financial statements

The full income statement, balance sheet, and cash-flow statement for NiSource Inc (NI), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

See the live NI chart & snapshot →

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	6.52B YoY+23.5%	5.28B YoY-1.2%	5.35B YoY-6.8%	5.74B YoY+21.3%	4.73B YoY+5.8%
Amortization of intangibles	—	—	—	—	0.00
Provision for credit losses	67.3M YoY+73.5%	38.8M YoY-2.5%	39.8M YoY+10.6%	36.0M YoY+400.0%	7.20M YoY-86.8%
Operating income	1.84B YoY+26.1%	1.46B YoY+12.4%	1.30B YoY+2.3%	1.27B YoY+25.7%	1.01B YoY+82.8%
Interest expense	639M YoY+23.5%	517M YoY+5.6%	490M YoY+35.4%	362M YoY+6.0%	341M YoY-8.0%
Other non-operating income	20.1M YoY-68.8%	64.5M YoY+706.3%	8.00M YoY-84.7%	52.2M YoY+27.9%	40.8M YoY+27.1%
Income tax	204M YoY+28.9%	158M YoY+13.3%	140M YoY-15.2%	165M YoY+39.7%	118M YoY+788.9%
	930M YoY+22.2%	760M YoY+6.5%	714M YoY-11.2%	804M YoY+37.5%	585M YoY+3423.3%
Net income to non-controlling interest	83.1M YoY-1.4%	84.3M YoY+311.3%	-39.9M YoY-224.4%	-12.3M YoY-415.4%	3.90M YoY+14.7%
Net income to common	930M YoY+25.7%	740M YoY+11.8%	662M YoY-11.7%	749M YoY+41.4%	530M YoY+828.7%
	$1.95 YoY+20.4%	$1.62 YoY+9.5%	$1.48 YoY-12.9%	$1.70 YoY+33.9%	$1.27 YoY+768.4%
EPS (basic)	$1.96 YoY+20.2%	$1.63 YoY+2.5%	$1.59 YoY-13.6%	$1.84 YoY+36.3%	$1.35 YoY+810.5%
Weighted-avg shares (basic)	473M YoY+4.1%	454M YoY+9.2%	416M YoY+2.2%	407M YoY+3.4%	394M YoY+2.4%
Weighted-avg shares (diluted)	475M YoY+4.1%	456M YoY+1.8%	448M YoY+1.2%	443M YoY+6.1%	417M YoY+8.6%
Dividends per share	$1.12 YoY+5.7%	$1.06 YoY+6.0%	$1.00 YoY+6.4%	$0.94 YoY+6.8%	$0.88 YoY+4.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.38B YoY+14.3%	2.08B YoY-53.8%	4.50B YoY+74.1%	2.58B YoY+34.5%	1.92B YoY+15.8%
Cash & equivalents	110M YoY-29.7%	157M YoY-93.0%	2.25B YoY+5403.4%	40.8M YoY-51.5%	84.2M YoY-27.7%
Accounts receivable	1.20B YoY+24.2%	964M YoY+11.9%	862M YoY-17.3%	1.04B YoY+26.2%	826M YoY+4.3%
Prepaid expenses	149M YoY+7.8%	139M YoY+31.3%	106M	—	—
Other current assets	89.3M YoY+269.0%	24.2M YoY+84.7%	13.1M YoY-93.8%	210M YoY+7.3%	196M YoY+127.7%
	35.9B YoY+12.8%	31.8B YoY+2.3%	31.1B YoY+16.2%	26.7B YoY+10.7%	24.2B YoY+9.6%
Property, plant & equipment	28.7B YoY+12.7%	25.5B YoY+14.3%	22.3B YoY+12.3%	19.8B YoY+11.0%	17.9B YoY+7.6%
Operating lease right-of-use	25.8M YoY-2.3%	26.4M YoY-19.8%	32.9M YoY-7.8%	35.7M YoY+5.6%	33.8M YoY-15.3%
Goodwill	1.49B YoY+0.0%	1.49B YoY+0.0%	1.49B YoY+0.0%	1.49B YoY+0.0%	1.49B YoY+0.0%
Intangible assets	0.00	0.00	0.00	0.00	0.00
Long-term investments	26.7M YoY+0.0%	26.7M YoY+0.0%	26.7M YoY+0.0%	26.7M YoY+0.0%	26.7M YoY+0.0%
Other non-current assets	4.52B YoY+10.9%	4.08B YoY+0.5%	4.06B YoY-0.7%	4.09B YoY-0.2%	4.09B YoY+16.7%
	3.46B YoY-15.9%	4.11B YoY-21.9%	5.27B YoY+13.0%	4.66B YoY+69.7%	2.75B YoY+20.5%
Accounts payable	1.12B YoY+30.3%	863M YoY+15.2%	749M YoY-16.7%	900M YoY+28.9%	698M YoY+18.5%
Deferred revenue	283M YoY+5.4%	269M YoY-8.7%	294M YoY-9.3%	325M YoY+36.5%	238M YoY-2.2%
Short-term & current debt	19.7M YoY-98.5%	1.28B YoY+5283.2%	23.8M YoY-98.6%	1.76B YoY+214.6%	560M YoY+11.3%
Current lease liability	9.70M YoY+6.6%	9.10M YoY+9.6%	8.30M YoY+72.9%	4.80M YoY-28.4%	6.70M YoY-35.0%
Other current liabilities	167M YoY-1.8%	170M YoY-21.7%	217M YoY-33.1%	325M YoY-14.9%	382M YoY+73.3%
Long-term debt	6.43B YoY+0.0%	6.43B YoY+0.0%	6.43B YoY+0.0%	6.43B YoY+0.0%	6.43B YoY+0.0%
Deferred revenue (non-current)	0.00	0.00	0.00	0.00	0.00
Non-current lease liability	17.2M YoY-5.5%	18.2M YoY-29.5%	25.8M YoY-19.1%	31.9M YoY+14.3%	27.9M YoY-6.7%
Deferred tax liabilities	2.50B YoY+9.6%	2.28B YoY+9.7%	2.08B YoY+12.2%	1.85B YoY+11.8%	1.66B YoY+12.8%
Other non-current liabilities	258M YoY-17.6%	313M YoY+4.8%	299M YoY+0.6%	297M YoY-57.0%	690M YoY+33.9%
Total non-current liabilities	5.28B YoY+7.1%	4.93B YoY+6.7%	4.62B YoY-0.7%	4.65B YoY-6.1%	4.95B YoY+5.3%
	9.45B YoY+8.8%	8.68B YoY+5.0%	8.27B YoY+9.2%	7.58B YoY+9.0%	6.95B YoY+20.8%
Common stock	4.80M YoY+2.1%	4.70M YoY+4.4%	4.50M YoY+7.1%	4.20M YoY+2.4%	4.10M YoY+5.1%
Additional paid-in capital	9.87B YoY+3.6%	9.52B YoY+7.2%	8.88B YoY+20.4%	7.38B YoY+2.4%	7.20B YoY+4.6%
Retained earnings	-315M YoY+55.7%	-712M YoY+26.4%	-967M YoY+20.3%	-1.21B YoY+23.2%	-1.58B YoY+10.4%
Treasury stock	99.9M YoY+0.0%	99.9M YoY+0.0%	99.9M YoY+0.0%	99.9M YoY+0.0%	99.9M YoY+0.0%
Accumulated other comprehensive income	-6.20M YoY+79.6%	-30.4M YoY+9.5%	-33.6M YoY+9.4%	-37.1M YoY+70.7%	-127M YoY+19.1%
Non-controlling interest	2.21B YoY+11.4%	1.98B YoY+6.3%	1.87B YoY+471.9%	326M YoY+0.2%	326M YoY+280.4%
Total equity incl. non-controlling	11.7B YoY+9.3%	10.7B YoY+5.2%	10.1B YoY+28.3%	7.90B YoY+8.6%	7.27B YoY+24.6%
Total liabilities & equity	35.9B YoY+12.8%	31.8B YoY+2.3%	31.1B YoY+16.2%	26.7B YoY+10.7%	24.2B YoY+9.6%
Common shares issued	33.9M YoY+0.0%	33.9M YoY+0.0%	33.9M YoY-89.1%	310M YoY+0.0%	310M YoY+0.0%
Common shares outstanding	478M YoY+1.8%	470M YoY+5.0%	447M YoY+8.6%	412M YoY+1.7%	405M YoY+3.5%
Shares outstanding (cover)	477M YoY+2.2%	467M YoY+12.9%	413M YoY+1.8%	406M YoY+3.4%	393M YoY+2.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.36B YoY+32.6%	1.78B YoY-7.9%	1.94B YoY+37.3%	1.41B YoY+15.7%	1.22B YoY+10.3%
Depreciation & amortization	1.17B YoY+11.9%	1.04B YoY+14.9%	908M YoY+10.6%	821M YoY+9.7%	748M YoY+3.1%
Share-based compensation	50.9M YoY+16.7%	43.6M YoY+30.1%	33.5M YoY+34.5%	24.9M YoY+2.5%	24.3M YoY+39.7%
Deferred income taxes	237M YoY+40.1%	169M YoY+24.9%	135M YoY-14.4%	158M YoY+39.8%	113M YoY+506.5%
Change in receivables	273M YoY+169.4%	102M YoY+155.1%	-184M YoY-185.1%	216M YoY+436.7%	40.3M YoY+933.3%
Change in inventory	60.3M YoY+159.1%	-102M YoY+56.4%	-234M YoY-190.3%	259M YoY+129.3%	113M YoY+7426.7%
Change in payables	132M YoY+84.3%	71.5M YoY+141.6%	-172M YoY-204.1%	165M YoY+200.5%	54.9M YoY+284.8%
Other operating activities	24.8M YoY+149.7%	-49.9M YoY-232.7%	-15.0M YoY-363.2%	5.70M YoY+914.3%	-700K YoY-133.3%
	-4.52B YoY-40.8%	-3.21B YoY+10.0%	-3.57B YoY-39.0%	-2.57B YoY-16.6%	-2.20B YoY-150.8%
Capital expenditure	2.78B YoY+6.4%	2.61B YoY-1.2%	2.65B YoY+20.1%	2.20B YoY+19.9%	1.84B YoY+4.5%
Other investing activities	26.4M YoY+876.5%	-3.40M YoY-585.7%	700K YoY+153.8%	-1.30M YoY-230.0%	1.00M YoY+900.0%
	2.10B YoY+422.4%	-651M YoY-116.9%	3.84B YoY+236.7%	1.14B YoY+19.3%	956M YoY+486.1%
Long-term debt issued	3.35B YoY+50.3%	2.23B YoY+49.8%	1.49B YoY+330.8%	346M	0.00 YoY-100.0%
Long-term debt repaid	1.26B	0.00	0.00	—	—
Common stock issued	312M YoY-49.1%	613M YoY+4648.8%	12.9M YoY-91.6%	154M YoY-48.5%	300M YoY+41.7%
Dividends paid	530M YoY+10.3%	481M YoY+16.3%	414M YoY+8.4%	382M YoY+10.5%	345M YoY+7.3%
Other financing activities	0.00	0.00 YoY+100.0%	-66.6M YoY-0.8%	-66.1M YoY-63.2%	-40.5M
Interest paid	557M YoY+19.0%	468M YoY+7.9%	434M YoY+26.2%	344M YoY+6.6%	322M YoY-7.6%
Income taxes paid	3.30M YoY-23.3%	4.30M YoY-54.3%	9.40M YoY+30.6%	7.20M YoY+33.3%	5.40M YoY+640.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	19.9B YoY+16.1%	17.2B YoY+56.3%	11.0B YoY-1.4%	11.1B YoY+2.7%	10.8B YoY+23.3%
P/E	21.4× YoY-5.0%	22.6× YoY+48.4%	15.2× YoY-0.9%	15.3× YoY-17.2%	18.5×
P/S	1.8× YoY-6.1%	1.9× YoY-2.1%	1.9× YoY-5.6%	2.1× YoY-10.2%	2.3× YoY+16.6%
P/B	2.1× YoY+6.7%	2.0× YoY+29.9%	1.5× YoY-1.7%	1.5× YoY-0.9%	1.6× YoY+2.1%
Earnings yield	4.7% YoY+5.3%	4.4% YoY-32.6%	6.6% YoY+0.9%	6.5% YoY+20.8%	5.4%
Dividend yield	2.7% YoY-7.0%	2.9% YoY-23.4%	3.8% YoY+9.9%	3.4% YoY+7.6%	3.2% YoY-13.0%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: NI's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NI filings on SEC EDGAR → Not investment advice.

NI▼ financial statements

About this data

financial statements