NiSource (NI) financial statements
NiSource reported revenue of $6.5B in fiscal 2025, up 4.5% a year over 9 years.
Net income was $930M and the operating margin 28.1%, against 19.7% in 2016.
Free cash flow was -$420M, and the company returned $530M in dividends.
The diluted share count rose 47% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NiSource's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.4B | $4.7B | $5.0B | $5.1B | $4.5B | $4.7B | $5.7B | $5.3B | $5.3B | $6.5B |
| Cost of revenue | $1.4B | $1.5B | $1.8B | $1.5B | $1.1B | $1.4B | $2.1B | $1.5B | $1.1B | $1.6B |
| Gross profit | $4.5B | $4.9B | $5.1B | $5.2B | $3.4B | $3.3B | $3.6B | $3.8B | $4.2B | $4.9B |
| Operating income | $866M | $921M | $125M | $891M | $551M | $1.0B | $1.3B | $1.3B | $1.5B | $1.8B |
| Interest expense | $350M | $353M | $353M | $379M | $371M | $341M | $362M | $490M | $517M | $639M |
| Pre-tax income | $514M | $443M | -$231M | $507M | -$31M | $707M | $956M | $814M | $1.0B | $1.2B |
| Income tax | $182M | $314M | -$180M | $124M | -$17M | $118M | $165M | $140M | $158M | $204M |
| Net income | $332M | $128M | -$51M | $383M | -$18M | $585M | $804M | $714M | $760M | $930M |
| EPS (diluted) | $1.02 | $0.39 | -$0.18 | $0.87 | -$0.19 | $1.27 | $1.70 | $1.48 | $1.62 | $1.95 |
| Diluted shares | 324M | 331M | 356M | 376M | 384M | 417M | 443M | 448M | 456M | 474M |
| Gross margin | 102.3% | 103.1% | 102.5% | 103.1% | 75.2% | 70.6% | 63.2% | 71.3% | 78.6% | 75.7% |
| Operating margin | 19.7% | 19.5% | 2.5% | 17.6% | 12.3% | 21.3% | 22.1% | 24.2% | 27.6% | 28.1% |
| Net margin | 7.5% | 2.7% | -1.0% | 7.6% | -0.4% | 12.4% | 14.0% | 13.4% | 14.4% | 14.3% |
Balance sheet
Fiscal years, from NiSource's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $26M | $29M | $113M | $139M | $116M | $84M | $41M | $2.2B | $157M | $110M |
| Receivables | $847M | $899M | $1.1B | $857M | $791M | $826M | $1.0B | $862M | $964M | $1.2B |
| Total current assets | $1.8B | $1.8B | $2.1B | $1.9B | $1.7B | $1.9B | $2.6B | $4.5B | $2.1B | $2.4B |
| Property, plant and equipment | $13.1B | $14.4B | $15.5B | $16.9B | $16.6B | $17.9B | $19.8B | $22.3B | $25.5B | $28.7B |
| Goodwill | $1.7B | $1.7B | $1.7B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B |
| Total assets | $18.7B | $20.0B | $21.8B | $22.7B | $22.0B | $24.2B | $26.7B | $31.1B | $31.8B | $35.9B |
| Total current liabilities | $3.5B | $3.2B | $4.0B | $3.7B | $2.3B | $2.7B | $4.7B | $5.3B | $4.1B | $3.5B |
| Long-term debt | $6.1B | $7.5B | $7.1B | $7.9B | $9.2B | $9.2B | $9.5B | $11.1B | $12.1B | $15.5B |
| Total liabilities | $14.6B | $15.6B | $16.1B | $16.7B | $16.2B | $16.9B | $18.8B | $20.9B | $21.1B | $24.2B |
| Shareholders' equity | $4.1B | $4.3B | $5.8B | $6.0B | $5.8B | $6.9B | $7.6B | $8.3B | $8.7B | $9.5B |
| Net debt | $6.0B | $7.5B | $7.0B | $7.7B | $9.1B | $9.1B | $9.5B | $8.8B | $13.2B | $15.4B |
Cash flow
Fiscal years, from NiSource's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $803M | $742M | $540M | $1.6B | $1.1B | $1.2B | $1.4B | $1.9B | $1.8B | $2.4B |
| Capital spending | $1.5B | $1.7B | $1.8B | $1.8B | $1.8B | $1.8B | $2.2B | $2.6B | $2.6B | $2.8B |
| Free cash flow | -$672M | -$954M | -$1.3B | -$219M | -$654M | -$620M | -$794M | -$711M | -$832M | -$420M |
| Stock-based compensation | $46M | $40M | $29M | $26M | $17M | $24M | $25M | $34M | $44M | $51M |
| Dividends paid | $206M | $229M | $273M | $298M | $322M | $345M | $382M | $414M | $481M | $530M |
| Share buybacks (net) | -$9M | -$7M | -$4M | $0 | $0 | — | — | — | — | — |
| Net borrowing | $1.4B | $3.0B | $172M | $646M | $3.0B | $0 | $346M | $1.5B | $2.2B | $2.1B |
| Free cash flow margin | -15.3% | -20.2% | -25.6% | -4.3% | -14.6% | -13.1% | -13.8% | -13.3% | -15.8% | -6.4% |
| Dividends per share | $0.64 | $0.69 | $0.77 | $0.79 | $0.84 | $0.83 | $0.86 | $0.92 | $1.05 | $1.12 |
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Open NI in InvestinglyQuestions
What was NiSource's revenue in 2025?
$6.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does NiSource generate?
-$420M in fiscal 2025 (operating cash flow minus capital spending).
From NiSource's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.