NISOURCE INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NISOURCE INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,493	4,875	4,991	5,053	4,473	4,731	5,739	5,348	5,283	6,523
Cost of revenue	1,390	1,519	1,761	1,535	1,109	1,392	2,111	1,533	1,132	1,584
Gross profit	4,493	4,875	5,115	5,209	3,364	3,339	3,628	3,815	4,151	4,938
Operating expenses	3,626	3,953	4,990	4,318
Operating income	866	921	125	891	551	1,007	1,266	1,296	1,456	1,835
Interest expense	350	353	353	379	371	341	362	490	517	639
Other non-operating income	-353	-478	-355	-384	-582	-300	-309	-482	-453	-619
Pre-tax income	514	443	-231	507	-31.3	707	956	814	1,003	1,216
Income tax	182	315	-180	124	-17.1	118	165	140	158	204
Income from continuing operations	328	129
Net income to minority interests			0	0	3.4	3.9	-12.3	-39.9	84.3	83.1
Net income	332	129	-50.6	383	-17.6	585	804	714	760	930
EBITDA	1,413	1,492	724	1,608	1,277	1,755	2,087	2,204	2,499	3,003
EPS, basic	1.03	0.39	-0.18	0.88	-0.19	1.35	1.84	1.59	1.63	1.96
EPS, diluted	1.02	0.39	-0.18	0.87	-0.19	1.27	1.70	1.48	1.62	1.95
Shares, basic (weighted)	322	329	356	375	384	394	407	416	454	473
Shares, diluted (weighted)	324	331	356	376	384	417	443	448	456	475
Dividend per share	0.64	0.70	0.78	0.80	0.84	0.88	0.94	1.00	1.06	1.12

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	26.4	29	113	139	117	84.2	40.8	2,245	157	110
Receivables	847	899	1,059	857	791	826	1,042	862	964	1,198
Other current assets	131	133	130	70.2	86	196	210	13.1	24.2	89.3
Total current assets	1,762	1,763	2,055	1,854	1,659	1,921	2,584	4,499	2,080	2,377
Property, plant and equipment	13,068	14,360	15,543	16,912	16,620	17,882	19,843	22,275	25,454	28,688
Lease right-of-use assets				64.2	39.9	33.8	35.7	32.9	26.4	25.8
Goodwill	1,691	1,691	1,691	1,486	1,486	1,486	1,486	1,486	1,486	1,486
Intangible assets	243	232	221	0	0	0
Long-term investments				154	171	172	152	159	86.7	146
Other non-current assets	3,662	3,629	4,000	3,664	3,510	4,095	4,086	4,056	4,075	4,521
Total assets	18,692	19,962	21,804	22,660	22,041	24,157	26,737	31,077	31,788	35,859
Accounts payable	539	626	884	666	589	698	900	749	863	1,125
Accrued liabilities	161	195	150	156	142	183	168	228	268	247
Deferred revenue				256	243	238	325	294	269	283
Short-term debt	363	284	50	13.4	23.3	58.1	30	23.8	1,281	19.7
Total current liabilities	3,452	3,178	4,037	3,746	2,279	2,746	4,661	5,265	4,113	3,457
Long-term debt	6,058	7,512	7,105	7,856	9,220	9,183	9,524	11,056	12,075	15,458
Lease liabilities				51.6	29.9	27.9	31.9	25.8	18.2	17.2
Other non-current liabilities	201	194	178	228	516	690	297	299	313	258
Total liabilities	14,621	15,642	16,053	16,673	16,203	16,884	18,835	20,941	21,120	24,199
Total debt	6,421	7,797	7,155	7,870	9,243	9,242	9,554	23.8	1,281	19.7
Paid-in capital	5,154	5,529	6,404	6,666	6,890	7,204	7,375	8,880	9,522	9,867
Retained earnings	-972	-1,073	-1,399	-1,371	-1,765	-1,581	-1,214	-967	-712	-315
Treasury stock	-88.7	-95.9	-99.9	-99.9	-99.9	-99.9	-99.9	-99.9	-99.9	-99.9
Other comprehensive income	-25.1	-43.4	-37.2	-92.6	-157	-127	-37.1	-33.6	-30.4	-6.2
Shareholders' equity	4,071	4,320	5,751	5,987	5,752	6,947	7,575	8,270	8,684	9,450
Minority interests				0	85.6	326	326	1,867	1,984	2,210
Total equity	4,071	4,320	5,751	5,987	5,838	7,273	7,902	10,136	10,668	11,660
Total liabilities and equity	18,692	19,962	21,804	22,660	22,041	24,157	26,737	31,077	31,788	35,859
Shares outstanding	323	337	372	382	392	405	412	447	470	478

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	332	129	-50.6	383	-14.2	589	792	674	845	1,013
Depreciation and amortization	547	570	600	717	726	748	821	908	1,043	1,168
Stock-based compensation	46.5	40.1	28.6	25.9	17.4	24.3	24.9	33.5	43.6	50.9
Deferred income tax	184	308	-187	120	-27.8	113	158	135	169	237
Change in receivables	-188	-52.3	-186	188	-3.9	-40.3	-216	184	-102	-273
Change in inventory	38.9	19	41.4	-2	-1.5	-113	-259	234	102	-60.3
Change in payables	109	49	268	-300	-29.7	54.9	165	-172	71.5	132
Cash from operations	803	742	540	1,583	1,104	1,218	1,409	1,935	1,782	2,362
Capital expenditures	-1,475	-1,696	-1,818	-1,802	-1,758	-1,838	-2,203	-2,646	-2,614	-2,782
Purchases of investments	-38.3	-168	-90	-140	-145	-103	-73.5	-42.8	-17.8	-93.9
Sales and maturities of investments	33	163	82.3	132	131	97.8	75.7	39.9	93.2	39.3
Cash from investing	-1,603	-1,809	-1,926	-1,922	-879	-2,205	-2,570	-3,572	-3,213	-4,524
Debt issued	500	3,250	350	750	2,974	0	346	1,489	2,230	3,352
Debt repaid								0	0	-1,260
Stock issued	23.1	337	848	244	211	300	154	12.9	613	312
Share buybacks	-9.4	-7.2	-4	0	0
Dividends paid	-206	-229	-273	-299	-322	-345	-382	-414	-481	-530
Cash from financing	791	1,069	1,469	366	-248	956	1,141	3,842	-651	2,099
Net change in cash		2.4	82.7	27.3	-22.8	-30.7	-19.5	2,206	-2,083	-62.9
Free cash flow	-672	-954	-1,278	-219	-654	-620	-794	-711	-833	-420
Interest paid	338	340	354	350	349	322	344	434	468	557
Income taxes paid	8	5.5	3.3	10.8	-1	5.4	7.2	9.4	4.3	3.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $39.42 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	86.5%	Gross profit / revenue.
Operating margin	16.4%	Operating income / revenue.
EBITDA margin	27.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.1%	Pre-tax income / revenue.
Net margin	8.0%	Net income / revenue.
FCF margin	-9.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.2%	Cash from operations / revenue.
Effective tax rate	14.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.4%	Net income / average total assets.
Return on invested capital (ROIC)	6.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	29.8%	Capital expenditures / revenue.
D&A / revenue	11.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	23.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	19.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	26.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	13.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	27.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	20.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	18.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	22.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	4.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	20.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	32.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	16.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.50x	Current assets / current liabilities.
Quick ratio	0.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.75x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	44.5%	Total debt / total assets.
Liabilities / assets	68.3%	Total liabilities / total assets.
Net debt	$16.64B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.31x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.45x	Operating income / interest expense.
Working capital	-$2.22B	Current assets - current liabilities.
Goodwill and intangibles / assets	4.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$8.09B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.30x	Revenue / average total assets.
Receivables turnover	13.4x	Revenue / average receivables.
Days sales outstanding	27 days	365 x average receivables / revenue.
Days payables	270 days	365 x average accounts payable / cost of revenue.
FCF conversion	-120.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	147.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.88	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$23.64	Revenue / diluted weighted shares.
FCF per share	-$2.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.79	Cash from operations / diluted weighted shares.
Book value per share	$19.97	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.87	Tangible book value / shares outstanding.
Cash per share	$0.15	(Cash + short-term investments) / shares outstanding.
Payout ratio	61.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$18.90B	Share price x shares outstanding.
Enterprise value	$35.55B	Market cap + total debt - cash - short-term investments.
P/E	20.9x	Market cap / net income. Only when net income is positive.
P/S	1.66x	Market cap / revenue.
P/B	1.97x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.34x	Market cap / tangible book value, when positive.
P/OCF	8.21x	Market cap / cash from operations, when positive.
EV/Sales	3.12x	Enterprise value / revenue.
EV/EBIT	19.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.3x	Enterprise value / EBITDA, when both are positive.
FCF yield	-5.7%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.
PEG	4.46x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NISOURCE INC.'s revenue in fiscal 2025?

NISOURCE INC. reported revenue of $6.52B for fiscal 2025, 23.5% higher than the year before.

Was NISOURCE INC. profitable in fiscal 2025?

Yes. Net income was $929.5M, a net margin of 14.3%.

How much free cash flow did NISOURCE INC. generate in fiscal 2025?

Cash from operations of $2.36B minus capital expenditures of $2.78B left free cash flow of -$420.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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