NI
NiSource IncStock · UtilitiesS&P 500 Equal Weight 0.2% · S&P 500 0.04% · Russell 1000 0.03% · Russell 3000 0.03% · US Stock Market 0.03% · MSCI ACWI 0.02% · MSCI World 0.02%$40.58-0.81%
as of market close, Sep 18, 2026
☾ AH — —
NI financial statements
The full income statement, balance sheet, and cash-flow statement for NiSource Inc (NI), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 448.5M2024-09 466.8M2024-12 469.9M2025-03 470.7M2025-06 470.9M2025-09 477.2M2025-12 478.5M2026-03 479.4M2026-06 479.6M+6.9% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 6.52B+23.5% | 5.28B-1.2% | 5.35B-6.8% | 5.74B+21.3% | 4.73B+5.8% | |
| Amortization of intangibles | — | — | — | — | 0.00 | |
| Provision for credit losses | 67.3M+73.5% | 38.8M-2.5% | 39.8M+10.6% | 36.0M+400.0% | 7.20M-86.8% | |
| Operating income | 1.84B+26.1% | 1.46B+12.4% | 1.30B+2.3% | 1.27B+25.7% | 1.01B+82.8% | |
| Interest expense | 639M+23.5% | 517M+5.6% | 490M+35.4% | 362M+6.0% | 341M-8.0% | |
| Other non-operating income | 20.1M-68.8% | 64.5M+706.3% | 8.00M-84.7% | 52.2M+27.9% | 40.8M+27.1% | |
| Income tax | 204M+28.9% | 158M+13.3% | 140M-15.2% | 165M+39.7% | 118M+788.9% | |
| 930M+22.2% | 760M+6.5% | 714M-11.2% | 804M+37.5% | 585M+3423.3% | ||
| Net income to non-controlling interest | 83.1M-1.4% | 84.3M+311.3% | -39.9M-224.4% | -12.3M-415.4% | 3.90M+14.7% | |
| Net income to common | 930M+25.7% | 740M+11.8% | 662M-11.7% | 749M+41.4% | 530M+828.7% | |
| $1.95+20.4% | $1.62+9.5% | $1.48-12.9% | $1.70+33.9% | $1.27+768.4% | ||
| EPS (basic) | $1.96+20.2% | $1.63+2.5% | $1.59-13.6% | $1.84+36.3% | $1.35+810.5% | |
| Weighted-avg shares (basic) | 473M+4.1% | 454M+9.2% | 416M+2.2% | 407M+3.4% | 394M+2.4% | |
| Weighted-avg shares (diluted) | 475M+4.1% | 456M+1.8% | 448M+1.2% | 443M+6.1% | 417M+8.6% | |
| Dividends per share | $1.12+5.7% | $1.06+6.0% | $1.00+6.4% | $0.94+6.8% | $0.88+4.8% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.38B+14.3% | 2.08B-53.8% | 4.50B+74.1% | 2.58B+34.5% | 1.92B+15.8% | ||
| Cash & equivalents | 110M-29.7% | 157M-93.0% | 2.25B+5403.4% | 40.8M-51.5% | 84.2M-27.7% | |
| Accounts receivable | 1.20B+24.2% | 964M+11.9% | 862M-17.3% | 1.04B+26.2% | 826M+4.3% | |
| Prepaid expenses | 149M+7.8% | 139M+31.3% | 106M | — | — | |
| Other current assets | 89.3M+269.0% | 24.2M+84.7% | 13.1M-93.8% | 210M+7.3% | 196M+127.7% | |
| 35.9B+12.8% | 31.8B+2.3% | 31.1B+16.2% | 26.7B+10.7% | 24.2B+9.6% | ||
| Property, plant & equipment | 28.7B+12.7% | 25.5B+14.3% | 22.3B+12.3% | 19.8B+11.0% | 17.9B+7.6% | |
| Operating lease right-of-use | 25.8M-2.3% | 26.4M-19.8% | 32.9M-7.8% | 35.7M+5.6% | 33.8M-15.3% | |
| Goodwill | 1.49B+0.0% | 1.49B+0.0% | 1.49B+0.0% | 1.49B+0.0% | 1.49B+0.0% | |
| Intangible assets | — | — | — | — | 0.00 | |
| Other non-current assets | 4.52B+10.9% | 4.08B+0.5% | 4.06B-0.7% | 4.09B-0.2% | 4.09B+16.7% | |
| 3.46B-15.9% | 4.11B-21.9% | 5.27B+13.0% | 4.66B+69.7% | 2.75B+20.5% | ||
| Accounts payable | 1.12B+30.3% | 863M+15.2% | 749M-16.7% | 900M+28.9% | 698M+18.5% | |
| Deferred revenue | 283M+5.4% | 269M-8.7% | 294M-9.3% | 325M+36.5% | 238M-2.2% | |
| Short-term & current debt | 19.7M-98.5% | 1.28B+5283.2% | 23.8M-98.6% | 1.76B+214.6% | 560M+11.3% | |
| Current lease liability | 9.70M+6.6% | 9.10M+9.6% | 8.30M+72.9% | 4.80M-28.4% | 6.70M-35.0% | |
| Other current liabilities | 167M-1.8% | 170M-21.7% | 217M-33.1% | 325M-14.9% | 382M+73.3% | |
| Finance lease liability (current) | 19.7M-14.0% | 22.9M-3.8% | 23.8M-20.7% | 30.0M+6.8% | 28.1M+20.6% | |
| Long-term debt | 15.5B+28.0% | 12.1B+9.2% | 11.1B+16.1% | 9.52B+3.7% | 9.18B-0.4% | |
| Non-current lease liability | 17.2M-5.5% | 18.2M-29.5% | 25.8M-19.1% | 31.9M+14.3% | 27.9M-6.7% | |
| Operating lease liability (total) | 26.9M-1.5% | 27.3M-19.9% | 34.1M-7.1% | 36.7M+6.1% | 34.6M | |
| Finance lease liability (total) | 274M+11.3% | 246M+19.9% | 205M+17.6% | 175M-5.9% | 186M-4.8% | |
| Finance lease liability | 254M+13.9% | 223M+23.0% | 182M+25.5% | 145M-8.1% | 158M-8.3% | |
| Deferred tax liabilities | 2.50B+9.6% | 2.28B+9.7% | 2.08B+12.2% | 1.85B+11.8% | 1.66B+12.8% | |
| Other non-current liabilities | 258M-17.6% | 313M+4.8% | 299M+0.6% | 297M-57.0% | 690M+33.9% | |
| Total non-current liabilities | 5.28B+7.1% | 4.93B+6.7% | 4.62B-0.7% | 4.65B-6.1% | 4.95B+5.3% | |
| 9.45B+8.8% | 8.68B+5.0% | 8.27B+9.2% | 7.58B+9.0% | 6.95B+20.8% | ||
| Common stock | 4.80M+2.1% | 4.70M+4.4% | 4.50M+7.1% | 4.20M+2.4% | 4.10M+5.1% | |
| Additional paid-in capital | 9.87B+3.6% | 9.52B+7.2% | 8.88B+20.4% | 7.38B+2.4% | 7.20B+4.6% | |
| Retained earnings | -315M+55.7% | -712M+26.4% | -967M+20.3% | -1.21B+23.2% | -1.58B+10.4% | |
| Treasury stock | 99.9M+0.0% | 99.9M+0.0% | 99.9M+0.0% | 99.9M+0.0% | 99.9M+0.0% | |
| Accumulated other comprehensive income | -6.20M+79.6% | -30.4M+9.5% | -33.6M+9.4% | -37.1M+70.7% | -127M+19.1% | |
| Non-controlling interest | 2.21B+11.4% | 1.98B+6.3% | 1.87B+471.9% | 326M+0.2% | 326M+280.4% | |
| Total equity incl. non-controlling | 11.7B+9.3% | 10.7B+5.2% | 10.1B+28.3% | 7.90B+8.6% | 7.27B+24.6% | |
| Total liabilities & equity | 35.9B+12.8% | 31.8B+2.3% | 31.1B+16.2% | 26.7B+10.7% | 24.2B+9.6% | |
| Common shares outstanding | 478M+1.8% | 470M+5.0% | 447M+8.6% | 412M+1.7% | 405M+3.5% | |
| Shares outstanding (cover) | 479M+1.8% | 470M+5.0% | 448M+8.5% | 413M+1.8% | 405M+3.5% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.36B+32.6% | 1.78B-7.9% | 1.94B+37.3% | 1.41B+15.7% | 1.22B+10.3% | ||
| Depreciation & amortization | 1.17B+11.9% | 1.04B+14.9% | 908M+10.6% | 821M+9.7% | 748M+3.1% | |
| Intangible amortization | — | — | — | — | 0.00 | |
| Share-based compensation | 50.9M+16.7% | 43.6M+30.1% | 33.5M+34.5% | 24.9M+2.5% | 24.3M+39.7% | |
| Deferred income taxes | 237M+40.1% | 169M+24.9% | 135M-14.4% | 158M+39.8% | 113M+506.5% | |
| Change in receivables | 273M+169.4% | 102M+155.1% | -184M-185.1% | 216M+436.7% | 40.3M+933.3% | |
| Change in inventory | 60.3M+159.1% | -102M+56.4% | -234M-190.3% | 259M+129.3% | 113M+7426.7% | |
| Change in payables | 132M+84.3% | 71.5M+141.6% | -172M-204.1% | 165M+200.5% | 54.9M+284.8% | |
| Other operating activities | 24.8M+149.7% | -49.9M-232.7% | -15.0M-363.2% | 5.70M+914.3% | -700K-133.3% | |
| -4.52B-40.8% | -3.21B+10.0% | -3.57B-39.0% | -2.57B-16.6% | -2.20B-150.8% | ||
| Capital expenditure | 2.78B+6.4% | 2.61B-1.2% | 2.65B+20.1% | 2.20B+19.9% | 1.84B+4.5% | |
| Free cash flow | -420M+49.5% | -833M-17.1% | -711M+10.5% | -794M-28.0% | -620M+5.2% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other investing activities | 26.4M+876.5% | -3.40M-585.7% | 700K+153.8% | -1.30M-230.0% | 1.00M+900.0% | |
| 2.10B+422.4% | -651M-116.9% | 3.84B+236.7% | 1.14B+19.3% | 956M+486.1% | ||
| Long-term debt issued | 3.35B+50.3% | 2.23B+49.8% | 1.49B+330.8% | 346M | 0.00-100.0% | |
| Long-term debt repaid | 1.26B | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 312M-49.1% | 613M+4648.8% | 12.9M-91.6% | 154M-48.5% | 300M+41.7% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 530M+10.3% | 481M+16.3% | 414M+8.4% | 382M+10.5% | 345M+7.3% | |
| Other financing activities | 0.00 | 0.00+100.0% | -66.6M-0.8% | -66.1M-63.2% | -40.5M | |
| Interest paid | 557M+19.0% | 468M+7.9% | 434M+26.2% | 344M+6.6% | 322M-7.6% | |
| Income taxes paid | 3.30M-23.3% | 4.30M-54.3% | 9.40M+30.6% | 7.20M+33.3% | 5.40M+640.0% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 20.0B+15.7% | 17.3B+57.4% | 11.0B-1.4% | 11.1B-0.5% | 11.2B+24.5% | |
| P/E | 21.5×-5.4% | 22.7×+49.3% | 15.2×-0.9% | 15.3×-19.8% | 19.1× | |
| P/S | 3.1×-6.3% | 3.3×+68.3% | 1.9×-5.6% | 2.1×-13.0% | 2.4×+17.7% | |
| P/B | 2.1×+6.3% | 2.0×+30.7% | 1.5×-1.7% | 1.5×-3.9% | 1.6×+3.1% | |
| Earnings yield | 4.7%+5.7% | 4.4%-33.0% | 6.6%+0.9% | 6.5%+24.7% | 5.2% | |
| Dividend yield | 2.7%-7.0% | 2.9%-23.4% | 3.8%+9.9% | 3.4%+7.6% | 3.2%-13.0% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: NI’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NI filings on SEC EDGAR → Not investment advice.