NISOURCE INC.

Listed Company

NICIK 0001111711NYSELarge AcceleratedElectric & Other Services CombinedDelawareFY ends Dec 31

Period

FY 2025

Revenue

$6.52B

Net Income

$929.50M

Total Assets

$35.86B

Equity

$9.45B

Shares Out

478.53M

Op. Cash Flow

$2.36B

Business

NISOURCE INC. is an energy holding company that owns and operates fully regulated natural gas and electric utility businesses. It provides natural gas and electricity distribution, transmission, storage, generation and related customer services, including energy efficiency programs, leak detection, transportation and balancing, and wholesale power transactions and power purchase agreements. The company reports two primary segments—Columbia Operations (natural gas distribution and storage) and NIPSCO Operations (natural gas distribution, electric generation, transmission and distribution). Its regulated utilities serve residential, commercial and industrial customers across six U.S. states through regulated tariff structures and regional market participation.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Customer revenues	6,523	5,283	5,348	5,739	4,731
Other revenues	119	172	158	112	168
Total Operating Revenues	6,642	5,455	5,505	5,851	4,900
Cost of energy	1,584	1,132	1,533	2,111	1,392
Operation and maintenance	1,710	1,515	1,495	1,489	1,456
Depreciation and amortization	1,168	1,043	908	821	748
Loss on impairment of assets	700,000	6	0	0	—
Loss (gain) on sale of assets, net	−100,000	3	3	−104	—
Other taxes	344	300	271	268	288
Total Operating Expenses	4,807	4,000	4,210	4,585	3,893
Operating Income	1,835	1,456	1,296	1,266	1,007
Interest expense, net	−639	−517	−490	−362	—
Other, net	20	65	8	52	41
Total Other Deductions, Net	−619	−453	−482	−309	−300
Income before Income Taxes	1,216	1,003	814	956	707
Income Taxes	204	158	140	165	118
Net Income	1,013	845	674	792	589
Net income (loss) attributable to noncontrolling interest	83	84	−40	−12	4
Net Income attributable to NiSource	930	760	714	804	585
Preferred dividends	0	−7	−43	−55	−55
Preferred redemption premium	0	14	10	0	—
Net Income Available to Common Shareholders	930	740	662	749	530
Basic Earnings Per Share	1.96	1.63	1.59	1.84	1.35
Diluted Earnings Per Share	1.95	1.62	1.48	1.7	1.27
Average common shares outstanding - Basic	473	454	416	407	394
Diluted Average Common Shares	475	456	448	443	417

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Plant	38,059	34,153	30,482	27,551	25,171
Accumulated depreciation and amortization	−9,371	−8,699	−8,207	−7,709	−7,290
Net Property, Plant and Equipment	28,688	25,454	22,275	19,843	17,882
Unconsolidated affiliates	8	7	5	2	800,000
Available-for-sale debt securities (amortized cost of $145.8 and $91.9, allowance for credit losses of $0.0 and $0.1, respectively)	146	87	159	152	172
Other investments	119	86	83	71	87
Total Investments and Other Assets	273	179	247	224	260
Cash and cash equivalents	110	157	2,245	41	84
Restricted cash	26	42	36	35	11
Accounts receivable	1,238	988	885	1,066	849
Allowance for credit losses	−41	−24	−23	−24	−24
Accounts receivable, net	1,198	964	862	1,042	826
Gas inventory	252	180	266	532	327
Materials and supplies, at average cost	189	173	172	151	139
Electric production fuel, at average cost	9	36	65	69	32
Exchange gas receivable	66	46	66	128	100
Regulatory assets	274	320	214	233	206
Other Assets	149	139	106	—	—
Prepayments and other	105	24	13	210	196
Total Current Assets	2,377	2,080	4,499	2,584	1,921
Regulatory assets	2,225	2,157	2,246	2,348	2,286
Goodwill	1,486	1,486	1,486	1,486	1,486
Deferred charges and other	809	432	324	252	323
Total Other Assets	4,521	4,075	4,056	4,086	4,095
Total Assets	35,859	31,788	31,077	26,737	24,157
Common stock - $0.01 par value, 750,000,000 shares authorized; 478,432,058 and 469,822,472 shares outstanding, respectively	5	5	5	4	4
Treasury stock	−100	−100	−100	−100	−100
Additional paid-in capital	9,867	9,522	8,880	7,375	7,204
Retained deficit	−315	−712	−967	−1,214	−1,581
Accumulated other comprehensive loss	−6	−30	−34	−37	−127
Total NiSource Stockholders' Equity	9,450	8,684	8,270	7,575	6,947
Noncontrolling interest in consolidated subsidiaries	2,210	1,984	1,867	326	326
Total Stockholders Equity	11,660	10,668	10,136	7,902	7,273
Long-term debt, excluding amounts due within one year	15,458	12,075	11,056	9,524	9,183
Total Capitalization	27,118	22,743	21,192	17,425	16,456
Current portion of long-term debt	20	1,281	24	30	58
Short-term borrowings	736	605	3,049	1,762	560
Accounts payable	1,125	863	749	900	698
Customer deposits and credits	283	269	294	325	238
Taxes accrued	229	173	166	246	277
Interest accrued	206	157	136	138	106
Asset retirement obligations	55	85	73	36	—
Exchange gas payable	125	92	51	148	108
Regulatory liabilities	260	151	279	237	137
Accrued compensation and employee benefits	247	268	228	168	183
Other accruals	172	170	217	325	382
Total Current Liabilities	3,457	4,113	5,265	4,661	2,746
Deferred income taxes	2,500	2,282	2,080	1,855	1,659
Accrued liability for postretirement and postemployment benefits	153	208	250	246	293
Regulatory liabilities	1,513	1,431	1,511	1,776	1,843
Asset retirement obligations	782	699	481	478	470
Other noncurrent liabilities	335	313	299	297	690
Total Other Liabilities(1)	5,284	4,932	4,620	4,651	4,954
Total Capitalization and Liabilities	35,859	31,788	31,077	26,737	24,157

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes and investment tax credits	236	168	134	157	112
Stock compensation expense and 401(k) profit sharing contribution	51	44	34	25	24
Payments for asset retirement obligations	−73	−73	−42	−22	—
Other adjustments	25	−50	−15	6	−700,000
Accounts receivable	−273	−102	184	−216	−40
Gas storage and other inventories	−60	102	234	−259	−113
Accounts payable	132	72	−172	165	55
Exchange gas receivable/payable	136	−134	127	58	−114
Other accruals	68	10	−103	73	43
Prepayments and other current assets	−37	−76	37	−10	−37
Regulatory assets/liabilities	56	−9	−26	−129	77
Postretirement and postemployment benefits	−46	−64	−22	85	−96
Deferred charges and other noncurrent assets	−34	−21	−10	−4	−5
Other noncurrent liabilities and deferred credits	3	26	−7	−26	−30
Net Cash Flows from Operating Activities	2,362	1,782	1,935	1,409	1,218
Capital expenditures	−2,782	−2,614	−2,646	−2,203	−1,838
Cost of removal	−188	−167	−161	−152	−121
Purchases of available-for-sale securities	−94	−18	−43	−74	−103
Sales of available-for-sale securities	39	93	40	76	98
Milestone and final payments to renewable generation asset developers	−1,099	−482	−761	−324	−240
Advanced deposits for project costs	−374	−29	0	0	—
Other investing activities	−26	3	−700,000	1	−1
Net Cash Flows used for Investing Activities	−4,524	−3,213	−3,572	−2,570	−2,205
Proceeds from issuance of long-term debt	3,352	2,230	1,489	346	0
Repayments of finance lease obligations	−22	−26	−33	—	—
Repayments of Long-Term Debt	−1,260	0	0	—	—
Repayment of short term credit agreements	0	−1,650	0	0	—
Issuance of short term credit agreements	0	0	650	1,000	0
Net change in commercial paper and other short-term borrowings	131	−794	636	202	—
Issuance of common stock, net of issuance costs	312	613	13	154	300
Redemption of preferred stock	0	−486	−394	0	—
Preferred stock redemption premium	0	−14	−6	0	—
Payment of obligation to renewable generation asset developer	0	0	−347	0	0
Equity costs, premiums and other debt related costs	−27	−67	−30	−13	−18
Contributions from NIPSCO and GenCo minority interest holders	−231	−100	−2,162	0	245
Distributions to NIPSCO minority interest holders	−75	−50	0	0	−600,000
Contributions from tax equity partners	0	0	241	21	—
Distributions to tax equity partners	−14	−16	−14	−6	—
Dividends paid - common stock	−530	−481	−414	−382	−345
Dividends paid - preferred stock	0	−8	−44	−55	−55
Contract liability payment	0	0	−67	−66	−41
Net Cash Flows (used for) from Financing Activities	2,099	−651	3,842	1,141	956
Change in cash, cash equivalents and restricted cash	−63	−2,083	2,206	−20	−31

Filings

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