93.0%	$2.2B+5403.4%	$40.8M-51.5%	$84.2M-27.7%	$116.5M-16.4%	$139.3M+23.5%	$112.8M+289.0%	$29.0M+9.8%	$26.4M+70.3%	$15.5M-37.8%	$24.9M-6.0%	$26.5M-25.6%	$35.6M+209.6%	$11.5M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$1.2B+24.2%	$964.2M+11.9%	$862.0M-17.3%	$1.0B+26.2%	$825.6M+4.3%	$791.3M-7.7%	$856.9M-19.0%	$1.1B+17.8%	$898.9M+6.1%	$847.0M+28.3%	$660.0M-28.3%	$920.8M-8.5%	$1.0B+10.9%	$907.3M+6.7%	$850.6M
Long-Term Investments	$146.1M+68.5%	$86.7M-45.5%	$159.1M+4.9%	$151.6M-11.8%	$171.8M+0.5%	$170.9M+10.8%	$154.2M-24.4%	$204.0M0.0%	$204.1M+5.6%	$193.3M+3.0%	$187.7M-8.3%	$204.8M+0.4%	$204.0M+4.9%	$194.4M+28.8%	$150.9M
Goodwill	$1.5B0.0%	$1.5B0.0%	$1.5B0.0%	$1.5B0.0%	$1.5B0.0%	$1.5B0.0%	$1.5B-12.1%	$1.7B0.0%	$1.7B0.0%	$1.7B0.0%	$1.7B0.0%	$1.7B-53.9%	$3.7B-0.3%	$3.7B0.0%	$3.7B
Total Liabilities	$26.4B+14.3%	$23.1B+1.3%	$22.8B+19.0%	$19.2B+11.3%	$17.2B+5.7%	$16.3B-2.3%	$16.7B+3.9%	$16.1B+2.6%	$15.6B+7.0%	$14.6B+7.1%	$13.6B-25.9%	$18.4B+9.8%	$16.8B+2.9%	$16.3B+3.7%	$15.7B
Current Liabilities	$3.5B-15.9%	$4.1B-21.9%	$5.3B+13.0%	$4.7B+69.7%	$2.7B+20.5%	$2.3B-39.1%	$3.7B-7.2%	$4.0B+27.0%	$3.2B-7.9%	$3.5B+29.9%	$2.7B-33.0%	$4.0B+24.7%	$3.2B-4.2%	$3.3B-9.0%	$3.6B
Non-Current Liabilities	$5.3B+7.1%	$4.9B+6.7%	$4.6B-0.7%	$4.7B-6.1%	$5.0B+5.3%	$4.7B-7.2%	$5.1B+3.3%	$4.9B-0.8%	$5.0B-3.1%	$5.1B+1.3%	$5.0B-19.9%	$6.3B+5.1%	$6.0B-2.5%	$6.2B+6.1%	$5.8B
Long-Term Debt	$15.5B+28.0%	$12.1B+9.2%	$11.1B+16.1%	$9.5B+3.7%	$9.2B-0.4%	$9.2B+17.4%	$7.9B+10.6%	$7.1B-5.4%	$7.5B+24.0%	$6.1B+1.8%	$5.9B-27.0%	$8.2B+7.4%	$7.6B+11.4%	$6.8B+8.8%	$6.3B
Total Equity	$9.5B+8.8%	$8.7B+5.0%	$8.3B+9.2%	$7.6B+9.0%	$6.9B+20.8%	$5.8B-3.9%	$6.0B+4.1%	$5.8B+33.1%	$4.3B+6.1%	$4.1B+5.9%	$3.8B-37.8%	$6.2B+4.9%	$5.9B+6.0%	$5.6B+11.1%	$5.0B
Retained Earnings	-$315.2M+55.7%	-$711.7M+26.4%	-$967.0M+20.3%	-$1.2B+23.2%	-$1.6B+10.4%	-$1.8B-28.8%	-$1.4B+2.0%	-$1.4B-30.4%	-$1.1B-10.4%	-$972.2M+13.5%	-$1.1B-175.2%	$1.5B+16.2%	$1.3B+21.3%	$1.1B+15.6%	$917.0M

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

NI quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$2.3B	$2.4B+32.6%	$1.8B-7.9%	$1.9B+37.3%	$1.4B+15.7%	$1.2B+10.3%	$1.1B-30.3%	$1.6B+193.1%	$540.1M-27.2%	$742.2M-7.6%	$803.3M-44.9%	$1.5B+10.4%	$1.3B-8.2%	$1.4B+12.6%	$1.3B+46.6%	$870.2M
Depreciation & Amortization	N/A	$1.2B+11.9%	$1.0B+14.9%	$908.2M+10.6%	$820.8M+9.7%	$748.4M+3.1%	$725.9M+1.2%	$717.4M+19.6%	$599.6M+5.1%	$570.3M+4.2%	$547.1M+4.3%	$524.4M+7.7%	$486.9M+3.5%	$470.4M-16.3%	$561.9M+4.4%	$538.2M
Stock-Based Compensation	N/A	$50.9M+16.7%	$43.6M+30.1%	$33.5M+34.5%	$24.9M+2.5%	$24.3M+39.7%	$17.4M-32.8%	$25.9M-9.4%	$28.6M-28.7%	$40.1M-13.8%	$46.5M-8.3%	$50.7M-23.2%	$66.0M+36.1%	$48.5M+7.8%	$45.0M+14.8%	$39.2M
Capital Expenditures	$3.4B	$2.8B+6.4%	$2.6B-1.2%	$2.6B+20.1%	$2.2B+19.9%	$1.8B+4.5%	$1.8B-2.5%	$1.8B-0.9%	$1.8B+7.2%	$1.7B+15.0%	$1.5B+8.4%	$1.4B+6.1%	$1.3B+6.4%	$1.2B-19.6%	$1.5B+33.2%	$1.1B
Free Cash Flow	-$1.1B	-$420.0M+49.5%	-$832.5M-17.1%	-$710.7M+10.5%	-$793.7M-28.0%	-$620.1M+5.2%	-$654.1M-198.5%	-$219.1M+82.9%	-$1.3B-34.0%	-$953.6M-41.9%	-$671.9M-799.2%	$96.1M+159.0%	$37.1M-84.0%	$231.7M+203.8%	-$223.3M+12.4%	-$255.0M
Investing Cash Flow	-$4.1B	-$4.5B-40.8%	-$3.2B+10.0%	-$3.6B-39.0%	-$2.6B-16.6%	-$2.2B-150.8%	-$879.1M+54.3%	-$1.9B+0.2%	-$1.9B-6.5%	-$1.8B-12.8%	-$1.6B-182.2%	$1.9B+192.1%	-$2.1B-11.9%	-$1.9B-32.7%	-$1.4B-24.0%	-$1.1B
Financing Cash Flow	$1.5B	$2.1B+422.4%	-$651.0M-116.9%	$3.8B+236.7%	$1.1B+19.3%	$956.3M+486.1%	-$247.7M-167.6%	$366.4M-75.1%	$1.5B+37.4%	$1.1B+35.2%	$790.5M+123.2%	-$3.4B-528.8%	$795.6M+78.7%	$445.1M+155.1%	$174.5M-38.0%	$281.4M
Dividends Paid	$559.5M	$530.4M+10.3%	$481.0M+16.3%	$413.5M+8.4%	$381.5M+10.5%	$345.2M+7.3%	$321.6M+7.7%	$298.5M+9.2%	$273.3M+19.3%	$229.1M+11.5%	$205.5M-22.0%	$263.4M-18.0%	$321.3M+5.0%	$305.9M+12.0%	$273.2M+6.0%	$257.8M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0-100.0%	$4.0M-44.4%	$7.2M-23.4%	$9.4M-53.9%	$20.4M+100.0%	$10.2M+25.9%	$8.1M-19.0%	$10.0M+222.6%	$3.1M

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.

NI quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	75.7%-2.9pp	78.6%+7.2pp	71.3%+8.1pp	63.2%-7.4pp	70.6%-4.6pp	75.2%+5.6pp	69.6%+4.9pp	64.7%-35.3pp	100.0%0.0pp	100.0%0.0pp	100.0%+45.0pp	55.0%-2.6pp	57.6%-12.3pp	69.8%+9.6pp	60.2%
Operating Margin	28.1%+0.6pp	27.6%+3.3pp	24.2%+2.2pp	22.1%+0.8pp	21.3%+9.0pp	12.3%-5.3pp	17.6%+15.1pp	2.5%-16.4pp	18.9%-0.4pp	19.3%+2.1pp	17.2%+2.2pp	15.0%-0.1pp	15.1%-5.6pp	20.7%+4.9pp	15.7%
Net Margin	14.2%-0.1pp	14.4%+1.0pp	13.4%-0.7pp	14.0%+1.7pp	12.4%+12.8pp	-0.4%-8.0pp	7.6%+8.6pp	-1.0%-3.6pp	2.6%-4.7pp	7.4%+1.2pp	6.2%-3.9pp	10.1%-1.4pp	11.5%+3.2pp	8.3%+3.1pp	5.2%
Return on Equity	9.8%+1.1pp	8.8%+0.1pp	8.6%-2.0pp	10.6%+2.2pp	8.4%+8.7pp	-0.3%-6.7pp	6.4%+7.3pp	-0.9%-3.9pp	3.0%-5.2pp	8.1%+0.7pp	7.4%-1.1pp	8.6%-0.5pp	9.0%+1.6pp	7.5%+1.5pp	6.0%
Return on Assets	2.6%+0.2pp	2.4%+0.1pp	2.3%-0.7pp	3.0%+0.6pp	2.4%+2.5pp	-0.1%-1.8pp	1.7%+1.9pp	-0.2%-0.9pp	0.6%-1.1pp	1.8%+0.1pp	1.6%-0.5pp	2.2%-0.2pp	2.4%+0.5pp	1.9%+0.5pp	1.4%
Current Ratio	0.69+0.2x	0.51-0.3x	0.85+0.3x	0.55-0.1x	0.700.0x	0.73+0.2x	0.490.0x	0.510.0x	0.550.0x	0.51-0.1x	0.590.0x	0.55-0.1x	0.680.0x	0.71+0.1x	0.62
Debt-to-Equity	1.64+0.2x	1.39+0.1x	1.34+0.1x	1.26-0.1x	1.32-0.3x	1.60+0.3x	1.31+0.1x	1.24-0.5x	1.74+0.3x	1.49-0.1x	1.55+0.2x	1.320.0x	1.29+0.1x	1.230.0x	1.25
Asset Turnover	0.180.0x	0.170.0x	0.170.0x	0.210.0x	0.200.0x	0.200.0x	0.220.0x	0.230.0x	0.240.0x	0.240.0x	0.27+0.1x	0.210.0x	0.200.0x	0.230.0x	0.28
FCF Margin	-6.4%+9.3pp	-15.8%-2.5pp	-13.3%+0.5pp	-13.8%-0.7pp	-13.1%+1.5pp	-14.6%-10.3pp	-4.3%+21.3pp	-25.6%-6.0pp	-19.6%-4.6pp	-15.0%-17.0pp	2.1%+1.4pp	0.7%-4.3pp	5.0%+9.4pp	-4.4%0.0pp	-4.4%

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 Inc. NI	FY2025	$6.5B	$929.5M	14.2%	$20.5B	57/100
Atmos Energy Corporation ATO	FY2025	$4.7B	$1.2B	25.5%	$27.8B	56/100
Edison International EIX	FY2025	$19.3B	$4.5B	23.1%	$21.4B	63/100
FirstEnergy Corp. FE	FY2025	$15.1B	$1.0B	6.8%	$26.2B	43/100
Evergy, Inc. EVRG	FY2025	$6.0B	$855.6M	14.3%	$18.8B	50/100

Where NiSource Inc. Ranks

Frequently Asked Questions

What is NiSource Inc.'s annual revenue?

NiSource Inc. (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 Inc.'s revenue growing?

NiSource Inc. (NI) revenue grew by 23.5% year-over-year, from $5.3B to $6.5B in fiscal year 2025.

Is NiSource Inc. profitable?

Yes, NiSource Inc. (NI) reported a net income of $929.5M in fiscal year 2025, with a net profit margin of 14.2%.

What is NiSource Inc.'s EBITDA?

NiSource Inc. (NI) had EBITDA of $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does NiSource Inc. have?

As of fiscal year 2025, NiSource Inc. (NI) had $110.1M in cash and equivalents against $15.5B in long-term debt.

What is NiSource Inc.'s gross margin?

NiSource Inc. (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 Inc.'s operating margin?

NiSource Inc. (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 Inc.'s net profit margin?

NiSource Inc. (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 Inc. pay dividends?

Yes, NiSource Inc. (NI) paid $1.12 per share in dividends during fiscal year 2025.

What is NiSource Inc.'s return on equity (ROE)?

NiSource Inc. (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 Inc.'s free cash flow?

NiSource Inc. (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 Inc.'s operating cash flow?

NiSource Inc. (NI) generated $2.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are NiSource Inc.'s total assets?

NiSource Inc. (NI) had $35.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are NiSource Inc.'s capital expenditures?

NiSource Inc. (NI) invested $2.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does NiSource Inc. have outstanding?

NiSource Inc. (NI) had 479M shares outstanding as of fiscal year 2025.

What is NiSource Inc.'s current ratio?

NiSource Inc. (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 Inc.'s debt-to-equity ratio?

NiSource Inc. (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 Inc.'s return on assets (ROA)?

NiSource Inc. (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 Inc.'s P/E ratio?

NiSource Inc. (NI) trades at 22.1x earnings, its market capitalization divided by net income of $929.5M net income, FY2025. The market capitalization is $20.5B as of Oct 20, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is NiSource Inc.'s price-to-sales ratio?

NiSource Inc. (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 $20.5B as of Oct 20, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is NiSource Inc.'s Altman Z-Score?

NiSource Inc. (NI) has an Altman Z-Score of 0.77, 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 Inc.'s Piotroski F-Score?

NiSource Inc. (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 Inc.'s earnings high quality?

NiSource Inc. (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 Inc. cover its interest payments?

NiSource Inc. (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 Inc.?

NiSource Inc. (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.