Overview
NISOURCE INC.
Latest 10-K: FY2025, filed Feb 11, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $6.52B
- 23.5%YoYup from FY2024
- TotalRevenue
- Gross profit
- $4.94B
- 19.0%YoYup from FY2024
- GrossProfit
- Operating income
- $1.84B
- 26.1%YoYup from FY2024
- OperatingIncome
- Net income
- $0.93B
- 22.2%YoYup from FY2024
- NetIncome
- Diluted EPS
- $1.95
- 20.4%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 474.5M
- 4.1%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- NISOURCE INC. reported revenue of $6.52B for fiscal 2025, up 23.5% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 2 of the last 5 fiscal years.
Profitability
- Operating margin was 28.1% and net margin was 14.3%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $1.95, up 20.4% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $6.52B23.5%up Benchmark median 6.4% | $5.28B1.2%down Benchmark median 4.5% | $5.35B6.8%down Benchmark median 4.8% | $5.74B21.3%up Benchmark median 10.3% | $4.73B5.8%up Benchmark median 13.8% | 8.4% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $4.94B19.0%up Benchmark median 6.8% | $4.15B8.8%up Benchmark median 5.5% | $3.81B5.1%up Benchmark median 5.2% | $3.63B8.7%up Benchmark median 8.3% | $3.34B0.7%down Benchmark median 15.7% | 10.3% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $1.84B26.1%up Benchmark median 7.3% | $1.46B12.4%up Benchmark median 7.4% | $1.30B2.3%up Benchmark median 4.9% | $1.27B25.7%up Benchmark median 7.5% | $1.01B82.8%up Benchmark median 23.5% | 16.2% Benchmark median 7.2% |
| Net Income | $929.50M22.2%up Benchmark median 4.8% | $760.40M6.5%up Benchmark median 5.7% | $714.30M11.2%down Benchmark median 1.9% | $804.10M37.5%up Benchmark median 1.3% | $584.90Mn/m Benchmark median 33.9% | 12.3% Benchmark median 4.1% |
| EPS (Diluted) | $1.9520.4%up Benchmark median 6.2% | $1.629.5%up Benchmark median 7.9% | $1.4812.9%down Benchmark median 1.9% | $1.7033.9%up Benchmark median 1.5% | $1.27n/m Benchmark median 34.8% | 11.3% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $35.86B12.8%up Benchmark median 5.6% | $31.79B2.3%up Benchmark median 3.4% | $31.08B16.2%up Benchmark median 4.1% | $26.74B10.7%up Benchmark median 2.2% | $24.16B9.6%up Benchmark median 6.7% | 10.4% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — Benchmark median 4.4% |
| Stockholders' Equity | $11.66B9.3%up Benchmark median 6.8% | $10.67B5.2%up Benchmark median 5.4% | $10.14B28.3%up Benchmark median 7.3% | $7.90B8.6%up Benchmark median 2.5% | $7.27B24.6%up Benchmark median 9.0% | 12.5% Benchmark median 6.1% |
| Cash & Equivalents | $0.11B29.7%down Benchmark median 5.2% | $0.16B93.0%down Benchmark median 1.9% | $2.25B5403.4%up Benchmark median 6.7% | $0.04B51.5%down Benchmark median -8.6% | $0.08B27.7%down Benchmark median -2.9% | 6.9% Benchmark median 2.0% |
| Total Debt | $16.21B16.1%up Benchmark median 2.1% | $13.96B15.0%up Benchmark median 0.2% | $12.14B21.8%up Benchmark median 0.3% | $9.97B1.7%up Benchmark median 0.1% | $9.80B0.6%up Benchmark median -0.1% | 13.4% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.36B32.6%up Benchmark median 6.3% | $1.78B7.9%down Benchmark median 4.8% | $1.94B37.3%up Benchmark median 9.9% | $1.41B15.7%up Benchmark median -0.7% | $1.22B10.3%up Benchmark median 10.7% | 18.0% Benchmark median 7.0% |
| Capital Expenditures | $2.78B6.4%up Benchmark median 5.4% | $2.61B1.2%down Benchmark median 2.8% | $2.65B20.1%up Benchmark median 11.3% | $2.20B19.9%up Benchmark median 14.0% | $1.84B4.5%up Benchmark median 8.1% | 10.9% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | negative: -$420.00Mn/m Benchmark median 7.3% | negative: -$832.50Mn/m Benchmark median 6.1% | negative: -$710.70Mn/m Benchmark median 8.8% | negative: -$793.70Mn/m Benchmark median -11.3% | negative: -$620.10Mn/m Benchmark median 10.2% | n/m Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
4.7%
Wall Street
on net earnings
FY2024 4.4%
negative: −2.1%
Value investor
on free cash flow
FY2024 negative: −5.0%
Gap −6.8 pts: Value-investor figure 6.8 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 21.4×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
8.4%
Wall Street
on EBITDA
FY2024 8.2%
5.1%
Value investor
on EBIT
FY2024 4.8%
Gap −3.3 pts: Value-investor figure 3.3 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 12.0×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
58.8%
Wall Street
on book equity
FY2024 63.7%
51.3%
Value investor
on tangible book
FY2024 54.8%
Gap −7.5 pts: Value-investor figure 7.5 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 1.7×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
8.3%
Wall Street
ROE: net income ÷ equity
FY2024 7.3%
5.3%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 4.8%
Gap −3.0 pts: Value-investor figure 3.0 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
46.0%
Wall Street
EBITDA margin
FY2024 47.3%
negative: −6.4%
Value investor
Free-cash-flow margin
FY2024 negative: −15.8%
Gap −52.4 pts: Value-investor figure 52.4 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.69×
Wall Street
Current ratio
FY2024 0.51×
0.69×
Value investor
Quick ratio, inventory excluded
FY2024 0.51×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.19×
Wall Street
EBITDA ÷ total debt
FY2024 0.18×
negative: −0.03×
Value investor
FCF ÷ total debt
FY2024 negative: −0.06×
Gap −0.22×: Value-investor figure 0.22 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 5.36×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
4.6×
Wall Street
EBITDA ÷ interest
FY2024 4.9×
2.8×
Value investor
EBIT ÷ interest
FY2024 2.9×
Gap −1.8×: Value-investor figure 1.8 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on NI yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on NI and publish the result to your public profile.
Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/NI
Valuein. (2026, October 30). NISOURCE INC. (NI) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/NI
@misc{valuein_ni_2026,
author = {{Valuein}},
title = {NISOURCE INC. (NI) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/NI}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Feb 11, 2026 · accession 0001111711-26-000027
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing
Index names are trademarks of their owners; Valuein is not affiliated with or endorsed by any index provider.