NiSource Inc.

NYSE•NI

CEO: Mr. Lloyd M. Yates

Sector: Utilities

Industry: Regulated Gas

Listing Date: 1962-12-16

NiSource Inc., an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates in two segments, Gas Distribution Operations and Electric Operations. The company distributes natural gas to approximately 3.3 million customers through approximately 55,000 miles of distribution main pipeline and the associated individual customer service lines; and 1,000 miles of transmission main pipeline in northern Indiana, Ohio, Pennsylvania, Virginia, Kentucky, and Maryland. It also generates, transmits, and distributes electricity to approximately 0.5 million customers in various counties in the northern part of Indiana, as well as engages in wholesale electric and transmission transactions. It owns and operates coal-fired electric generating stations in Wheatfield and Michigan City; combined cycle gas turbine in West Terre Haute; natural gas generating units in Wheatfield; hydro generating plants in Carroll County and White County; wind generating units in White County, Indiana; and solar generating units in Jasper County and White County. The company was formerly known as NIPSCO Industries, Inc. and changed its name to NiSource Inc. in April 1999. NiSource Inc. was founded in 1847 and is headquartered in Merrillville, Indiana.

Contact Information

801 East 86th Avenue, Merrillville, IN, 46410, United States

877-647-5990

www.nisource.com

Market Cap

$22.84B

P/E (TTM)

24.3

25.1

Dividend Yield

2.4%

52W High

$48.76

52W Low

$37.22

52W Range

91%

Rank45Top 56.8%

3.6

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Weak • 3.6 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$1.90B+0.00%

4-Quarter Trend

EPS

$0.54+0.00%

4-Quarter Trend

FCF

-$133.70M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Strong Revenue and Income Growth Operating Revenues hit $6.64B USD, up $1.19B. Operating Income reached $1.84B USD, showing strong performance.

Net Income Attributable Growth Net Income for NiSource totaled $929.5M USD, reflecting a $169.1M USD increase from prior year results.

ADS Contract Execution Advanced Executed ADS Contract; GenCo developing $7.0B USD generation assets to serve Amazon data centers starting 2027.

Capital Expenditures High Total 2025 Capital Expenditures reached $4.05B USD, funding infrastructure modernization and electric generation transition efforts.

Risk Factors

Data Center Financing Risk Constructing $7.0B USD Contract Assets requires significant financing; availability on favorable terms remains uncertain for growth.

Regulatory Cost Recovery Uncertainty Regulated revenues face uncertainty from rate reviews; full recovery of incurred costs, including environmental, is not assured.

Cybersecurity and Technology Failure Increased technology dependency risks operational disruption; cyber-attacks on critical infrastructure pose material threats to operations.

Climate Transition Execution Risk Achieving Net Zero Goal by 2040 depends on unproven technologies and supportive regulatory and legislative policies.

Outlook

Major Capital Investment Planned Forecasted capital investments total $21.0B USD through 2030 for base business, plus $7.0B USD for ADS Contract assets.

Gas System Modernization Focus Methane emission reduction continues via modernization programs, advancing low/zero-emission resources like hydrogen and RNG deployment.

Data Center Customer Expansion Evaluating further data center opportunities beyond ADS contract; success depends on managing power demand and regulatory factors.

Credit Rating Maintenance Priority Maintaining investment grade credit ratings is key while financing growth, managing $15.5B USD long-term debt exposure.

Peer Comparison

Revenue (TTM)

KEP

$68.92B

+5.6%

EIX

$19.32B

+9.8%

FTS

$8.71B

+5.8%

Gross Margin (Latest Quarter)

CMS

127.9%

-13.3pp

FTS

72.1%

-43.8pp

ATO

60.8%

-11.4pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
ATO	$31.10B	24.5	9.2%	32.3%
FTS	$28.83B	21.9	7.5%	46.3%
EIX	$27.56B	6.0	27.2%	45.3%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-4.5%

Flat Growth

4Q Net Income CAGR

-18.4%

Declining Profitability

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:May 5, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data