NISOURCE INC.NI
NISOURCE INC. Segments Disclosure
Our reportable segments reflect the manner in which our business is managed and our resources are allocated. Following the consummation of the NIPSCO Minority Interest Transaction, we revised how we evaluate results and allocate resources across our business with an increased focus on operating performance at the state level. Refer to Note 4, "Noncontrolling Interests," for additional information on the NIPSCO Minority Interest Transaction. At December 31, 2025, our operations are divided into two primary reportable segments, the Columbia Operations and the NIPSCO Operations segments. Columbia Operations aggregates the results of the fully regulated and wholly owned subsidiaries of NiSource Gas Distribution Group, Inc. (a holding company that owns Columbia of Kentucky, Columbia of Maryland, Columbia of Ohio, Columbia of Pennsylvania, and Columbia of Virginia). Each Columbia distribution company is an operating segment which we aggregate to form the Columbia Operations reportable segment. NIPSCO Operations includes the results of NIPSCO Holdings I and its majority-owned subsidiaries, including NIPSCO, which has fully regulated gas and electric operations in northern Indiana. Our historical segment disclosures have been recast to be consistent with the current presentation.
The remainder of our operations, which are not significant enough on a stand-alone basis to warrant treatment as an operating segment, are presented as "Corporate and Other" in the subsequent reconciliation table and primarily are comprised of interest expense on holding company debt and unallocated corporate costs and activities, as well as new business development costs associated with GenCo. Refer to Note 3, "Revenue Recognition," for additional information on our segments and their sources of revenues. The following table provides information about our reportable segments. We use operating income as our primary measurement for each of the reported segments and make decisions on financing, dividends and taxes at the corporate level on a consolidated basis. We provide this measure to our Chief Operating Decision Maker, the CEO, who utilizes this measure to make operating segment level strategy decisions based on budget-to-actual variances and against prior periods to allocate resources accordingly. Segment revenues include intersegment sales to affiliated subsidiaries, which are eliminated in consolidation. Affiliated sales are recognized on the basis of prevailing market, regulated prices or at levels provided for under contractual agreements. Operating income is derived from revenues and expenses directly associated with each segment.
Year Ended December 31, 2025 (in millions) | |||||||||||||||||
Columbia Operations | NIPSCO Operations | Total of Reportable Segments | |||||||||||||||
| Operating Revenues | |||||||||||||||||
External revenue | $ | 3,330.0 | $ | 3,307.4 | $ | 6,637.4 | |||||||||||
Intersegment revenue | 13.3 | 1.1 | 14.4 | ||||||||||||||
Total Operating Revenue | $ | 3,343.3 | $ | 3,308.5 | $ | 6,651.8 | |||||||||||
Cost of energy | 819.8 | 764.7 | 1,584.5 | ||||||||||||||
O&M | 923.7 | 848.9 | 1,772.6 | ||||||||||||||
| Depreciation | 451.2 | 680.6 | 1,131.8 | ||||||||||||||
Total other taxes | 253.2 | 75.5 | 328.7 | ||||||||||||||
Other segment items(1) | 0.3 | 0.7 | 1.0 | ||||||||||||||
Operating Income | $ | 895.1 | $ | 938.1 | $ | 1,833.2 | |||||||||||
Capital Expenditures(2) | $ | 1,213.0 | $ | 2,508.9 | $ | 3,721.9 | |||||||||||
Assets | $ | 15,903.7 | $ | 18,126.7 | $ | 34,030.4 | |||||||||||
(2)Amounts differ from those presented on the Statements of Consolidated Cash Flows primarily due to the inclusion of capital expenditures in current liabilities, the capitalized portion of the Corporate Incentive Plan payout, and AFUDC Equity.
Year Ended December 31, 2024 (in millions) | |||||||||||||||||
Columbia Operations | NIPSCO Operations | Total of Reportable Segments | |||||||||||||||
| Operating Revenues | |||||||||||||||||
External revenue | $ | 2,703.2 | $ | 2,751.0 | $ | 5,454.2 | |||||||||||
Intersegment revenue | 12.8 | 1.0 | 13.8 | ||||||||||||||
Total Operating Revenue | $ | 2,716.0 | $ | 2,752.0 | $ | 5,468.0 | |||||||||||
Cost of energy | 514.7 | 617.5 | 1,132.2 | ||||||||||||||
O&M | 837.5 | 761.4 | 1,598.9 | ||||||||||||||
| Depreciation | 409.1 | 590.3 | 999.4 | ||||||||||||||
Total other taxes | 218.6 | 64.3 | 282.9 | ||||||||||||||
Other segment items(1) | 7.4 | (1.3) | 6.1 | ||||||||||||||
Operating Income | $ | 728.7 | $ | 719.8 | $ | 1,448.5 | |||||||||||
Capital Expenditures(2) | $ | 1,209.0 | $ | 2,252.4 | $ | 3,461.4 | |||||||||||
Assets | $ | 14,769.5 | $ | 15,823.5 | $ | 30,593.0 | |||||||||||
(2)Amounts differ from those presented on the Statements of Consolidated Cash Flows primarily due to the inclusion of capital expenditures in current liabilities, the capitalized portion of the Corporate Incentive Plan payout, and AFUDC Equity.
Year Ended December 31, 2023 (in millions) | |||||||||||||||||
Columbia Operations | NIPSCO Operations | Total of Reportable Segments | |||||||||||||||
| Operating Revenues | |||||||||||||||||
External revenue | $ | 2,733.9 | $ | 2,770.7 | $ | 5,504.6 | |||||||||||
Intersegment revenue | 12.2 | 0.9 | 13.1 | ||||||||||||||
Total Operating Revenue | $ | 2,746.1 | $ | 2,771.6 | $ | 5,517.7 | |||||||||||
Cost of energy | 645.0 | 888.3 | 1,533.3 | ||||||||||||||
O&M | 792.3 | 787.7 | 1,580.0 | ||||||||||||||
| Depreciation | 371.7 | 493.8 | 865.5 | ||||||||||||||
Total other taxes | 198.8 | 57.9 | 256.7 | ||||||||||||||
Other segment items(1) | — | 2.2 | 2.2 | ||||||||||||||
Operating Income | $ | 738.3 | $ | 541.7 | $ | 1,280.0 | |||||||||||
Capital Expenditures(2) | $ | 1,159.6 | $ | 1,294.8 | $ | 2,454.4 | |||||||||||
| Assets | $ | 13,664.5 | $ | 13,962.6 | $ | 27,627.1 | |||||||||||
(2)Amounts differ from those presented on the Statements of Consolidated Cash Flows primarily due to the inclusion of capital expenditures in current liabilities, the capitalized portion of the Corporate Incentive Plan payout, and AFUDC Equity.
To reconcile the segment tables above to consolidated NiSource:
Year Ended December 31, 2025 (in millions) | ||||||||||||||||||||
Total Reportable Segments | Corporate and Other | Eliminations | Consolidated NiSource | |||||||||||||||||
Total Operating Revenue | $ | 6,651.8 | $ | 600.1 | $ | (609.7) | $ | 6,642.2 | ||||||||||||
Operating Income | 1,833.2 | 2.1 | — | 1,835.3 | ||||||||||||||||
Capital Expenditures | 3,721.9 | 329.7 | — | 4,051.6 | ||||||||||||||||
Assets | 34,030.4 | 1,828.3 | — | 35,858.7 | ||||||||||||||||
Year Ended December 31, 2024 (in millions) | ||||||||||||||||||||
Total Reportable Segments | Corporate and Other | Eliminations | Consolidated NiSource | |||||||||||||||||
Total Operating Revenue | $ | 5,468.0 | $ | 581.9 | $ | (594.8) | $ | 5,455.1 | ||||||||||||
Operating Income | 1,448.5 | 7.0 | — | 1,455.5 | ||||||||||||||||
Capital Expenditures | 3,461.4 | 231.1 | — | 3,692.5 | ||||||||||||||||
Assets | 30,593.0 | 1,195.1 | — | 31,788.1 | ||||||||||||||||
Year Ended December 31, 2023 (in millions) | ||||||||||||||||||||
Total Reportable Segments | Corporate and Other | Eliminations | Consolidated NiSource | |||||||||||||||||
Total Operating Revenue | $ | 5,517.7 | $ | 504.6 | $ | (516.9) | $ | 5,505.4 | ||||||||||||
Operating Income | 1,280.0 | 15.5 | — | 1,295.5 | ||||||||||||||||
Capital Expenditures | 2,454.4 | 236.3 | — | 2,690.7 | ||||||||||||||||
Assets | 27,627.1 | 3,450.1 | — | 31,077.2 | ||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 18, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.