NiSource Inc

NI · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$19,762	$17,159	$10,976	$11,136	$10,843	$9,009	$10,933	$9,955	$10,081	$8,694	$7,662	–	–	–	–	–	–	–	–	–	–	–	–	$1,654	$1,865	$1,470	$873	$1,449	$1,203	$955	$953	$759	$859	$696	$680	$464	$555	$404	$241	$329	$275
Enterprise value	$38,102	$32,947	$24,725	$22,949	$21,078	$18,925	$20,488	$18,975	$19,054	$16,577	$14,641	–	–	–	–	–	–	–	–	–	–	–	–	$8,587	$9,771	$9,641	$3,430	$3,474	$3,107	$2,630	$2,461	$2,240	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	21.26×	23.20×	16.59×	14.87×	20.47×	–	33.33×	–	78.45×	26.23×	26.74×	–	–	–	–	–	–	–	–	–	–	–	–	4.44×	8.63×	9.37×	5.44×	7.47×	6.31×	5.41×	5.43×	4.63×	5.51×	5.09×	5.10×	3.70×	4.04×	3.28×	3.70×	–	2.57×
P/S (TTM) at period end	3.03×	3.25×	2.05×	1.94×	2.29×	2.01×	2.16×	1.99×	2.07×	1.94×	1.65×	–	–	–	–	–	–	–	–	–	–	–	–	0.25×	0.20×	0.24×	0.28×	0.49×	0.47×	0.52×	0.55×	0.45×	0.51×	0.44×	0.44×	0.30×	0.36×	0.26×	0.17×	0.20×	0.14×
P/B at period end	2.09×	1.98×	1.33×	1.47×	1.56×	1.57×	1.83×	1.73×	2.33×	2.14×	1.99×	–	–	–	–	–	–	–	–	–	–	–	–	0.39×	0.52×	0.41×	0.58×	1.12×	0.85×	0.77×	0.73×	0.59×	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	12.69×	13.19×	11.22×	11.00×	12.01×	14.82×	12.74×	26.20×	12.78×	11.73×	11.06×	–	–	–	–	–	–	–	–	–	–	–	–	5.06×	5.81×	10.23×	4.69×	5.27×	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	5.84×	6.24×	4.62×	4.00×	4.45×	4.23×	4.05×	3.80×	3.91×	3.69×	3.15×	–	–	–	–	–	–	–	–	–	–	–	–	1.32×	1.03×	1.60×	1.09×	1.18×	1.20×	1.44×	1.43×	1.34×	–	–	–	–	–	–	–	–	–
Returns
Return on equity	9.8%	8.5%	8.0%	9.9%	7.6%	(1.3%)	5.5%	(1.1%)	3.0%	8.1%	7.5%	8.6%	9.0%	7.5%	6.0%	5.8%	4.5%	1.7%	6.3%	5.6%	6.1%	9.0%	1.9%	8.7%	6.1%	4.4%	10.7%	15.0%	13.5%	14.2%	13.5%	12.7%	–	–	–	–	–	–	–	–	–
Return on invested capital	5.5%	5.0%	4.9%	5.4%	4.9%	1.6%	4.3%	0.2%	2.0%	4.7%	4.3%	3.0%	3.2%	5.0%	4.6%	4.9%	4.0%	5.0%	4.8%	5.3%	4.8%	6.1%	6.3%	6.5%	4.7%	2.6%	6.9%	8.0%	7.9%	8.0%	8.3%	8.0%	–	–	–	–	–	–	–	–	–
Dividend yield	2.7%	2.8%	3.8%	3.4%	3.2%	3.6%	2.7%	2.7%	2.3%	2.4%	3.4%	–	–	–	–	–	–	–	–	–	–	–	–	14.6%	12.8%	9.0%	14.4%	8.0%	9.3%	10.9%	10.7%	12.7%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.69×	0.51×	0.85×	0.55×	0.70×	0.73×	0.49×	0.51×	0.55×	0.51×	0.59×	0.55×	0.68×	0.71×	0.62×	0.66×	0.71×	0.74×	0.72×	0.73×	0.80×	0.63×	0.79×	0.45×	0.54×	0.71×	0.52×	0.68×	0.84×	0.50×	0.47×	0.51×	–	–	–	–	–	–	–	–	–
Debt / equity	1.71×	1.46×	1.71×	1.49×	1.40×	1.69×	1.61×	1.58×	2.02×	1.85×	1.70×	1.58×	1.41×	1.37×	1.53×	1.49×	1.26×	1.60×	1.32×	1.28×	1.32×	1.32×	1.51×	1.64×	2.26×	2.36×	1.74×	1.61×	1.37×	1.37×	1.18×	1.17×	–	–	–	–	–	–	–	–	–
Effective tax rate	16.8%	15.8%	17.1%	17.2%	16.7%	54.6%	24.4%	78.1%	71.0%	35.5%	41.6%	39.4%	32.9%	34.4%	35.0%	31.9%	41.6%	33.5%	35.6%	35.3%	34.5%	35.9%	35.5%	35.5%	46.3%	46.9%	36.0%	34.2%	35.5%	38.6%	38.2%	37.3%	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	474	456	448	443	417	384	376	356	331	324	320	317	314	300	288	280	276	275	275	273	273	266	258	213	210	122	126	122	125	123	128	131	133	135	136	126	146	148	144	142	142

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$6,739	$6,523	$5,283	$5,348	$5,739	$4,731	$4,473	$5,053	$4,991	$4,875	$4,492	$4,652	$5,272	$4,625	$5,031	$5,751	$6,371	$6,652	$8,874	$7,940	$7,490	$7,899	$6,666	$6,247	$6,492	$9,459	$6,031	$3,145	$2,933	$2,586	$1,822	$1,722	$1,676	$1,678	$1,582	$1,535	$1,521	$1,560	$1,524	$1,452	$1,626	$1,908
Cost of revenue	($1,538)	($1,584)	($1,132)	($1,533)	($2,110)	($1,392)	($1,109)	($1,535)	($1,761)	($1,519)	($1,390)	($1,644)	($2,373)	($1,963)	($1,517)	($2,304)	($2,964)	($3,318)	($5,633)	–	–	–	–	–	–	–	–	($1,651)	($1,021)	($771)	–	–	($683)	–	–	–	–	–	–	–	–	–
Gross profit	$5,201	$4,938	$4,151	$3,814	$3,628	$3,339	$3,364	$5,209	$5,114	$4,875	$4,492	$4,652	$2,900	$2,662	$3,514	$3,448	$3,407	$3,334	$3,247	–	–	–	–	–	–	–	–	$1,494	$1,911	$1,815	–	–	$993	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	($31)	($31)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	($14)	($24)	$28	$36	$9	($16)	$18	($11)	($8)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($3,340)	($3,103)	($2,695)	($2,519)	($2,362)	($2,332)	($2,813)	($4,318)	($4,990)	($3,953)	($3,626)	($3,852)	($2,110)	($1,964)	($2,474)	($2,533)	($2,516)	($2,534)	($2,328)	–	–	–	–	–	–	–	–	($1,056)	($1,509)	($1,410)	–	–	($638)	–	–	–	–	–	–	–	–	–
Total costs and expenses	($4,878)	($4,688)	($3,827)	($4,052)	($4,473)	($3,724)	($3,922)	($4,163)	($4,866)	($3,953)	($3,626)	($3,852)	($4,483)	($3,927)	($3,991)	($4,837)	($5,479)	($5,852)	($7,955)	($7,073)	($6,563)	($7,055)	($5,595)	($5,149)	($5,368)	($8,450)	($5,463)	($2,707)	($2,530)	($2,181)	($1,440)	($1,345)	($1,322)	–	–	–	–	–	–	–	–	–
Operating income	$1,860	$1,835	$1,456	$1,296	$1,266	$1,007	$551	$891	$125	$921	$866	$800	$789	$698	$1,040	$914	$892	$800	$919	$867	$927	$844	$1,071	$1,097	$1,125	$1,009	$568	$438	$403	$406	$382	$378	$355	$1,678	$1,582	$1,535	$1,521	$1,560	$1,524	$1,452	$1,626	$1,908
Earnings
EBITDA	$3,133	$3,003	$2,499	$2,204	$2,087	$1,755	$1,277	$1,608	$724	$1,492	$1,413	$1,324	$1,276	$1,168	$1,602	$1,450	$1,487	$1,390	$1,486	$1,407	$1,484	$1,406	$1,601	$1,613	$1,699	$1,681	$942	$731	$659	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest income	$13	$10	$10	$9	$4	$4	$6	$8	$7	$5	$3	$1	$4	$4	$417	$4	–	$7	$16	–	$9	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($758)	($639)	($517)	($490)	($362)	($341)	($371)	($379)	($353)	($353)	($350)	($380)	($380)	($375)	($418)	($377)	($392)	($399)	($380)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,149	$1,216	$1,003	$814	$956	$707	($31)	$507	($231)	$443	$514	$340	$423	$330	$624	$476	$407	$397	$555	$484	$484	$433	$671	$660	$660	$395	$277	$251	$295	$296	$288	$284	$262	–	–	–	–	–	–	–	–	–
Income tax expense	($170)	($204)	($158)	($140)	($165)	($118)	$17	($124)	$180	($314)	($182)	($141)	($167)	($109)	($215)	($167)	($130)	($165)	($186)	($172)	($171)	($149)	($241)	($234)	($234)	($183)	($130)	($90)	($101)	($105)	($111)	($108)	($98)	$156	$137	$133	$125	$137	$123	$65	($14)	$107
Net income	$905	$930	$760	$714	$804	$585	($18)	$383	($51)	$128	$332	$286	$530	$532	$416	$299	$283	$217	$79	$321	$282	$306	$436	$86	$372	$216	$157	$160	$194	$191	$177	$176	$164	$156	$137	$133	$125	$137	$123	$65	($14)	$107
Per share
Diluted EPS (GAAP)	$1.88	$1.95	$1.62	$1.48	$1.70	$1.27	($0.19)	$0.87	($0.18)	$0.39	$1.02	$0.90	$1.67	$1.70	$1.39	$1.03	$1.01	$0.78	$0.29	$1.17	$1.03	$1.12	$1.64	$0.33	$1.75	$1.03	$1.11	$1.27	$1.59	$1.53	$1.43	$1.35	$1.23	$1.15	$0.99	$0.96	$0.89	$0.49	$0.70	$0.27	($0.29)	$0.55
Basic EPS (GAAP)	$1.90	$1.96	$1.63	$1.59	$1.84	$1.35	($0.19)	$0.88	($0.18)	$0.39	$1.03	$0.90	$1.68	$1.70	$1.43	$1.06	$1.02	$0.79	$0.29	$1.17	$1.04	$1.13	$1.65	$0.33	$1.77	$1.05	$1.12	$1.29	$1.60	$1.54	$1.44	$1.36	$1.24	$1.15	$1.00	$0.97	$0.90	$0.50	$0.70	$0.27	($0.29)	$0.55
Basic shares outstanding	476	473	454	416	407	394	384	375	356	329	322	318	315	312	292	280	278	275	274	274	273	271	264	258	210	206	122	124	121	124	123	127	130	133	134	134	125	146	148	144	142	142
Margins
Gross margin	77.2%	75.7%	78.6%	71.3%	63.2%	70.6%	75.2%	103.1%	102.5%	100.0%	100.0%	100.0%	55.0%	57.6%	69.8%	59.9%	53.5%	50.1%	36.6%	–	–	–	–	–	–	–	–	47.5%	65.2%	70.2%	–	–	59.3%	–	–	–	–	–	–	–	–	–
Operating margin	27.6%	28.1%	27.6%	24.2%	22.1%	21.3%	12.3%	17.6%	2.5%	18.9%	19.3%	17.2%	15.0%	15.1%	20.7%	15.9%	14.0%	12.0%	10.4%	10.9%	12.4%	10.7%	16.1%	17.6%	17.3%	10.7%	9.4%	13.9%	13.7%	15.7%	20.9%	21.9%	21.2%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	13.4%	14.3%	14.4%	13.4%	14.0%	12.4%	(0.4%)	7.6%	(1.0%)	2.6%	7.4%	6.2%	10.1%	11.5%	8.3%	5.2%	4.4%	3.3%	0.9%	4.0%	3.8%	3.9%	6.5%	1.4%	5.7%	2.3%	2.6%	5.1%	6.6%	7.4%	9.7%	10.2%	9.8%	9.3%	8.6%	8.7%	8.2%	8.8%	8.1%	4.5%	(0.9%)	5.6%

Analyst consensus

Buy22 analysts

Bearish · 0 · Hold · 6 · Bullish · 16

Earnings history

	EPS	Estimate
Q3 2024	$0.20	$0.16	Beat
Q4 2024	$0.49	$0.48	Beat
Q1 2025	$0.98	$0.90	Beat
Q2 2025	$0.22	$0.20	Beat
Q3 2025	$0.19	$0.20	Miss
Q4 2025	$0.51	$0.50	Beat
Q1 2026	$1.06	$1.05	Beat
Q2 2026	$0.16	$0.16	Match

Peers

Company overview

IPO dateFeb 21, 1973

CEOLloyd Yates

Employees7,703

SectorUtilities

IndustryRegulated Gas

CountryUS

ExchangeNew York Stock Exchange

Websitewww.nisource.com

NiSource Inc., an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates in two segments, Columbia Operations and NIPSCO Operations. The company provides natural gas to residential, commercial, and industrial customers through approximately 37,300 miles of distribution main pipeline and the associated individual customer service lines; and 310 miles of transmission main pipeline in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland. It also generates, transmits, and distributes electricity to approximately 0.5 million customers in various counties in the northern part of Indiana, as well as engages in wholesale electric and transmission transactions. It owns and operates steam coal generating stations in Wheatfield and Michigan City; combined cycle gas turbine in West Terre Haute; natural gas generating units in Wheatfield; hydro generating plants in Carroll County and White County; wind generating units in White County; and solar generating units in Sullivan County, Gibson County, Jasper County, and White County. The company was formerly known as NIPSCO Industries, Inc. and changed its name to NiSource Inc. in April 1999. NiSource Inc. was founded in 1847 and is headquartered in Merrillville, Indiana.

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