Loading…
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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $6.6B | $3.0B | $930M | $-794M | 9.8% | 21.8% | 22.2% |
| 2024 | $5.5B | $2.6B | $760M | $-862M | 8.8% | -0.9% | 6.5% |
| 2023 | $5.5B | $2.2B | $714M | $-711M | 9.2% | -5.9% | -11.2% |
| 2022 | $5.9B | $2.1B | $804M | $-794M | 13.3% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 5,850.60 | 5,505.40 | 5,455.10 | 6,642.20 |
| Operating Revenue | - | 5,738.60 | 5,347.80 | 5,282.90 | 6,522.80 |
| Cost Of Revenue | - | 3,599.90 | 3,028.20 | 2,647.40 | 3,294.60 |
| Gross Profit | - | 2,250.70 | 2,477.20 | 2,807.70 | 3,347.60 |
| Operating Expense | - | 1,089.10 | 1,178.80 | 1,343.90 | 1,515.70 |
| Selling General And Administration | -35.50 | -27.60 | 24 | 13.50 | - |
| Total Expenses | - | 4,689 | 4,207 | 3,991.30 | 4,810.30 |
| Operating Income | - | 1,161.60 | 1,298.40 | 1,463.80 | 1,831.90 |
| Total Operating Income As Reported | - | 1,265.80 | 1,295.50 | 1,455.50 | 1,835.30 |
| EBITDA | - | 2,149.40 | 2,223.30 | 2,569.10 | 3,045.90 |
| Normalized EBITDA | - | 2,020.10 | 2,201 | 2,503 | 3,013.80 |
| EBIT | - | 1,328.60 | 1,315.10 | 1,525.90 | 1,878.30 |
| Interest Income | - | 4.30 | 9 | 10.40 | 10.20 |
| Interest Expense | - | 372.20 | 501.20 | 523.10 | 661.90 |
| Net Interest Income | - | -357.30 | -480.60 | -506.80 | -628.80 |
| Other Non Operating Income Expenses | - | 22.80 | -26.20 | -20.30 | -18.80 |
| Other Income Expense | - | 152.10 | -3.90 | 45.80 | 13.30 |
| Interest Income Non Operating | - | 4.30 | 9 | 10.40 | 10.20 |
| Interest Expense Non Operating | - | 372.20 | 501.20 | 523.10 | 661.90 |
| Net Non Operating Interest Income Expense | - | -357.30 | -480.60 | -506.80 | -628.80 |
| Pretax Income | - | 956.40 | 813.90 | 1,002.80 | 1,216.40 |
| Tax Provision | - | 164.60 | 139.50 | 158.10 | 203.80 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 22.24 | 3.81 | 10.44 | 5.39 |
| Net Income Continuous Operations | - | 791.80 | 674.40 | 844.70 | 1,012.60 |
| Net Income From Continuing And Discontinued Operation | - | 804.10 | 714.30 | 760.40 | 929.50 |
| Net Income From Continuing Operation Net Minority Interest | - | 804.10 | 714.30 | 760.40 | 929.50 |
| Net Income | - | 804.10 | 714.30 | 760.40 | 929.50 |
| Net Income Common Stockholders | - | 749 | 661.10 | 738.10 | 926.90 |
| Net Income Including Noncontrolling Interests | - | 791.80 | 674.40 | 844.70 | 1,012.60 |
| Normalized Income | - | 697.04 | 695.81 | 704.74 | 902.79 |
| Diluted NI Availto Com Stockholders | - | 751 | 662.50 | 738.10 | 926.90 |
| Basic Average Shares | - | 407.10 | 416.10 | 454.20 | 472.90 |
| Diluted Average Shares | - | 442.70 | 447.90 | 456 | 474.50 |
| Reconciled Depreciation | - | 820.80 | 908.20 | 1,043.20 | 1,167.60 |
| Reconciled Cost Of Revenue | - | 3,599.90 | 3,028.20 | 2,647.40 | 3,294.60 |
| Total Unusual Items | - | 129.30 | 22.30 | 66.10 | 32.10 |
| Total Unusual Items Excluding Goodwill | - | 129.30 | 22.30 | 66.10 | 32.10 |
| Preferred Stock Dividends | 55.10 | 55.10 | 42.80 | 6.70 | - |
| Minority Interests | - | 12.30 | 39.90 | -84.30 | -83.10 |
| Special Income Charges | - | 119.30 | 22.30 | 66.10 | 32.10 |
| Other Special Charges | - | -15.10 | -25.20 | -75.10 | -32.70 |
| Write Off | - | 0 | 0 | 6.10 | 0.70 |
| Impairment Of Capital Assets | 0 | - | - | - | - |
| Gain On Sale Of Security | - | 10 | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 820.80 | 908.20 | 1,043.20 | 1,167.60 |
| Depreciation And Amortization In Income Statement | - | 820.80 | 908.20 | 1,043.20 | 1,167.60 |
| General And Administrative Expense | -35.50 | -27.60 | 24 | 13.50 | - |
| Salaries And Wages | -35.50 | -27.60 | 24 | 13.50 | - |
| Gain On Sale Of Ppe | - | 104.20 | -2.90 | -2.90 | 0.10 |
| Total Other Finance Cost | - | -10.60 | -11.60 | -5.90 | -22.90 |
| Otherunder Preferred Stock Dividend | - | 0 | 10.40 | 15.60 | 2.60 |
| Average Dilution Earnings | - | 2 | 1.40 | 0 | 0 |
| Other Taxes | - | 268.30 | 270.60 | 300.70 | 348.10 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NiSource Inc.this co. | NI | $22.0B | 23.65 | 2.33 | 9.8% | 12.50 |
| CenterPoint Energy, Inc. | CNP | $27.4B | 26.02 | 2.45 | 9.4% | 13.67 |
| PPL Corporation | PPL | $26.5B | 22.40 | 1.78 | 7.9% | 12.10 |
| FirstEnergy Corp. | FE | $26.4B | 25.88 | 2.11 | 8.2% | 12.43 |
| Eversource Energy | ES | $26.3B | 15.53 | 1.62 |
| - |
| - |
| - |
| - |
| 10.4% |
| 10.25 |
| American Water Works Company, Inc. | AWK | $23.9B | 21.49 | 2.20 | 10.3% | 13.54 |
| CMS Energy Corporation | CMS | $21.7B | 20.29 | 2.44 | 12.0% | 11.97 |
| Evergy, Inc. | EVRG | $18.9B | 22.06 | 1.85 | 8.4% | 12.50 |
| Alliant Energy Corporation | LNT | $18.4B | 22.76 | 2.51 | 11.0% | 15.05 |
| Peer Median | - | 22.23 | 2.16 | 9.8% | 12.46 | |