NiSource Inc
nisource.comWhat Do They Do?
Provides natural gas and electricity to residential and business customers in its service areas.
10-K for FY2025, filed Feb 11, 2026
How Do They Make Money?
Customers pay for natural gas and electricity as utilities deliver it; bills are generally monthly and based on service and usage, though some jurisdictions have fixed monthly-payment programs.
10-K for FY2025, filed Feb 11, 2026Customer Revenues. Substantially all of our revenues are tariff-based. Under ASC 606, the recipients of our utility service meet the…View ↗
We have identified our performance obligations created under tariff-based sales as i) the commodity (natural gas or electricity, which…View ↗
Utility revenues are billed to customers monthly on a cycle basis. We expect that substantially all customer accounts receivable will be…View ↗
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10-K for FY2025, filed Feb 11, 2026
FY2025 revenue by reportable segment ↗
$6.5B
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10-K for FY2025, filed Feb 11, 2026
$6.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Corporate Segment and Other Operating Segment
|
0.0%
FY2022: 0.0%
|
Corporate Segment and Other Operating Segment, FY2025
$0 Sources
|
|
|
NIPSCO Operations
Usage-based
10-K for FY2025, filed Feb 11, 2026 |
49%
FY2022: 49%
|
NIPSCO Operations, FY2025
$3.2B Sources
|
Usage-based |
|
Columbia Operations
Usage-based
10-K for FY2025, filed Feb 11, 2026 |
51%
FY2022: 51%
|
Columbia Operations, FY2025
$3.3B Sources
|
Usage-based |
Who Are Their Customers?
Residential, commercial and industrial customers take gas or electric service from NiSource’s utilities; some gas customers buy their gas from producers or marketers and use the utilities to transport it.
10-K for FY2025, filed Feb 11, 2026Columbia Operations provides natural gas to approximately 2.4 million residential, commercial and industrial customers in Ohio…View ↗
The Columbia Operations segment provides regulated natural gas service and transportation for residential, commercial and industrial…View ↗
Competition. Due to open access and the deregulation of natural gas supplies, our LDC customers can purchase gas directly from producers…View ↗
We generate, transmit and distribute electricity to approximately 0.5 million customers in 20 counties in the northern part of Indiana. We…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 14 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$420M.
10-K for FY2025, filed Feb 11, 2026
$1.8BView ↗
10-K for FY2025, filed Feb 11, 2026
$929.5MView ↗
10-K for FY2025, filed Feb 11, 2026
−$420MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
$45.5MView ↗
- ▼ −55%
- vs $102.2M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Aug 5, 2026
Reaffirmed adjusted earnings guidance
Maintained 2026 adjusted EPS guidance of $2.02-$2.07 and 2026-2033 adjusted EPS annual growth guidance of 9%-10%.
Sources
8-K, filed Aug 5, 2026
NiSource is reaffirming its 2026 non‑GAAP consolidated adjusted EPS guidance of $2.02-$2.07 and its compound annual growth rate (CAGR) with…View ↗
Growing. Revenue grew 38% in 4 years, from $4.7B in FY2021 to $6.5B in FY2025, about 8% a year.
Data center electricity
The business description expands from electricity service and wholesale transactions to include customized electric service agreements for data center customers and generation development for those customers.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 11, 2026We generate, transmit and distribute electricity through our subsidiary NIPSCO to approximately 486,000 customers in 20 counties in the…View ↗
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