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NiSource Inc

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Key Metrics

Previous Close: $41.63
52-Week Range: $38.45 – $49.21
Market Cap: $19.97B
P/E (TTM): 22.15
EPS (TTM): 1.88
Dividend Yield: 2.88%

Advanced Metrics

Price/Book: 2.07
PEG Ratio: 2.37
Return on Equity: 8.55%
Return on Assets: 3.24%
Gross Margin: 50.97%
Operating Margin: 17.16%
Profit Margin: 13.15%
Current Ratio: 0.50
Debt/Equity: 1.47
Total Debt: $17.44B
Free Cash Flow: $-1.77B
Revenue Growth: 4.60%
Earnings Growth: -58.40%
Enterprise Value: $39.66B

NI Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$5.85B	$5.51B	$5.46B	$6.64B
Cost of Revenue	$3.60B	$3.03B	$2.65B	$3.29B
Gross Profit	$2.25B	$2.48B	$2.81B	$3.35B
Selling, General & Admin	-$27.60M	$24.00M	$13.50M	—
Operating Expenses	$1.09B	$1.18B	$1.34B	$1.52B
Operating Income	$1.16B	$1.30B	$1.46B	$1.83B
EBITDA	$2.15B	$2.22B	$2.57B	$3.05B
Pretax Income	$956.40M	$813.90M	$1.00B	$1.22B
Income Tax	$164.60M	$139.50M	$158.10M	$203.80M
Net Income	$804.10M	$714.30M	$760.40M	$929.50M
Diluted EPS	1.70	1.48	1.62	1.95
Diluted Shares	442.70M	447.90M	456.00M	474.50M

NI Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$40.80M	$2.25B	$156.60M	$110.10M
Receivables	$1.17B	$928.00M	$1.01B	$1.26B
Inventory	$751.90M	$503.20M	$389.10M	$449.50M
Current Assets	$2.58B	$4.50B	$2.08B	$2.38B
Total Assets	$26.74B	$31.08B	$31.79B	$35.86B
Current Liabilities	$4.66B	$5.27B	$4.11B	$3.46B
Long-Term Debt	$9.52B	$11.06B	$12.07B	$15.46B
Total Debt	$11.32B	$14.13B	$13.96B	$16.21B
Total Liabilities	$18.83B	$20.94B	$21.12B	$24.20B
Retained Earnings	-$1.21B	-$967.00M	-$711.70M	-$315.20M
Shareholders' Equity	$7.58B	$8.27B	$8.68B	$9.45B
Working Capital	-$2.08B	-$765.70M	-$2.03B	-$1.08B
Net Debt	$11.27B	$11.88B	$13.80B	$16.10B

NI Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$1.41B	$1.94B	$1.78B	$2.36B
Capital Expenditure	-$2.20B	-$2.65B	-$2.64B	-$3.16B
Free Cash Flow	-$793.70M	-$710.70M	-$861.50M	-$793.80M
Depreciation & Amortisation	$820.80M	$908.20M	$1.04B	$1.17B
Stock-Based Compensation	$24.90M	$33.50M	$43.60M	$50.90M
Investing Cash Flow	-$2.57B	-$3.57B	-$3.21B	-$4.52B
Financing Cash Flow	$1.14B	$3.84B	-$651.00M	$2.10B
Dividends Paid	-$436.60M	-$457.30M	-$489.20M	-$530.40M
Share Repurchases	$0.00	-$400.10M	-$500.10M	$0.00
Net Change in Cash	-$19.50M	$2.21B	-$2.08B	-$62.90M

NI Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$2.18B	$1.28B	$1.27B	$1.90B	$2.36B
Cost of Revenue	$1.08B	$658.00M	$594.70M	$966.60M	$1.16B
Gross Profit	$1.11B	$625.00M	$678.40M	$936.30M	$1.20B
Selling, General & Admin	$3.80M	—	—	—	—
Operating Expenses	$348.20M	$360.90M	$376.20M	$421.20M	$385.50M
Operating Income	$759.70M	$264.10M	$302.20M	$515.10M	$819.20M
EBITDA	$1.02B	$550.10M	$614.30M	$857.70M	$1.12B
Pretax Income	$632.40M	$124.30M	$127.60M	$332.10M	$642.00M
Income Tax	$105.70M	$23.80M	$20.60M	$53.70M	$85.80M
Net Income	$474.80M	$102.20M	$94.70M	$257.80M	$507.10M
Diluted EPS	1.00	0.22	0.20	—	1.06
Diluted Shares	472.50M	472.10M	473.70M	—	480.90M

NI Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$259.40M	$335.40M	$95.00M	$110.10M	$71.90M
Receivables	$1.18B	$811.60M	$743.90M	$1.26B	$1.32B
Inventory	$261.30M	$368.00M	$475.30M	$449.50M	$303.50M
Current Assets	$2.18B	$2.00B	$1.85B	$2.38B	$2.41B
Total Assets	$33.11B	$34.03B	$34.40B	$35.86B	$36.60B
Current Liabilities	$4.24B	$3.41B	$3.53B	$3.46B	$3.73B
Long-Term Debt	$12.83B	$14.47B	$14.47B	$15.46B	$15.46B
Total Debt	$14.89B	$15.76B	$15.76B	$16.21B	$16.77B
Total Liabilities	$22.16B	$23.03B	$23.16B	$24.20B	$24.67B
Retained Earnings	-$501.40M	-$532.10M	-$572.00M	-$315.20M	-$96.60M
Shareholders' Equity	$8.90B	$8.88B	$9.12B	$9.45B	$9.66B
Working Capital	-$2.06B	-$1.41B	-$1.69B	-$1.08B	-$1.32B
Net Debt	$14.63B	$15.42B	$15.67B	$16.10B	$16.69B

NI Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$686.40M	$495.40M	$467.90M	$712.60M	$442.30M
Capital Expenditure	-$637.30M	-$658.20M	-$640.50M	-$1.22B	-$805.20M
Free Cash Flow	$49.10M	-$162.80M	-$172.60M	-$507.50M	-$362.90M
Depreciation & Amortisation	$258.60M	$286.70M	$306.90M	$315.40M	$288.30M
Investing Cash Flow	-$1.35B	-$1.21B	-$830.30M	-$1.13B	-$872.60M
Financing Cash Flow	$771.40M	$780.10M	$116.30M	$431.10M	$391.70M
Dividends Paid	-$132.00M	-$132.20M	-$132.20M	-$134.00M	-$149.00M
Share Repurchases	$0.00	$0.00	$0.00	$0.00	—
Net Change in Cash	$105.10M	$61.90M	-$246.10M	$16.20M	-$38.60M

Market Snapshot

About

NiSource Inc. is a regulated utility holding company serving approximately 3.5 million natural gas customers and 500,000 electric customers across six states. The company operates through subsidiaries including Northern Indiana Public Service Company (NIPSCO) and Columbia Gas distribution companies. NiSource focuses on infrastructure modernization, renewable energy integration, and transitioning away from coal-fired generation.