NISOURCE INC.

NI 10-K · Q4 2025
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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 1,886.6 1,539.7 +22.5%
Show Business Segments breakouts
Columbia Operations 1,012.9 823.5 +23.0%
Columbia Operations · Commercial 235.9 184.7 +27.7%
Columbia Operations · Industrial 45.9 39.1 +17.4%
Columbia Operations · Miscellaneous 8.5 10.9 -22.0%
Columbia Operations · Off-system 16.9 12.1 +39.7%
Columbia Operations · Residential 703.6 576.6 +22.0%
NIPSCO Operations 873.7 716.2 +22.0%
NIPSCO Operations · Commercial 182.2 150.4 +21.1%
NIPSCO Operations · Industrial 146 138.7 +5.3%
NIPSCO Operations · Miscellaneous -1.3 3.1 -141.9%
NIPSCO Operations · NIPSCO Electric Generation 525.6 451.5 +16.4%
NIPSCO Operations · NIPSCO Gas Distribution 348.1 264.7 +31.5%
NIPSCO Operations · Residential 182 151.3 +20.3%
NIPSCO Operations · Wholesale 7.2 5.9 +22.0%
Show — breakouts
Revenue -171.3 -125.9 -36.1%
Revenue -178.7 -132.8 -34.6%
Revenue -178.7 -132.8 -34.6%
Show Major Customers breakouts
Commercial · NiSource Gas Distribution 325.1 249.9 +30.1%
Industrial · NiSource Gas Distribution 72.4 61.8 +17.2%
Miscellaneous · NiSource Gas Distribution 11.4 13.8 -17.4%
Off-system · NiSource Gas Distribution 16.9 12.1 +39.7%
Residential · NiSource Gas Distribution 933.1 750.5 +24.3%
Show Statement Operating Activities Segment breakouts
NiSource Gas Distribution 1,361 1,088.2 +25.1%
Operating Income 515.5 416.8 +23.7%
Show Business Segments breakouts
Columbia Operations · Operating Segments 275 228.9 +20.1%
NIPSCO Operations · Operating Segments 259.6 189.8 +36.8%
Show Consolidation Items breakouts
Operating Segments 534.6 418.7 +27.7%
Non-Operating Income (Expense) -183.4 -123.9 -48.0%
Interest Expense -187.3 -137 -36.7%
Other Non-Operating Income (Expense) 3.9 13.1 -70.2%
Income Tax Expense (Benefit) 53.7 48.6 +10.5%
Net Income 278.4 244.3 +14.0%
Show Equity Components breakouts
Retained Earnings 257.8 223.9 +15.1%
Net Income 257.8 223.9 +15.1%
EPS (Basic) 0.54 0.48 +12.5%
EPS (Diluted) 0.53 0.48 +10.4%
Wtd Avg Shares (Basic) 1.8 4.8 -62.5%
Wtd Avg Shares (Diluted) 1.7 4.6 -63.0%
Net Income Loss Available To Common Stockholders Basic 257.8 223.9 +15.1%
Net Income Loss Attributable To Noncontrolling Interest 20.6 20.4 +1.0%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 110.1 156.6 -29.7%
Restricted Cash And Cash Equivalents 25.6 42 -39.0%
Accounts Receivable Gross Current 1,238.1 987.9 +25.3%
Allowance For Doubtful Accounts Receivable Current -40.6 -23.7 -71.3%
Accounts Receivable 1,197.5 964.2 +24.2%
Energy Related Inventory Natural Gas In Storage 252 179.6 +40.3%
Inventory Raw Materials And Supplies 189 173.3 +9.1%
Energy Related Inventory Coal 8.5 36.2 -76.5%
Exchange Gas Receivable 66 45.7 +44.4%
Regulatory Assets Current 274.2 319.9 -14.3%
Prepaid Expense Current 149.3 138.5 +7.8%
Other Assets Current 105 24.2 +333.9%
Total Current Assets 2,377.2 2,080.2 +14.3%
Show Legal Entity breakouts
Consolidated Variable Interest Entities 90.1 65 +38.6%
Show Consolidated Entities breakouts
us-gaap_VariableInterestEntityPrimaryBeneficiaryMemberGenCo 62.5 — —
Variable Interest Entity Primary Beneficiary 27.6 65 -57.5%
Non-Current Assets
Available For Sale Securities Debt Securities Noncurrent 146.1 86.7 +68.5%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 146.1 86.7 +68.5%
Regulatory Assets Noncurrent 2,225.2 2,157.4 +3.1%
Goodwill 1,485.9 1,485.9 0.0%
Show Business Segments breakouts
Columbia Operations 1,468.1 — —
NIPSCO Operations 17.8 — —
Deferred Charges And Other 809.4 432 +87.4%
Other Non-Current Assets 4,520.5 4,075.3 +10.9%
Total Assets 35,858.7 31,788.1 +12.8%
Show Business Segments breakouts
Columbia Operations · Operating Segments 15,903.7 14,769.5 +7.7%
NIPSCO Operations · Operating Segments 18,126.7 15,823.5 +14.6%
Show Consolidated Entities breakouts
us-gaap_VariableInterestEntityPrimaryBeneficiaryMemberGenCo 407.6 — —
Variable Interest Entity Primary Beneficiary 1,300.6 1,388.8 -6.4%
Show Consolidation Items breakouts
Corporate Non Segment 1,828.3 1,195.1 +53.0%
Operating Segments 34,030.4 30,593 +11.2%
Property, Plant & Equipment 28,688.2 25,453.9 +12.7%
Show Consolidated Entities breakouts
us-gaap_VariableInterestEntityPrimaryBeneficiaryMemberGenCo 39.7 — —
Variable Interest Entity Primary Beneficiary 1,273 1,323.8 -3.8%
Operating Lease Right-of-Use Assets 25.8 26.4 -2.3%
Other Assets
Public Utilities Property Plant And Equipment Plant In Service 38,058.8 34,152.9 +11.4%
Public Utilities Property Plant And Equipment Accumulated Depreciation -9,370.6 -8,699 -7.7%
Public Utilities Property Plant And Equipment Net 28,688.2 25,453.9 +12.7%
Show Legal Entity breakouts
Consolidated Variable Interest Entities 1,312.7 1,323.8 -0.8%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 8.1 6.5 +24.6%
Other Long Term Investments 118.6 85.5 +38.7%
Investments And Other Noncurrent Assets 272.8 178.7 +52.7%
Other Assets (Q) — — —
Show Consolidated Entities breakouts
us-gaap_VariableInterestEntityPrimaryBeneficiaryMemberGenCo 305.4 — —
Current Liabilities
Long Term Debt And Capital Lease Obligations Current 19.7 1,281.2 -98.5%
Short Term Borrowings 736 604.6 +21.7%
Accounts Payable 1,124.5 863.1 +30.3%
Deferred Revenue (Current) 283.4 268.8 +5.4%
Taxes Payable Current 228.8 173.4 +31.9%
Interest Payable Current 206.2 157 +31.3%
Asset Retirement Obligation Current 55 84.6 -35.0%
Exchange Gas Payable 125.4 91.8 +36.6%
Regulatory Liability Current 260.1 150.5 +72.8%
Employee Related Liabilities Current 246.8 268.2 -8.0%
Other Liabilities Current 171.5 170.2 +0.8%
Total Current Liabilities 3,457.4 4,113.4 -15.9%
Show Legal Entity breakouts
Consolidated Variable Interest Entities 56.9 53.7 +6.0%
Show Consolidated Entities breakouts
us-gaap_VariableInterestEntityPrimaryBeneficiaryMemberGenCo 40.8 — —
Variable Interest Entity Primary Beneficiary 16.1 53.7 -70.0%
Commercial Paper 736 604.6 +21.7%
Current Portion of Long-Term Debt -19.7 -1,281.2 +98.5%
Non-Current Liabilities
Deferred Tax Liabilities 2,500.1 2,281.6 +9.6%
Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent 153.1 207.5 -26.2%
Regulatory Liability Noncurrent 1,513.3 1,431.2 +5.7%
Asset Retirement Obligations Noncurrent 781.9 698.6 +11.9%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 55.7 58.3 -4.5%
Other Non-Current Liabilities 335.2 313 +7.1%
Liabilities Noncurrent 5,283.6 4,931.9 +7.1%
Show Legal Entity breakouts
Consolidated Variable Interest Entities 55.7 58.3 -4.5%
Operating Lease Liabilities 17.2 18.2 -5.5%
Total Liabilities (Q) — — —
Show Consolidated Entities breakouts
us-gaap_VariableInterestEntityPrimaryBeneficiaryMemberGenCo 40.8 — —
Variable Interest Entity Primary Beneficiary 111.9 152.4 -26.6%
Stockholders' Equity
Common Stock 4.8 4.7 +2.1%
Treasury Stock Value -99.9 -99.9 0.0%
Additional Paid In Capital Common Stock 9,866.6 9,521.5 +3.6%
Retained Earnings -315.2 -711.7 +55.7%
Accumulated Other Comprehensive Income -6.2 -30.4 +79.6%
Total Stockholders' Equity 9,450.1 8,684.2 +8.8%
Minority Interest 2,209.8 1,984.1 +11.4%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 11,659.9 10,668.3 +9.3%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment 7.3 -13.2 +155.3%
Accumulated Gain Loss Net Cash Flow Hedge Parent -13.6 -13.2 -3.0%
Accumulated Net Unrealized Investment Gain Loss 0.1 -4 +102.5%
Accumulated Other Comprehensive Income -6.2 -30.4 +79.6%
Additional Paid In Capital 9,866.6 9,521.5 +3.6%
Common Stock 4.8 4.7 +2.1%
Noncontrolling Interest 2,209.8 1,984.1 +11.4%
Retained Earnings -315.2 -711.7 +55.7%
Treasury Stock Common -99.9 -99.9 0.0%
Long Term Debt And Capital Lease Obligations 15,457.8 12,074.5 +28.0%
Capitalization Longterm Debt And Equity 27,117.7 22,742.8 +19.2%
Total Liabilities & Equity 35,858.7 31,788.1 +12.8%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation & Amortization 315.4 278.1 +13.4%
Show Business Segments breakouts
Columbia Operations · Operating Segments 118.6 108.5 +9.3%
NIPSCO Operations · Operating Segments 188.1 157.8 +19.2%
Show Consolidation Items breakouts
Operating Segments 306.7 266.3 +15.2%
Net Cash from Operations 712.6 539.8 +32.0%
Investing Activities
Capital Expenditures -846.3 -760 -11.4%
Other Investing Activities 67.4 -23.8 +383.2%
Net Cash from Investing -1,127.5 -798.5 -41.2%
Financing Activities
Net Cash from Financing 431.1 298.5 +44.4%
Supplemental
Unpaid Capital Expenditures 71.7 19 +277.4%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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