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NI

NiSource Inc.

NI

NiSource Inc. • NYSE
$44.13 ▲ 0.85% (+0.37)
Market Cap $20.76 B
52w High $44.88
52w Low $35.36
Dividend Yield 1.12%
P/E 23.23
Volume 1.13M
Outstanding Shares 470.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.273B ▼ $380.9M ▲ $94.7M ▼ 7.439% ▼ $0.2 ▼ $614.3M ▲
Q2-2025 $1.283B ▼ $362.1M ▲ $102.2M ▼ 7.966% ▼ $0.22 ▼ $550.1M ▼
Q1-2025 $2.183B ▲ $348.5M ▼ $474.8M ▲ 21.748% ▲ $1.01 ▲ $1.024B ▲
Q4-2024 $1.588B ▲ $372.7M ▲ $223.9M ▲ 14.101% ▲ $0 ▼ $713.9M ▲
Q3-2024 $1.076B $334.7M $85.7M 7.962% $0.19 $517M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $119.5M ▼ $34.403B ▲ $23.161B ▲ $9.118B ▲
Q2-2025 $335.4M ▲ $34.029B ▲ $23.032B ▲ $8.883B ▼
Q1-2025 $259.4M ▲ $33.105B ▲ $22.159B ▲ $8.897B ▲
Q4-2024 $156.6M ▲ $31.788B ▲ $21.12B ▲ $8.684B ▲
Q3-2024 $126.2M $30.828B $20.499B $8.345B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $94.4M ▼ $467.9M ▼ $-819.3M ▲ $105.3M ▼ $-246.1M ▼ $-172.6M ▼
Q2-2025 $100.5M ▼ $495.4M ▼ $-1.214B ▲ $780.1M ▲ $61.9M ▼ $-162.8M ▼
Q1-2025 $526.7M ▲ $686.4M ▲ $-1.353B ▼ $771.4M ▲ $105.1M ▲ $49.1M ▲
Q4-2024 $244.3M ▲ $539.8M ▲ $-798.5M ▲ $298.5M ▼ $39.8M ▲ $-249.2M ▲
Q3-2024 $85.5M $340M $-820.5M $503.4M $22.9M $-294.7M

Revenue by Products

Product Q2-2023Q3-2023Q4-2023Q1-2024
Corporate and Other
Corporate and Other
 $0 ▲$0 ▲$0 ▲$140.00M ▲
Electric Operations
Electric Operations
 $400.00M ▲$500.00M ▲$420.00M ▼$0 ▼
Gas Distribution Operations
Gas Distribution Operations
 $700.00M ▲$530.00M ▼$1.00Bn ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement NiSource’s income statement shows the profile of a stable, regulated utility that has been steadily improving its earnings power. Revenue has been generally steady to slightly up over the last several years, with only modest ups and downs. The bigger story is on profitability: gross profit, operating income, and cash earnings have all trended higher. That suggests the company has been able to recover its costs through rates and benefit from its large investment program. Net income moved from almost break‑even earlier in the period to solidly positive more recently, with earnings per share following the same path. There are some year‑to‑year bumps, which is normal for a utility that faces weather swings, fuel costs, and regulatory timing, but the overall direction is positive. In plain terms, NiSource looks like it has turned its heavy investment into steadily better earnings, while keeping revenue reasonably stable for a utility business.

Balance Sheet

Balance Sheet NiSource’s balance sheet reflects a capital‑intensive, growing utility system. Total assets have risen meaningfully as the company has built out and modernized its networks and generation. Equity has also climbed over time, showing that the company is building up its capital base and retaining value in the business. Debt has increased, which is typical for a regulated utility funding large, long‑lived projects. Leverage is significant, but this is common in the sector and is usually supported by the regulatory model as long as regulators view the investments as prudent. The cash balance has swung around from year to year, with at least one year of unusually high cash followed by a much lower balance. That pattern often reflects timing of financings, debt repayments, and big project spending, rather than a structural issue. Overall, the balance sheet looks like that of a growing regulated utility: asset‑heavy, reliant on debt, but also supported by a rising equity base.

Cash Flow

Cash Flow NiSource’s cash flow picture is driven by strong operating inflows and very heavy investment. Cash generated from operations has grown over the period, which lines up with the improving earnings story. This is a healthy sign, because it shows that reported profits are backed by real cash. Free cash flow, however, is consistently negative, and by a wide margin. The reason is large and sustained capital spending on networks, pipelines, and cleaner generation. This is not unusual for a utility in a major upgrade and energy‑transition cycle, but it does mean the company depends on raising capital from lenders and investors to fund its plans. The key interpretation: NiSource is cash‑generative in its day‑to‑day business but is choosing to reinvest far more than it brings in, betting on long‑term regulated returns. That makes regulatory support and access to financing especially important.

Competitive Edge

Competitive Edge NiSource’s competitive position is anchored in its role as a fully regulated utility providing essential energy services. Its main moat comes from regulation: it operates as the approved gas and electric provider in its territories, with little direct competition on the pipes and wires themselves. This creates a high degree of demand stability and a predictable framework for earning returns on invested capital, as long as it maintains constructive relationships with state regulators. The company is diversified across several Mid‑Atlantic and Midwestern states, which spreads regulatory and economic risk rather than relying on a single jurisdiction. Its services—heat, power, and gas—are basic necessities, which usually makes revenue more resilient in downturns. Key risks on the competitive side include changing political and regulatory views on natural gas, pressure to keep customer bills affordable while investing heavily, and the need to keep up with peers in reliability and customer service. On the opportunity side, NiSource is positioning itself to capture new high‑growth load, such as data centers, through its new generation affiliate, which could become an important source of incremental earnings if executed well.

Innovation and R&D

Innovation and R&D For a regulated utility, NiSource is leaning relatively hard into innovation and modernization. On the grid and pipeline side, it is rolling out advanced meters that enable two‑way communication, faster outage detection, and more detailed usage information for customers. This can improve reliability and reduce operating costs over time, while also supporting new customer‑facing services. In gas operations, the company is steadily replacing older pipeline materials and using advanced leak‑detection technology to boost safety and cut emissions. This not only reduces risk but also positions NiSource well as environmental scrutiny increases. On the clean energy front, NiSource is retiring coal and building a portfolio of wind and solar projects, aiming for a much larger share of renewables over the next decade. It is also experimenting with renewable natural gas and hydrogen blending, which, if successful, could extend the role of its gas networks in a lower‑carbon world. Programs like Green Path℠ and the hydrogen pilot show a willingness to test new offerings and technologies rather than simply running the legacy system. The new GenCo focused on data center demand is another example of forward‑looking innovation within a regulated framework. Overall, the company appears to be using its large investment cycle not just to replace old assets, but to digitize and decarbonize its system in ways that could strengthen its position over time.

Summary

NiSource looks like a classic regulated utility that is in the middle of a large, long‑term modernization and clean‑energy build‑out. Financially, earnings and operating cash flow have improved steadily, while revenue has stayed fairly stable. The balance sheet shows substantial growth in assets funded by a mix of rising equity and higher debt, which is typical for this kind of business but does increase sensitivity to interest rates and regulatory approvals. Cash flow is the main tension: the core business produces solid cash, but aggressive capital spending keeps free cash flow deeply negative, making the company reliant on external financing. As long as regulators continue to approve projects and allow cost recovery, this model can support steady growth; if that support weakens, the funding burden could become more challenging. Strategically, NiSource benefits from a strong regulated foundation, a diversified footprint, and the essential nature of its services. Its push into smart infrastructure, renewables, renewable natural gas, hydrogen, and dedicated service for data centers indicates a serious effort to align with long‑term energy and technology trends. Key things to watch include: the pace and cost of its capital program, regulatory relationships in its key states, customer bill impacts, execution of new growth initiatives like the data center affiliate, and progress toward its net‑zero ambitions. The combination of stability and transformation defines the current investment story for NiSource.

NEWS

October 31, 2025 · 7:00 AM UTC

NiSource Announces $1.5 Billion At-The-Market (ATM) Equity Issuance Program Through 2028

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October 30, 2025 · 7:00 AM UTC

Zachry Group Awarded Engineering, Procurement, and Construction (EPC) Contract for NiSource's Combined Cycle Generation Project

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October 29, 2025 · 6:30 AM UTC

NiSource announces third quarter results

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October 15, 2025 · 4:30 PM UTC

NiSource to Release Third Quarter 2025 Financial Results and Host Conference Call on October 29

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September 24, 2025 · 4:43 PM UTC

NiSource Achieves IURC Regulatory Approval for GenCo Strategy

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